Legal Entity Identifier (LEI)
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- Terence Augustine Sims
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1 Association of National Numbering Agencies scrl ANNA Workshop Legal Entity Identifier (LEI), ANNA Secretariat Bali, Indonesia November 19, 2014
2 Background Longstanding issues with risk and exposure management unequivocal identification, including company hierarchies, is critical for risk assessment, systemic analysis, compliance, money laundering prevention No unique identifier, similar to the ISIN, for legal entities use of proprietary identifiers e.g. BICs, DUNs Numbers identification based on address data only is prone to error Several previous attempts to create a standardised method for identifying legal entities International Business Entity Identifier (ISO IBEI 2004) Scope to broad Issuer & Guarantor Identifier (ISO IGI 2010) On hold pending GLEIS 2
3 Challenges Regulators working in isolation regulators unable to cross-reference and carrying out analysis on a global basis Implementation cost & timeframe how should the costs be covered? global adoption of an international standards can take years Scope and coverage too many companies worldwide some companies are deliberately non-transparent Data quality and governance framework how can adequate data quality be ensured? 3
4 Driving the LEI Initiative forward Office of Financial Research (OFR, a U.S. Treasury Department) issued a policy statement with a deadline on 31 January 2011, on the requirements for a global and universal legal entity identifier for reporting G20 (Cannes Summit, Nov. 2011) We support the creation of a global legal entity identifier (LEI) which uniquely identifies parties to financial transactions. We call on the FSB to take the lead in helping coordinate work among the regulatory community to prepare recommendations for the appropriate governance framework, representing the public interest, for such a global LEI by our next Summit. Financial Stability Board (FSB) responsibility for coordination of the process to implement a Global LEI System International Standards Organisation (ISO) development of international standard ISO Legal Entity Identifier; published in June 2012 and selected as the format for the identifier Global LEI System 4
5 Driving the LEI Initiative forward Regulators mandating the use of LEIs for the reporting of counterparties of derivatives transactions to trade repositories: Commodities and Futures Trade Commission (CFTC) imposed regulation requiring parties engaging in swap trades with companies in the U.S. to provide a legal entity identifier from April 2013 European Securities Market s Association (ESMA) introduction of the European Market Infrastructure Regulation (EMIR) requiring LEI for reporting since Feb 12, 2014 Regulatory Oversight Committee (ROC) has appointed Board of Directors for the Global LEI Foundation Establishment of the Central Operating Unit (COU) Implementation of the official Global LEI System 5
6 Global LEI System 6
7 LEI Scope and Coverage all financial intermediaries; banks and finance companies; all entities that issue equity, debt or other securities for other capital structures; all entities listed on an exchange; all entities that trade stock or debt, investment vehicles, including mutual funds, pension funds and alternative investment vehicles constituted as corporate entities or collective investment agreements (including umbrella funds as well as funds under an umbrella structure, hedge funds, private equity funds, etc.); all entities under the purview of a financial regulator and their affiliates, subsidiaries and holding companies; counterparties to financial transactions 7
8 LEI Structure 20 character code - allocated in accordance with ISO 17442:2012 XXXX XX XXXXXXXXXXXX XX 4 char LOU code 2 char reserved 12 char entity identification 2 char checksum 8
9 LEI Minimum Data Set The following set of reference data attributes are regarded as the minimum set of information that should be available at the launch of the LEI as specified in ISO 17442:2012: 1. The official name of the legal entity; 2. The address of the headquarters of the legal entity; 3. The address of legal formation; 4. The date of the first LEI assignment; 5. The date of last update of the LEI; 6. The date of expiry, if applicable; 7. For entities with a date of expiry, the reason for the expiry should be recorded, and if applicable, the LEI of the entity that acquired the expired entity; 8. The official business registry where the foundation of the legal entity is mandated to be recorded on formation of the entity, where applicable; 9. The reference in the official business registry to the registered entity, where applicable. 9
10 Pre-LOU Principles Financial Stability Board & Regulatory Oversight Committee Principles to be observed by Pre-LOUs* (27July 2013) Compliant with ISO 17442:2012 Self-registration Uniqueness and exclusivity Portability Relevant LEI survivor Compatible reference data Historical data Data quality Open access to Intellectual Property (IP) Flexibility Federation Standards * Document - Principles to be observed by Pre-LOUs that wish to integrate into the Interim Global LEI System (GLEIS) dated 27 July
