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Financial Stability Board Calls for Private Sector Input to LEI Development

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The Financial Stability Board (FSB) is calling for private sector experts around the world to join the Legal Entity Identifier (LEI) Private Sector Preparatory Group (PSPG) that will support the FSB LEI Implementation Group in introducing a global LEI system by March 2013.

The deadline to submit nominations for the private sector group is July 11, 2012, with the first group meeting scheduled for July 25, 2012 in New York. The group is expected to include participants from organisations such as financial institutions, non-financial commercial companies, data and technology providers, standard setting bodies, numbering agencies, business registries, academic institutions and consultancies.

In an email sent to private sector experts this week, the FSB reiterated the importance of coordination between the public and private sectors in developing and implementing a global LEI system. It then went on to describe specific objectives of the private sector group including:

– under the guidance of the FSB LEI Implementation Group, developing options for a ‘plug-in’ architecture for the Central Operating Unit (COU) that supports the federated nature of the LEI system and allows integration of Local Operating Units (LOUs)

– assist and contribute to the work of the implementation group on the development of the legal framework and necessary legal documents for the establishment of the global LEI foundation

– assist and contribute to the work of the implementation group on the development of the fitness criteria, size and role of the board of directors of the global LEI foundation and on the recommendations for the sustainable funding model defined by the FSB

– support the implementation group in developing recommendations for the early introduction of additional reference data for corporate ownership, relationships and hierarchies

– assist the implementation group in creating effective and efficient processes for the adoption of the LEI by the private sector.

While the FSB is keen to establish the LEI PSPG quickly and get moving on plans to implement the global LEI infrastructure following approval for the scheme at last month’s G20 meeting, it warns parties seeking to join the group that ‘for ease of communications and logistics’ it reserves the right to limit the number of participants from the same company or organisation to one or two representatives.

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