It’s a sad day indeed when dinner party conversation turns to a 20-digit number. And yet, if asked what is the most compelling topic of coverage in our sphere of influence, I feel compelled to include within the top three at least: the LEI.
The US Internal Revenue Service (IRS) has pushed back the registration deadline for foreign financial institutions (FFIs) subject to the Foreign Account Tax Compliance Act (Fatca) by 10 days. It has also given jurisdictions that are close to signing Intergovernmental Agreements (IGAs) on Fatca the same status for the remainder of this year as those that have signed agreements.
To accompany our recent webinar on Entity Data Management & the LEI, we asked participants to give us their thoughts on the key discussion themes. Here is Peter Warms, Head of Product Development for Global Data and Symbology, Bloomberg. You can hear the entire webinar here, or read a summary here.
As the global legal entity identifier (LEI) standard gains acceptance, institutions are coming to grips with their entity data, adopting a more entity-centric basis for their operations. What benefits are they realizing, and has the effort been worthwhile?
Money, time, accuracy and quality have all been casualties of the extensive duplication of effort that has characterised the management of reference data management in the financial industry for as long as anyone can remember. The issue has become all the more acute in recent years by the growing complexity of financial markets and the introduction of swathes of sometimes overlapping regulations.
Just over a year since the Financial Stability Board handed over leadership and direction of the interim Global Legal Entity Identifier System – or GLEIS – to the Regulatory Oversight Committee (ROC) of the LEI the entity identifier is being used for reporting under European Market Infrastructure Regulation.