Featured Product

    GLEIF Discusses Chinese Roadmap for LEI Adoption

    April 22, 2021

    GLEIF discussed the regulatory roadmap of China to promote nationwide adoption of the Legal Entity Identifier (LEI). The regulatory roadmap is part of the "One Belt One Road" initiative and unveils the national plans to increase LEI issuance by at least 170% between the end of 2020 and the end of 2022. The Chinese regulatory authorities are proactively driving LEI usage and have set ambitious plans for substantial near-term increases in LEI volume.

    In the fourth quarter of 2020, four financial regulators (PBC, CBIRC, CSRC, and the State Administration of Foreign Exchange) in China released a report detailing the LEI implementation roadmap, which looks ahead to 2022. The report outlines the general objective of the roadmap and details key LEI implementation milestones over the next two years. GLEIF understands that the general objective of the roadmap is to establish a comprehensive LEI usage policy system across the financial system in China, in line with the international standards, by the end of 2022. By the end of 2020, the roadmap provides for proposed LEI application rules in scenarios such as RMB cross-border payments, digital RMB cross-border business, qualified foreign institutional investor and RMB qualified foreign institutional investor access, derivatives trading, securities trading, and listed company supervision. Then, by the end of 2021, the roadmap mentions proposed LEI application rules in areas such as the financial market transaction reporting system, credit rating, and application of special institutional codes by overseas institutions. By the end of 2022, the total LEI volume in Mainland China is expected to reach 100,000 and China expects to use LEI in scenarios such as digital identification of cross-border legal persons and to establish a mechanism for commercially sustainable operation of LEI. 

    GLEIF also welcomed the news that Chinese Financial Certification Authority (CFCA) has launched the first commercial demonstration of LEIs embedded within digital certificates. CFCA has simultaneously become the first Certification Authority to assume a Validation Agent role within the Global LEI System. The combined sum of these two initiatives (roadmap and demonstration of LEIs) is significant. This shows an advanced level of proactivity from regulatory authorities, which is driving LEI issuance to support financial services and banking ecosystems, simplify international trade, and enhance digital identity across the region.

     

    Related Links

    Keywords: International, Asia Pacific, China, Banking, Insurance, Securities, LEI, GLEIS, Roadmap, FCA, PBC, CBIRC, CSRC, GLEIF

    Related Articles
    News

    UK Authorities Consult on Implementation of Basel 3.1 Standards

    The UK authorities have published consultations with respect to the Basel requirements for banks. The Prudential Regulation Authority (PRA) published the consultation paper CP16/22 on rules for the implementation of Basel 3.1 standards.

    November 30, 2022 WebPage Regulatory News
    News

    ESAs Issue Multiple Regulatory Updates for Financial Sector Entities

    The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.

    November 15, 2022 WebPage Regulatory News
    News

    FSB and NGFS Publish Initial Findings from Climate Scenario Analyses

    The Financial Stability Board (FSB) and the Network for Greening the Financial System (NGFS) published a joint report that outlines the initial findings from climate scenario analyses undertaken by financial authorities to assess climate-related financial risks.

    November 15, 2022 WebPage Regulatory News
    News

    FSB Issues Reports on NBFI and Liquidity in Government Bonds

    The Financial Stability Board (FSB) published a letter intended for the G20 leaders, highlighting the work that it will undertake under the Indian G20 Presidency in 2023 to strengthen resilience of the financial system.

    November 14, 2022 WebPage Regulatory News
    News

    ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments

    The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.

    November 10, 2022 WebPage Regulatory News
    News

    IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets

    The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.

    November 09, 2022 WebPage Regulatory News
    News

    EBA Finalizes Methodology for Stress Tests, Issues Other Updates

    The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups

    November 09, 2022 WebPage Regulatory News
    News

    EU Finalizes Rules Under Crowdfunding Service Providers Regulation

    The European Union has finalized and published, in the Official Journal of the European Union, a set of 13 Delegated and Implementing Regulations applicable to the European crowdfunding service providers.

    November 08, 2022 WebPage Regulatory News
    News

    OSFI Sets Out Work Priorities and Reporting Updates for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.

    November 07, 2022 WebPage Regulatory News
    News

    APRA Finalizes Changes to Capital Framework, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.

    November 03, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8597