GLEIF Announces Implementation of New LEI ROC Policies from March 2022
GLEIF announced that the Global Legal Entity Identifier (LEI) System will implement certain new LEI Regulatory Oversight Committee (ROC) policies on March 31, 2022. These policies are related to legal entity events, fund relationships, and government entities. GLEIF will publish technical details and documentation related to the implementation (including the updated Common Data File Formats, State Transition, and Validation Rules) in the second quarter of 2021, to help users prepare for these changes. Users must be ready for the transition on March 31, 2022 as LEI reference data will be provided under the new format from this date.
Users must plan to implement the updated file formats to ensure uninterrupted access to LEI data beyond March 31, 2022. This is applicable to all users of the GLEIF Concatenated Files, Golden Copy and Delta Files, and those who access the content of the Golden Copy files via the GLEIF API. Legal entities will provide new information as required by these policies at the time of LEI registration and renewal. The Global LEI System will implement the following LEI ROC policies:
- Legal Entity Events—The policy specifies events which would update and/or change the entity or relationship data of a legal entity or result in the retirement and/or creation of LEIs.
- Fund Relationships—The policy introduces three distinct relationship types that can be collected for funds.
- Government Entities—The policy will allow certain legal entities to be classified as Government Entities or International Organizations.
In a separate announcement, GLEIF mentioned that it is inviting financial institutions to participate in the Validation Agent trial phase and establish first-mover status in the market. In this regard, GLEIF released an eBook on the seven-step trial process for those seeking to develop a clearer picture of the operational requirements and the support available from GLEIF. In addition, GLEIF published an article from Clare Rowley, the Head of Business Operations at GLEIF, who welcomed the FSB roadmap on enhancing cross-border payments. The roadmap commits to consultation with GLEIF and other stakeholders on a global Unique Identifier and outlines the commitment of FSB to review options for increasing LEI adoption. This collaborative work is scheduled from October 2020 to December 2021 and GLEIF welcomes this opportunity. As a further action mapped to "establishing Unique Identifiers" building block, GLEIF will work in close coordination with FSB, LEI ROC, and national authorities to explore options for improving LEI adoption. This work is scheduled from June 2021 to June 2022.
- New LEI ROC Policies
- Validation Agent Trial Process
- Article on FSB Roadmap
- FSB Roadmap, October 2020
Keywords: International, Banking, Insurance, Securities, GLEIS, Cross-Border Payments, Roadmap, LEI, Validation Agent, Reporting, LEIROC, GLEIF, FSB
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