GLEIF and the U.S.-based Data Foundation published the report on envisioning comprehensive entity identification for the U.S. federal government. The report explores how Legal Entity Identifier (LEI) adoption by U.S. federal agencies could streamline entity identification and produce benefits in and beyond financial markets. The report presents findings based on the comprehensive research on the entity identification systems currently deployed across the U.S. government.
The joint GLEIF and Data Foundation research report explores the current landscape of U.S. federal agencies’ entity identification needs and describes the entity identification system that each uses. It the compares the Global LEI System to the other systems currently in use in the U.S and identifies how U.S. federal agencies would benefit from replacing proprietary or internal identifiers with the LEI. Finally, it proposes factors that describe the feasibility of a particular U.S. entity identification system to convert to a comprehensive entity identification system built on the LEI or, alternatively, the value of mapping existing identifiers against the LEI.
This research demonstrates that the U.S. federal government uses fifty distinct entity identification systems—all of which are separate and incompatible with one another. Entity identification, therefore, continues to represent a significant challenge for the missions of many federal agencies. Any agency tracking non-federal entities to perform a regulatory, statistical, procurement, or assistance function must either create its own entity identification system or adopt one originally created by another agency. Both approaches present difficulties in matching entities and properly assigning legal responsibility. The findings in this report may serve to inform regulators in any jurisdiction where public authorities continue to rely on a multitude of identification regimes.
Keywords: International, US, Banking, Insurance, Securities, LEI, GLEIS, Data Foundation, GLEIF
Previous ArticleIMF Publishes Report on 2018 Article IV Consultation with Austria
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 has set out a three-phased plan to transform data collection from the UK financial sector over the next decade.
BIS recently made a couple of announcements with respect to the planned and ongoing work in the area of financial technology.
ESRB updated the list of national macro-prudential measures applied by each member state in the European Economic Area.
BoE has set out results of a survey on the impact of COVID-19 events on the use of machine learning and data science.
In response to a request from the European Council and Parliament, ECB published an opinion on the proposed regulation on markets in crypto-assets.
APRA announced the updated aggregate amounts for the 2021 Committed Liquidity Facility (CLF) established between the Reserve Bank of Australia (RBA) and certain locally incorporated authorized deposit-taking institutions that are subject to the Liquidity Coverage Ratio (LCR).
ECB published supervisory Memorandums of Understanding (MoUs) with UK as well as other European and non-European authorities.
EIOPA identified business model sustainability and adequate product design as the two EU-wide strategic supervisory priorities.