KOR Reporting Inc. – s. 144

Headnote

Sections 21.2.2 and 144 of the Securities Act (Ontario), section 42 of OSC Rule 91-507 -- Application for an order varying and restating the Commission's order designating KOR Reporting Inc. (KOR) as a trade repository and for a decision partially exempting KOR from the requirement in ss. 17(5) of OSC Rule 91-507.

Applicable Legislative Provisions

Securities Act, R.S.O. 1990, c. S.5, as am., ss. 21.2.2 and 144.

OSC Rule 91-507 Derivatives: Trade Reporting, ss. 17(5) and 42.

IN THE MATTER OF THE SECURITIES ACT, R.S.O. 1990, CHAPTER S.5, AS AMENDED (THE ACT) AND IN THE MATTER OF KOR REPORTING INC.

ORDER (Sections 21.2.2 and 144 of the Act)

WHEREAS the Ontario Securities Commission (the Commission) issued an order dated December 21, 2023, designating KOR Reporting Inc. (KOR) as a trade repository pursuant to section 21.2.2 of the Act (Designation Order);

AND WHEREAS the Commission published in final form amendments to OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting on July 25, 2024 (the Trade Reporting Amendments);

AND WHEREAS KOR will continue to be subject to applicable requirements in OSC Rule 91-507 Derivatives: Trade Reporting, as amended by the Trade Reporting Amendments (OSC Rule 91-507);

AND WHEREAS the Commission has received an application under section 144 of the Act to vary and restate the Designation Order to reflect the Trade Reporting Amendments and to otherwise modernize the Designation Order (Application);

AND WHEREAS KOR has represented to the Commission that:

a. KOR is incorporated under Delaware law and is a wholly owned subsidiary of KOR US Holdings Inc. KOR is provisionally registered with the Commodity Futures Trading Commission (CFTC), its primary regulator, as a swap data repository (SDR) for interest rate, credit, equity, foreign exchange and other commodity derivatives under the U.S. Commodity Exchange Act; and

b. KOR will comply with all applicable requirements for designated trade repositories under Ontario securities law, including applicable requirements in OSC Rule 91-507

AND WHEREAS KOR is currently subject to the oversight of the CFTC as a SDR;

AND WHEREAS the CFTC, the Commission, and other Canadian Authorities have entered into a Memorandum of Understanding regarding cooperation and the exchange of information related to the supervision of cross-border covered entities;

AND WHEREAS the Director has granted a Decision, as varied and restated, as set out in Schedule "B" of the Designation Order;

AND WHEREAS based on the Application the Commission has determined that:

(a) it is in the public interest to continue to designate KOR as a trade repository pursuant to section 21.2.2 of the Act, subject to the terms and conditions that are set out in Schedule "A" of the Designation Order; and

(b) it is not prejudicial to the public interest to vary and restate the Designation Order.

AND WHEREAS KOR has agreed to the respective terms and conditions that are set out in Schedule "A" of the Designation Order;

AND WHEREAS the Commission will monitor developments in international and domestic capital markets and KOR's activities on an ongoing basis to determine whether it is appropriate that KOR continues to be designated subject to the terms and conditions in this order and whether it is appropriate to amend this order and the terms and conditions thereunder pursuant to section 144 of the Act;

IT IS ORDERED pursuant to section 144 of the Act that the Application to vary and restate the Designation Order is granted;

IT IS ORDERED by the Commission that KOR continues to be designated as a trade repository pursuant to section 21.2.2 of the Act;

PROVIDED THAT KOR complies with the applicable requirements in OSC Rule 91-507 and the terms and conditions set out in Schedule "A" of the Designation Order.

DATED July 23, 2025 and to take effect July 25th, 2025

SCHEDULE "A"

TERMS and CONDITIONS

DEFINITIONS

For the purposes of this Schedule:

"derivatives trading facility" means a person or company that constitutes, maintains, or provides a facility or market that brings together buyers and sellers of over-the-counter derivatives, brings together the orders of multiple buyers and multiple sellers, and uses methods under which the orders interact with each other and the buyers and sellers agree to the terms of trades and, for greater certainty, includes a "swap execution facility" as defined in the Commodity Exchange Act 7 U.S.C. §(1a)(50); a "security-based swap execution facility" as defined in the Securities Exchange Act of 1934 15 U.S.C. §78c(a)(77); a "multilateral trading facility" as defined in Directive 2014/65/EU Article 4(1)(22) of the European Parliament; and an "organised trading facility" as defined in Directive 2014/65/EU Article 4(1)(23) of the European Parliament;

