Regulatory Alerts2017-12-27 | Circular 25/2017Added
Circular 25/2017 — Modifications to Circular 4/2012 (Derivatives Operations)
Circular 25/2017 amends Circular 4/2012 to mandate that credit institutions, brokerage houses, investment funds, and other specified financial entities obtain and maintain valid Legal Entity Identifier (LEI) codes to participate in the derivatives market. It requires these entities to collect the LEI codes of their counterparties, with specific obligations for non-financial counterparties applying when the notional amount exceeds 35 million UDIS. The regulation establishes phased effective dates for compliance: June 1, 2018, for holding LEI codes; August 1, 2018, for collecting LEIs from financial counterparties; and September 3, 2018, for collecting LEIs from non-financial counterparties exceeding the threshold.
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