Global LEI System Leaps Forward with Naming of Nominees for the Board of the LEI Foundation

Development of the global Legal Entity Identifier system (GLEIS) has leapt forward with the naming of nominees for the initial board of directors of the Global LEI Foundation. The Foundation will operate the Central Operating Unit (COU), a critical element of the complete system.

The Financial Stability Board (FSB) Plenary endorsed the nominees listed below in its role as the founder of the Global LEI Foundation and based on a recommendation from the Regulatory Oversight Committee (ROC) of the GLEIS to the FSB. The nominees will be put forward for review and final decision by authorities in Switzerland, where the Foundation will be located, and are expected to be appointed as directors of the board of the Foundation when it is formerly established by the FSB.

Selecting the board members has been a lengthy process. It started back in April 2013 with the publication of draft guidance for potential candidates for the board. This was followed by a call for candidates from the ROC that was later extended to September 12, 2013. Once this deadline passed, the ROC was expected to draw up a list of nominees towards the end of the year, but the timeline slipped as the ROC worked to establish the Foundation ahead of naming its board of directors.

When the board is in place, the COU will be established, marking another significant development in the global system and potentially providing a central database for LEI codes issued by pre-Local Operating Units (LOUs) in the interim system and later by LOUs in the complete system.