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The global Legal Entity Identifier (LEI) infrastructure is coming together, slowly but surely.
This week the inaugural board meeting of the Global Legal Entity Identifier Foundation (GLEIF) established a funding plan for LEIs, and the CFTC extended the designation of the utility operated by the post-trade services company DTCC and the financial messaging cooperative SWIFT (DTCC-SWIFT) as an LEI provider, officials say.
On July 29, the newly established GLEIF implemented its 2014 funding plan based on recommendations by the Financial Stability Board (FSB), which will see a license fee of $20 and a member credit fee of $10 levied on each LEI, according to a GLEIF statement.
The license fee is determined on an annual basis and for 2014 includes all LEI activity from January 1 through December 31.
The LEI fees will be used to establish a sustainable source of funding for the GLEIF as it continues to work with the Regulatory Oversight Committee (ROC) on implementing the rest of the FSB’s recommendations for establishing the GLEIS governance framework, officials say.
Meanwhile on July 22 the CFTC extended the DTCC-SWIFT’s 2012 designation as an LEI provider for one more year, officials say, allowing the utility to continue issuing LEIs while the international process to fully establish the GLEIS is underway.
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