Alert June 18, 2013

CFTC Approves Use of Additional Legal Entity Identifiers

The CFTC issued an amended order adding to the list of approved providers of Legal Entity Identifiers (“LEIs”), which identify swap participants for purposes of CFTC reporting regulations.  Previously, the CFTC had only allowed LEIs (currently in the form of CFTC Interim Compliant Identifiers, or “CICIs”) issued by DTCC-SWIFT.  The amended order provides that the CFTC will also recognize LEIs issued by WM Datenservice, a European provider, after the European Securities Markets Authority (“ESMA”) informs the CFTC that it has begun to accept DTCC-SWIFT’s CICIs for purposes of European reporting regulations.  WM Datenservice’s codes are currently called “General Entity Identifiers” (“GEIs”) but, like CICIs, are expected to eventually transition to the LEI regime.  The amended order also provides for future acceptance of LEIs from additional providers, once certain conditions are met.