The Bank of Russia hosts a meeting of the Executive Committee of the Global LEI System

Over the two-day meeting in Moscow, the Executive Committee of the Legal Entity Identifier Regulatory Oversight Committee (LEI ROC Executive Committee) discussed the further development of the LEI system.

The global Legal Entity Identifier (LEI code) constitutes a 20-character alphanumeric code linked to the identification data of a legal entity (its official name, address of legal formation, actual address, etc.).

In the Bank of Russia's opinion, the benefit of using the LEI code predominantly consists in streamlining the process of identifying financial market participants engaged in cross-border transactions. Russia’s adoption of its own national standard, identical to ISO 17442 Legal Entity Identifier (LEI), which is expected in the near future, will provide an additional stimulus for extended use of the LEI code in supervisory reporting.

The LEI code was initially used across numerous jurisdictions to identify parties to financial transactions, however the scope of this application is rapidly expanding. Information on legal entities and their LEI codes is publicly accessible. The key benefit of the LEI code over other identifiers lies in the high quality of data ensured by a two-level verification system.

The Regulatory Oversight Committee (ROC) is a supervisory body responsible for controlling and coordinating the development strategy for the LEI system. It was established by the Group of 20 and the Financial Stability Board in 2013.  The ROC consists of representatives from more than 40 national supervisory bodies. The Bank of Russia has been a member of the ROC since 2013.