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      Correction of errors in Part 43

      Swap execution facilities, DCMs, and Reporting Counterparties 

      Any SEF, DCM, or Reporting Counterparty that by any means becomes aware of any error relating to Swap Transaction and Pricing Data that it was required to report shall correct the error. To correct an error, the SEF, DCM, or Reporting Counterparty shall submit complete and accurate Swap Transaction and Pricing Data to the Swap Data Repository, or completely and accurately report Swap Transaction and Pricing Data for a swap that was not previously reported, as applicable. The requirement to correct any error applies regardless of the state of the swap that is the subject of the Swap Transaction and Pricing Data, including a swap that has terminated, matured, or otherwise is no longer considered to be an open swap.

      References: CFTC Rule(s) §43.3(e)(1).

      Timing requirement for correcting errors in Part 43

      The SEF, DCM, or Reporting Counterparty shall correct any error ASATP after discovery of the error. In all cases, errors shall be corrected within seven Business Days after discovery. Any error that a Reporting Counterparty discovers or could have discovered during the verification process required under CFTC Rule §45.14(b) is considered discovered as of the moment the Reporting Counterparty began the verification process during which the error was first discovered or discoverable.

      References: CFTC Rule(s) §43.3(e)(1)(i).

      Notification of failure to timely correct in Part 43

      If the SEF, DCM, or Reporting Counterparty will, for any reason, fail to timely correct an error, the SEF, DCM, or Reporting Counterparty shall notify the Commission in the manner and timeframe prescribed by the Commission.

      In the case that the submitting Client believes the issue in correcting data to be related to the KOR SDR Technical Specification validations, the UPI not being available, the KOR SDR validations, or any issue with submitting data to KOR SDR where the Client believes the issue is internal to the KOR system, the Client is required to notify KOR SDR as soon as practicable but not later than the Business Day following the discovery.

       References: CFTC Rule(s) §43.3(e)(1)(ii).

      Form and manner for error correction in Part 43

      In order to satisfy the requirements of this section, a SEF, DCM, or Reporting Counterparty shall conform to the KOR SDR Technical Specifications for correction of errors.

      KOR SDR will provide Client’s access to the following reports for Part 43 data where they were the submitting Client, or their Delegated Reporter submitted on their behalf.

        1. A report on all outstanding errors on Part 43 submissions. (Rejections Report - All Unresolved)
        2. A report on their submitted and validated Part 43 submissions. (Message Report by Date Range - filter on Public Messages)
        3. A daily report on the Publicly Disseminated message for their Part 43 submissions. (Message Report by Date Range - Filter on disseminated messages)
        4. A report on the last valid Part 43 message related to all open swaps.

      References: CFTC Rule(s) §43.3(e)(1)(iii).

      Exceptions in Part 43

      The requirements to correct errors set forth in CFTC Rule 43.3(e) only apply to errors in Swap Transaction and Pricing Data relating to swaps for which the record retention period under CFTC Rule 45.2 has not expired as of the time the error is discovered. Errors in Swap Transaction and Pricing Data relating to swaps for which the record retention periods under CFTC Rule 45.2 have expired at the time that the errors are discovered are not subject to the requirements to correct errors set forth in CFTC Rule 43.3(e). KOR SDR will not accept the submission of swaps past their retention period.

      References: CFTC Rule(s) §43.3(e)(3).

      Error defined: Errors in Part 43 reporting

      There is an error when Swap Transaction and Pricing Data is not completely and accurately reported. This includes, but is not limited to, the following circumstances:

        1. Any of the Swap Transaction and Pricing Data for a swap reported to the Swap Data Repository is incorrect or any of the Swap Transaction and Pricing Data that is maintained by the Swap Data Repository differs from any of the relevant Swap Transaction and Pricing Data contained in the books and records of a party to the swap.
        2. Any of the Swap Transaction and Pricing Data for a swap that is required to be reported to the Swap Data Repository or to be maintained by a Swap Data Repository is not reported to the Swap Data Repository or is not maintained by the Swap Data Repository as required by this part.
        3. None of the Swap Transaction and Pricing Data for a swap that is required to be reported to the Swap Data Repository or to be maintained by the Swap Data Repository is reported to the Swap Data Repository or is maintained by the Swap Data Repository.
        4. Any of the Swap Transaction and Pricing Data for a swap that is no longer an Open Swap is maintained by the Swap Data Repository as if the swap is still an open swap.

      References: CFTC Rule(s) §43.3(e)(4)(i)

      Presumption 

      For the purposes of this section, there is a presumption that an error exists if the Swap Data or the Swap Transaction and Pricing Data that is maintained and disseminated by an SDR for a swap is not complete and accurate. This includes, but is not limited to, the Swap Data that the SDR makes available to the Reporting Counterparty for verification under CFTC Rule §49.11.

      References: CFTC Rule(s) §43.3(e)(4)(ii).

      List of Rejections

      The full list of KOR Rejections can be found here.

      How do Correction messages work?