CFTC Announces Mutual Acceptance of Approved Legal Entity Identifiers

The CFTC announced that registered entities and swap counterparties subject to the CFTC’s jurisdiction may now comply with the CFTC’s swap data recordkeeping and reporting requirements with respect to Legal Entity Identifiers (“LEIs”) by using LEIs provided by any pre-Local Operating Unit (“pre-LOU”) approved by the Regulatory Oversight Committee (“ROC”) of the global LEI system and approved by the ROC as issuing globally acceptable LEIs.  In other words, registered entities and swap counterparties subject to CFTC jurisdiction may now use any LEI endorsed by the ROC as globally acceptable; they do not need to use a CFTC Interim Compliant Identifier (“CICI”).

IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this informational piece (including any attachments) is not intended or written to be used, and may not be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

Topics:  CFTC, Legal Entity Identifiers, Oversight Committee, Recordkeeping Requirements, Reporting Requirements, Swaps

Published In: Finance & Banking Updates, International Trade Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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