State Legislative Updates

GMEI Level 2 Requirements Now in Effect

GMEI Level 2 Requirements Now in Effect

Most companies understand that all legal entities trading OTC derivatives are required to obtain a Global Market Entity Identifier (GMEI) and the consequences that could result from failing to obtain one.

Since 2012, the GMEI has been associated with Level 1 data commonly referred to as “who is who”, identifying which entity is trading under which GMEI.

As of May 1, 2017, the GMEI will now be associated with Level 2 data, which identifies “who owns whom,” to provide an understanding of what larger entities are operating under several different GMEIs (the direct and ultimate parents of a legal entity).

This gives governing bodies the ability to get a more complete picture of familial risk, creating a more transparent marketplace than the one that led up to the financial crisis of 2008.

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To learn more about how we can help you better manage your GMEI needs, contact a CT representative at 844-201-2511

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