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Federal Register / Vol. 86, No. 117 / Tuesday, June 22, 2021 / Notices
clear and specific minimum standards for users to follow in seeking to access SBS data held at the SDR. The ITV
Application also includes reasonable provisions for limiting, denying, and revoking access to SDR systems that include procedures for review and reconsideration of any determination related to limiting, denying, or revoking a users access. The Commission believes that the procedures described above further help ensure that the access requirements are fair, open, and not unreasonably discriminatory. In addition, the ITV Application includes policies and procedures designed to ensure that the SDRs automated systems maintain adequate levels of capacity, integrity, resiliency, availability, and security that protect against loss of data, employ geographic diversity in their site selection, and account for service disruptions.
C. Acceptance and Use of SBS Data 1. Summary of ICE Trade Vaults Application
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ICE Trade Vault states that it will accept data in respect of all SBS trades in the credit derivatives asset class and promptly records such data upon receipt.87 ICE Trade Vault requires all users to report complete and accurate trade information and to review and resolve all error messages generated by the ICE Trade Vault system with respect to the data they have submitted.88
According to ICE Trade Vault, access to SDR information by ICE Trade Vault employees and others performing functions on behalf of ICE Trade Vault is strictly limited to those with the direct responsibility for supporting the ICE Trade Vault system, users and regulators.89 ICE Trade Vault employees and others performing functions on behalf of ICE Trade Vault are prohibited from using SDR information other than in the performance of their job responsibilities.90 In accordance with applicable SEC regulations, ICE Trade Vault may disclose, for commercial purposes, certain SDR information; any such disclosures shall be made solely on an aggregated basis in a manner that ensures that the disclosed SDR
information cannot reasonably be 87 See Swap Data Repository Rulebook, SecurityBased Swap Data Reporting Annex, Ex. HH.2, sec.
4.1.
88 See Swap Data Repository Rulebook, SecurityBased Swap Data Reporting Annex, Ex. HH.2, sec.
4.2.1.
89 See Swap Data Repository Rulebook, SecurityBased Swap Data Reporting Annex, Ex. HH.2, sec.
3.8; Security-Based SDR Service Disclosure Document, Ex. V.2, sec. 5.
90 See id.

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attributed to individual transactions or users.91
ICE Trade Vault states that, in accordance with Exchange Act Rule 13n5b5, it maintains internal policies and procedures in place to ensure its recording process and operation does not invalidate or modify the terms of trade information, and that it regularly audits these controls to ensure the prevention of unauthorized and unsolicited changes to SDR
information maintained in the ICE
Trade Vault system through protections related to the processing of SBS.92
Additionally, ICE Trade Vault states that it reasonably relies on the accuracy of trade data submitted by users and that all users must complete a conformance test to validate data submission integrity prior to ICE Trade Vaults acceptance of actual SBS data and must immediately inform ICE Trade Vault of any system or technical issues that may affect the accuracy of SBS data transmissions.93 ICE Trade Vault states that users are responsible for the timely resolution of trade record errors and disputes.94 ICE Trade Vault provides users electronic methods to extract SDR
information for trade data reconciliation.95 Disputes involving clearing transactions shall be resolved in accordance with the clearing agencys rules and applicable law.96 For an alpha SBS executed on a platform and reported by a platform user, disputes must be resolved in accordance with the platforms rules and applicable law.97
For SBS that are reported by a user that is neither a platform nor a clearing agency, counterparties shall resolve disputes with respect to SDR
information in accordance with the counterparties master trading agreement and applicable law.98 Users that are non-reporting sides may verify or dispute the accuracy of trade information that has been submitted by 91 See
id.
Swap Data Repository Rulebook, SecurityBased Swap Data Reporting Annex, Ex. HH.2, sec.
4.5.
93 See Security-Based SDR Service Disclosure Document, Ex. V.2, sec. 6.
94 See id.; see also Swap Data Repository Rulebook, Security-Based Swap Data Reporting Annex, Ex. HH.2, sec. 4.6 and 4.7.
95 See Security-Based SDR Service Disclosure Document, Ex. V.2, sec. 6; Swap Data Repository Rulebook, Security-Based Swap Data Reporting Annex, Ex. HH.2, sec. 4.6.
96 See Security-Based SDR Service Disclosure Document, Ex. V.2, sec. 6; Swap Data Repository Rulebook, Security-Based Swap Data Reporting Annex, Ex. HH.2, sec. 4.2.4 and 4.7.
97 See id.
98 See Security-Based SDR Service Disclosure Document, Ex. V.2, sec. 6; Swap Data Repository Rulebook, Security-Based Swap Data Reporting Annex, Ex. HH.2, sec. 4.7.
92 See
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a reporting side to ICE Trade Vault, where the non-reporting side is identified as the counterparty, by sending a verification message indicating that it verifies or disputes such trade information.99 If the reporting side for a SBS transaction discovers an error in the information reported with respect to a SBS, or receives notification from a counterparty of an error, the reporting side shall promptly submit to ICE Trade Vault an amended report that corrects such error.100 ICE Trade Vault will disseminate a corrected transaction report in instances where the initial report included erroneous primary trade information.101 Users are required to notify ICE Trade Vault promptly of disputed trade data by utilizing the Dispute functionality; when a User disputes a trade, the status of the trade will be recorded as Disputed, and notice of the dispute will be sent promptly to the other party to the trade;
the trade record may then be amended or canceled upon mutual agreement of the parties; the status of the trade will remain Disputed until either party to the trade provides evidence satisfactory to ICE Trade Vault that the dispute has been resolved.102 ICE Trade Vault will provide regulators with reports identifying the SDR information that is deemed disputed.103
2. Discussion Rule 13n5b1i under the Exchange Act requires an SDR to establish, maintain, and enforce written policies and procedures reasonably designed for the reporting of complete and accurate transaction data to the SDR
and to accept all transaction data that is reported in accordance with such policies and procedures.104
Additionally, Rule 13n5b1ii requires that if an SDR accepts any SBS
transaction in a particular asset class, the SDR must accept all SBS
transactions in that asset class that are reported to it in accordance with its policies and procedures.105 In addition, 99 See Security-Based SDR Service Disclosure Document, Ex. V.2, sec. 6; see also Swap Data Repository Rulebook, Security-Based Swap Data Reporting Annex, Ex. HH.2, sec. 4.2.3.
100 See Security-Based SDR Service Disclosure Document, Ex. V.2, sec. 6; see also Swap Data Repository Rulebook, Security-Based Swap Data Reporting Annex, Ex. HH.2, sec. 4.2.2.
101 See id.
102 See id.; see also Swap Data Repository Rulebook, Security-Based Swap Data Reporting Annex, Ex. HH.2, sec. 4.7.
103 See Swap Data Repository Rulebook, SecurityBased Swap Data Reporting Annex, Ex. HH.2, sec.
4.7; see also Security-Based SDR Service Disclosure Document, Ex. V.2, sec. 6.
104 17 CFR 240.13n5b1i.
105 17 CFR 240.13n5b1ii.

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