By Cristina Roca

Deutsche Bank AG has been fined 3 million euros ($3.3 million) by Spain's financial regulator for buying back, at spreads significantly different from their fair value, structured notes issued by the bank without informing its clients.

Spain's Comision Nacional del Mercado de Valores said in a ruling published Tuesday on the Spanish government gazette that Deutsche Bank had failed to apply measures required to manage conflict of interest.

The German lender said it would appeal the fine.

"We acted correctly in this situation, applying conflict of interest management policies and taking additional measures in accordance with the regulations in force at the time of the events inspected," it said.

Write to Cristina Roca at cristina.roca@wsj.com

(END) Dow Jones Newswires

March 29, 2022 11:00 ET (15:00 GMT)

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