Regulatory Oversight Committee Launches Consultation on Legal Entity Identifiers for General Government Entities10/25/2019The Legal Entity Identifier Regulatory Oversight Committee has launched a consultation on the allocation of LEIs to government entities. LEIs are reference codes allocated to legal entities for the purposes of unique identification in financial transactions and for other public sector uses. General government entities are eligible for LEIs as they are legal entities, but many (such as Ministries, Agencies and Republics) are not incorporated or do not otherwise have legal personality. This leads to a risk of duplication and a lack of information regarding the relationships of general government entities. As a result, the ROC is proposing to include an additional item entitled “general government entities” in its global legal entity identifier system, where relevant government entities could be identified and their affiliation to a subsector (using the subsector categories determined by the System of National Account, e.g. central government, local government, social security) determined.
The LEI ROC is inviting comments on its consultation document, in particular in response to the following areas:
- Whether there is some need for identifying general government entities;
- Potential difficulties for identification of general government entities in the current framework;
- Evaluation of the convenience for a new item to identify general government entities, including whether it is appropriate to separately identify such entities and whether they should provide a reference to official documents in completing their registration; and
- The scope and appropriateness of the System of National Account definitions.
- Responses should be submitted to the ROC by December 6, 2019.
View the ROC's consultation paper.
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