Regulatory Alerts2019-06-10
Update on the Implementation of Legal Entity Identifiers (LEIs)
The Financial Sector Conduct Authority (FSCA) outlines South Africa’s progress and future requirements for Legal Entity Identifiers (LEIs), aligning with recent Financial Stability Board recommendations. The regulator confirms Strate’s accreditation as a Local Operating Unit, mandates LEI usage for OTC derivatives reporting, and proposes extending LEI requirements to securities financing transactions and short sales. FSCA urges broader LEI mandates for financial market participants, cost-effective maintenance models by the Global LEI Foundation, and cross-sectoral adoption to enhance regulatory risk assessment and data transparency.
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