The Global Legal Entity Identifier Foundation will assess how to best align itself to respond and support the FSB’s aim of broader LEI adoption globally.
GLEIF (Global Legal Entity Identifier Foundation) has strongly welcomed the recommendations from the FSB (Financial Stability Board) to expand the adoption of the LEI (Legal Entity Identifier) and to fully realise its benefits for authorities and market participants.
Established by the FSB in June 2014, GLEIF supports the implementation and use of the LEI, which is a 20-character, alpha-numeric code that was introduced following the global financial crisis to uniquely identify legally distinct entities that engage in financial transactions.
“All efforts which aim to promote LEI adoption globally and enhance benefits to regulators and market participants must be viewed positively and pursued wherever possible,” GLEIF said on Thursday (13 June).
The FSB last month published a thematic review on LEI implementation progress, and set out recommendations to promote its broader adoption.
Specifically, the FSB recommended enhancements to the LEI business model to lower the cost and administrative burden for entities acquiring and maintaining an LEI; data quality process enhancements to increase the reliability of the LEI data; working with industry and the public sector to raise awareness of the benefits of the LEI and encourage voluntary adoption; and to enhance the scope and usability of Level 2 (relationship) data.
GLEIF has said that it will assess the recommendations of the review as to how to best align itself to respond and support the FSB’s aim of broader LEI adoption globally.
“We look forward to reporting relevant advances as they happen. In the spirit of collaboration, we encourage other LEI stakeholders to fully consider the FSB recommendations. As always, GLEIF fully welcomes cooperation on points of mutuality,” it said.
Last month, GLEIF published its 2018 annual report in human as well as machine-readable Inline XBRL and HTML format, with GLEIF’s LEI embedded into the financial information for the first time.
The annual report became the first official business report globally automatically link the filing entity to its verified LEI reference data held within the Global LEI Index, the official worldwide database for legal entity reference data on entities with an LEI.