Deutsche Bank faces sanctions over swap-data reports

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Deutsche Bank is facing sanctions after the U.S. Commodity Futures Trading Commission said the company violated multiple swap data reporting rules because of a system outage and had inadequate business continuity and disaster recovery plans.

Bloomberg News reports that on April 16, Deutsche Bank experienced a system failure that kept it from reporting swaps data for multiple asset classes for five days, the CFTC said in a statement Thursday. Efforts to correct the outage led to the discovery or creation of other problems that violated a previous order, the regulator said.

Deutsche Bank and the CFTC agreed to the appointment of a monitor to ensure the bank meets its reporting responsibilities. The regulator also wants to impose a fine and a permanent injunction on the company.

“Deutsche Bank’s repeated violations warrant the intervention of a court-appointed monitor,” CFTC Enforcement Director Aitan Goelman said in a statement. “Deutsche Bank has shown over the last year its inability to comply with its swap reporting responsibilities under the Commodity Exchange Act and CFTC Regulations.”

To access the complete Bloomberg News article hit the link below:

Deutsche Bank Faces CFTC Sanctions Over Swap-Data Report Lapses

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