The Financial Industry Regulatory Authority on Monday said it fined Deutsche Bank’s securities division $12.5 million for supervisory failures related to research and trading-related information it had disseminated to its employees.

The bits of information, called "hoots" or "squawks," were given over internal speakers known as "squawk boxes." The securities regulator said Deutsche Bank failed to establish the required supervision over employees' access to hoots or their communications with customers about the hoots, even though the company was aware of multiple red flags about the dissemination of confidential information.