About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Global LEI System Makes Progress with Regulatory Commitment to Implement LEI Data Hierarchies

Subscribe to our newsletter

The Global Legal Entity Identifier (LEI) System is moving towards completion following a statement from the Regulatory Oversight Committee (ROC) on the introduction of LEI hierarchy data and the opening of a website by the Global LEI Foundation (GLEIF) that will provide access to a centralised database of all issued LEIs. Work is also being carried out by the GLEIF to develop a master agreement that will govern its relationships with pre-Local Operating Units (LOUs) and lead to a fully operational global LEI system.

In a year end progress note published this week, the ROC reviewed the development of the Global LEI System through 2014 and addressed the outstanding issue of LEI hierarchy data that is necessary for regulators to monitor systemic risk and for financial institutions to improve risk management.

The ROC note states: “In light of the stage of development of the Global LEI System, the next pressing policy objective is the implementation of information on organisational relationship structures, particularly hierarchical structures. To this end, the ROC established in December 2014 a task force to develop a proposal for principles and standards for collecting in the Global LEI System information on the direct and ultimate parents of legal entities. A public consultation is expected to be organised on this topic in the course of 2015. Phased implementation of such information is expected to begin around the end of 2015.”

The ROC also noted that the GLEIF will direct construction of the technology infrastructure of the global system and that it is working with over 20 endorsed pre-LOUs to develop a master agreement that will govern the relationship between the GLEIF and the pre-LOUs. Once the master agreement is in place, the ROC says it will be a matter of months before a fully operational global LEI system can be managed by the GLEIF.

The GLEIF website – www.gleif.org – provides comprehensive information about the LEI and Global LEI System, and says the site will provide access in the languages of G20 countries to a database of all LEIs issued globally and their associated reference data this year. The central database will include free of charge LEI file downloads and search capabilities, and should help LOUs avoid any duplication of LEIs as they will be able to check the central database for existing LEI codes and companies with LEIs rather than having to check the databases of multiple LOUs.

The GLEIF was founded in Zurich, Switzerland in June 2014 and has since been working to stand up its operations. Noting the website as a first step in this process and a visible sign of progress, GLEIF CEO Stephan Wolf comments: “We are excited to release the website as the primary means for stakeholders and the public in general to communicate with the GLEIF and follow its activities.”

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: AI in Asset Management: Buy-Side Attitudes toward GenAI and LLMs

Date: 8 October 2024 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Since ChatGPT exploded onto the scene in late 2022, financial markets participants have been trying to understand the opportunities and risks posed by artificial intelligence and in particular generative AI (GenAI) and large language models (LLMs). While the full...

BLOG

Institutions Look to Cloud to Meet New Asset Management Data Challenges: Arcesium

Institutional asset managers are looking to cloud solutions as they seek to find economies and streamline their asset management processes. Taking advantage of new digital technology that can help them meet changing client demands in an evolving financial landscape, these firms have been prompted to look to the cloud as creaking legacy infrastructure limits their...

EVENT

Data Management Summit London

Now in its 14th year, the Data Management Summit (DMS) in London brings together the European capital markets enterprise data management community, to explore how data strategy is evolving to drive business outcomes and speed to market in changing times.

GUIDE

Alternative Trading Systems Directory 2010

The year since we launched our first edition of the A-Team Alternative Trading Directory has passed by in a flash (no pun intended). And while the rate of expansion of the alternative trading system sector may have slowed – even consolidated somewhat – in the more established centres, their onward march continues both in terms of credibility, and of uptake...