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On 7 July 2022, the Financial Stability Board (FSB) published a report exploring options to improve the adoption of the Legal Entity Identifier (LEI), in particular for use in cross-border payments.
The report explores benefits that could accrue from the use of the LEI in cross-border payment systems and, in close coordination with the Global LEI Foundation (GLEIF), the Regulatory Oversight Committee (ROC) and national authorities, explores options to promote broader LEI adoption. It builds on a survey among FSB authorities and an outreach event with market participants, both held in the first half of 2022. It also extensively benefitted from inputs provided by GLEIF and ROC, including the ROC’s 2018 and 2019-2021 Progress Reports.
The report, which was produced in close coordination with the Global LEI Foundation (GLEIF), the LEI ROC and national authorities, sets out a series of recommendations for promoting the use of the LEI in cross-border payments and highlights the potential benefits of the LEI in supporting straight-through processing and assisting in know your customer requirements.
The FSB will review progress in implementing the recommendations and publish a progress report by end-2024, together with a review of progress in implementing the recommendations of the LEI peer review.
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