COVID-19 made us realize the importance of digitalization. But we still lack a vital enabler, particularly for cross-border transactions, commonly used for identifying an entity. Without a globally accepted standard ID, information and data flows may be stopped or slowed at the border. Further proliferation of a globally accepted ID and a good understanding of the needs is essential for a more robust, faster, and sustainable recovery from the pandemic.
In the wake of the global financial crisis in 2007, regulators worldwide acknowledged their inability to identify parties to transactions across markets, products, and regions. The Financial Stability Board (FSB), together with the finance ministers and central bank governors represented in the Group of 20 (G20), advocated developing a universal Legal Entity Identifier (LEI) applicable to any legal entity that engages in financial transactions. Implementation of the LEI will increase the authorities’ ability to evaluate systemic and emerging risk, identify trends and take corrective steps.
The merit of the publicly available LEI data pool goes beyond the hands of financial regulators. The LEI enables the precise and unique identification of legal entities by connecting to key reference information. Any interested party can access and search the complete LEI data pool free of charge and without the need to register. Broad adoption of LEIs could save the global banking sector USD 2-4 billion annually in client onboarding costs alone. This represents a saving of between 5-10 percent of the industry’s USD 40 billion annual overall costs on the practice. If banks broaden the utilization of LEIs across business lines, resulting efficiencies will generate significant cost and time savings.
The Global Legal Entity Identifier Foundation (GLEIF) was established in 2014 as a supra-national not-for-profit organization tasked to ensure the operational integrity of the Global LEI System by the initiative of the leaders of the G20 and the Financial Stability Board. In collaboration with GLEIF, the Asian webinar series aim to explain LEI, highlight the global trend of LEI adaptation, and share experience and policy directions of Asian regulators as well as business practices utilizing LEI in Asia.
The members and observers of ASEAN+3 Bond Market Forum (ABMF) and Cross-Border Settlement Infrastructure Forum (CSIF) under the Asian Bond Markets Initiative (ABMI), consisting of the staff from the central banks, securities regulators, ministries of finance, stock exchanges, CSDs, financial market associations, and private sector financial experts in ASEAN+3. We welcome participation from the academia and tax authorities as well as any parties interested in the LEI.
Each webinar invites two speakers for 20 min presentation each, then followed by Q&A. The duration will be one hour.
STEPHAN WOLFChief Executive OfficerGlobal Legal Entity Identifier Foundation
SATORU YAMADERAAdvisor, Economic Research and RegionalCooperation Department (ERCD) Asian Development Bank
AMY A. KABIAManaging Director, Party Reference Data OperationsJP Morgan Chase
LEA-ANN B. BIGELOWDirector, Interagency CollaborationCBP Office of Trade
FRANCOIS LAURENTSenior Manager, Statistics DepartmentEuropean Central Bank
GUILLERMO DE LA FUENTESenior Treasury and Risk Manager, SITA
P. VASUDEVANChief General ManagerReserve Bank of India (RBI)
ARUN K. PANDEYSenior Vice PresidentThe Clearing Corporation of India Limited
FENG LEISection Chief, Standardization & PlanningDivision, Technology DepartmentPeople’s Bank of China
ZHANG YANZHAOSenior Strategy Analyst, StrategicDevelopment DepartmentChina Financial Certification Authority
OSWALD KUYLERManaging Director DSIInternational Chamber of Commerce
HANS HUBERSenior PO Trade Finance Innovation R&DCommerzbank Germany
Date: 9 July 2021, Friday Time: 4:00PM Manila Time Download Webinar Materials Video is restricted for viewing.
NURASHIQIN ASRIDeputy Director, Governor's OfficeInvestment Operations and Financial Market DepartmentBank Negara Malaysia
SATORU YAMADERAAdvisor, Economic Research and RegionalCooperation Department (ERCD)Asian Development Bank
Date: 12 July 2021, Monday Time: 4:00PM Manila Time ǀ 10:00AM CET ǀ 1:30PM India Watch Video
MR. Satoru YamaderaAdvisorEconomic Research and RegionalCooperation Department (ERCD)Asian Development Bank