"local counterparty" has the meaning ascribed to it in OSC Rule 91-507;

"Ontario participant" means a person or company that has entered into an agreement with KOR to access KOR's service that supports reporting under OSC Rule 91-507;

"Ontario securities law" has the meaning ascribed to it in subsection 1(1) of the Act;

"participant" has the meaning ascribed to it in OSC Rule 91-507;

"Rule" means a proposed new, amendment to, or deletion of, any provision or other requirement in KOR's Canadian TR Rulebook, policies and procedures governing the rights and obligations between KOR and its participants; and

"Rule Subject to Approval" has the meaning ascribed to it in the Rule and Approval Protocol at Appendix "B" to this Schedule.

Unless the context otherwise requires, other terms used in this Schedule "A" and its Appendices have the meanings ascribed to them in Ontario securities law (including terms defined elsewhere in the Designation Order).

REGULATION IN HOME JURISDICTION

1. KOR must maintain its status as a SDR in the United States and will continue to be subject to the regulatory oversight of the CFTC.

2. KOR must continue to comply with its ongoing regulatory requirements as a SDR in the United States.

3. KOR must provide prompt written notice to the Commission of any material change or proposed material change to its status as a SDR in the United States or the regulatory oversight of the CFTC.

OWNERSHIP OF PARENT

4. KOR must provide to the Commission 90 days prior written notice and a detailed description and assessment of the impact of a change in control of KOR US Holdings Inc. and KOR.

SERVICES OFFERED

5. KOR must not refuse to receive derivatives data from a participant for all derivatives of the following asset classes: commodity, credit, equity, interest rate, and foreign exchange (Trade Repository Services). Any change to these asset classes requires prior written approval of the Commission.

ACCESS AND PARTICIPATION

6. KOR must provide prompt written notice to the Commission when an applicant has been denied access to KOR's Trade Repository Services and who would otherwise be an Ontario participant.

DATA REPORTING

(a) Collection of Data

7. KOR must provide the Commission with written notice of any material change to (i) specifications of the methods (including, for greater certainty, templates and systems) used to collect data reported to it under OSC Rule 91-507 from participants, (ii) the definition, format and values of the data, and (iii) KOR's validation procedure (collectively, Specifications) at least 45 days before implementing the change. For a non-material change to the Specifications, KOR must provide the Commission with written notice at least 7 days before implementing the change. Notwithstanding the foregoing, notice is not required when modifications to Specifications are intended to align with updates made to the CSA Derivatives Data Technical Manual.

8. Specifications must substantively enable participants to report as provided under the CSA Derivatives Data Technical Manual, or as otherwise published under a blanket order, notice or staff notice of the Commission. Specifications must enable participants to report as provided under subsection 36.1(4) of OSC Rule 91-507 in respect of derivatives trading facilities. Notwithstanding the foregoing, KOR is not required to accept position level data.

9. KOR's documentation made available to Ontario participants must include a provision to inform them that they must report in accordance with Canadian reporting requirements as applicable. Specifications must include a provision to inform Ontario participants that data elements indicated as optional in the Specifications may or may not be optional for the Ontario participant or the derivative that is being reported under Canadian reporting requirements.

10. KOR must amend, create, remove, define or otherwise modify the Specifications, including any data element (including format) required to be reported by participants who are reporting, or who are reporting on behalf of reporting counterparties, under OSC Rule 91-507, in a manner and within a time frame required by the Commission from time to time after consultation with KOR and taking into consideration any practical implication of such modification on KOR.

11. Specifications in respect of the unique product identifier must enable participants to report as permitted under Coordinated Blanket Order 96-933 Re Temporary Exemptions from Derivatives Data Reporting Requirements relating to the Unique Product Identifier for Commodity Derivatives and CSA Staff Notice 96-306 Coordinated Blanket Order 96-933 Re Temporary Exemptions from Derivatives Data Reporting Requirements relating to the Unique Product Identifier for Commodity Derivatives until the expiration or revocation of the Coordinated Blanket Order.

