Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 87

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 87
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 euro project for the potential launch of a digital euro as a new form of digital central bank money (CBDC) to the wider public. This two-year phase including the establishment of a rulebook for the digital euro will run until October 2025. In parallel, the EU co-legislators continue to negotiate the proposed legal framework for the digital euro as a legal tender together with a proposed legal framework clarifying the role of euro banknotes and coins as a legal tender and their interplay with the digital euro. Political negotiations on this legislative proposal are expected to continue throughout the on-going project phase of the ECB. The Bank of England and the new UK government include central bank digital currencies as a potential component for their national payment vision together with other new forms of money and payments. The U.S. has seen a shift in policy regarding CBDCs, as the new U.S. administration issued an executive order on digital assets that supports the research and development of dollar-backed stablecoins as opposed to CBDCs. Specifically, the executive order prohibits the establishment, issuance, circulation and use of a CBDC within the jurisdiction of the U.S. In addition, U.S. agencies are prohibited from promoting the viability of CBDCs abroad. Work by UK and U.S. authorities focused on cloud services and the role of critical third-party service providers that are not regulated financial entities, but whose service provision is critical to the functioning of the financial market. In November 2024, the UK Financial Conduct Authority (FCA) and the Bank of England (BoE) published a final oversight framework for critical third parties which took effect from January 2025 with an initial step to assign the designation status of critical third parties. The U.S. Treasury at the same time assessed the current regulatory framework and need for action on cloud regulation in the U.S. The Federal Reserve Board, FDIC and OCC continue to monitor the effectiveness of their joint guidance published in June 2023 on banking organizations’ management of risks associated with third-party relationships.

| 53 |

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

On October 28, 2024, the U.S. Treasury department issued a final rule implementing President Biden’s Executive Order 14105 by prohibiting or requiring notification of certain outbound U.S. investments to China (including Hong Kong and Macau) in semiconductors, quantum computing technology, and AI. The final rule came into effect on January 2, 2025. The Final Rule contains