Category: Legal Entity Identifier FAQ – LEI / LOU Information

The OFR is committed to promoting widespread adoption of the global LEI and we expect that many government agencies across the globe will require its use. The global phase-in of the LEI will be driven by the legislative and rule making processes of each jurisdiction requiring the use of the LEI and by the adoption… Continue reading When will the LEI become widely or comprehensively used by market participants and regulators?

The G-20’s endorsement of the FSB’s recommendations to implement a global LEI, consistent with the specifications of the International Organization for Standardization (ISO 17442:2012), gives firms a standard against which to build and test technology and workflow processes in preparation for the global LEI. Firms can also participate in the preparatory work for the LEI… Continue reading What can firms start doing now?

Following G-20 endorsement of the FSB’s recommendations in June 2012, the FSB established the LEI Implementation Group (IG) to move the global LEI system toward the goal of having the system launched by March 2013. The IG is a time-limited and task-limited group of experts from the global regulatory community, focused on areas such as… Continue reading What are the next steps in establishing the global LEI and when will it be up and running?

The LEI system is an alphanumeric code and associated set of six reference data items to uniquely identify a legally distinct entity that engages in financial market activities. This global standard is endorsed by the G-20 and is consistent with the specifications put forward by the International Organization for Standardization (ISO 17442:2012) in May 2012:… Continue reading How will the LEI system work?

A key element of the OFR’s mandate is to improve the quality and scope of financial data by assessing gaps in data standards and helping to fill them for the benefit of market participants, regulators, and research communities. Working to establish a global LEI system is an essential step in fulfilling that mandate. In November… Continue reading Why did the OFR get involved in establishing the global LEI and what is the OFR’s role?

Private industry has made several attempts over the past 20 years to establish a global entity identification system. However, private sector firms and industry associations have been unable to achieve the level of coordination needed to launch a single global solution. The consistent and coordinated global commitment by members of the FSB and G-20 to… Continue reading If a global LEI is so useful, why hasn’t it already been established?

The establishment of a global LEI system will be a significant achievement in responding to the vulnerabilities of the global financial system and will provide meaningful long-term benefits for both the public and private sectors. When Lehman Brothers collapsed in 2008, financial regulators and private sector managers were unable to assess quickly the extent of… Continue reading Why do we need a global LEI?

The LEI is a reference code to uniquely identify a legally distinct entity that engages in a financial transaction. Currently, there are many ways to identify entities, but there is no unified global identification system for legal entities across markets and jurisdictions. The LEI will be a linchpin for financial data—the first global and unique… Continue reading What is a global LEI?

The LEI is a reference code to uniquely identify a legally distinct entity that engages in a financial transaction. Currently, there are many ways to identify entities, but there is no unified global identification system for legal entities across markets and jurisdictions. The LEI will be a linchpin for financial data—the first global and unique… Continue reading What is a global LEI?