The Regulatory Oversight Committee (ROC) of the Global Legal Entity Identifier (LEI) system has published an update on developments in the LEI system. In the update, ROC LEI highlights the following:

• in January 2017, the Global LEI Foundation (GLEIF) published the first accreditations of LEI issuers of the Global LEI system. The accreditation of LEI issuers by the GLEIF replaces the interim ROC endorsement framework. All pre-Local Operating Units (LOUs) endorsed by the ROC should be accredited by the GLEIF by the end of 2017 if they wish to continue their activities as LEI issuers after that date;
• the GLEIF is currently finalising the technical specifications for recording relationship data relating to direct and ultimate parents of legal entities in the Global LEI system. It intends to implement these specifications in early 2017 and all LEI issuers are expected to develop by 1 May 2017 the capacity to record relationships with direct and ultimate parents. This work follows the LEI ROC’s March 2016 report on collecting data on direct and ultimate parents;
• the LEI ROC has begun work on improvements to the recording of relationships of funds in the Global LEI system. It expects to consult on this in the first half of 2017, with implementation not occurring before early 2018;
• the LEI ROC intends to publish a progress report in the first half of 2017 on LEI uses and their expansion that will also cover the implementation of checks on the status of LEIs used in reporting;
• the LEI ROC expects all LOUs to develop by 1 May 2017 the capacity to issue LEI to branches of international or foreign branches in the Global LEI system. This work follows the LEI ROC July 2016 policy document on including data on these branches in the Global LEI system;
• the LEI ROC has begun a review of how some corporate actions, such as mergers and acquisitions, affect LEI records. It intends to consult on this in the first half of 2017; and
• in September 2015, the LEI ROC published a statement on the conditions under which individuals acting in a business capacity can obtain LEIs. The LEI ROC is considering whether to extend LEI eligibility to other types of individuals, such as those licensed or authorised by a financial regulator.

View LEI ROC update on KEI system developments, 12 January 2017