How often do I have to verify my data?

Part 45: Frequency 

Each Reporting Counterparty shall perform verification at a minimum:

a.     If the Reporting Counterparty is a SD, MSP, or DCO, once every thirty calendar days; or

b.     If the Reporting Counterparty is a non-SD/MSP/DCO, once every calendar quarter, provided that there are at least two calendar months between verifications.

KOR SDR shall allow each Reporting Counterparty that is a Client to utilize the verification with at least sufficient frequency to allow them to perform the Swap Data verification required under CFTC Rule §45.14. If usage becomes excessive, the SDR has the right to review the Client’s data verification procedures and/or limit access as is deemed appropriate.

References: CFTC Rule(s) §45.14(b)(4) 45.14(b)(4)(i), 45.14(b)(4). 45.14(b)(4)(ii), and 49.11(b)(4).