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ARTICLE · 22 JULY 2016

CFTC Extends DTCC-SWIFT Designation As LEI Provider

Hogan Lovells Cadwalader
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The CFTC extended its designation of the Depository Trust and Clearing Corporation and Society for Worldwide Interbank Financial Telecommunication's joint venture as the providers of legal entity identifiers.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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The CFTC extended its designation of the Depository Trust and Clearing Corporation ("DTCC") and Society for Worldwide Interbank Financial Telecommunication's ("SWIFT") joint venture ("DTCC-SWIFT") as the providers of legal entity identifiers ("LEIs"). The one-year extension is intended to allow enough time for the global LEI system to become fully operational. The CFTC specified that the extension permits certain registered entities and swap counterparties to use identifiers issued by DTCC-SWIFT, or by any other pre-Local Operating Unit that has been endorsed by the Regulatory Oversight Committee, that indicate they are (i) globally acceptable, and (ii) issue globally acceptable LEIs.

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