11 Cost Recovery Financing of the Global LEI System is on the basis of cost recovery Registering entities provide payment for LEI allocation to LOUs LOUs contribute funding to the establishment and maintenance of COU Cost recovery factors Validation process Revalidation during the year (for instance due to a corporate action) Technological infrastructure for registration and publication (hardware, software, operation) Mail and telephone support Development of the portal, adaption to the regulatory requirements Provision for necessary investments and system enhancements 11
12 Pre-LOU Sponsorship & Endorsement Process 1. Local regulator must be a full member of the ROC ROC Observer status is inadequate 2. Review requirements and obligations Principles can be met Consideration to allocation scope and coverage 3. If Principles can be met, approach local regulator for sponsorship Demonstration of adherence to Principles may be required 4. Regulator must contact ROC Secretariat and apply for allocation of a pre-lou prefix Local regulator will act as Sponsor Pre-LOU prefix will be published on ROC website 5. Pre-LOU commences allocation of LEIs 6. For LEIs to be globally accepted the pre-lou must obtain endorsement from the ROC Demonstration of adherence to Principles Process takes approximately 30 days 12
13 NNAs with Pre-LOU Status 30 Pre-LOUs currently sponsored and assigned a LEI prefix, of these, 14 are NNAs e.g.: WM Datenservice (Germany) Irish Stock Exchange (Ireland) Takasbank (Turkey) National Settlement Depository (Russia) London Stock Exchange (United Kingdom) Krajowy Depozyt Papierów Wartościowych S.A. (Poland) Currently 19 pre-lous are operational, of these, 10 are NNAs 21 pre-lous have been endorsed, 11 out of these are NNAs NNAs considering or intending to become a pre-lou could contact the NNAs that are already endorsed to get assistance 13
14 Pre-LOU Validation Requirements Self-registration Registrant must be authorised to request the LEI on behalf of the entity Entity eligibility Ensure entity type and legal form is eligible for LEI allocation e.g. pension schemes and funds where assets and liabilities are ring fenced Duplicate avoidance Check for duplicates in local and other pre-lou databases Data record validation Check business register (legal name, legal form, address) Entity type specific check steps for investment funds and corporations of public law Only following successful completion of all validation stages can a LEI be allocated The same validation process applies for initial registrations & renewals 14
15 Data consistency How do you ensure that the data received from an applicant is compatible with your systems with respect to the particular format used, the data conventions employed or the specific fields required? ROC has created a Consolidated File Format that has to be used since August 19 by all pre-lous providing common structure Mandatory field requirements in online forms for the registrant data and LEI data record Ensure data record and minimum data is complete Dropdown selection lists Consistent use of data Minimises input errors Use of ISO standards where possible e.g. address country fields and date formats 15
16 Registrant Validation How do you ensure that the data has been received by an individual who is authorised to act on behalf of the applicant? User registration process requiring population of mandatory fields confirming registrant name, company name, address, title, address and telephone number GEI Validate function of applicant against business registers as a primary source (in Germany: Handelsregister) and public sources e.g. for investment funds Validate in the Power of Attorney the signed person against business register or against a public list of authorized signatures IEI Cross-reference registrant profile with entity details in IEI request Completion of registrant authorisation form 16
17 Data Validation How do you ensure that the reference data received from the registrant is accurate? Validation and cross-referencing against official public sources and legal documentation Business registers Legal form documentation e.g. prospectus, trust deeds, partnership agreements Annual reports Regulator records Exchanges and trading venues Regulatory disclosures Numbering Agency data Data vendors 17
18 LEI Timeline From Application, Validation to Published GEI Setting up user account Filling in the GEI order form Payment process Bank Transfer WM Validation Process LEI Allocation few minutes few minutes 3-15 business days 1-10 (average 5) business days few minutes Process with many volatile parameters including volume of requests and dependence on validation material IEI Setting up user account Completing the IEI template Payment process Credit Card LSE Validation Process LEI Allocation few minutes few minutes few minutes 1-10 (average 3) business days few minutes 18
19 GEI Portal Facts and Figures GEI applications past 12 months New applications and transfer requests as of
20 IEI Portal Facts and Figures IEI applications past 12 months Total Allocations New applications and transfer requests as of
21 GEI Portal Facts and Figures GEI Applications by geographical origin 4% 35% 61% Germany Europe World GEI Applications from 124 countries as of
22 IEI Portal Facts and Figures IEI Applications by geographical origin 2,5% 3,1% 1,6% 0,2% 38,6% 51,5% EUROPE UNITED KINGDOM NORTH AMERICA LATIN AMERICA ASIA AFRICA IEI Applications from 125 countries as of
23 Association of National Numbering Agencies scrl? Questions? Thank you ANNA Secretariat 23
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