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
EU published Directive 2021/338, which amends the Markets in Financial Instruments Directive (MiFID) II and the Capital Requirements Directives (CRD 4 and 5) to facilitate recovery from the COVID-19 crisis.
The Standing Committee of the European Free Trade Association (EFTA) recommended that a systemic risk buffer level of 4.5% for domestic exposures can be considered appropriate for addressing the identified systemic risks to the stability of the financial system in Norway.
In a recent statement, PRA clarified its approach to the application of certain EU regulatory technical standards and EBA guidelines on standardized and internal ratings-based approaches to credit risk, following the end of the Brexit transition.
In a recently published letter addressed to the G20 finance ministers and central bank governors, the FSB Chair Randal K. Quarles has set out the key FSB priorities for 2021.
EU published, in the Official Journal of the European Union, a corrigendum to the revised Capital Requirements Regulation (CRR2 or Regulation 2019/876).
ESAs published a joint supervisory statement on the effective and consistent application and on national supervision of the regulation on sustainability-related disclosures in the financial services sector (SFDR).
EC published a public consultation on the review of crisis management and deposit insurance frameworks in EU.
HKMA announced that enhancements will be made to the Special 100% Loan Guarantee of the SME Financing Guarantee Scheme (SFGS) and the application period will be extended to December 31, 2021.
EBA launched consultations on the regulatory and implementing technical standards on cooperation and information exchange between competent authorities involved in prudential supervision of investment firms.
BoE issued a letter to the CEOs of eight major UK banks that are in scope of the first Resolvability Assessment Framework (RAF) reporting and disclosure cycle.