An LEI standard will create a common identifier for any firm active in financial markets and transactions. SIFMA created an LEI working group that determined the requirements, including functional specifications, for an LEI solution. The following is covered: scope of coverage, Data Model, Operating Model, Governance Model, Business Model, Implementation / Integration, Compliance, and Technical Requirements.

 Asset managers were invited to participate in the working group and its deep dive work streams that corresponded to the areas of interest listed above. SIFMA shares the regulatory community’s view that creating the LEI can be done most effectively if the industry can converge on a consensus approach. SIFMA will carry this project over the next months, aiming for a proposed solution by July 2011, at which time the related Dodd-Frank rules are to be issued, and a workable framework and an implementation plan for a solution needs to be in place.

• Q & A on the LEI with Robin Doyle
• For more information or to participate in the SIFMA LEI Working Group, contact Elisa Nuottajarvi 
• View SIFMA's Legal Entity Identifier (LEI) Issue Page