To support use of the global LEI, the FSB’s recommendations allow for jurisdictions to serve as early adopters of a global LEI. In the United States, the Commodity Futures Trading Commission (CFTC) has issued a rule requiring swap counterparties to be identified by a legal entity identifier by July 16, 2012. Because the global LEI system would not yet be functioning at that time, the CFTC provided for a CFTC Interim Compliant Identifier (CICI) that conforms to the endorsed global LEI standard, and has made an explicit commitment for the CICI to transition to the global LEI. The U.S. Securities and Exchange Commission has also issued a proposed rule that would require the use of an LEI, if available, for derivatives reporting and a final rule for private fund use of an LEI in meeting reporting requirements.