On July 21, the Commodity Futures Trading Commission published in the Federal Register an order to extend for an additional year the CFTC’s designation of the Depository Trust and Clearing Corporation and Society for Worldwide Interbank Financial Telecommunications joint venture (DTCC-SWIFT) as the provider of legal entity identifiers (LEIs). Such LEIs are used by registered entities and swap counterparties subject to the CFTC’s jurisdiction to comply with the swap data recordkeeping and reporting obligations set forth in Parts 45 and 46 of the CFTC’s regulations. This order supersedes a July 17, 2015 order (2015 Order) which extended DTCC-SWIFT’s designation as the LEI provider during the continued transition to a fully operational global LEI system. (For a more complete discussion of the aforementioned order, see the July 24, 2015 edition of Corporate & Financial Weekly Digest.)
The new order does not modify the 2015 Order other than extending DTCC-SWIFT’s designation as the LEI provider until July 24, 2017. As a result, registered entities and swap counterparties subject to the CFTC’s jurisdiction may continue to comply with swap data and recordkeeping obligations through the use of LEIs provided by DTCC-SWIFT. In addition, the order reiterates that such entities may also comply with the aforementioned requirements by using (1) any pre-Local Operating Unit (pre-LOU) endorsed by the Regulatory Oversight Committee of the global LEI system (ROC) as globally acceptable and as issuing globally acceptable LEIs or (2) any LOU accredited by the Global LEI Foundation (GLEIF).
The order is available here.
A list of pre-LOUs endorsed by ROC is available here.
A list of LOUs accredited by GLEIF is available here.