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October 21, 2021March 21, 2022

FOIA CONFIDENTIAL TREATMENT REQUEST

Pursuant to 17 C.F.R. §§ 145.5 and 145.9

BY ELECTRONIC MAIL (FOIAsubmissions@cftc.gov)

Assistant Secretary of the Commission for FOI,

 Privacy and Sunshine Acts Compliance

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, N.W.

Washington, D.C. 20581

Re: Petition for Confidential Treatment

Dear Sir or Madam:

KOR Reporting Inc. (“KOR Reporting”) has on this date provided the documents described in 

Appendix A to this letter (the “Confidential Submission”) via electronic mail to o the Secretary 

of the Commission at submissions@cftc.gov.

In accordance with the provisions of Commission Regulations 145.5 and 145.9, we hereby request 

confidential treatment of the Confidential Submission. Confidential treatment is requested, inter 

alia, on the grounds that the Confidential Submission contains data and information which would 

separately disclose business transactions and trade secrets that may not be disclosed to third parties, 

as provided in Section 8(a) of the Commodity Exchange Act and Commission Regulation 

145.5(c)(1). Confidential treatment additionally is requested on the grounds that the Confidential 

Submission is exempt from disclosure under paragraph (b)(4) of the Freedom of Information Act 

(“FOIA”) and Commission Regulations 145.5(d) and 145.9(d)(1)(ii) because it contains 

commercial and financial information that is confidential and would be of material assistance to 

competitors of KOR Reporting.

In accordance with the provisions of paragraph (d)(5) of Regulation 145.9, we request that the 

Confidential Submission be afforded confidential treatment in perpetuity. 

We understand that if the Commission receives a FOIA request for the Confidential Submission, 

we will be notified of such request in accordance with the Commission’s regulations and be asked 

to submit, within ten business days, a detailed written justification for confidential treatment of the 

Confidential Submission. See Commission Regulation 149.5(e)(1); see also Executive Order 

12600, 52 Fed. Reg. 23781 (June 23, 1987) (detailing pre-disclosure notification procedures 

under FOIA). In such event, we request that Commission staff telephone or email the undersigned 

rather than rely upon United States mail for such notice.

If the Commission or its staff transmits any of the Confidential Submission to another federal 

agency, we request that you forward a copy of this letter to any such agency with the Confidential 

Submission and further request that you advise any such agency that KOR Reporting has requested 

that this material be accorded confidential treatment.
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The requests set forth in the preceding paragraphs also apply to any memoranda, notes, transcripts 

or other writings of any sort whatsoever that are made by, or at the request of, any employee of 

the Commission (or any other federal agency) and which (1) incorporate, include or relate to any 

aspect of the Confidential Submission; or (2) refer to any conference, meeting, or telephone 

conversation between KOR Reporting, its current or former employees, representatives, agents, 

auditors or counsel on the one hand and employees of the Commission (or any other government 

agency) on the other, relating to the Confidential Submission. 

* * * *

Any questions regarding this request for Confidential Treatment, as well as any notices pursuant 

to Commission Regulation 145.9(e), should be directed to the attention of the undersigned 

at tmanuel@KORFinancial.com or 678.612.6133 or James Brady, Counsel at Katten Muchin 

Rosenman LLP, at james.brady@katten.com or 312.902.5362.

Very truly yours,

Tara Collier Manuel

Encl. (Appendix A)

cc: James Brady

 Katten Muchin Rosenman LLP
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APPENDIX A

Confidential Treatment Request

from KOR Reporting Inc.

The Confidential Submission referenced in the letter to which this Appendix A is attached consists of this Appendix A and the following:

Document Name Exhibit Description Confidential 

Document (FOIA 

Requested)

Part 49 checklist Yes

Part 43, 45, 50 checklist Yes

Ownership Exhibit 

A

Exhibit A, any person who owns ten (10) percent or more of Applicant’s equity or possesses 

voting power of any class, either directly or indirectly, through agreement or otherwise, in any 

other manner, may control or direct the management or policies of Applicant. “Control” for this 

purpose is defined in Commission Regulation § 49.2(a).

