The Legal Entity Identifier Regulatory Oversight Committee (LEIROC) has published a consultation paper on corporate actions and data history in the global legal entity identifier systems (GLEIS).
In 2016, LEIROC formed a working group, under its Committee on Evaluation and Standards, to evaluate how corporate actions affect the legal entity reference data recorded in the GLEIS. After consultation with the Global LEI Foundation (GLEIF), local operating units of the GLEIS, and the LEIROC Private Sector Preparatory Group, LEIROC has identified 17 corporate actions (listed in table 1 of the consultation paper), which impact data in the GLEIS, be it reference data, relationship data, or the substance of the entity itself.
Some of the corporate actions are, at least in part, already covered by the data recorded in the GLEIS. However, LEIROC has identified possible improvements concerning the information that should be collected on these corporate actions, how the information should be obtained, and how the data should be arranged for later use. Among other things, the consultation paper seeks input from the public on possible improvements concerning:
- changes in names, trading names, legal address, headquarter address as well as the transformation of an international branch into a subsidiary and changes affecting funds;
- complex acquisitions;
- the creation of a spin-off relationship;
- the definition of inactive entities; and
- corporate actions that result in disappearance of the reporting entities.
The deadline for comments on the consultation paper is 29 September 2017.