LEIROC updated the list of regulatory uses of Legal Entity Identifier (LEI) worldwide, as of the end of June 2019. The table on regulatory uses of LEI offers information on the rules set by various regulators worldwide on the use of the LEI for reporting by financial institutions. For each regulation that requires use of LEI for reporting, the table describes the associated regulation, specifies its implementation date, mentions types of groups or institutions involved in reporting, specifies whether LEI is mandatory or optional, informs about the number of associated LEIs, and provides links for source regulations.
The global LEI system was established for a large range of potential uses, which include use by authorities of any jurisdiction or financial sector to assess systemic risk and maintain financial stability, conduct market surveillance and enforcement, supervise market participants, conduct resolution activities, prepare high quality financial data, and to undertake other official functions. It was also established for use by the private sector to support improved risk management, increased operational efficiency, more accurate calculation of exposures, and other such needs. In addition to the use of the LEI for derivatives reporting, which entered into force in major markets, authorities have extended reporting requirements for the LEI, where appropriate, to the banking sector, securities issuance, investment holdings for insurance and funds, and other uses such as identification of firms in credit registers.
Keywords: International, Banking, Insurance, Securities, Pensions, LEI, GLEIS, Reporting, LEIROC
EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.
BCBS and FSB published a report on supervisory issues associated with benchmark transition.
IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.
ESMA updated the reporting manual on the European Single Electronic Format (ESEF).
EBA published a statement on resolution planning in light of the COVID-19 pandemic.
BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework
ECB published a guideline (2020/97), in the Official Journal of European Union, on the definition of materiality threshold for credit obligations past due for less significant institutions.
FED temporarily revised the capital assessments and stress testing reports (FR Y-14A/Q/M) to implement the changes in response to the COVID-19 pandemic.