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The CFTC and Legal Entity Identifiers: I’ll Show You Mine If You Show Me Yours

Yesterday the CFTC issued a press release and amended order confirming that, provided the European Securities and Markets Association (ESMA) informs the CFTC that CFTC Interim Compliant Identifiers (CICIs) issued by DTCC-SWIFT are accepted for reporting purposes under EMIR, General Entity Identifiers (GEIs) issued by WM Datenservice (a German entity sponsored by Bafin in relation to the global Legal Entity Identifier (LEI) initiative) can be used for reporting purposes under CFTC rules in the US.

The amended order is in response to a request from the LEI Regulatory Oversight Committee (ROC), the body charged with establishing a global LEI system, that the CFTC and ESMA take whatever action is necessary to facilitate mutual acceptance of LEIs in order to preserve the “Principal of Uniqueness” (i.e. the principal there is one, and only one, LEI for each separate legal entity).

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