On 30 October 2018, the Legal Entity Identifier Regulatory Oversight Committee (LEIROC) published a final policy document setting out their policy for incorporating legal entity events and data history into the Global Legal Entity Identifier System (GLEIS). The main features of the policy include:
- changes in terminology: events to be captured in the reference and relationship data in the GLEIS are now referred to as “legal entity events” rather than corporate actions;
- an incremental approach to the implementation of capturing legal entity events that would prioritize those events that occur relatively frequently and directly affect the Level 1 and Level 2 reference data;
- commercial or regulatory data feeds should be incorporated into the GLEIS to notify local operating units of potential changes to entities under their maintenance resulting from legal entity events;
- effective dates to reflect when legal entity events become legally effective in addition to the current requirement of recording when they are introduced to the GLEIS should be incorporated into the GLEIS;
- users should be able to easily access and use an entity’s data history through multiple channels; and
- spin-off relationships will be recorded in the GLEIS on a fully optional basis, with possible mandatory reporting at a future date to be determined by the ROC.