FSB Launches Review on Implementation of the Legal Entity Identifier
FSB launched a thematic peer review on implementation of the Legal Entity Identifier (LEI) for financial markets. The review is intended to evaluate the progress made by FSB members—both national authorities and international bodies—in response to the G20 Leaders’ 2012 call for “global adoption of the LEI to support authorities and market participants in identifying and managing financial risks.” Comment period for this review ends on September 21, 2018.
The Summary Terms of Reference provide more details on the objectives, scope, and process for this review. A questionnaire to collect information from national authorities has been distributed to FSB members. The responses will be analyzed and discussed by FSB later this year. The peer review report will be published in the first half of 2019. The report will not set new policies but could recommend actions for consideration by the relevant bodies (such as FSB or standard-setting bodies) to address these challenges. The peer review will:
- Take stock of the approaches and strategies used by FSB members to implement the LEI, including its adoption for regulatory requirements
- Assess whether current levels and rates of LEI adoption are sufficient to support the ongoing and anticipated needs (particularly financial stability objectives) of FSB member authorities
- Identify the challenges in further advancing the implementation and use of the LEI and make recommendations (as appropriate) to address common challenges
Related Links
Comment Due Date: September 21, 2018
Keywords: International, Banking, Insurance, Securities, PMI, LEI, Peer Review, G20, FSB
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