January 2017

Updates on developments surrounding implementation of the Global Legal Entity Identifier System


GFMA and EFAMA to Hold February Legal Entity Identifier (LEI) Webinar
On February 1, 2017, GFMA and the European Fund and Asset Management Association (EFAMA) will host a webinar that will bring you up-to-date on the global LEI system, which has grown to half a million identifiers. The Webinar will include updates from key industry leaders and experts on the current status and future regulations that will impact buy and sell side market participants globally, including continued work by the Global LEI Foundation (GLEIF) on implementation of the LEI Regulatory Oversight Committee (ROC) standards on immediate and ultimate parent, as well as the implementation of the EU’s Markets in Financial Instruments Directive (MiFID which will mandate the use of LEI
Register Here



October 26 – GLEIF and JPX Host “Meet the Market” Event in Tokyo
On October 26, 2016, the Japan Exchange Group (JPX) together with the GLEIF hosted a “Meet the Market Event” in Tokyo. The event provided participants with the opportunity to learn about the latest developments with regard to LEI rollout and services offered by GLEIF to further optimize the usability of LEI reference data. Speakers included Gerard Hartsink, Chairman of the GLEIF Board; Daisuke Yamazaki, Vice Chair of the LEI Regulatory Oversight Committee; and GLEIF CEO Stephan Wolf.
Event Information

October 27 – GLEIF Releases Overview of LEI Developments
On October 27, 2016, the GLEIF published an overview of news regarding the development and implementation of the Global LEI System. This overview summarizes noteworthy developments across jurisdictions, from international and multinational bodies, between August and October 2016.

December 7 – GLEIF Hosts Webinar, “Connect the Corporate Dots Globally with the LEI”
On December 7, 2016, the GLEIF hosted a webinar offering a brief introduction to our organization and the LEI initiative. The main objective of this webinar was to update on progress towards meeting the next milestone in the Global LEI System, namely to enhance the LEI data pool to include data on who owns whom. In addition, we provided an outlook on principal projects that we will drive forward in 2017 to continue increasing the wealth of information available to market participants with open, standardized and high quality LEI data.
Presentation and Video

December 8 – GLEIF and Five “First Mover” LEI Issuers Conclude a Prototype Exercise to Identify Who Owns Whom in the Global LEI System
The GLEIF and five “first mover” LEI issuing organizations have successfully concluded a prototype exercise to test the end-to-end process of collecting and validating data on the direct and ultimate parents of legal entities that have an LEI. In early 2017, GLEIF will start publishing, as a first step, data on direct and ultimate parents collected by the LEI issuing organizations participating in the prototype exercise. In a phased approach, parent information for legal entities that have obtained, or wish to get, an LEI will be added to the LEI data pool. It is expected that parent information for the majority of the LEI population will be available at the latest at the start of 2018.
Press Release | Relationship Record CDF Format

January 4 – GLEIF Publishes Data Quality Report
Since February 2016, the GLEIF has been publishing monthly data quality reports, which summarize the results of GLEIF’s assessment of the level of data quality in the Global LEI System based on a set of clearly defined quality criteria. The data quality assessment performed on December 31 shows that the majority of LEI issuers now ensure required and expected data quality and that in the past year, advances have been seen in both the rigor of GLEIF data quality rule setting and the ability of issuers to conform to these standards.
Data Quality Report



October 13 – SEC’S Investment Company Reporting Modernization to Mandate LEI Use
The U.S. Securities and Exchange Commission approved new rules to modernize its investment company reporting standards. The new rules will enhance the quality of information available to investors and will allow the Commission to more effectively collect and use data reported by funds. The Commission adopted requirements that funds report LEI information – noting that uniform reporting of LEIs would facilitate the linkage of data from Form N-PORT with data from other filings and sources as LEIs become more widely used by regulators and the industry.
Final Rule | Press Release

