[Federal Register Volume 85, Number 190 (Wednesday, September 30, 2020)]
[Notices]
[Pages 61789-61793]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-21545]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 34025; File No. 812-15163]
Deutsche Bank AG, et al.
September 24, 2020.
AGENCY: Securities and Exchange Commission (``Commission'').
ACTION: Temporary order and notice of application for a permanent order
under section 9(c) of the Investment Company Act of 1940 (``Act'').
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SUMMARY: Applicants have received a temporary order (``Temporary
Order'') exempting them from section 9(a) of the Act, with respect to
an injunction entered against Deutsche Bank AG on June 17, 2020 by the
U.S. District Court for the Southern District of New York (``District
Court''), in connection with a consent order between Deutsche Bank AG
and the U.S. Commodity Futures Trading Commission (``CFTC''), until the
Commission takes final action on an application for a permanent order
(the ``Permanent Order,'' and with the Temporary Order, the
``Orders''). Applicants also have applied for a Permanent Order.
Applicants: Deutsche Bank AG; DWS Investment Management Americas,
Inc. (``DIMA''), DWS International GmbH (``DWSI''), DWS Investments
Australia Limited (``DIAL''), RREEF America L.L.C. (``RREEF''), DWS
Alternatives Global Limited (``DAAM Global''), DBX Advisors LLC (``DBX
Advisors''), DWS Distributors, Inc. (``DDI''), Harvest Global
Investments Limited (``Harvest'') and DWS Investments Hong Kong Limited
(``DIHK'') (each a ``Fund Servicing Applicant,'' and together with
Deutsche Bank AG, the ``Applicants'').
Filing Date: The application was filed on September 24, 2020, and
amended on September 24, 2020.
Hearing or Notification of Hearing: An order granting the
application will be issued unless the Commission orders a hearing.
Interested persons may request a hearing by emailing the Commission's
Secretary [email protected] and serving Applicants with a copy
of the request by email. Hearing requests should be received by the
Commission by 5:30 p.m. on October 19, 2020 and should be accompanied
by proof of service on Applicants, in the form of an affidavit, or for
lawyers, a certificate of service. Pursuant to rule 0-5 under the Act,
hearing requests should state the nature of the writer's interest, any
facts bearing upon the desirability of a hearing on the matter, the
reason for the request, and the issues contested. Persons who wish to
be notified of a hearing may request notification by emailing the
Commission's Secretary at [email protected].
ADDRESSES: Secretary, U.S. Securities and Exchange Commission,
[email protected]; Applicants: Caroline Pearson, DWS Investment
Management Americas, Inc., [email protected].
FOR FURTHER INFORMATION CONTACT: Adam Bolter, Senior Counsel at (202)
551-6011 or David Nicolardi, Branch Chief at (202) 551-6825 (Division
of Investment Management, Chief Counsel's Office).
SUPPLEMENTARY INFORMATION: The following is a temporary order and a
summary of the application. The complete application may be obtained
via the Commission's website by searching for the file number, or an
applicant using the Company name box, at http://www.sec.gov/search/search.htm, or by calling (202) 551-8090.
Applicants' Representations
1. Deutsche Bank AG, a stock corporation organized under the laws
of Germany, controls DWS Group GmbH & Co. KGaA (``DWS Group''). The
Fund Servicing Applicants collectively serve as investment adviser (as
defined in section 2(a)(20) of the Act to 130 management investment
companies registered under the Act or series thereof (``Funds'') and as
principal underwriter (as defined in section 2(a)(29) of the Act) to 74
open-end registered investment companies under the Act (``Open-End
Funds''). Each of the Fund Servicing Applicants listed below (other
than Harvest) is a wholly owned subsidiary of DWS Group. Following its
initial public offering in March 2018, DWS Group became a public
company, listed and traded on the Frankfurt Stock Exchange, that is as
of June 30, 2020 a 79.49% owned subsidiary of Deutsche Bank AG.
2. DIMA, a corporation organized under the laws of Delaware, is a
wholly owned subsidiary of DWS Group and is an investment adviser
registered under the Investment Advisers Act of 1940, as amended (the
``Advisers Act''). DIMA provides investment advisory and management
services to the Funds listed on Part 1-A of Annex A of the application,
and investment sub-advisory services to the Funds listed on Part 1-B of
Annex A of the application.
