IGTA Journal - Winter 2020/2021

Delivered by Ingenta IP: 193.129.26.79 On: Tue, 28 Jan 2020 14:32:43 Copyright: Henry Stewart Publications Cleland and Hartsink Table 2: Actions market participants can take to realise the benefits of the LEI (continued) Actions Benefits GLEIF • Enable cost and process efficiencies in LEI adoption and renewal to improve accessibility. • Enhance data quality and data maintenance processes of the LOUs with their registrants. • Enhance the scope and usability of the relationship data (such as beneficial owners). • Raise awareness of the benefits of the LEI to expand coverage in the non-financial sector. 44 GLEIF is currently undertaking a research project to substantially increase the number of issued LEIs (from current 1.4 million to 40 million). • Improve interoperability of LEI with other identifiers. GLEIF has established a free-of-charge certification process for a mapping programme to ensure that organisations are able to map their own identifiers for their customers and/ or suppliers accurately with the LEI or with the owners of object identifier(s).At the end of June 2019, approximately 21,000 mapped identifier pairs were available for users. 45, 46 • Help meet the G20 objectives for the LEI. • Deliver the global LEI system as a broad public good for the users of the public and private sector. Government and national data authorities • Provide infrastructure to promote LEI adoption, awareness and use.This can include: { incorporating LEIs into national business registers; and { making national business registers an LEI issuance authority, or developing processes to facilitate the generation of LEIs when companies are incorporated. 47 This action would greatly facilitate wider LEI adoption. • Lead by example and use LEIs for the issuing of public debt. • Effective cross-linking and consolidation of a diverse range of datasets including business registers. • Helping to streamline identification and data quality checks. • For end users, it could also improve the user experience and alleviate administrative burden of reporting requirements based on an ‘only once’ principle.* Policy and industry standard setters and regulators • Consider whether LEI can be used (or enhance references to LEIs where already used) to achieve policy objectives.This could include guidance on the inclusion of data on entities as well as promoting LEI use in cross-border payments. • Consider requiring the LEI in reporting and disclosure frameworks. • For the oversight of financial market infrastructures consider the use of LEIs in Principle 22 of the Principles for Financial Market Infrastructures. • Work with industry to help realise usage cases for LEIs and address barriers and limitations. • Help meet the G20 objectives of the LEI and individual policy objectives. (continued) Page 333 IGTA eJournal | Winter 2020/21 | 49