Defendant Name: DWS Distributors, Inc.

Defendant Type: Subsidiary of Public Company
Public Company Parent: Deutsche Bank AG
SIC Code: 6029
CUSIP: D1819089

Document Reference: 34-95928

Document Details

Legal Case Name In the Matter of Deutsche Bank Securities Inc., DWS Investment Management Americas, Inc., and DWS Distributors, Inc.
Document Name Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934 and Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date 27-Sep-2022
Document Format Administrative Proceeding
File Number 3-21173
Allegation Type Broker Dealer
Document Summary On September 27, 2022, the SEC instituted settled administrative and cease-and-desist proceedings against Deutsche Bank Securities Inc., DWS Investment Management Americas, Inc., and DWS Distributors, Inc.,, stating: "From at least January 2018 to September 2021, DBSI and DWS employees sent and received off-channel communications that related to the business of the broker-dealers and registered investment adviser operated by the respective Respondents. Respondents did not maintain or preserve the substantial majority of these written communications. Respondents' failures were firm-wide, and involved employees at all levels of authority. As a result, DBSI and DWS Distributors violated Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder, and DIMA violated Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Censured
Compliance Related Independent Consultant
Various undertakings
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:

Civil Penalty

Individual:     Shared:     $125,000,000.00
Shared with: Deutsche Bank Securities Inc.; DWS Investment Management Americas, Inc.

Related Documents:

2022-174_3-21173 27-Sep-2022 Press Release--Administrative Proceeding
SEC Charges 16 Wall Street Firms with Widespread Recordkeeping Failures
On September 27, 2022, the SEC "announced charges against 15 broker-dealers and one affiliated investment adviser for widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications. The firms admitted the facts set forth in their respective SEC orders, acknowledged that their conduct violated recordkeeping provisions of the federal securities laws, agreed to pay combined penalties of more than $1.1 billion, and have begun implementing improvements to their compliance policies and procedures to settle these matters."