Japan watchdog says Deutsche Bank unit violated rules with pension entertainment

TOKYO Thu Dec 5, 2013 1:11am EST

TOKYO Dec 5 (Reuters) - Japan's securities watchdog said on Thursday it had found that a Tokyo-based unit of Deutsche Bank had violated financial regulations by lavishly entertaining pension fund clients who are considered public employees under the law.

The Securities Exchange and Surveillance Commission said employees of Deutsche Securities had spent more than 6 million yen ($58,400) to entertain executives at three employee pension funds, providing "special benefits" to those clients in violation of Japan's financial laws.

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