Swaps End-User Update: CFTC Interim Compliant Identifier

CFTC Interim Compliant Identifier

August 29, 2012

The following is a brief Dodd-Frank update for our clients and friends who are end users of swaps (for example, interest rate, commodity, energy or currency/FX swaps). Every party to a swap that was in existence on or after April 25, 2011, must obtain a CFTC Interim Compliant Identifier (CICI). CICIs are interim legal entity identifiers that will be used by all parties to swaps in complying with the CFTC’s swap data reporting regulations. The CFTC has designated DTCC-SWIFT as the provider of CICIs. See the CFTC’s press release here. The deadline for obtaining a CICI depends on the type of entity involved (swap dealer, major swap participant or end user), the asset class for the swap(s) involved and whether the entity is the reporting party for a swap transaction. While the deadlines applicable to end users (swap parties who are not swap dealers or major swap participants) are still a bit down the road, end users will likely receive requests from their swap dealer/major swap participant counterparties to obtain a CICI sooner rather than later.

Market participants can obtain a CICI through the new CICI website. The website, which is free and publicly available, is owned, managed and operated by DTCC-SWIFT.

For questions related to acquiring a CICI, you may consult the frequently asked questions on the CICI website. For questions on using CICIs for reporting in compliance with CFTC swap data reporting regulations, consult the CFTC’s rules online.

Please contact the authors, or your regular McGuireWoods lawyer, if you have any questions.