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Who will be members of the ROC, COU, and LOU?

The recommendations provide high-level guidance concerning membership on the Regulatory Oversight Committee (ROC). Regulatory authorities should indicate interest in serving as members, as well as their support for the LEI high-level principles and charter for the ROC. The LEI Implementation Group will develop the ROC charter, covering the details of member appointment. Membership in the… Continue reading Who will be members of the ROC, COU, and LOU?

The FSB report calls for the COU to be founded as a not-for-profit foundation, or equivalent structure. Will the global LEI system be run by this foundation?

The FSB’s recommendations for the LEI call for forming the Central Operating Unit (COU) as a not-for-profit foundation, or a body of equivalent legal form, overseen by a Board of Directors that operates under the oversight of the Regulatory Oversight Committee (ROC). The not-forprofit status will facilitate funding to develop and operate the LEI system… Continue reading The FSB report calls for the COU to be founded as a not-for-profit foundation, or equivalent structure. Will the global LEI system be run by this foundation?

How were members appointed to the IG’s industry advisory group, the “LEI Private Sector Preparatory Group”?

The formation of the LEI Private Sector Preparatory Group (PSPG) drew upon the experience from the FSB LEI Industry Advisory Panel, the consultative group to the LEI Expert Group, and was opened to additional members from the financial services industry, as well as other industries. The LEI Implementation Group determined the process for selecting members.

Who will be the registration authority for the LEI?

The FSB’s recommendations outline a “federated” model for LEI implementation. Local Operating Units (LOU) will assign LEIs, and validate and maintain reference data. The Central Operating Unit (COU) will ensure that LEIs are unique and of high quality and that parties that implement the LEI adhere to its governing principles and quality standards.

Do the FSB recommendations support the trade associations’ proposed solution that was put forth in July 2011?

The FSB’s recommendations do not select a solution. Rather, they set out a governance structure and process for developing and implementing a global LEI system. The FSB is supporting an open process; all vendors adhering to guidance set up by the FSB will be considered. The COU and LOUs might use multiple solution providers or… Continue reading Do the FSB recommendations support the trade associations’ proposed solution that was put forth in July 2011?