What is a Privacy Law Identifier?

Background on Privacy Law Identifiers.

The term “Privacy Law Identifier” or “PLI” is defined as “a unique identifier, which is not an LEI, and is used to identify a Privacy Law Counterparty9 pursuant to [CFTC Letter No. 13-41].” The foregoing PLI definition further states that “[e]ach Reporting Counterparty shall use a consistent and static [PLI] for a Privacy Law Counterparty in each instance that it would use the Opposite LEI and Other Enumerated Identifiers.”  

Values such as “name withheld” and similar generic terms that do not correspond to a particular Privacy Law Counterparty do not satisfy the PLI condition. To satisfy the PLI condition of relief in the Prior Letters and current No-action letters, a PLI must be unique to each Privacy Law Counterparty and identify the Privacy Law Counterparty to the exclusion of all other counterparties. 

KOR SDR will allow a value for Privacy Law Identifier (“PLI”) to be submitted for fields as allowed in the KOR SDR Technical Specifications. It is the duty of the Client to abide by the requirements of when PLIs may be used per the applicable CFTC No-action letter.  

It is the duty of the Client to identify and inform KOR SDR when the use of a PLI is no longer applicable in order to upgrade all trades to the applicable LEI without having to error and create new UTIs for the swaps.  

References CFTC No-action letters 12-46, 13-41, 16-03, 16-33, and 17-16.