3. DWSI, a limited liability company organized under the laws of
Germany, is a wholly owned subsidiary of DWS Group and is an investment
adviser registered under the Advisers Act. DWSI provides investment
advisory services to the Funds listed on Part 2-A of Annex A of the
application, and investment sub-advisory services to the Funds listed
on Part 2-B of Annex A of the application.
4. DIAL, a corporation organized under the laws of Australia, is a
wholly owned subsidiary of DWS Group and is an investment adviser
registered under the Advisers Act. DIAL provides investment sub-
advisory services to the Fund listed on Part 3-A of Annex A of the
application, investment sub-sub-advisory services to the Funds listed
on Part 3-B of Annex A of the application, and investment sub-sub-sub-
advisory services to the Fund listed on Part 3-C of Annex A of the
application.
5. RREEF, a Delaware limited liability company, is a wholly owned
subsidiary of DWS Group and is an investment adviser registered under
the Advisers Act. RREEF provides investment sub-advisory services to
the Funds listed on Part 4-A of Annex A of the application, and
investment sub-sub- advisory services to the Funds listed on Part 4-B
of Annex A of the application.
6. DAAM Global, a UK limited company, is a wholly owned subsidiary
of DWS Group and is an investment adviser registered under the Advisers
Act. DAAM Global provides investment sub- advisory services to the Fund
listed on Part 5-A of Annex A of the application, investment sub-sub-
advisory services to the Funds listed on Part 5-B of Annex A of the
application, and investment sub-sub-sub-advisory services to the Fund
listed on Part 5-C of Annex A of the application.
7. DBX Advisors, a Delaware limited liability company, is a wholly
owned subsidiary of DWS Group and is an investment adviser registered
under the Advisers Act. DBX Advisors provides investment advisory
services to the Funds listed on Part 6 of Annex A of the application.
8. DDI, a corporation organized under the laws of Delaware, is a
wholly owned subsidiary of DIMA and is a broker-dealer registered under
the Securities Exchange Act of 1934, as amended (the ``Exchange Act'').
DDI serves as principal underwriter (``Underwriter'')
[[Page 61790]]
for the Open-End Funds listed on Part 7 of Annex A of the application.
9. Harvest, a Hong Kong limited company by shares, is the wholly
owned subsidiary of a joint venture of which Deutsche Bank AG is an
affiliated person (within the meaning of section 2(a)(3) of the Act)
(``Affiliated Person'') due to its indirect minority ownership interest
through a DWS Group subsidiary. Harvest is an investment adviser
registered under the Advisers Act and provides investment advisory
services to the Funds listed on Part 8-A of Annex A of the application
and investment sub-advisory services to the Funds listed on Part 8-B of
Annex A of the application.
10. DIHK, a Hong Kong limited company by shares, is a wholly owned
subsidiary of DWS Group and is an investment adviser registered under
the Advisers Act. DIHK provides investment sub-advisory services to the
Funds listed on Part 9 of Annex A of the application.\1\
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\1\ DIMA, DWSI, DIAL, RREEF, DAAM Global, DBX Advisors, Harvest
and DIHK collectively are the ``Adviser Applicants.''
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11. Other than the Fund Servicing Applicants, neither Deutsche Bank
AG nor any existing company of which Deutsche Bank AG is an Affiliated
Person currently serves as an investment adviser (as defined in section
2(a)(20) of the Act), including sub-adviser, or depositor of any
registered investment company, employees' securities company or
investment company that has elected to be treated as a business
development company under the Act, or as principal underwriter (as
defined in section 2(a)(29) of the Act) for any open-end registered
investment company, registered unit investment trust (``UIT'') or
registered face amount certificate company (``FACC'') (such activities,
the ``Fund Servicing Activities'').\2\ Applicants request that any
relief granted by the Commission pursuant to the application also apply
to any existing company of which Deutsche Bank AG is an Affiliated
Person and to any other company of which Deutsche Bank AG may become an
Affiliated Person in the future (together with the Fund Servicing
Applicants, the ``Covered Persons'') with respect to any activity
contemplated by section 9(a) of the Act.\3\
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\2\ None of Applicants currently acts as investment adviser,
depositor or principal underwriter to investment companies that have
elected to be treated as business development companies under the
Act, registered unit investment trusts or registered face-amount
certificate companies.