12. KOR must enable a participant described in subsection 29(4) of OSC Rule 91-507 to request that KOR assign a unique transaction identifier.

(b) Public Dissemination of Data

13. KOR must ensure that data that is required to be disseminated to the public pursuant to section 39 of OSC Rule 91-507 is in a format, and is disseminated in a manner, that is acceptable to the Commission. Without limiting the generality of the foregoing, KOR must ensure that such data is readily available and easily accessible to the public through the homepage of its website or other publicly accessible technology or medium.

14. KOR must ensure that aggregate data that is required to be disseminated to the public pursuant to section 39 of OSC Rule 91-507 satisfies the criteria set out in Appendix "A" to this Schedule, as amended from time to time. KOR must ensure that all other data required to be disseminated to the public pursuant to section 39 of OSC Rule 91-507 is not made publicly available until the Commission has approved of the method and format of the dissemination.

15. KOR must make any modifications based on thresholds or other criteria to data that is required to be disseminated to the public pursuant to section 39 of OSC Rule 91-507, in a manner prescribed by the Commission.

16. KOR must amend, create, remove, define or otherwise modify data (including format) required to be publicly disseminated pursuant to section 39 of OSC Rule 91-507 in a manner and within a timeframe required by the Commission from time to time after consultation with KOR and taking into consideration any practical implication of such modification to KOR.

17. Upon the Commission's request, KOR must delay, and subsequently resume, the public dissemination of data that is required to be disseminated pursuant to section 39 of OSC Rule 91-507 in a manner and within a time frame acceptable to the Commission.

18. When a participant cancels a reported transaction or corrects an error or omission in derivatives data, KOR is not required to republish aggregate data that was previously published before the cancellation or correction was recorded. However, any new publication of aggregate data must reflect the cancellation or correction in respect of notional and number of outstanding derivatives, as soon as technologically practicable after recording the correction, if applicable.

19. The timeframe provided under item 7 of Appendix C to OSC Rule 91-507 applies in respect of public dissemination of new transactions. KOR must publicly disseminate lifecycle event data as required under paragraph 1(b) of Appendix C to OSC Rule 91-507 and correction data as required under paragraph 1(c) of Appendix C to OSC Rule 91-507 48 hours after the time reported for Data Element Number 95 of Appendix A for the lifecycle event or correction, provided that if it is not technologically practicable to publicly disseminate lifecycle event data or correction data in this timeframe due to periods of downtime required for operational maintenance, system upgrades, system repairs, disaster recovery exercises or any other exercises related to operating the designated trade repository in accordance with OSC Rule 91-507 and this order, KOR must publicly disseminate the required information as soon as technologically practicable following the conclusion of the period of downtime. KOR must, as soon as technologically practicable after recording a cancellation in respect of a derivative or lifecycle event that was previously publicly disseminated, publicly disseminate the cancellation as required under paragraph 1(c) of Appendix C to OSC Rule 91-507. Notwithstanding the foregoing, KOR is not required to edit previously published transaction level reports to reflect a cancellation or correction.

(c) Provision of Data to the Commission

20. For greater clarity with respect to section 37 of OSC Rule 91-507, KOR must at a minimum, on a daily basis, electronically provide the Commission with creation data that reflects lifecycle events up to and including the most current lifecycle event, valuation data, collateral and margin data, and, if applicable, position level data, through both secured access and secured data exchange with respect to data reported to it under OSC Rule 91-507; as well as work with the Commission to provide electronic access to derivatives data reported to it under OSC Rule 91-507 that is in KOR's possession as is required by the Commission to fulfill its mandate, including but not limited to creation, lifecycle event, valuation data, collateral and margin data, and, if applicable, position level data, through both secured access and secured data exchange, in a manner and within a timeframe acceptable to the Commission.

21. When a participant corrects an error or omission in derivatives data, KOR is not required to re-issue any static reports that were previously provided to the Commission to reflect the correction. However, any new static reports provided to the Commission, as soon as technologically practicable after recording the correction, must reflect the correction, if applicable. Similarly, data that the Commission accesses through its electronic access must be updated to reflect any corrections as soon as technologically practicable after KOR records the correction.

22. KOR must work with the Commission to provide reports that may be required by the Commission, including but not limited to lifecycle event, transaction level and, if applicable, position level reports relating to data reported to it under OSC Rule 91-507, and reports in respect of participant submissions under OSC Rule 91-507 that have failed to satisfy KOR's validation procedure, in a manner and within a timeframe acceptable to the Commission.

