If a global LEI is so useful, why hasn’t it already been established?
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 act in the public interest after the worldwide financial crisis has helped overcome previous impediments to developing the LEI.
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 act in the public interest after the worldwide financial crisis has helped overcome previous impediments to developing the LEI.