LEIROC published its second progress report on Global Legal Entity Identifier System (GLEIS) and the regulatory uses of Legal Entity Identifier (LEI). The report provides an overview of the Global LEI System, regulatory uses of the LEI, and activities of the LEI ROC. The table of LEI regulatory uses in Annex 1 of the report has also been published separately in Excel format.
The report reveals that governance of the GLEIS is now fully in place. FSB has designed GLEIS with the contribution of private-sector participants. The number of LEIs grew rapidly in the second half of 2017 and now exceeds 1 million. Based on ECB figures, the LEI covers at least securities with a total value of EUR 95 trillion worldwide, as of November 2017 (+25% since the end of January 2017). Authorities in jurisdictions represented on the ROC have adopted at least 91 regulatory actions using the LEI, which are described in this report.
The report suggests that regulators may require that only LEIs with current reference data be used. It also describes the strategies that standard-setters and jurisdictions may consider adopting to support LEI expansion, including the following:
- Increase in the number of rules and regulations requiring the LEI, and in the number of jurisdiction adopting such rules
- Adoption of the LEI as a universal identifier by some jurisdictions
- Voluntary adoption of the LEI by market participants
- Facilitating more widespread LEI issuance
Keywords: International, Banking, Insurance, Securities, LEI, GLEIS, Reporting, LEIROC
Previous ArticleSuperintendent of OSFI Speaks on Covered Bonds Framework in Canada
EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.
EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).
NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.
MAS published the guidelines on individual accountability and conduct at financial institutions.
APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.
SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.
FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.
ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.
OSFI published the key findings of a study on third-party risk management.
FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.