The European insurance and occupational pensions regulator, EIOPA, has issued a consultation paper on its proposed guidelines for the use of legal entity identifiers (LEIs).
The guidelines are intended “to establish consistent, efficient and effective supervisory practices by harmonising the identification of legal entities in order to ensure high-quality, reliable and comparable data,” the consultation paper says. It supports the LEI system proposed by the Financial Stability Board.
The paper says that the “repercussions” of implementing an LEI system would be “negligible” compared with the benefits, in particular from the harmonisation of identification codes across different jurisdictions and regulators.
“There are no alternative options available either in the insurance or pensions sectors to date,” it says.
While initially, the data in the global LEI system is intended to focus on “information necessary to identify entities uniquely”, in the longer run the information is expected to expand to include other contextual information, particularly information describing relationships among entities.
The deadline for submission of feedback is 29 August 2014. The regulator expects to publish a final report on the consultation by 14 September 2014 and to submit the LEI guidelines for adoption by the Board of Supervisors by 29 September 2014.
EIPOA’s press statement is available by clicking here.
The consultation paper can be found by clicking here.