Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 116

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 116
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 AG to be carried out within its supervisory jurisdiction, the national competent authorities of that Member State supervise the conduct of such regulated activities. This includes, for example, rules on treating clients fairly and rules governing a bank’s conduct in the securities market.

| 67 |

| Deutsche Bank                   |
| Annual Report 2024 on Form 20-F |

As a result of Brexit, the UK ceased to be a Member State of the European Union and European law ceased to be applicable within the UK as from December 31, 2020. This meant, therefore, for the purposes of Deutsche Bank AG’s continuation of regulated activities in the UK, the European Passport provisions were no longer available and it was obliged to rely upon temporary regulatory permissions while it sought new regulatory (Part 4A) permissions from the UK national competent authority, namely the PRA. Deutsche Bank AG received its (Part 4A) authorization from the PRA on December 19, 2022. With respect to its regulated activities in the UK, and the continued operation of its London Branch, Deutsche Bank AG is currently authorized by the PRA and subject to regulation by the FCA and limited regulation by the PRA. Deutsche Bank AG continues to provide banking and other financial services in the UK both from its London Branch and also on a cross-border basis. In June 2023, the UK enacted the Financial Services and Markets Act 2023, which provides for the eventual repeal of EU financial services laws that were retained and subsequently “assimilated” into UK law in the UK post-Brexit. Such laws have since been subject to consultation and varying degrees of amendment following Brexit, and upon repeal will be replaced by UK rules under a new regulatory framework. The growing divergence between the financial services laws and regulations in the UK and the EEA gives rise to new challenges for both Deutsche Bank AG and the financial services industry generally. Since Brexit, the subsidiaries of the Deutsche Bank Group have also had to assess whether they conduct regulated activities in the UK (e.g., by providing UK regulated services to UK based clients), and where so, make plans to run off that activity within the UK’s Financial Services Contracts Regime (FSCR) or otherwise ensure such activity can be conducted pursuant to a UK licensing exemption (i.e., the “overseas persons exclusion”). Deutsche Bank subsidiaries conducting contractual run-off operations within the FSCR include BHM (FFT), Norisbank (FFT), DB S.P.A. (Milan), DB SAEU (Madrid