The financial stability board (FSB) has launched a thematic peer review on the implementation of the Legal Entity Identifier (LEI) and has invited feedback from stakeholders.
The review aims to evaluate the progress made by FSB members in response to the G20 Leaders’ 2012 call for “global adoption of the LEI to support authorities and market participants in identifying and managing financial risks”.
According to FSB, the peer review will take stock of the approaches and strategies used by FSB members to implement the LEI, including the adoption for regulatory requirements.
Additionally, it will assess whether current levels and rates of LEI adoption are sufficient to support the on-going and anticipated needs of FSB member authorities.
As well as this, the peer review will identify the challenges in further advancing the implementation and use of the LEI, and make recommendations to address common challenges.
The Summary Terms of Reference provide further details on the objectives, scope, and process for this review, and a questionnaire to collect information from national authorities has been distributed to FSB members.
The responses will be analysed and discussed by the FSB later this year and the peer review report will be published in the first half of next year.
As part of this peer review, the FSB invites feedback on the implementation of the LEI from financial institutions, industry consumer associations, and other stakeholders.
The FSB revealed that this could include comment on identifiers used by financial institutions for legal entities established in their jurisdiction or in a foreign jurisdiction, as well as awareness and adoption of the LEI in their jurisdiction.
The comments could also include types of private sector uses of the LEI and the benefits measured or anticipated from such uses.
Challenges and costs faced in acquiring and maintaining LEIs and main obstacles faced by market participants to adoption and implementation of LEI may also be included in the comment.
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