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Legal entity identifier deadlines approach in U.S.

Dec 13 2012 Nick Paraskeva, for Compliance Complete

U.S. regulators are adopting new requirements to implement a global system of identifying the legal structure of financial firms, and urged industry to ensure that it is prepared. The Commodity Futures Trading Commission (CFTC) is the first regulator to require firms to use the so called Legal Entity Identifier, or LEI, by April 2013. U.S. insurance and securities regulators and the inter-governmental Financial Stability Oversight Council have also embraced the code, which is part of the international package of reforms backed by the Group of 20 major economies. The regulators spoke this week at a Securities Industry and Financial Markets Association (SIFMA) seminar on implementing a global LEI framework. The event was held to remind industry of upcoming deadlines, and the speakers also included practitioners and consultants. CFTC rules require registered entities and counterparties to provide the codes in their reporting of swaps transactions. The codes are known as "CFTC Interim

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