When do I use an LEI

Each SEF, DCM, DCO, Swap Data Repository, clearing member, agent, submitting entity, Reporting Counterparty and non-Reporting Counterparty shall use legal entity identifiers to identify itself and swap counterparties in all recordkeeping and all Swap Data reporting. If a swap counterparty is not eligible to receive a legal entity identifier as determined by the Global Legal Entity Identifier System, such counterparty shall be identified in all recordkeeping and all Swap Data reporting with an alternate identifier as prescribed by the Commission. It is the duty of the Reporting Counterparty to always submit a unique and consistent Natural Person Identifier. In order to consistently submit a unique value, the LEI of the Reporting Counterparty followed by a unique identifier for the natural person’s email shall be used for the identifier.

Each financial entity Reporting Counterparty executing a swap with a counterparty that is eligible to receive a legal entity identifier, but has not been assigned a legal entity identifier, shall, prior to reporting any required swap creation data for such swap, use best efforts to cause a legal entity identifier to be assigned to the counterparty. If these efforts do not result in a legal entity identifier being assigned to the counterparty prior to the reporting of required swap creation data, the financial entity Reporting Counterparty shall promptly provide the identity and contact information of the counterparty to the Commission. 

References: CFTC Rule(s) §45.6(d).