December 19 – FSB Publishes Progress Report and Workplan to Address the Decline in Correspondent Banking
The Financial Stability Board (FSB) has published its latest progress report on the implementation of its four-point action to assess and address the decline in correspondence banking. The progress report includes a set of deliverables for 2017 to implement the action plan. In the section on 2017 deliverables, it is noted that SWIFT and the Global LEI Foundation are expected to take further steps to contribute to streamlining Know-Your-Customer due diligence.
Progress Report and Workplan | Press Release

December 20 – FCA Publishes Update on LEIs in MiFID II
The U.K. Financial Conduct Authority has released an update on LEI use in MiFID II. It noted that starting from January 3, 2018, firms subject for MiFID II transaction reporting will not be able to execute a trade on behalf of clients who are eligible for an LEI, but do not have one.

December 28 – Federal Reserve Publishes Discussion Paper on the LEI System
The U.S. Federal Reserve’s Divisions of Research & Statistics and Monetary Affairs released a discussion paper entitled “Identity, Identification and Identifiers: The Global Legal Entity Identifier System.” The paper begins with a discussion of the case of natural persons and then develops more details in the context of non-personal entities. The ideas highlighted provide a framework for understanding the choices made in creating the GLEIS as a practical system of identity management for entities. The discussion also probes points where any such system might have weaknesses.
Discussion Paper

January 12 – LEI ROC Provides Update on LEI Developments
The LEI Regulatory Oversight Committee (ROC) has published an update on developments in the LEI System, including the accreditation of LEI issuers by the Global LEI Foundation, the implementation of relationship data, and other LEI ROC projects.



October 7 – Mandating LEIs in Asia, WatersTechnology
Noting that LEI registrations in the U.S. and Europe have largely been driven by regulatory mandates, Wei-Shen Wong writes about Asian regulators’ progress towards adoption of LEI use. While only Singapore has mandated LEIs for OTC derivatives trade reporting, other countries – particularly those with full membership in the LEI ROC – are expected to mandate LEI use in upcoming regulations.

October 25 – Michael Shashoua Reflects on the Development of the Global LEI System, WatersTechnology
In an editorial for WatersTechnology, Michael Shashoua discusses the evolution of the Global LEI System, noting how the GLEIF has proven some of his own doubts about its model wrong, and also about the challenge the GLEIF faces in terms of data quality and accuracy.

November 10 – APFIC Panelists: LEI Registrations Must Move Faster in the Next Year, WatersTechnology
Registration of legal entity identifiers (LEIs) globally will need to accelerate within the next 12 months as the implementation date of European regulation MiFID II and MiFIR draws closer, according to Chris Johnson, senior product manager for market data at HSBC Securities Services, during a presentation on LEI progress at the recent Asia-Pacific Financial Information Conference in Hong Kong.



Source: JPMORGAN Chase


lei by the numbers

Endorsed LOUs – 30
Countries with LOUs – 29
Countries with LEIs – 198
LEI Registered Entities –  >482,000

LEIs By Country


LEIs By Issuer



list of lei rulemakings

A list of existing and proposed rules that make use of the LEI is available on the GLEIF website. To access the list, please click here.


upcoming events

MiFID II Seminar - April 4 in New York City
The revision of the European Union’s Markets in Financial Instruments Directive (MiFID II) is expected to go into effect in January 2018. This rule will significantly change the way broker dealers and asset managers comply with cross-border business requirements in Europe – especially in the area of payment for research. Join SIFMA for a focused half-day discussion on the key considerations of the framework for unbundling and the implications for cross border research.
Register Today

Canada-U.S. Securities Summit 2017 – Join SIFMA and IIAC on April 20 in NYC
This half-day summit convenes experts from Canada and the United States to discuss key economic, regulatory and political issues in the North American capital markets. The program will include perspectives on the agenda of the new U.S. administration and its potential implications for the long-held ties between the two nations. Attendance is complimentary.
Reserve Your Seat Today


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