State in Exhibit A the full name and address of each such person and attach a copy of the 

agreement or, if there is none written, describe the agreement or basis upon which such person 

exercises or may exercise such control or direction.

Yes

Narrative explaining 

fitness standards of the 

Board

Exhibit 

B-1

Exhibit B, a narrative that sets forth the fitness standards for the board of directors and its 

composition including the number or percentage of public directors.

No

KOR Reporting Board of 

Directors Members

Exhibit 

B-2

Exhibit B, 

Attach a list of the present officers, directors (including an identification of the public directors), 

governors (and, if the Applicant is not a corporation, the members of all standing committees 

grouped by committee), or persons performing functions similar to any of the foregoing, of the 

swap data repository or of the entity identified in Item 16 that performs the swap data 

repository activities of the Applicant, indicating for each:

a. Name

b. Title

c. Date of commencement and, if appropriate, termination of present term of position

d. Length of time each present officer, director, or governor has held the same position

e. Brief account of the business experience of each officer and director over the last five (5) years

f. Any other business affiliations in the securities industry or OTC derivatives industry

No
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g. A description of:

(1) any order of the Commission with respect to such person pursuant to section 5e of the Act;

(2) any conviction or injunction within the past 10 years;

(3) any disciplinary action with respect to such person within the last five (5) years;

(4) any disqualification under sections 8b and 8d of the Act;

(5) any disciplinary action under section 8c of the Act; and

(6) any violation pursuant to section 9 of the Act.

h. For directors, list any committees on which the director serves and any compensation received 

by virtue of their directorship.

Chief Compliance 

Officer

Exhibit 

C

Attach as Exhibit C, the following information about the chief compliance officer who has been 

appointed by the board of directors of the swap data repository or a person or group performing 

a function similar to such board of directors:

a. Name

b. Title

c. Dates of commencement and termination of present term of office or position

d. Length of time the chief compliance officer has held the same office or position

e. Brief account of the business experience of the chief compliance officer over the last five (5) 

years

f. Any other business affiliations in the derivatives/securities industry or swap data repository 

industry

g. A description of: 

(1) any order of the Commission with respect to such person pursuant to section 5e of the Act;

(2) any conviction or injunction within the past 10 years;

(3) any disciplinary action with respect to such person within the last five (5) years;

(4) any disqualification under sections 8b and 8d of the Act;

(5) any disciplinary action under section 8c of the Act; and

(6) any violation pursuant to section 9 of the Act.

Yes

SDR Governance 

principles

Exhibit 

D-1

Attach as Exhibit D, a copy of documents relating to the governance arrangements of the 

Applicant, including, but not limited to:

a. The nomination and selection process of the members on the Applicant’s board of directors, a 

person or group performing a function similar to a board of directors (collectively, “board”), or 

any committee that has the authority to act on behalf of the board, the responsibilities of each 

of the board and such committee, and the composition of each board and such committee;

b. a description of the manner in which the composition of the board allows the Applicant to 

comply with applicable core principles, regulations, as well as the rules of the Applicant; and

No
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c. a description of the procedures to remove a member of the board of directors, where the 

conduct of such member is likely to be prejudicial to the sound and prudent management of the 

swap data repository.

Compliance manual Exhibit 

D-2

Yes

Organizational Structure Exhibit 

E

Attach as Exhibit E, a narrative or graphic description of the organizational structure of the 

Applicant. Note: If the swap data repository activities are conducted primarily by a division, 

subdivision, or other segregable entity within the Applicant’s corporation or organization, 

describe the relationship of such entity within the overall organizational structure and attach as 

Exhibit E only such description as applies to the segregable entity. Additionally, provide any 

relevant jurisdictional information, including any and all jurisdictions in which the Applicant or 

any affiliated entity is doing business and registration status, including pending application 

(e.g., country, regulator, registration category, date of registration). In addition, include a 

description of the lines of responsibility and accountability for each operational unit of the 

Applicant to (i) any committee thereof and/or (ii) the board.

