Implementing the Global Legal Entity Identifier (LEI) System – A Charter for the Regulatory Oversight Committee and Report on Progress

 Abstract

This note seeks the endorsement of the G20 Finance Ministers and Central Bank Governors for the draft Charter for the Regulatory Oversight Committee of the Global LEI System. The draft has been approved by the FSB and is provided in the Annex. Endorsement of the Charter is the key first step in the implementation timeline of the Global LEI System. Approval by the G20 Finance Ministers and Central Bank Governors will initiate the process for the ROC to be formed. In turn, formation of the ROC as the permanent governance arrangement for the LEI system is a prerequisite for the creation of the global LEI foundation and the operational structure. The note also provides a short progress report on other major elements of the LEI work.