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

A-Team Insight Blogs

The Inside Track on LEI

Share article

I love to be on the inside track, probably because it happens so rarely, and so I am sorely tempted to answer the Financial Stability Board’s (FSB) call for volunteers to participate in the private-sector LEI advisory panel that the industry group announced earlier this week. In fact, I haven’t felt quite so tempted since one of our reference data friends suggested I run for the managing directorship of the EDM Council. But in that case – and most likely in this FSB one – my initial enthusiasm is dashed by two factors: 1) Grandad’s wise words (“Never volunteer for anything, son.”) and, 2) the use of the word ‘Expert’.

I happen to believe that there are no experts, and certainly there can’t be any LEI experts yet since the LEI doesn’t exist. But experts are what the FSB is seeking; specifically, experts to advise “an FSB LEI Expert Group of key stakeholders from the global regulatory community taking forward work on the Legal Entity Identifier Initiative.” And so I respectfully bow out and won’t be turned.

The stakeholder group, which has already been formed, will prepare recommendations by spring 2012 for review and endorsement at the G20 Summit in July. Governance issues will be a major theme for the work, the FSB says. “For the project to be successful, it will be essential to deliver a framework that ensures that key public sector interests are met.”

It goes on: “Of course, the effective and efficient implementation of a global LEI solution also needs a strong input from private industry. In particular, it is essential that the FSB group engages closely with private sector experts to ensure that developed proposals and timelines are feasible.”

This is where the advisory panel comes in. The FSB is looking for industry types to advise the expert panel as it goes about its work in five specific work streams. These are:

• Governance framework;
• Operational model for the LEI;
• Scope of reference data, access and confidentiality;
• Funding;
• Implementation and phasing.

Time is tight, as the great Booker T once remarked, and so if you fit the bill then get in touch with FSB immediately. Write to Nigel Jenkinson at nigel.jenkinson@bis.org, copying Irina Leonova at irina.leonova@bis.org. Include your CV/resume and highligh your specific experience relevant to the advancement of the global LEI initiative and which of the five workstreams your expertise most closely corresponds to. FSB envisages a lot of email and teleconferencing, since the pressure is on to get things moving ahead of the G20 summit. It needs to hear from you by January 19 if you are to be considered. Go for it.

Related content

WEBINAR

Recorded Webinar: Adopting Entity Data Hierarchies to Address Holistic Risk Management

Firms across the board are struggling to gain a comprehensive view of their counterparty risk. In the wake of the Credit Crisis, regulators have increased their focus on pushing firms to not only better understand risk exposure, but also be able to provide evidence of the analysis they use to create their view of risk....

BLOG

COVID 19: Services Directory

As the coronavirus crisis extends into the medium to long-term, technology vendors and solutions providers are stepping up to the plate with a wide variety of services and support for clients to assist them through the data management challenges presented by the new operational and working environment. Below, you can find these collated into an...

EVENT

RegTech Summit Virtual

Regtech Summit Virtual will explore how business and operating models have adapted post COVID and how RegTech can provide agile and enhanced compliance for managing an evolving risk and compliance landscape. As the dust settles, we will look at the outlook for the global RegTech industry, where Regulators are focusing as they get back to business, and deep dive into global regulatory priorities for the rest of the year and into 2021.

GUIDE

Entity Data Management Handbook – Sixth Edition

High-profile and punitive penalties handed out to large financial institutions for non-compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations have catapulted entity data management up the business agenda. So, too, have industry and government reports on the staggering sums of money laundered on a global basis. Less apparent, but equally important, are...