23. KOR must clearly identify changes to the processes used to extract and load data that is required to be reported to the Commission pursuant to OSC Rule 91-507 using industry best practices. Unless otherwise subject to the filing of an amendment to Form 91-507F1 pursuant to section 3 of OSC Rule 91-507, a summary of the changes to the processes used to extract and load data should be provided to the Commission one week in advance of these changes.

(d) Transfers to or from a different designated trade repository

24. KOR must not impede a change by a participant to the designated trade repository to which derivatives data is reported, either from KOR to a different designated trade repository, or from a different designated trade repository to KOR, provided the participant complies with section 26.4 of OSC Rule 91-507.

CHANGE OF INFORMATION

25. In the event that KOR amends Form 91-507F1 under subsection 3(1) of OSC Rule 91-507 and the proposed change must also be submitted with the CFTC, KOR may satisfy its requirement under subsection 3(1) of OSC Rule 91-507 by providing the information submitted with the CFTC concurrently to the Commission. Where a significant change to a matter set out in Form 91-507F1 is not otherwise subject to submitting with the CFTC or the significant change is Canadian-specific in that it relates solely to the trade repository activities of KOR in Canada, KOR must comply with the requirement as set out in subsection 3(1) of OSC Rule 91-507.

RULES

26. KOR must apply only the KOR Canadian TR Rulebook to its Trade Repository Services.

27. KOR must provide to the Commission, no later than 10 business days prior to the intended effective date, a Rule Subject to Approval in accordance with Appendix "B" to this Schedule.

28. In the event that KOR is required to file a Rule with the CFTC that is not a Rule Subject to Approval but that is applicable to Ontario participants, KOR must provide the Commission with the CFTC Rule filing, concurrently with submission to the CFTC and no later than 10 business days prior to the intended effective date.

SYSTEMS

29. KOR must provide at least 30 days prior written notice to the Commission before finalizing the scope of the review required under subsection 21(6) of OSC Rule 91-507 or a similar provision of a rule of the Commission, and after consultation with the Commission, KOR must make any reasonable amendments to the scope as requested by the Commission.

COMMERCIALIZATION OF DATA

30. KOR must provide the Commission with 30 days prior written notice of any intended changes to the terms of access or use of its website or other publicly accessible technology or medium as they pertain to data reported to it under OSC Rule 91-507 that is required to be disseminated to the public pursuant to section 39 of OSC Rule 91-507, which will include a detailed description of any such changes.

31. KOR must not, as a term or condition of becoming a participant or as a term or condition of reporting data reported to it under OSC Rule 91-507 by a participant, require the consent of the participant to the release of any or all reported data for commercial or business purposes.

32. For greater clarity with respect to paragraph 22(2)(a) of OSC Rule 91-507, KOR must not release data reported to it under OSC Rule 91-507 that is required to be disseminated to the public pursuant to section 39 of OSC Rule 91-507 for commercial or business purposes until after its public dissemination.

33. KOR must be responsible for securing any and all necessary consents from any third parties whose proprietary information is contained in the data reported to it under OSC Rule 91-507 before using it for commercial or business purposes.

34. In addition to the requirements set out in subsection 22(2) of OSC Rule 91-507, KOR must not release data that is required to be reported pursuant to OSC Rule 91-507 for commercial or business purposes without the Commission's prior written approval of the type and nature of the commercial or business product or service line, in the following manner:

a. KOR must provide the Commission with written notification of the type and nature of the commercial or business product or service line offered by KOR at least 10 business days prior to the intended launch date of the product or service line;

b. If Commission staff within 10 business days of receipt of the notification do not object to such product or service line, then the product or service line shall be deemed to be approved by the Commission;

c. If Commission staff within 10 business days of receipt of the notification object to such product or service line, then the Commission will review and make a decision regarding approval of such product or service line within 30 days of KOR providing notification to the Commission pursuant to paragraph (a) above.

TRANSITION REQUIREMENTS

35. For a period of 1 year from the date of this order, KOR must provide a report, 30 days after the end of each quarter, summarizing (a) the number of applications in Ontario for access outstanding at the end of each quarter, and (b) any material issues encountered during each quarter relating to the onboarding of new participants or reporting from Ontario participants as well as KOR's plans to address them.

