LEIROC Publishes Progress Report on GLEIS and Regulatory Uses of LEI
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
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