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 2010, the OFR issued a policy statement calling for the establishment of an LEI to provide impetus to efforts by regulators and industry. Representatives from the financial industry welcomed the call for development of an LEI and responded with a proposed solution. Since then, government and industry representatives have been working together through the FSB to develop a global LEI system.
Throughout the FSB process, the OFR has played a key role, leading work streams, and working with other regulators and industry to provide recommendations to the G-20 to guide the governance, development, and implementation of a global LEI system. During the
implementation phase, the OFR is serving as a vice-chair on the LEI Implementation Group and will continue to provide leadership and support, working toward the G-20 target of March 2013 for launch of the system.
The OFR has worked with other U.S. regulators to embed the concept of the LEI into rule makings, and will continue to do so. These mandatory reporting uses of the LEI will facilitate the rapid deployment of the LEI when the global system becomes available.