\3\ Applicants and other Covered Persons may, if the Orders are
granted, in the future act in any of the capacities contemplated by
section 9(a) of the Act subject to the applicable terms and
conditions of the Orders.
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12. On August 18, 2016, the CFTC filed a complaint (the
``Complaint'') against Deutsche Bank AG in the U.S. District Court for
the Southern District of New York (``District Court'') in a civil
injunctive action captioned U.S. Commodity Futures Trading Commission
v. Deutsche Bank AG. The Complaint sought injunctive and other
equitable relief, as well as the imposition of civil monetary
penalties, alleging (1) violations of a prior CFTC Order (``CFTC
Order''); and (2) new violations of the Commodity Exchange Act (the
``CEA''), 7 U.S.C. 1-26 (2012), and the CFTC's Regulations
(``Regulations'') promulgated thereunder, 17 CFR pts. 1-190 (2016),
relating to the firm's unintentional failure to meet its
responsibilities regarding swap data reporting and its business
continuity and disaster recovery plan, and a corresponding failure to
diligently supervise activities relating to its swap reporting
responsibilities (the ``Conduct'').
The Complaint was filed following an inadvertent, five-day outage
of Deutsche Bank AG's swap reporting platform in April 2016. During the
outage, Deutsche Bank AG was unable to submit any price or transaction
data to the data repository. At the time of the outage, Deutsche Bank
AG was subject to a CFTC Order which had resolved an investigation into
a prior swap reporting error and required Deutsche Bank AG to remediate
its swap data reporting program. In connection with these remedial
undertakings, Deutsche Bank AG attempted to perform a maintenance
upgrade to its swap reporting platform. During this process, outdated
or unsynchronized data files were inadvertently copied to the main
platform, resulting in the outage.
13. When the Complaint was filed, the CFTC simultaneously sought--
and Deutsche Bank AG then consented to--the District Court's
appointment of an independent monitor (``Monitor'') to facilitate the
firm's compliance with its reporting responsibilities under the CFTC
Order, the Act and the Regulations. On October 20, 2016, the District
Court issued a Consent Order of Preliminary Injunction and Other
Equitable Relief against Deutsche Bank AG \4\ by which the District
Court appointed the Monitor.
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\4\ Although the title of the October 20, 2016 order includes a
preliminary injunction, that order does not enjoin any activity and
therefore was not disqualifying under section 9(a) of the Act.
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14. The Monitorship concluded on May 20, 2019 and the Monitor
submitted his final report on August 3, 2019. As of that date, the
Monitor concluded that Deutsche Bank AG had addressed the Monitor's
recommendations.
15. On June 17, 2020, the District Court (i) ordered Deutsche Bank
AG to comply with the CFTC Order and (ii) instituted an injunction
permanently enjoining Deutsche Bank AG from violating, among other
provisions, section 2(a)(13)(F) and (G) of the Act, 7 U.S.C.
2(a)(13)(F), (G) (2018) (for failing to comply with the swap data
reporting requirements) (the ``Injunction'') (together, with the
Injunction, the ``Consent Order''). The Consent Order also requires
Deutsche Bank AG to pay a civil monetary penalty in the amount of
$9,000,000.
16. Applicants represent that escrow accounts have been established
with a third party financial institution (``Escrow Agent'') into which
amounts equal to the advisory (including sub-advisory, sub-sub-advisory
and sub-sub-sub-advisory) fees paid, by the Funds (or in the case of
sub-advisory, sub-sub-advisory and sub-sub-sub advisory fees, by the
adviser or sub-adviser of the respective Funds) to the Adviser
Applicants have been and will continue to be deposited for the period
from June 17, 2020 through the date upon which the Commission grants
the Temporary Order.