36. KOR must (a) ensure that appropriate access, including direct access, data feeds, browser and internet-based interfaces, reports or any other relevant form of access, is provided to the Commission, (b) monitor the development by any service provider it engages for all systems (including applications) supporting its trade repository functions, and (c) ensure that its systems are secure and that any security vulnerabilities are monitored and promptly corrected once identified.

REPORTING REQUIREMENTS

37. KOR must provide prompt written notice to the Commission of any event, circumstance, or situation that could materially prevent KOR's ability to continue to comply with the terms and conditions of the order.

38. KOR must, as soon as reasonably possible, provide written notice to the Commission of any intended use of its emergency powers to modify, limit, suspend or interrupt KOR's Trade Repository Services.

39. KOR must provide prompt written notice to the Commission information regarding any material known investigations or legal proceedings instituted against it, to the extent that it is not prohibited from doing so under applicable law.

40. KOR must provide prompt written notice to the Commission the details of any appointment of a receiver or the making of any voluntary arrangement with its creditors.

INFORMATION SHARING AND REGULATORY COOPERATION

41. KOR must provide to the Commission any information related to its business as a designated trade repository as may be requested from time to time, and otherwise cooperate with the Commission or its staff, subject to any applicable privacy or other laws (including solicitor-client privilege) governing the sharing of information and the protection of personal information.

42. KOR must provide regulators other than the Commission with access to data that is required to be reported pursuant to Ontario securities law in compliance with the relevant laws and regulations governing such access.

APPENDIX "A"

CANADIAN PUBLIC AGGREGATE DATA REPORTING TEMPLATE

KOR is required to publicly disseminate the range and type of aggregate metrics set out in this Appendix "A" to satisfy its obligations under subsections 39(1) and (2) of OSC Rule 91-507.

Part I. Current Notional and Number of Outstanding Derivatives

1. On each Report Date, KOR must publish:

(a) the gross absolute notional amount of all Outstanding Derivatives; and.

(b) the total number of Outstanding Derivatives.

2. KOR must publish the data required under section 1 in respect of the Reporting Period immediately preceding a Report Date and, at a minimum, the lesser of (i) the previous 52 Reporting Periods or (ii) the number of Reporting Periods following which it commenced publication of the data as provided under section 6.

3. KOR must publish the data required under section 1 according to the following categories:

(a) asset class: Commodity, Interest Rate, Credit, Foreign Exchange and Equity;

(b) asset classes described in paragraph (a) by Tenor: 0-3 months, 3-6 months, 6-12 months, 12-24 months, 24-60 months, and greater than 60 months; and.

(c) asset classes described in paragraph (a) by cleared and uncleared.

4. KOR must publish the data required under section 1 according to the following product categories for each asset class:

5. Despite section 4, KOR must publish the data required under section 1 for a product category specified in section 4 under the category of "Other" where there are fewer than 30 Outstanding Derivatives in a product category for a Reporting Period.

6. KOR must commence publication of the data required under Part I during the second week after it accepts data in its production environment.

Part II. Turnover Notional and Number of Transactions

1. On each Report Date, KOR must publish:

(a) the gross absolute notional turnover (i.e. the gross absolute notional amount of all new UTIs entered and submitted to KOR for a Reporting Period); and

(b) the total Number of Transactions.

2. KOR must publish the data required under section 1 in respect of the Reporting Period immediately preceding a Report Date and, at a minimum, the lesser of (i) the previous 52 Reporting Periods or (ii) the number of Reporting Periods following which it commenced publication of the data as provided under section 6.

3. KOR must publish the data required under section 1 according to the following categories:

(a) asset class: Commodity, Interest Rate, Credit, Foreign Exchange and Equity;

(b) asset classes described in paragraph (a) by Tenor: 0-3 months, 3-6 months, 6-12 months, 12-24 months, 24-60 months, greater than 60 months; and

(c) asset classes described in paragraph (a) by cleared and uncleared

4. KOR must publish the data required under section 1 according to the following product categories for each asset class:

5. Despite section 4, KOR must publish the data required under section 1 for a product category specified in section 4 under the category of "Other" where there are fewer than five new transactions in a product category for a Reporting Period.

