FSB notice on technical features of the legal entity identifier | Practical Law

FSB notice on technical features of the legal entity identifier | Practical Law

The Financial Stability Board has published an update on its legal entity identifier (LEI) expert group's work on developing a global framework for the LEI. This includes early guidance on two technical features of the LEI.

FSB notice on technical features of the legal entity identifier

Practical Law UK Legal Update 8-518-3547 (Approx. 3 pages)

FSB notice on technical features of the legal entity identifier

by PLC Financial Services
Published on 07 Mar 2012 • International
The Financial Stability Board has published an update on its legal entity identifier (LEI) expert group's work on developing a global framework for the LEI. This includes early guidance on two technical features of the LEI.
On 7 March 2012, the Financial Stability Board (FSB) published an update on its legal entity identifier (LEI) expert group's work on developing a global framework for the LEI. This includes early guidance on two technical features of the LEI:
  • The expert group has agreed that a 20 character alphanumeric code is a good basis for the global LEI code.
  • The expert group is continuing to review the LEI eligibility criteria as well as the reference data that the regulatory community views as essential and, consequently, would require to be associated with the identifier. In its first round of discussions, the group agreed that the following six data elements will all form part of the minimum set of reference data attributes that the regulatory community will require on the launch of the LEI:
    • The official name of the legal entity.
    • The address of the headquarters of the legal entity.
    • The address of legal formation.
    • The date of the first LEI assignment.
    • The date of the last update of the LEI.
    • The date of expiry, if applicable.
    As the expert group completes its work, it expects to propose additional elements, both for reference data attributes and for the audit trail of changes and updates to the LEI, to meet various regulatory needs.
The expert group hopes that this early guidance will help industry with expected forthcoming proofs of concepts and will provide initial direction on its work. The early guidance is, however, subject to final confirmation as the group completes its work.
The expert group is continuing to work intensively on all other aspects of the LEI framework and aims to complete an internal report to be presented to the FSB plenary by the end of April 2012. This should enable the FSB to meet the G20 mandate provided at the Cannes summit (see Legal update, G20 declaration from the Cannes summit: financial services issues). The final report will be published in due course.