The DIFC Courts have declared that Deutsche Bank AG (Dubai International Financial Centre branch), was in material non-compliance with requirements to produce information and documents to the Dubai Financial Services Authority (DFSA).
The DFSA filed proceedings in the DIFC Courts on 31 October 2013 seeking orders that Deutsche Bank AG deliver information and documents, relating to a DFSA investigation into the conduct of Deutsche Bank AG.
The DFSA brought the Court proceedings for the purpose of enforcing compliance with two investigative Notices served on Deutsche Bank AG requiring information and documents to be delivered to the DFSA.
An investigative Notice is a tool used by many regulators to assist them to obtain information and documents that relate to their investigations.
Deutsche Bank AG consented to the Court Orders and agreed to produce specified information and documents to the DFSA within 28 days and ensure that any consolidated response is verified by a statement of truth.
Deutsche Bank AG also agreed to pay the DFSA’s costs in respect of the proceedings.
Mr Ian Johnston, Chief Executive of the DFSA said: “The DFSA’s powers to request information and documents are important regulatory tools that assist the DFSA in conducting supervisory and enforcement activities. Where a person, without reasonable excuse, fails to comply with a DFSA Notice requiring it to deliver information and documents, the DFSA will enforce compliance with such a Notice by seeking orders in the DIFC Courts.”
The DFSA will make no further comment in respect of the matter as the investigation is ongoing.
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