No

Conflicts of interest 

policy

Exhibit 

F-1

Attach as Exhibit F, a copy of the conflicts of interest policies and procedures implemented by 

the Applicant to minimize conflicts of interest in the decision-making process of the swap data 

repository and to establish a process for the resolution of any such conflicts of interest.

Yes

Board of Directors 

Conflicts of interest 

policy

Exhibit 

F-2

No

KOR Organizational 

structure

Exhibit 

G

Attach as Exhibit G, a list of all affiliates of the swap data repository and indicate the general 

nature of the affiliation. Provide a copy of any agreements entered into or to be entered by the 

swap data repository, including partnerships or joint ventures, or its participants, that will enable 

the Applicant to comply with the registration requirements and core principles specified in 

section 21 of the Act. With regard to an affiliate that is a parent company of the Applicant, if 

such parent controls the Applicant, an Applicant must provide (i) the board composition of the 

parent, including public directors, and (ii) all ownership information requested in Exhibit A for 

the parent. “Control” for this purpose is defined in Commission Regulation § 49.2(a).

Yes

KOR Reporting Inc 

Certificate of 

Incorporation

Exhibit 

H-1

Attach as Exhibit H, a copy of the constitution; articles of incorporation or association with all 

amendments thereto; existing by-laws, rules, or instruments corresponding thereto, of the 

Applicant. The Applicant shall also provide a certificate of good standing dated within one week 

of the date of the application.

No

Certificate of good 

standing

Exhibit 

H-2

No
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Bylaws for KOR 

Reporting Inc.

Exhibit 

H-3

Yes

Foreign Entity Exhibit 

I-1

Where the Applicant is a foreign entity seeking registration or filing an amendment to an existing 

registration, attach as Exhibit I, an opinion of counsel that the swap data repository, as a matter 

of law, is able to provide the Commission with prompt access to the books and records of such 

swap data repository and that the swap data repository can submit to onsite inspection and 

examination by the Commission.

Yes

Foreign Entity -Legal 

opinion

Exhibit 

I-2

Yes

Rulebook Exhibit J Attach as Exhibit J, a current copy of the Applicant’s rules, as defined in Commission Regulation 

§ 40.1, consisting of all the rules necessary to carry out the duties as a swap data repository.

No

Internal Disciplinary 

Policy

Exhibit 

K

Attach as Exhibit K, a description of the Applicant’s internal disciplinary and enforcement 

protocols, tools, and procedures. Include the procedures for dispute resolution.

Yes

KOR Reporting 

Description of Legal 

Proceedings

Exhibit 

L

Attach as Exhibit L, a brief description of any material pending legal proceeding(s), other than 

ordinary and routine litigation incidental to the business, to which the Applicant or any of its 

affiliates is a party or to which any of its or their property is the subject. Include the name of the 

court or agency in which the proceeding(s) are pending, the date(s) instituted, and the principal 

parties thereto, a description of the factual basis alleged to underlie the proceeding(s) and the 

relief sought. Include similar information as to any such proceeding(s) known to be 

contemplated by the governmental agencies.

Yes

Financials: 

Balance Sheet

Income and Expense 

Statement

Statement of sources 

and application of 

revenues

All notes or schedules

Exhibit 

M-1

Attach as Exhibit M, a balance sheet, statement of income and expenses, statement of sources 

and application of revenues, and all notes or schedules thereto, as of the most recent fiscal year 

of the Applicant. If a balance sheet and statements certified by an independent public 

accountant are available, such balance sheet and statement shall be submitted as Exhibit M.

Yes

Financials: 12 Month 

Forecast

Exhibit 

M-2

Yes

Affiliated Entity 

Financials

Exhibit 

N

Attach as Exhibit N, a balance sheet and an income and expense statement for each affiliate of 

the swap data repository that also engages in swap data repository activities as of the end of the 

most recent fiscal year of each such affiliate.