Applicants' Legal Analysis
1. Section 9(a)(2) of the Act provides, in pertinent part, that a
person may not serve or act as, among other things, an investment
adviser or depositor of any registered investment company or as
principal underwriter for any registered open-end investment company,
UIT, or FACC, if such person ``. . . by reason of any misconduct, is
permanently or temporarily enjoined by order, judgment, or decree of
any court of competent jurisdiction from acting as an underwriter,
broker, dealer, investment adviser, municipal securities dealer,
government securities broker, government securities dealer, bank,
transfer agent, credit rating agency or entity or person required to be
registered under the Commodity Exchange Act, or as an affiliated
person, salesman, or employee of any investment company, bank,
insurance company, or entity or person required to be registered under
the Commodity Exchange Act, or from engaging in or continuing any
conduct or practice in connection with any such activity or in
connection with the purchase or sale of any security.'' Section 9(a)(3)
of the Act makes the prohibitions of section 9(a)(2) applicable to a
company, any affiliated person of which has been disqualified
[[Page 61791]]
under the provisions of section 9(a)(2). Section 2(a)(3) of the Act
defines ``affiliated person'' to include, among others, any person
directly or indirectly controlling, controlled by, or under common
control with, the other person. The Injunction results in a
disqualification of Deutsche Bank AG from acting in the capacities
specified in section 9(a)(2) because Deutsche Bank AG is permanently
enjoined by the District Court from engaging in or continuing certain
conduct and/or practices in connection with the offer or sale of any
security. The Injunction also results in the disqualification of the
Fund Servicing Applicants under section 9(a)(3) because each of the
Fund Servicing Applicants may be considered to be an Affiliated Person.
Other Covered Persons similarly would be disqualified pursuant to
section 9(a)(3) were they to act in any of the capacities listed in
section 9(a).
2. Section 9(c) of the Act provides that, upon application, the
Commission shall by order grant an exemption from the disqualification
provisions of section 9(a) of the Act, either unconditionally or on an
appropriate temporary or other conditional basis, to any person if that
person establishes that: (1) The prohibitions of section 9(a), as
applied to the person, are unduly or disproportionately severe; or (2)
the conduct of the person has been such as not to make it against the
public interest or the protection of investors to grant the exemption.
Applicants have filed an application pursuant to section 9(c) seeking a
Temporary Order and a Permanent Order exempting the Fund Servicing
Applicants and other Covered Persons from the disqualification
provisions of section 9(a) of the Act.
3. Applicants believe they meet the standards for exemption
specified in section 9(c). Applicants assert that: (i) The scope of the
misconduct was limited and did not involve any of the Fund Servicing
Applicants performing Fund Servicing Activities, or any Fund for which
the Fund Servicing Applicants engaged in Fund Servicing Activities or
their respective assets; (ii) application of the statutory bar would
potentially result in material economic losses, and the operations of
the Funds would be disrupted as they sought to engage new underwriters,
advisers and/or sub-advisers, as the case may be; (iii) the
prohibitions of section 9(a), if applied to the Fund Servicing
Applicants and other Covered Persons, would be unduly or
disproportionately severe; and (iv) the Conduct did not constitute
conduct that would make it against the public interest or protection of
investors to grant the exemption from section 9(a).
4. Applicants assert that the Conduct giving rise to the Injunction
did not involve the performance of Fund Servicing Activities and the
personnel of the Fund Servicing Applicants involved in Fund Service
Activities did not have any involvement in the Conduct. Accordingly,
Applicants assert that it would be unduly and disproportionately severe
to allow section 9(a) to disqualify Covered Persons from providing Fund
Servicing Activities.
5. Applicants maintain that neither the protection of investors nor
the public interest would be served by permitting the section 9(a)
disqualifications to apply to the Fund Servicing Applicants because
those disqualifications would deprive the Funds of the advisory or sub-
advisory and underwriting services that shareholders expected the Funds
would receive when they decided to invest in the Funds. Applicants also
assert that the prohibitions of section 9(a) could operate to the
financial detriment of the Funds and their shareholders, which would be
an unduly and disproportionately severe consequence given that no Fund
Servicing Applicants were involved in the Conduct and that the Conduct
did not involve the Funds or Fund Servicing Activities. Applicants
further assert that the inability of the Fund Servicing Applicants to
continue providing investment advisory and underwriting services to
Funds would result in the Funds and their shareholders facing other
potential hardships, as described in the application.
6. Applicants assert that if the Fund Servicing Applicants were
barred under section 9(a) from providing investment advisory and
underwriting services to the Funds and were unable to obtain the
requested exemption, the effect on their businesses and employees would
be severe. Applicants represent that the Fund Servicing Applicants have
committed substantial capital and resources to establishing expertise
in advising and sub-advising Funds and in support of their principal
underwriting business. Prohibiting them from providing Fund Servicing
Activities would not only adversely affect each Fund Servicing
Applicant's business, but would also adversely affect their employees
that are involved in these activities.