6. KOR must commence publication of the data required under Part II during the second week after it accepts data in its production environment.

Explanatory Notes

APPENDIX "B"

RULE REVIEW and APPROVAL PROTOCOL

1. PURPOSE

The Commission issued a designation order with terms and conditions governing the designation of KOR pursuant to subsection 21.2.2 of the Securities Act (Ontario). To comply with OSC Rule 91-507 and the terms and conditions of the designation order, KOR must submit to the Commission documents outlining any Rule Subject to Approval. This protocol sets out the process for the submission, review and approval by the Commission of a Rule Subject to Approval.

2. DEFINITIONS

For the purposes of this Appendix:

"Canada Participant" means a participant that is (a) a local counterparty under the derivatives data reporting rules of any jurisdiction of Canada in which KOR is designated or recognized as a trade repository or (b) a derivatives trading facility that is required to report derivatives data under the derivatives data reporting rules of any jurisdiction of Canada in which KOR is designated or recognized as a trade repository;

"Rule Subject to Approval" means a Rule that applies exclusively to Canada Participants, excluding any amendments that are intended to effect:

(i) changes to the routine internal processes, practice or administration of KOR;

(ii) changes to correct spelling, punctuation, typographical or grammatical mistakes, or inaccurate cross-referencing; or

(iii) stylistic or formatting changes, including changes to headings or paragraph numbers.

Unless the context otherwise requires, other terms used in this Appendix "B" have the meanings ascribed to them in Ontario securities law (including terms defined elsewhere in this designation order).

3. PROCEDURES FOR REVIEW AND APPROVAL OF RULES

(a) Documents

For a Rule Subject to Approval, KOR will provide to the Commission, where applicable, the following documents in electronic format, or by other means as agreed to by Commission staff and KOR, from time to time:

(i) a cover letter that describes the Rule Subject to Approval and its nature and purpose; and

(ii) the existing Rule Subject to Approval, if applicable, and a blacklined version of the Rule Subject to Approval indicating its proposed changes.

(b) Confirmation of Receipt

Commission staff will promptly send to KOR confirmation of receipt of documents submitted by KOR under subsection (a).

(c) Deemed Approval of Rules Subject to Approval

If Commission staff do not object to a Rule Subject to Approval in writing within 10 business days of receipt, the Rule shall be deemed approved. Otherwise, the Rule Subject to Approval will be reviewed and approved by the Commission in accordance with the procedures set out in paragraphs (d) to (g) of section 3 of this protocol.

(d) Publication of a Rule by the Commission

If Commission staff objects to a Rule Subject to Approval in writing within 10 business days of receipt and it has an impact on current and possible future participants or the capital markets in general, Commission staff may require that a notice of change to a Rule Subject to Approval and, where applicable, a blacklined version of the Rule Subject to Approval, be published in the OSC Bulletin or the OSC website for a comment period of 30 days. The notice and accompanying Rule Subject to Approval will be published as soon as reasonably practicable.

(e) Review by Commission Staff

Commission staff will use their best efforts to conduct their review of the Rule Subject to Approval and provide comments to KOR within 30 days of KOR filing materials with the Commission. However, there will be no restriction on the amount of time necessary to complete the review of the Rule Subject to Approval in such instances.

(f) KOR's Responses to Commission Staff's Comments

KOR will respond to any comments received to Commission staff in writing.

(g) Approval of Rules by the Commission

Commission staff will use their best efforts to prepare the Rule Subject to Approval for approval by the Commission by the later of:

(i) 45 days from receipt of the filing of the Rule Subject to Approval by KOR, including the filing of all relevant documents in subsection (a) above; or

(ii) 30 days after receipt of written responses from KOR to Commission staff comments or requests for additional information, and a summary of participant comments and KOR's response to those comments (and upon the request of Commission staff, copies of the original comments), or confirmation from KOR that there were no comments received.

(h) Effective Date of a Rule.

A Rule Subject to Approval will be effective as of the date 10 business days after receipt of such Rule by the Commission absent object thereto, or on a date determined by KOR, if such date is later.

4. IMMEDIATE IMPLEMENTATION OF A RULE

(a) Criteria for Immediate Implementation

KOR may make a Rule Subject to Approval effective immediately where KOR determines that there is an urgent need to implement the Rule Subject to Approval because of a substantial and imminent risk of significant harm to KOR, participants, other market participants, or the capital markets.