Yes
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Fee Schedule Exhibit 

O-1

Attach as Exhibit O, the following:

a. A complete list of all dues, fees, and other charges imposed, or to be imposed, by or on behalf 

of Applicant for its swap data repository services and identify the service or services provided for 

each such due, fee, or other charge.

No

Fee schedule Rational

and differentiation

Exhibit 

O-2

b. Furnish a description of the basis and methods used in determining the level and structure of 

the dues, fees, and other charges listed in paragraph a of this item.

c. If the Applicant differentiates, or proposes to differentiate, among its customers, or classes of 

customers in the amount of any dues, fees, or other charges imposed for the same or similar 

services, so state and indicate the amount of each differential. In addition, identify and describe 

any differences in the cost of providing such services, and any other factors, that account for 

such differentiations.

Yes

KOR Universal Services 

Agreement

Exhibit 

P-1

Attach as Exhibit P, copies of all material contracts with any swap execution facility, designated 

contract market, clearing agency, central counterparty, or third party service provider. To the 

extent that form contracts are used by the Applicant, submit a sample of each type of form 

contract used. In addition, include a list of swap execution facilities, designated contract markets, 

clearing agencies, central counterparties, and third party service providers with whom the 

Applicant has entered into material contracts. Where swap data repository functions are 

performed by a third-party, attach any agreements between or among the Applicant and such 

third party, and identify the services that will be provided.

Where swap data repository functions are performed by a third-party, attach any agreements 

between or among the Applicant and such third party, and identify the services that will be 

provided.

No

List of Client’s with 

executed agreements

Exhibit 

P-2

To the extent that form contracts are used by the Applicant, submit a sample of each type of 

form contract used. In addition, include a list of swap execution facilities, designated contract 

markets, clearing agencies, central counterparties, and third party service providers with whom 

the Applicant has entered into material contracts.

Yes

Counterparty Client 

Addendum 

Exhibit 

P-3

No

Delegated Reporter 

agreements

Exhibit 

P-4

No

Administrative User 

Form

Exhibit 

P-5

No

KOR Acceptable Use 

Policy

Exhibit 

P-6

No
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Inter-company 

Agreement

Exhibit 

P-7

Yes

AWS Enterprise 

Agreement 

Exhibit 

P-8.1

Yes

AWS NDA Exhibit 

P-8.2

Yes

AWS Nondisclosure Exhibit 

P-8.3

Yes

User guide Exhibit 

Q-1

Attach as Exhibit Q, any technical manuals, other guides or instructions for users of, or 

participants in, the market

Yes

KOR SDR Technical 

Specification

Exhibit 

Q-2

Yes

System test procedures Exhibit 

R-1

Attach as Exhibit R, a description of system test procedures, test conducted or test results that 

will enable the Applicant to comply, or demonstrate the Applicant's ability to comply, with the 

core principles for swap data repositories.

Yes

System test results

(Global Information)

Exhibit 

R-2.1

Yes

System test results (Poll 

Message State)

Exhibit 

R-2.2

Yes

System test results

(Submit Message)

Exhibit 

R-2.3

Yes

System functionality Exhibit 

S-1

Attach as Exhibit S, a description in narrative form, or by the inclusion of functional 

specifications, of each service or function performed as a swap data repository. 

Yes

SDR Functional System 

Diagram

Exhibit 

S-1.1

Yes

SDR Network Diagram Exhibit 

S-1.2

Yes

Multiple Trade 

Repositories Network 

Separation Diagram

Exhibit 

S-1.3

Yes

Data retention policy Exhibit 

S-2

Include in Exhibit S a description of all procedures utilized for the collection, processing, 

distribution, publication, and retention (e.g., magnetic tape) of information with respect to 

transactions or positions in, or the terms and conditions of, swaps entered into by market 

participants.

Yes
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Hardware Exhibit 

T

Attach as Exhibit T, a list of all computer hardware utilized by the Applicant to perform swap data 

repository functions, indicating where such equipment (terminals and other access devices) is 

physically located.

