On July 22, 2014, the CFTC issued an amended and restated order extending the designation of the utility operated by DTCC-SWIFT as the provider of legal entity identifiers (LEIs) to be used in fulfilling obligations under the CFTC's final Part 45 and 46 swap data reporting and recordkeeping rules (see Practice Note, US Derivatives Regulation: CFTC Swap Data Reporting and Recordkeeping Rules). The order also marks the official transition from so-called "CFTC interim compliant identifiers," or "CICIs," to LEIs.

The CFTC had been using CICIs in the US while the global LEI system was under development. However, sufficient progress has been made in this area (see Legal Update, FSB announces establishment of Global LEI Foundation) and the CFTC has determined that LEIs may now be used, as first announced in a June 7, 2013 CFTC amendment to the original LEI-provider designation.

The CFTC notes that previously issued pre-LEIs (including CICIs issued by DTCC–SWIFT) do not now need to be reissued. These will, going forward, be referred to as LEIs rather than "pre- LEIs" (or CICIs), but will otherwise remain unchanged.

DTCC-SWIFT was originally designated by the CFTC for a two-year term on July 23, 2012. The amended and restated order extends DTCC-SWIFT's designation for one additional year in order to provide additional time for the global LEI system to become fully operational to ensure a smooth transition to a global system of LEIs. The DTCC-SWIFT utility has been formally endorsed by the CFTC and the Global Financial Markets Association and was selected by the CFTC to assign CFTC identifiers to swap dealers and major swap participants registered with the CFTC, and to their counterparties around the world.

The amended and restated order continues to allow registered entities (which include swap dealers, MSPs, DCMs, DCOs, SEFs and SDRs) and swap counterparties that are subject to CFTC jurisdiction to comply with the CFTC's final swap data recordkeeping and reporting rules by using LEIs issued by either:

A full list of the pre-LOUs that have been endorsed by the ROC as globally acceptable, including the website via which each of these pre-LOUs may be accessed, is available here.