GFMA and Other Associations Submit Comments Malaysian Regulators on Trade Repository Reporting Requirement for Derivatives
16 January 2014
GFMA, as part of the The LEI Trade Association Group, a coalition of financial services firms and trade associations, provides comments to Securities Commission Malaysia (SC), Bank Negara Malaysia (the Bank), and Perbadanan Insurans Deposit Malaysia (PIDM) (Regulatory Agencies) on their Joint Public Consultation Paper: Trade Repository Reporting Requirement for Over-the-Counter Derivatives , NO. 1/2013, November 20, 2013.
The Associations strongly encourage the Regulatory Agencies to reconsider the use of the SWIFT code or company registration number for identifying Parties in trade reporting. Instead, the groups respectfully propose the adoption of the legal entity identifiers (LEIs) that are available through the Global Legal Entity Identification System (GLEIS) towards this purpose. The GLEIS, developed under the auspices of the Financial Stability Board (FSB) and endorsed by the G20, is aimed at achieving a unique, unified global system of identification of parties to financial transactions.