Yes

Personnel Qualifications Exhibit 

U

Attach as Exhibit U, a description of the personnel qualifications for each category of 

professional employees employed by the swap data repository or the division, subdivision, or 

other segregable entity within the swap data repository as described in Item 16.

Yes

SDR Access Policy Exhibit 

V-1

Attach as Exhibit V, a description of the measures or procedures implemented by Applicant to 

provide for the security of any system employed to perform the functions of a swap data 

repository. Include a general description of any physical and operational safeguards designed to 

prevent unauthorized access (whether by input or retrieval) to the system.

Describe any measures used to verify the accuracy of information received or disseminated by 

the system.

Yes

System safeguards 

failures 

Exhibit 

V-2

Describe any circumstances within the past year in which the described security measures or 

safeguards failed to prevent any such unauthorized access to the system and any measures 

taken to prevent a reoccurrence.

Yes

System safeguards 

policy

Exhibit 

V-3

Yes

Risk Framework Exhibit 

V-4

Yes

Business continuitydisaster recovery planExhibit 

W

Attach as Exhibit W, copies of emergency policies and procedures and Applicant's business 

continuity-disaster recovery plan. Include a general description of any business continuitydisaster recovery resources, emergency procedures, and backup facilities sufficient to enable 

timely recovery and resumption of its operations and resumption of its ongoing fulfillment of its 

duties and obligations as a swap data repository following any disruption of its operations.

Yes

Back up facilities Exhibit 

X-1

Where swap data repository functions are performed by automated facilities or systems, attach 

as Exhibit X a description of all backup systems or subsystems that are designed to prevent 

interruptions in the performance of any swap data repository function as a result of technical 

malfunctions or otherwise in the system itself, in any permitted input or output system 

connection, or as a result of any independent source. 

Yes

System outages Exhibit 

X-2

Include a narrative description of each type of interruption that has lasted for more than two 

minutes and has occurred within the six (6) months preceding the date of the filing, including the 

Yes
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date of each interruption, the cause, and duration. Also state the total number of interruptions 

that have lasted two minutes or less.

Capacity Exhibit 

Y

Attach as Exhibit Y, the following:

a. For each of the swap data repository functions:

(1) Quantify in appropriate units of measure the limits on the swap data repository's capacity to 

receive (or collect), process, store, or display (or disseminate for display or other use) the data 

elements included within each function (e.g., number of inquiries from remote terminals);

(2) identify the factors (mechanical, electronic, or other) that account for the current limitations 

reported in answer to (1) on the swap data repository's capacity to receive (or collect), process, 

store, or display (or disseminate for display or other use) the data elements included within each 

function.

b. If the Applicant is able to employ, or presently employs, the central processing units of its 

system(s) for any use other than for performing the functions of a swap data repository, state 

the priorities of assignment of capacity between such functions and such other uses, and state 

the methods used or able to be used to divert capacity between such functions and such other 

uses.

Yes

Client List Exhibit 

Z-1

Attach as Exhibit Z, the following:

a. As to each swap data repository service that the Applicant provides, state the number of 

persons who presently utilize, or who have notified the Applicant of their intention to utilize, the 

services of the swap data repository.

Yes

Prohibited clients Exhibit 

Z-2

b. For each instance during the past year in which any person has been prohibited or limited in 

respect of access to services offered by the Applicant as a swap data repository, indicate the 

name of each such person and the reason for the prohibition or limitation.

Yes

KOR Technical 

Specification

Exhibit 

Z-3

c. Define the data elements for purposes of the swap data repository's real-time public reporting 

obligation. Appendix A to Part 43 of the Commission's Regulations (Data Elements and Form for 

Real-Time Reporting for Particular Markets and Contracts) sets forth the specific data elements 

for real-time public reporting.

Yes

Agreements Exhibit 

AA

Attach as Exhibit AA, copies of any agreements governing the terms by which information may 

be shared by the swap data repository, including with market participants. To the extent that 

form contracts are used by the Applicant, submit a sample of each type of form contract used.

