Featured Product

    LEIROC Policy on Incorporating Legal Events and Data History in GLEIS

    November 19, 2018

    LEIROC published the final policy of Regulatory Oversight Committee (ROC) for incorporating legal entity events and data history in the Global Legal Entity Identifier System (GLEIS). This policy has been informed by a public consultation held between July 26, 2017 and September 29, 2017 and a workshop held with respondents to the public consultation on March 28, 2018. LEIROC also published a report proposing a limited update to the way relationships affecting funds are recorded in the GLEIS. The consultation report contains a questionnaire for respondents and the consultation for this report ends on January 14, 2019.

    The following are the key features of the final policy of ROC on incorporating legal events and data history in GLEIS:

    • A change in terminology to refer to the events to be captured in the reference and relationship data in the GLEIS as “legal entity events” rather than corporate actions.
    • An incremental approach to implementation of capturing legal entity events that would prioritize those events that occur relatively frequently and directly affect the Level 1 and Level 2 reference data (for example, name changes, mergers, and acquisitions) and place a lower implementation priority on those events that occur relatively infrequently.
    • Commercial or regulatory data feeds should be incorporated into the GLEIS to notify Local Operating Units of potential changes to entities under their maintenance .
    • Effective dates (reflecting when legal entity events become legally effective) should be incorporated into the GLEIS.
    • Users should be able to easily access and use an entity’s data history through multiple channels.
    • Complex acquisitions will reflect as accurately as possible the chain of legal events as reflected in the official registries of the relevant jurisdictions.
    • Spin-off relationships will be recorded in the GLEIS on a fully optional basis, with possible mandatory reporting at a future date to be determined by the ROC.

    The consultation on the way relationships affecting funds  are recorded in GLEIS is aimed to ensure that the implementation of relationship data is consistent throughout the GLEIS and to provide a means to facilitate a standardized collection of fund relationship information at the global level. These objectives are being pursued by providing a definition for each fund relationship and better aligning the data structure with what is done for direct and ultimate accounting parent entities. The report proposes to replace the current optional reporting of a single “fund family” relationship as part of Level 1 (reference data of the entity) with the following relationships, as part of “Level 2” data (relationship data): Fund Management Entity relationship, Umbrella Structures relationship, and Master-Feeder relationship. Responses to the questionnaire in Annex 4 will inform the final version of the policy framework that the ROC will approve for implementation by the Global Legal Entity Identifier Foundation (GLEIF). Implementation would not take place before January 2020.

     

    Comment Due Date: January 14, 2019

    Keywords: International, Banking, Insurance, Securities, LEI, LOU, GLEIS, GLEIF, LEIROC

    Related Articles
    News

    EBA Proposes Guidelines for Establishing Intermediate Parent Entities

    EBA issued a consultation paper on the guidelines on monitoring of the threshold and other procedural aspects of the establishment of intermediate EU parent undertakings, or IPUs, as laid down in the Capital Requirements Directive.

    January 15, 2021 WebPage Regulatory News
    News

    EC Adopts Financial Reporting Changes Arising from Benchmark Reforms

    EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.

    January 14, 2021 WebPage Regulatory News
    News

    BIS Bulletin Examines Key Elements of Policy Response to Cyber Risk

    BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.

    January 14, 2021 WebPage Regulatory News
    News

    HMT Updates List of Post-Brexit Equivalence Decisions in UK

    HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU.

    January 14, 2021 WebPage Regulatory News
    News

    EBA Issues Erratum for Technical Package on Reporting Framework 3.0

    EBA published an erratum for technical package on phase 1 of the reporting framework 3.0.

    January 14, 2021 WebPage Regulatory News
    News

    APRA Publishes FAQ on Measurement of Credit Risk Weighted Assets

    APRA updated a frequently asked question (FAQ), for authorized deposit-taking institutions, on the measurement of credit risk weighted assets.

    January 14, 2021 WebPage Regulatory News
    News

    EBA Publishes Risk Dashboard for Third Quarter of 2020

    EBA published the quarterly risk dashboard, along with the results of the Risk Assessment Questionnaire survey among 60 banks and 15 market analysts.

    January 13, 2021 WebPage Regulatory News
    News

    ECB Analysis Shows Privacy as Biggest Concern in Use of Digital Euro

    ECB concluded the public consultation on the introduction of a digital euro in EU.

    January 13, 2021 WebPage Regulatory News
    News

    ECB Analysis Shows Privacy as Biggest Concern in Use of Digital Euro

    ECB concluded the public consultation on the introduction of a digital euro in EU.

    January 13, 2021 WebPage Regulatory News
    News

    ECB Finalizes Guide on Supervisory Approach to Bank Consolidation

    ECB published a guide that sets out the supervisory approach to consolidation in the banking sector.

    January 12, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6432