To create a cover song in your catalog, you will add a song and add a recording

However, on the Song Details page, you must select the Yes button on the question "Is this a cover song?". The remaining details on the page will be hidden as you should not complete song ownership and publishing details for cover songs. 

Then, add the recording in the Recordings section as you normally would. Because you owner the recording, you'll need to complete the Recording Details page

You can register the recording, but you cannot submit registrations on the song.

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