Who needs an LEI?

Each SEF, DCM, DCO, Swap Data Repository, clearing member, agent, submitting entity, Reporting Counterparty and non-Reporting Counterparty to any swap that is eligible to receive a legal entity identifier shall obtain, maintain, and be identified in all recordkeeping and all Swap Data reporting by a single legal entity identifier. 

The legal entity identifier used in all recordkeeping and all Swap Data reporting shall be issued under, and shall conform to, ISO Standard 17442, Legal Entity Identifier (LEI), issued by the International Organization for Standardization.

During the Client onboarding process, KOR  requires the Client provide their LEI code and legal name that aligns with GLEIF along with additional information such as entity type (e.g., Swap Dealer, Major Swap Participant) and applicable holiday calendar. 

Reference data for each SEF, DCM, DCO, SDR, entity reporting, and counterparty to any swap shall be reported, by self-registration, third-party registration, or both, to a Local Operating Unit in accordance with the standards set by the Global Legal Entity Identifier System. All subsequent changes and corrections to reference data previously reported shall be reported, by self-registration, third-party registration, or both, to a Local Operating Unit ASATP following occurrence of any such change or discovery of the need for a correction.

References: CFTC Rule(s) §45.6, 45.6(b), and 45.6(c).