The Commodity Futures Trading Commission filed charges in federal court against Deutsche Bank AG, a registered swap dealer, for its alleged failure to accurately report information regarding its swap transactions, as required by law, from April 16, 2016, through the current time. Under applicable CFTC rules, swap dealers are obligated to report “timely and accurately” certain information regarding their swap transactions to a registered swap data repository, including “messages that constitute real-time publicly reportable swap transactions” and certain swap creation and continuation data. Swap dealers are also obligated to correct previously reported data that is incorrect. (Click here to access a December 2015 CFTC Staff Advisory regarding swap dealer data reporting requirements.) According to the CFTC, because of a system outage at Deutsche Bank on April 16, the bank did not report any swap data for approximately five days, and has experienced a number of persisting reporting errors. Moreover, claimed the CFTC, Deutsche Bank’s alleged failures violated the terms of a recent settlement order that followed a prior enforcement action that also alleged swaps reporting problems. (Click here for background regarding this prior CFTC enforcement action in the article, “Swaps Dealer Agrees to US $2.5 Million Fine to Resolve Charges by CFTC That It Misreported Certain Swap Transactions” in the October 4, 2015 edition of Bridging the Week.) In its complaint, the CFTC sought a permanent injunction and a civil fine, among other remedies, against Deutsche Bank. In conjunction with the CFTC’s enforcement action, the CFTC and Deutsche Bank filed a joint motion seeking the appointment of a monitor to help ensure the bank’s ongoing compliance with its swaps reporting requirements. In its press release announcing its enforcement action, the CFTC expressly “recognize[d] Deutsche Bank’s cooperation.”