|LEI - Legal Entity Identifier|
In the past, there were many ways to identify entities, but there was no unified global identification system for legal entities across markets and jurisdictions. Private industry has made several attempts over the past 20 years to establish a global entity identification system that would provide a universal, unique, authoritative identifier for each entity in financial transactions. The financial crisis exposed the depth of the problem of identifying financial connections and helped overcome previous impediments to developing the global entity identification system.
Assignment and administration of LEIs are performed by the various institutions, like securities depositories, banks, stock exchanges, statistical institution and others, that have been endorsed by the LEI Regulatory Oversight Committee (LEI ROC). The Regulatory Oversight Committee (ROC) was established to coordinate and oversee a worldwide framework of legal entity identification, the Global LEI System. The ROC was established as a stand-alone committee after recommendations by the international Financial Stability Board (FSB) and endorsement of the ROC Charter by the Group of Twenty (G-20) nations.
The initiative to create the Global LEI System (GLEIS) was taken by the G20 with the purpose to improve transparency and risk assessment in the financial markets. In addition to create a framework for identifying entities across the globe, standardized legal entity identifier codes will enable regulators to monitor and control counterparty exposure in a more efficient manner.
Zagreb Stock Exchange acts as pre-LOU in accordance with Regulatory Oversight Committee endorsement and is the only organization in the region that provides this service to market participants, contributing to the safety and efficiency of financial activities
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