The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

LEI Regulatory Oversight Committee Names Leadership and Reprieves PSPG

The formation of a global legal entity identifier (LEI) system took a large step forward late last week when the first meeting of the Regulatory Oversight Committee (ROC) took place in Toronto, taking over leadership and direction of the LEI initiative from the Financial Stability Board (FSB) and naming its leadership team.

The meeting was hosted by the Ontario Securities Commission last Thursday and Friday, 24 and 25 January, and was attended by 49 public authorities as LEI ROC members and 16 as observers, a handful more participants than those signed up to be part of, or observe, the governance body of the global LEI system at the last count on 10 January 2013.

At the inaugural meeting, the ROC selected Matthew Reed from the US Treasury Department as its first chair. He is joined by vice chairs Jun Mizuguchi of Japan’s Financial Services Agency and Bertrand Couillault of Banque de France. An initial executive committee was also formed with representatives from around the world and the meeting began the process of establishing the Committee of Evaluation and Standards.

Following ongoing investigation by the LEI Implementation Group and LEI Private Sector Preparatory Group (PSPG) into the best location for the LEI foundation that will operate the Central Operating Unit of the global LEI system – an essential operating component along with federated local operating units – the ROC decided to form the LEI foundation in Switzerland and agreed to take forward necessary work to establish its presence.

The ROC also reprieved the LEI PSPG that was due to be wound down when responsibility for the LEI initiative transferred from the FSB. A statement following the ROC meeting welcomes the development work of the close to 300 private sector experts that played a part in the PSPG, and adds: “The ROC . . . looks forward to continue[ing] active coordination with the group to further the development of the global LEI system, including the operational framework, relationship data, intellectual property, data privacy and confidentiality.”

No doubt, the financial services industry will welcome the outcomes of the first ROC meeting and the retention of the PSPG as its work, particularly on relationship data and an operational framework, remains critical to the success of a global LEI system.

Related content

WEBINAR

Upcoming Webinar: Sanctions – The new pre-trade challenge for the buy-side

Date: 22 September 2021 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Sanctions screening at the security level is a relatively recent requirement for the buy-side. It dives deeper than traditional KYC and AML screening and is immensely challenging as firms must monitor frequently changing sanctions lists, source up-to-date sanctions data...

BLOG

A-Team Group Names Winners of Data Management Insight Awards 2020

A-Team Group has announced the winners of its prestigious Data Management Insight Awards 2020. The annual awards, now in their eighth year, recognise leading providers of data management solutions, services and consultancy to capital markets participants. The award winners were announced online across categories ranging from best sell-side and buy-side data management platforms to best...

EVENT

RegTech Summit APAC Virtual

RegTech Summit APAC will explore the current regulatory environment in Asia Pacific, the impact of COVID on the RegTech industry and the extent to which the pandemic has acted a catalyst for RegTech adoption in financial markets.

GUIDE

Entity Data Management Handbook – Seventh Edition

Sourcing entity data and ensuring efficient and effective entity data management is a challenge for many financial institutions as volumes of data rise, more regulations require entity data in reporting, and the fight again financial crime is escalated by bad actors using increasingly sophisticated techniques to attack processes and systems. That said, based on best...