GFMA and Other Associations Submit Comments to the EBA on the Use of a Legal Entity Identifier
28 November 2013
GFMA, the International Swaps and Derivatives Association, Inc (ISDA), the Investment Industry Association of Canada (IIAC), ISITC Europe and the UK Investment Management Association provide comments to the European Banking Authority (EBA) on the EBA's Consultative Document on the use of the Legal Entity Identifier (LEI) for entity identification in EU regulatory reporting.
The Associations strongly agree with the EBA’s recommendation to support “the adoption of Legal Entity Identification system proposed by the Financial Stability Board (FSB) and endorsed by the G20, aimed at achieving a unique, worldwide identification of parties to financial transactions” and to call for “competent authorities [to] request that all institutions under their supervisory remit obtain a pre-LEI code” and use that LEI when providing information to the EBA concerning institutions.
The groups offer a few brief comments on the Draft Recommendation as well respond to the three questions included in the paper.