CNMV Fines Deutsche Bank €10 Million for Forex Derivatives Misconduct, PharmaMar Ex-Executive €70,000 for Insider Trading on Lurbinectedina

Spain's securities regulator, the CNMV, has imposed fines on Deutsche Bank and a former executive of PharmaMar for separate violations. Deutsche Bank was fined €10 million for serious breaches in the sale of foreign exchange derivatives, with the regulator citing a lack of diligence and transparency in informing clients and acting in their best interest. The fine relates to the bank's sale of complex products like Target Profit Forwards and Pivot TPF, which led to significant losses for clients such as García Carrión and Palladium Hoteles. Meanwhile, the CNMV fined a former PharmaMar executive, Alfonso Ortín Castellano, €70,000 for sharing insider information about the company's drug lurbinectedina, which was approved in the US. This information was passed to María Dolores Carrascal Peña, who subsequently bought 2.538 shares of PharmaMar and sold them the next day, profiting from the insider information and receiving a fine of €20,000.