Yes

Access limiting criteria Exhibit 

BB

Attach as Exhibit BB, a description of any specifications, qualifications, or other criteria that limit, 

are interpreted to limit, or have the effect of limiting access to or use of any swap data 

repository services furnished by the Applicant and state the reasons for imposing such 

specifications, qualifications, or other criteria, including whether such specifications, 

qualifications, or other criteria are imposed.

Yes
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Client Access Exhibit 

CC

Attach as Exhibit CC, any specifications, qualifications, or other criteria required of participants 

who utilize the services of the Applicant for collection, processing, preparing for distribution, or 

public dissemination by the Applicant.

No

User access and 

onboarding guide

Exhibit 

DD

Attach as Exhibit DD, any specifications, qualifications, or other criteria required of any person, 

including, but not limited to, regulators, market participants, market infrastructures, venues 

from which data could be submitted to the Applicant, and third party service providers who 

request access to data maintained by the Applicant.

No

Denial, Revocation, or 

Suspension of Client 

Access Policy

Exhibit 

EE

Attach as Exhibit EE, policies and procedures implemented by the Applicant to review any 

prohibition or limitation of any person with respect to access to services offered or data 

maintained by the Applicant and to grant such person access to such services or data if such 

person has been discriminated against unfairly.

No

Core Principles Chart Exhibit 

FF-1

Attach as Exhibit FF, a narrative and supporting documents that may be provided under other 

Exhibits herein, that describes the manner in which the Applicant is able to comply with each 

core principle and other requirements pursuant to Commission Regulation § 49.19.

No

Disclosure Document Exhibit 

FF-2

No

Code of Conduct Exhibit 

GG-1

Attach as Exhibit GG policies and procedures implemented by the Applicant protect the privacy 

of any and all swap information that the swap data repository receives from reporting entities.

Yes

Confidentiality and Data 

Protection Policy

Exhibit 

GG-2

Yes

Information Security 

Policy

Exhibit 

GG-3

Yes

Records and 

Information 

management policy

Exhibit 

GG-4

Yes

External 

Communication Policy

Exhibit 

GG-5

Yes

Software Development 

Life Cycle Policy (SDLC)

Exhibit 

GG-6

Yes

Privacy safeguards Exhibit 

HH

Attach as Exhibit HH, a description of safeguards, policies, and procedures implemented by the 

Applicant to prevent the misappropriation or misuse of (a) any confidential information received 

by the Applicant, including, but not limited to, SDR data, section 8 material, and SDR information, 

about a market participant or any of its customers; and/or (b) intellectual property by Applicant 

or any person associated with the Applicant for their personal benefit or the benefit of others.

Yes
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Data use policy Exhibit 

II

Attach as Exhibit II, policies and procedures implemented by the Applicant regarding its use of 

the SDR data, section 8 material, and SDR information that it receives from a market participant, 

any registered entity, or any person for non-commercial and/or commercial purposes.

Yes

Dispute policy Exhibit 

JJ

Attach as Exhibit JJ, procedures and a description of facilities of the Applicant for effectively 

resolving disputes over the accuracy of the SDR data and positions that are maintained by the 

swap data repository.

No

Position calculation 

policy

Exhibit 

KK

Attach as Exhibit KK, policies and procedures relating to the Applicant's calculation of positions. No

Data invalidation policy Exhibit 

LL

Attach as Exhibit LL, policies and procedures that are reasonably designed to prevent any 

provision in a valid swap from being invalidated or modified through the procedures or 

operations of the Applicant.

Yes

Withdraw and transfer 

policy

Exhibit 

MM

Attach as Exhibit MM, Applicant's policies and procedures that ensure that the SDR data that are 

maintained by the Applicant continues to be maintained after the Applicant withdraws from 

registration as a swap data repository, which shall include procedures for transferring the SDR 

data to the Commission or its designee (including another swap data repository).

Yes