Deutsche Bank Securities Inc. agreed to pay a fine of US $12.5 million to the Financial Industry Regulatory Authority to settle charges that the firm failed, from January 2008 to the present, to have adequate supervisory systems, including written supervisory procedures, to preclude registered representatives from sharing potential nonpublic information obtained over internal broadcast system speakers (known as “Hoots”) with customers. This was despite, claimed FINRA, red flags that its supervision was inadequate from internal audit department findings and recommendations from compliance staff. DBSI was not charged with unlawfully providing any non-confidential information to clients but solely with failure to supervise.