The Commodity Futures Trading Commission filed and settled charges brought against Deutsche Bank AG, a provisionally registered swap dealer, for alleged reporting errors in connection with its swaps reporting. Deutsche Bank agreed to pay a fine of US $2.5 million and to enhance controls around its swaps reporting to resolve this matter. Under applicable CFTC rules, all swap dealers are obligated to publicly report all reportable swap transactions to a swap data repository as soon as practicable after a transaction is executed. Publicly reportable swap transactions include “[a]ny termination, assignment, novation, exchange, transfer, amendment, conveyance, or extinguishing of rights or obligations of a swap that changes the pricing of a swap.” Extinguishing events includes cancellations, claimed the CFTC. In addition, under applicable CFTC rules, reporting parties are obligated to correct any mistakes in their swap reporting as soon as technologically possible after discovery. According to the CFTC, from approximately January 2013 to July 2015, Deutsche Bank failed to report properly a substantial quantity of cancellations of swap transactions in all asset classes; used cancellation messages for non-cancellation events; failed promptly to correct reporting errors; and failed to timely notify its SDR of its cancellation reporting problems, among other issues. In resolving this matter with Deutsche Bank, the CFTC acknowledged that the bank retained a consulting company to improve its processes around swaps reporting; instituted organizational changes involving its regulatory operations group; and instituted controls to help enhance the oversight of its swaps reporting.