Featured Product

    LEI ROC Publishes Policy on Fund Relationships in Global LEI System

    May 20, 2019

    LEI ROC published its final policy on fund relationships in the Global Legal Entity Identifier System (GLEIS), along with guidelines for the registration of investment funds in the GLEIS. The report provides definitions of relationships affecting investment funds or collective investment schemes ("Fund Management Entity," "Umbrella Fund," and "Master-Feeder") and specifies when reporting these relationships would be optional. Implementation is expected within eighteen months of the publication of this policy.

    The eighteen months are needed for the implementation, given the need for GLEIF to prepare the technical standards in consultation with the Local Operating Units (LOUs), for LOUs to implement them and provide sufficient guidance to registrants ahead of implementation. The policy report explains the objectives of the data collection and details why the rules of GLEIS should require a fund to report the LEI as opposed to only the name of the related entity. It also explains why, following the public consultation, the continuation of an optional approach has been adopted by LEI ROC, with some exceptions. The policy describes how these relationships should be verified, lists issues to consider when representing fund relationships in the GLEIS, and discusses the future work on other fund relationships.

    The report offers a limited update to the way relationships affecting investment funds are recorded in GLEIS, with the aim to ensure that the implementation of relationship data is consistent throughout the GLEIS and to provide a way to facilitate the standardized collection of fund-relationship information at the global level. This is being done by providing definition for fund relationship and aligning the data structure with what is done for direct and ultimate accounting parent entities as defined in LEI ROC report of March 2016. The report asks GLEIF to replace the current optional reporting of a single “fund family” relationship as part of Level 1 (reference data of the entity) with certain relationships as part of “Level 2” data (relationship data). In line with responses to the first consultation, LEI ROC adopted eliminating the proposed generic category “Other Fund Family” (except for past records) and not including any additional relationships at this stage. LEI ROC adopted that the collection of these relationships in the GLEIS will be optional, except

    • If the relationship is mandated to be reported and publicly available in the relevant jurisdiction and if the LEI is mandatory for the related entity in the relevant jurisdiction
    • For the relationship between an umbrella structure and a sub-fund or compartment or other sub-structure

     

    Effective Date: Policy Report+18 Months

    Keywords: International, Banking, Securities, Fund Relationships, GLEIS, GLEIF, LEI, LEIROC

    Related Articles
    News

    OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities

    The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.

    May 17, 2022 WebPage Regulatory News
    News

    EBA Proposes Standards to Support Secondary NPL Markets

    The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.

    May 17, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).

    May 13, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.

    May 12, 2022 WebPage Regulatory News
    News

    EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA

    The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.

    May 11, 2022 WebPage Regulatory News
    News

    EC Mandates ESAs to Propose Amendments to SFDR Technical Standards

    The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.

    May 11, 2022 WebPage Regulatory News
    News

    EBA Examines Supervisory Practices, Issues Deposits Reporting Template

    The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),

    May 11, 2022 WebPage Regulatory News
    News

    US Agency Publications Address Basel, Reporting, and CECL Developments

    The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances

    May 09, 2022 WebPage Regulatory News
    News

    SEC Extends Comment Period on Climate Risk Disclosures

    The U.S. Securities and Exchange Commission (SEC) looks set to intensify focus on crypto-assets and cyber risk and extended the comment period on the proposed rules to enhance and standardize climate-related disclosures for investors.

    May 09, 2022 WebPage Regulatory News
    News

    APRA Reduces Committed Liquidity Facility, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility and issued an update on the operational preparedness for zero and negative market interest rates.

    May 09, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8184