Deutsche Bank AG was fined €10 million ($10.3 million) by Spain’s securities regulator CNMV for selling derivatives to clients who later said they didn’t understand the products and suffered steep losses as a result.

Spanish supervisors said on Monday they had fined Germany's Deutsche Bank 10 million euros ($10.32 million) for infringements related to advice given to Spanish clients on financial instruments based on currencies.

Spain’s financial market watchdog has fined Deutsche Bank €10mn over the mis-selling of risky foreign exchange derivatives, as the lender grapples with long-standing misconduct in its Spanish division.