---
kind: "section"
citation: "17 C.F.R. § 242.905"
title: "17"
number: "242.905"
heading: "Correction of errors in security-based swap information."
url: "https://uscodex.org/cfr/17/242.905"
---

# §242.905. Correction of errors in security-based swap information.

- (a) **Duty to correct.** Any counterparty or other person having a duty to report a security-based swap that discovers an error in information previously reported pursuant to [§§ 242.900 through 242.909](/cfr/17/242.900..242.909.md) shall correct such error in accordance with the following procedures:
  - (1) If a person that was not the reporting side for a security-based swap transaction discovers an error in the information reported with respect to such security-based swap, that person shall promptly notify the person having the duty to report the security-based swap of the error; and
  - (2) If the person having the duty to report a security-based swap transaction discovers an error in the information reported with respect to a security-based swap, or receives notification from a counterparty of an error, such person shall promptly submit to the entity to which the security-based swap was originally reported an amended report pertaining to the original transaction report. If the person having the duty to report reported the initial transaction to a registered security-based swap data repository, such person shall submit an amended report to the registered security-based swap data repository in a manner consistent with the policies and procedures contemplated by [§ 242.907(a)(3)](/cfr/17/242.907.md?p=a-3).
- (b) **Duty of security-based swap data repository to correct.** A registered security-based swap data repository shall:
  - (1) Upon discovery of an error or receipt of a notice of an error, verify the accuracy of the terms of the security-based swap and, following such verification, promptly correct the erroneous information regarding such security-based swap contained in its system; and
  - (2) If such erroneous information relates to a security-based swap that the registered security-based swap data repository previously disseminated and falls into any of the categories of information enumerated in [§ 242.901(c)](/cfr/17/242.901.md?p=c), publicly disseminate a corrected transaction report of the security-based swap promptly following verification of the trade by the counterparties to the security-based swap, with an indication that the report relates to a previously disseminated transaction.

## Notes

### Amendments

[80 FR 14728, Mar. 19, 2015, as amended at 81 FR 53654, Aug. 12, 2016]

### Source

Source: 80 FR 14728, Mar. 19, 2015, unless otherwise noted.

### Authority

Authority: 15 U.S.C. 77g, 77q(a), 77s(a), 78b, 78c, 78c-4, 78g(c)(2), 78i(a), 78j, 78k-1(c), 78 l, 78m, 78n, 78 o (b), 78 o (c), 78 o (g), 78q(a), 78q(b), 78q(h), 78w(a), 78dd-1, 78mm, 80a-23, 80a-29, 80a-37, and 8343.

### Source

Source: 62 FR 544, Jan. 3, 1997, unless otherwise noted.

### Amendments

[80 FR 14728, Mar. 19, 2015, as amended at 81 FR 53654, Aug. 12, 2016]