GLEIF outlines the preparatory steps for ensuring a smooth transition for the implementation of three new Regulatory Oversight Committee (ROC) policies on March 31, 2022. These policies, which further enhance the level of open, standardized, and high-quality legal entity reference data available to users, apply to legal entity events, fund relationships, and government entities. GLEIF also published additional technical details, example files, and additional documentation specifying the transition steps and the impact on associated data. The month of March will be used as a transition period, during which all Legal Entity Identifier (LEI) issuing organizations will migrate to the new formats and perform testing to ensure smooth operations.
From March 01, 2022, all GLEIF services will accept and display data in the new Common Data File (CDF) formats in line with the new policies. Public users of the Global LEI System will, therefore, need to be able to process data in the new format from this date onward. The CDF formats define how LEI issuing organizations report their LEI and reference data. In May 2021, GLEIF published the pre-release LEI-CDF format version 3.1 and the pre-release Relationship Record-CDF format version 2.1. These updates are made to implement the new ROC policies. GLEIF also published the document "State Transition and Validation Rules for the Common Data File Formats," which describes business rules for the issuance, updating, management, and publication of LEI data according to the LEI-CDF formats. Additionally, GLEIF provided example XML files, which allow consumers of LEI data to test the processing of XML files in the new formats prior to their actual implementation. These relate to the GLEIF Concatenated Files as well as the GLEIF Golden Copy and Delta Files. All users of the GLEIF Concatenated files, Golden Copy and Delta files, and Golden Copy files via the GLEIF API must take action to implement the updated file formats to ensure uninterrupted access to LEI data beyond March 01, 2022.
Following March 31, 2022, GLEIF anticipates a period of up to one year before the Global LEI System will be fully populated with information on legal entity events, fund relationships, and government entities. Data is generally collected at the time of new LEI issuance or existing LEI renewal. Data consumers can make their updates to the new format versions in advance of March 01, 2022,as files in the older formats are compatible with the new ones. To support data consumers who are unable to update their data processing by March 01, 2022, GLEIF provided Extensible Stylesheet Language Transformations (XSLT), which allows these data consumers to transform the newer versions, from a technical format perspective, into the previous versions (LEI-CDF version 2.1, RR-CDF version 1.1).
Keywords: International, Banking, Insurance, Securities, ROC Policies, Reporting, Regulatory Oversight Committee, Legal Entity Events, Funds Relationship, Data Collection, LEI, Common Data File, GLEIF, GLEIS
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