UNITED STATES OF AMERICA

Before the

COMMODITY FUTURES TRADING COMMISSION

__________________________________________________ 

In the Matter of the Request of KOR Reporting Inc. 

for Provisional Registration as a Swap Data Repository Pursuant 

to Section 21 of the Commodity Exchange Act and Part 49 of 

the Commission’s Regulations

__________________________________________________ 

ORDER OF PROVISIONAL REGISTRATION 

KOR Reporting Inc. (“KOR”), a Delaware corporation and wholly-owned 

subsidiary of KOR U.S. Holdings Inc., submitted an application, which includes 

submissions dated October 28, 2021 through March 21, 2022, pursuant to Part 49 of the 

Commission’s regulations, requesting provisional registration as a swap data repository. 

Having reviewed the complete record in this matter to date, including the application for 

provisional registration and the accompanying KOR written submissions, explanations, 

demonstrations, and representations, the Commission makes the following findings: 

WHEREAS, KOR represents that it will meet all the requirements and comply 

with all core principles, duties, and other requirements applicable to a swap data 

repository under Section 21 of the Commodity Exchange Act (“CEA”) and Parts 43, 45, 

46, and 49 of the Commission’s regulations thereunder, and remain compliant with all 

applicable CEA provisions and Commission regulations thereunder, and will comply 

with all future regulations, amendments, guidance and interpretations applicable to swap 

data repositories; and 
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WHEREAS, KOR represents that it will operate as a swap data repository for the 

interest rate, equity, credit, foreign exchange, and other commodity asset classes; 

The Commission finds that, as required by Section 49.3(b) of the Commission’s 

regulations, KOR has demonstrated substantial compliance with the standards set forth in 

Section 49.3(a)(4), including: (i) ensuring the prompt, accurate, and reliable performance 

of its functions as a swap data repository; (ii) complying with any applicable CEA 

provisions and Commission regulations; (iii) carrying out its functions in a manner 

consistent with the purposes of CEA Section 21 and the Commission’s regulations 

thereunder; and (iv) operating in a fair and consistent manner; and is able to demonstrate 

operational capability, real-time processing, multiple redundancy and robust security 

controls pursuant to Section 49.3(b). 

Therefore:

IT IS HEREBY ORDERED that KOR’s application for provisional registration as 

a swap data repository is approved for the interest rate, equity, credit, foreign exchange, 

and other commodity asset classes; 

IT IS FURTHER ORDERED that KOR will, prior to commencing operations, 

implement key swap data repository reporting, processes and procedures, including (a) 

generating regular swap data repository operational reports as directed by the 

Commission and delivering such reports to the Commission in the format, manner and 

time frame acceptable to the Commission; (b) ensuring that appropriate access, including 

direct access, data feeds, web interfaces, reports or other access, are provided to the 

Commission to facilitate the Commission’s continuing oversight of the swaps markets, as 

well as publication of the Commission’s Weekly Swaps Report; and (c) successful 
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submissions of test data to the Division of Data’s (“DOD”) user acceptance testing 

environment in a format, manner, and time frame that satisfies DOD staff. 

IT IS FURTHER ORDERED that KOR shall amend, create, remove, define, or 

otherwise modify any data elements required to be reported by reporting entities under 

Parts 43, 45, 46, and 49, including data elements publicly disseminated under Part 43, as 

well as any reporting templates, technical specifications, user requirements and data 

requirements in the format, manner and within a time frame acceptable to the 

Commission; 

IT IS FURTHER ORDERED that the approval of the application for provisional 

registration as a swap data repository shall be subject to continuing compliance by KOR

with applicable provisions of the CEA and Commission regulations, including, but not 

limited to, Part 43 (including modifying the Part 43 data elements found in Appendix A 

of Part 43 in the format, manner and time frame acceptable to the Commission, and 

accepting and disseminating all publicly reportable swaps within an asset class), Part 45 

(including ensuring real-time access by the Commission, and modifying the Part 45 data 

elements found in Appendix 1 of Part 45 in the format, manner and time frame acceptable 

to the Commission,) Part 46 (including modifying the Part 46 data elements in the format, 

manner and time frame acceptable to the Commission), Part 49 (including providing 

direct electronic access to the Commission and modifying the regulatory portal in the 

format, manner, and time frame acceptable to the Commission), and all future 

regulations, amendments, guidance and interpretations by the Commission and its staff 

applicable to KOR as a swap data repository;
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IT IS FURTHER ORDERED that KOR shall be responsible for ensuring 

substantial compliance with applicable provisions of the CEA and Commission 

regulations with respect to any and all regulatory services performed by a third-party 

service provider on behalf of KOR; 

IT IS FURTHER ORDERED that KOR shall continue to provide, in a timely 

manner to the Commission, documentation and information regarding its application for 

provisional registration currently pending before the Commission; and 

IT IS FINALLY ORDERED that as this order of provisional registration is based 

upon the representations made, and supporting material provided to the Commission by 

KOR, in the event of any material changes to or omissions of the facts or circumstances 

pursuant to which this order for provisional registration is issued, or for any reason in its 

own discretion, the Commission may condition, modify, suspend, terminate or otherwise 

restrict the terms of this order for provisional registration, as appropriate, on its own 

motion. KOR shall immediately inform the Commission of any material changes in the 

facts or circumstances pursuant to which this order for provisional registration is issued. 

KOR shall immediately inform the Commission when it has complied with each 

condition in this order. The Commission notes that the issuance of the provisional 

registration is not an indication on the merits of whether KOR should or will be granted a 

permanent registration.

Issued in Washington, D.C. this 30th day of March, 2022. 
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By the Commission

_______________________ 

Robert N. Sidman

Deputy Secretary of the Commission