GlossaryGuide

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 legal, operations, and technology. Because many design decisions will require the expertise of private industry, the FSB’s published recommendations call for an industry consultative group, the “LEI Private Sector Preparatory Group,” to assist the IG. This next phase will build on the strong working partnership developed over the past year between the international regulatory community and private industry.

The FSB recommendations include several key implementation targets:

• Development of the Regulatory Oversight Committee (ROC) Charter, for proposed endorsement by the FSB or the G-20 in the fall of 2012. When the ROC is established, the IG is to disband.
• Creation of the Central Operating Unit (COU), including determination of its legal structure and the appointment of its initial Board of Directors, by the ROC in collaboration with the Private Sector Preparatory Group.
• Endorsement of the COU by the ROC and launch of the system on a self-standing basis
by March 2013.

The FSB report noted that the March 2013 commencement date is ambitious, but the OFR and the international community are committed to it, given the importance of establishing a global LEI system.