1. A trade repository shall seek to reconcile a reported SFT by undertaking the steps set out in paragraph 2, provided that all of the following conditions are met:
(a) the trade repository has completed the verifications set out in paragraphs 1 and 2 of Article 1;
(b) both counterparties to the reported SFT have a reporting obligation;
(c) the trade repository has not received a subsequent report with the action type 'Error' in respect of the reported SFT.
2. Where all the conditions of paragraph 1 are met, a trade repository shall undertake the following steps, while using the latest reported value for each of the fields in Table 1 of Annex I to this Regulation:
(a) a trade repository having received an SFT report shall verify whether it has received a corresponding SFT report from or on behalf of the other counterparty;
(b) a trade repository that has not received a corresponding SFT report as referred to in point (a) shall attempt to identify the trade repository that has received
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