KOR SDR shall validate SDR Data ASATP after such data is accepted according to the validation conditions set forth by the Commission in the SDR Technical Specifications and any other validations KOR SDR deems necessary to meet the SDR Regulations.
For each required swap creation data or required swap continuation data report submitted to KOR SDR, the Swap Data Repository shall notify the Reporting Counterparty, SEF, DCM, DCO, or Delegated Reporter submitting the report whether the report satisfied the Swap Data validation procedures. KOR SDR shall provide such notification ASATP after accepting the required swap creation data or required swap continuation data report.
If the submitted SDR Data contains one or more data validation errors, KOR SDR shall distribute a Data Validation Error Message to the Client that submitted such SDR Data ASATP after acceptance of such data. Each Data Validation Error Message shall indicate which specific data validation error(s) were identified in the SDR data. Where technologically practicable, the SDR will process all validations for the submission and return all applicable validations errors to the Client.
If a required swap creation data or required swap continuation data report to KOR SDR does not satisfy the Data Validation Procedures of the Swap Data Repository, the Reporting Counterparty, SEF, DCM, or DCO required to submit the report has not yet satisfied its obligation to report required swap creation or continuation data within the timelines set forth in CFTC Rule(s) 45.3 and 45.4. The Reporting Counterparty, SEF, DCM, or DCO has not satisfied its obligation until it submits the required Swap Data report per the KOR SDR Technical Specifications which includes the requirement to satisfy the Data Validation Procedures of the Swap Data Repository, within the applicable time deadline set forth in CFTC Rule(s) 45.3 and 45.4.
KOR SDR will not accept a joint submission of Swap Transaction and Pricing Data and Swap Data. Part 43 and 45 messages must be submitted independently but provide the required information to tie the two to the same UTI.
References: CFTC Rule(s) §49.10(c), 45.13(b)(1), 49.10(c)(2), 45.13(b)(2), and 49.10(c)(3).