7. Applicants state that the Conduct centered on Deutsche Bank AG's
swaps reporting system and the supervision thereof, and did not involve
(and was not alleged by the CFTC to involve) any intentional wrongdoing
on the part of the firm or its personnel. Applicants state that (i)
none of the Fund Servicing Applicants' current or former directors,
officers or employees had any involvement in the Conduct; (ii) the
personnel who were involved in the Conduct (or who may be subsequently
identified by the Applicants as having been involved in the Conduct)
have never had, do not currently have and will not in the future have
any involvement in providing Fund Servicing Activities at a Covered
Person; \5\ and (iii) because the Conduct did not involve the
performance of Fund Serving Activities and the personnel of the Fund
Servicing Applicants involved in Fund Servicing Activities did not have
any involvement in the Conduct, shareholders of Funds that received
investment advisory, depository and principal underwriting services
from the Fund Servicing Applicants were not affected in any way.
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\5\ To make these representations, internal counsel and human
resources personnel confirmed that the individuals involved with the
Conduct were not and are not officers, directors, or employees (and
in the case of DWS, associated persons) of any Fund Servicing
Applicant and had no involvement with Fund Servicing Activities. The
Applicants also represent that the Funds did not at the time of the
Conduct and do not enter into swap transactions with Deutsche Bank
AG.
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8. Applicants represent that over a four-year period from 2015 to
2019, Deutsche Bank AG engaged in extensive remediation of its swap
reporting systems and procedures, including, among other things,
establishing an enhanced control framework, automating control
processes, and enhancing its business continuity and disaster recovery
capabilities for swap data reporting. Applicants represent that they
have established specific governance around culture and ethical
conduct. As a result of the foregoing, and additional remedial measures
detailed in the application, Applicants submit that granting the
exemption as requested in the application is consistent with the public
interest and the protection of investors.
9. To provide further assurance that the exemptive relief being
requested herein would be consistent with the public interest and the
protection of the investors, Applicants represent that the relevant
Fund Servicing Applicants (other than Harvest) participated in
telephonic meetings of each of the Boards of the Funds for which the
Fund Servicing Applicants serve as the primary investment adviser and/
or principal underwriter, as indicated in Appendix A of the
application, during the week of June 21, 2020. Applicants
[[Page 61792]]
further represent that, prior to or at these meetings, written
materials were provided to each Board, including those directors who
are not ``interested persons'' of such Funds as defined in section
2(a)(19) of the Act (the ``Independent Directors'') and, where
relevant, their independent legal counsel as defined in rule 0-1(a)(6)
under the Act. Applicants represent that the materials described the
Conduct, the Consent Order, the disqualification under section 9(a) of
the Act, and the process for obtaining exemptive relief under section
9(c) of the Act.\6\ With respect to the Funds for which any of the
Applicants (other than Harvest) serve as the primary investment adviser
or principal underwriter, as indicated in Appendix A of the
application, Applicants represent that the respective Boards, including
the Independent Directors of the Boards, by a unanimous vote of those
present (including all of the Independent Directors of each Board)
determined that the circumstances giving rise to the entry of the
Consent Order do not adversely affect the capability of the relevant
Applicants or (for Open-End Funds) the Underwriter to provide
investment advisory or principal underwriting services to the
respective Funds, or diminishes the nature, extent, quality or value of
the services already provided to the respective Funds. Fund Servicing
Applicants undertake to provide the Boards with all information
concerning the Injunction and the application that is necessary for the
Funds to fulfill their disclosure and other obligations under the U.S.
federal securities laws.
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\6\ Applicants represent that, with respect to each of the Funds
for which a Fund Servicing Applicant is not the primary investment
adviser, the Fund Servicing Applicants normally communicate with the
primary investment adviser rather than directly with the Board of
that Fund. Applicants further represent that, with respect to the
two Funds advised by Harvest, communications are normally with the
administrator of the Funds for which Harvest serves as primary
investment adviser rather than directly with the Board of those
Funds. During the week of June 21, 2020 (or, in the case of Harvest,
on June 29, 2020), the relevant Fund Servicing Applicants provided
similar written materials (as discussed above) to the primary
investment advisers and administrator, as applicable. Applicants
represent that none of such Funds, their primary investment advisers
or the administrator of the Funds advised by Harvest has requested
that the Fund Servicing Applicants cease providing sub-advisory
services.
