At their first meeting of the year, Directors of the ECSDA Board invited Gerard Hartsink, Chairman of the Global LEI foundation, to discuss CSD-specific challenges around the implementation of Legal Entity Identifiers (LEI).
The LEI is a 20-character reference code to uniquely identify legally distinct entities that engage in financial transactions and associated reference data. By the end of 2015, more than 400 000 LEIs had been issued in 196 countries. In some countries, CSDs were appointed as the entities responsible for issuing new LEIs.
Once they implement the CSD Regulation, EU CSDs will have to report LEIs to regulators for their customers, but also for issuers for whom they provide the notary service.