(b) Prior Notification

Where KOR determines that immediate implementation is appropriate, KOR will advise Commission staff in writing as soon as possible. Such written notice will include an analysis to support the need for immediate implementation.

(c) Disagreement on Need for Immediate Implementation

If Commission staff do not agree that immediate implementation is necessary, the process for resolving the disagreement will be as follows:

(i) Commission staff will notify KOR of the disagreement in writing, or request more time to consider the immediate implementation within 3 business days of being advised by KOR under subsection (b); and

(ii) Commission staff and KOR will discuss and resolve any concerns raised by Commission staff in order to proceed with the immediate implementation.

(d) Review of Rule Implemented Immediately

A Rule Subject to Approval that has been implemented immediately will be reviewed and approved by the Commission in accordance with the procedures set out in section 3, with the necessary modifications. If the Commission subsequently disapproves the Rule Subject to Approval, KOR will immediately repeal the Rule Subject to Approval and inform its participants of the disapproval.

5. MISCELLANEOUS

(a) Waiving Provisions of the Protocol

Commission staff may exercise its discretion to waive any part of this protocol upon request from KOR, or at any time it deems it appropriate. A waiver granted upon request by KOR must be granted in writing by Commission staff.

(b) Amendments

This protocol and any provision hereof may, at any time, be amended by mutual agreement of the Commission and KOR.

SCHEDULE "B"

IN THE MATTER OF THE SECURITIES ACT, R.S.O. 1990, CHAPTER S.5, AS AMENDED (THE ACT) AND IN THE MATTER OF KOR REPORTING INC.

DECISION (Section 42 of OSC Rule 91-507 Derivatives: Trade Reporting)

WHEREAS the Ontario Securities Commission issued an order designating KOR Reporting Inc. (KOR) as a trade repository under section 21.2.2 of the Act, as varied and restated (Designation Order);

AND WHEREAS KOR is subject to OSC Rule 91-507 Derivatives: Trade Reporting (OSC Rule 91-507) and the terms and conditions of its Designation Order;

AND WHEREAS the Director may, pursuant to section 42 of OSC Rule 91-507, exempt KOR, in whole or in part, from a requirement in OSC Rule 91-507;

AND WHEREAS the Director granted an exemption to KOR dated December 21, 2023 exempting KOR from the requirement under subsection 17(5) of OSC Rule 91-507 (Exemption Decision);

AND WHEREAS the Exemption Decision is to be varied and restated to update the Exemption Decision;

AND WHEREAS subsection 17(5) of OSC Rule 91-507 requires KOR to file its proposed new or amended rules, policies and procedures for approval;

AND WHEREAS KOR is provisionally registered as a Swap Data Repository (SDR) with the Commodity Futures Trading Commission (CFTC) in the United States and is subject to regulatory requirements that include submission to and/or prior approval of proposed new or amended rules, policies and procedures;

AND WHEREAS application of subsection 17(5) of OSC Rule 91-507 to KOR may result in regulatory duplication, to the extent that proposed new or amended rules, policies and procedures are subject to submission to and/or prior approval by the CFTC;

AND WHEREAS "Canada Participant" has the meaning ascribed to it in the Designation Order;

AND WHEREAS the Director has determined that it is not prejudicial to the public interest to grant a decision to vary and restate the Exemption Decision to update the Exemption Decision;

AND WHEREAS the Director has determined that the continuation of an exemption in part from subsection 17(5) of OSC Rule 91-507 for proposed new or amended rules, policies and procedures that are not applied exclusively to Canada Participants would not be prejudicial to the public interest;

IT IS THE DECISION of the Director pursuant to section 42 of OSC Rule 91-507 that the Exemption Decision be varied and restated;

IT IS THE DECISION of the Director that pursuant to section 42 of Rule 91-507, that KOR continues to be exempt from subsection 17(5) of OSC Rule 91-507 for proposed new or amended rules, policies and procedures that are not applied exclusively to Canada Participants;

PROVIDED THAT:

(a) KOR remains provisionally registered or becomes registered as a SDR and subject to the regulatory oversight of the CFTC; and

(b) KOR's proposed new or amended rules, policies and procedures are subject to submission to and/or prior approval by the CFTC.

DATED July 23, 2025 and to take effect July 25th, 2025.