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10. Applicants represent that Deutsche Bank AG has undertaken a
process in its centralized global litigation and regulatory group for
considering potential collateral consequences associated with the
settlement of matters involving regulators and law enforcement
authorities. This process requires the engagement of outside counsel to
complete a collateral consequences analysis in advance of all
anticipated settlements with regulators and law enforcement
authorities, regardless of the form of resolution, to ensure that any
potential disqualifications are promptly identified and proactively
addressed.
11. Certain Fund Servicing Applicants, as well as certain of their
affiliates, have previously applied for exemptive orders under section
9(c) of the Act, as described in greater detail in the application.
Applicants, however, state that none of the conduct underlying the
previous section 9(c) orders granted to Fund Servicing Applicants
involved the provision of Fund Servicing Activities.
Applicants' Conditions
Applicants agree that any order granted by the Commission pursuant
to the application will be subject to the following conditions:
1. As a condition to the Temporary Order, Applicants will hold in
escrow with the Escrow Agent, a third party institution, amounts equal
to all advisory (including sub-advisory, sub-sub-advisory and sub-sub-
sub-advisory) fees paid by the Funds (or in the case of sub-advisory,
sub-sub-advisory and sub-sub-sub-advisory fees, by the adviser or sub-
adviser of the respective Funds), to the Adviser Applicants for the
period from June 17, 2020 through the date upon which the Commission
grants the Temporary Order. Amounts paid into the escrow accounts will
be disbursed by the Escrow Agent to each Adviser Applicant after the
Commission has acted on the application for the Permanent Order.
2. Any temporary exemption granted pursuant to the application
shall be without prejudice to, and shall not limit the Commission's
rights in any manner with respect to, any Commission investigation of,
or administrative proceedings involving or against, Covered Persons,
including, without limitation, the consideration by the Commission of a
permanent exemption from section 9(a) of the Act requested pursuant to
the application or the revocation or removal of any temporary
exemptions granted under the Act in connection with the application.
3. Each Applicant and Covered Person will adopt and implement
policies and procedures reasonably designed to ensure that it will
comply with the terms and conditions of the Orders within 60 days of
the date of the Permanent Order.
4. Deutsche Bank AG will comply with the terms and conditions of
the Consent Order in all material respects. In addition, within 30 days
of each anniversary of the Permanent Order (until and including the
third such anniversary), Deutsche Bank AG will submit a certification
signed by its chief legal officer and chief executive officer,
confirming that it has complied with the terms and conditions of the
Consent Order in all material respects. Such certification will be
submitted to the Chief Counsel of the Commission's Division of
Investment Management with a copy to the Chief Counsel of the
Commission's Division of Enforcement.
5. The Applicants, including the Settling Firm, will provide
written notification to the Chief Counsel of the Commission's Division
of Investment Management, with a copy to the Chief Counsel of the
Commission's Division of Enforcement, of any material or known
violation of the terms and conditions of the Orders within 30 days of
discovery of each such material or known violation. In addition, within
30 days of the first anniversary of the Permanent Order, the Applicants
will submit a report, signed by the chief executive officer of Deutsche
Bank AG, to the Chief Counsel of the Commission's Division of
Investment Management describing (i) the findings of the internal
compliance review concerning the process for assessing collateral
consequences described in section IV.F of the application and any steps
taken to address areas for improvement identified in those findings and
(ii) the steps that Deutsche Bank AG and the Fund Servicing Applicants
have taken since the date of the Permanent Order to foster a culture of
compliance, as further described in section IV.F of the application.
Temporary Order
The Commission has considered the matter and finds that Applicants
have made the necessary showing to justify granting a temporary
exemption.
Accordingly,
It is hereby ordered, pursuant to section 9(c) of the Act, that the
Applicants and any other Covered Persons are granted a temporary
exemption from the provisions of section 9(a), effective as of the date
of the Injunction, solely with respect to the Injunction, subject to
the representations and conditions in the application, until the
Commission takes final action on their application for a permanent
order.
[[Page 61793]]
By the Commission.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-21545 Filed 9-29-20; 8:45 am]
BILLING CODE 8011-01-P