DWS: Statement following U.S. Securities and Exchange Commission Settlements
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- We are pleased to have resolved these matters that relate to certain historic processes, procedures and marketing practices the firm has since addressed.
- The SEC ESG Order, following an extensive two-year examination, finds no misstatements in relation to our financial disclosures or in the prospectuses of our funds. We have consistently stated that we stand by our financial disclosures and disclosures in our fund prospectuses.
- The Order also makes clear that there was no intent to defraud, and the weaknesses identified by the SEC are in relation to processes and procedures that the firm has already taken steps to address. The Order also does not find that DWS Investment Management Americas (DIMA) staff were not integrating ESG factors into the investment process. Instead, the Order focuses on the fact that DIMA lacked processes and procedures to evidence that such integration was documented in a consistent manner.
- We are pleased that the SEC recognized our cooperation in the investigation and our remediation efforts.
- We have learned many lessons from the ever-evolving regulatory environment and are fully committed to continuing to improve. We are grateful to our clients for their continued trust in our products.
- With respect to the settlement resolving the SEC’s examination into our historic AML policies and procedures, we are committed to maintaining a robust risk management framework, and since 2020, have taken steps to enhance our AML processes for our U.S. mutual fund business. We are glad that the SEC has also acknowledged our cooperation in connection with the investigation in this case, and our remediation efforts in respect of the findings.
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