Click here to read the October 2023 newsletter of ISO TC 68.
News and updates
Click here to read the September 2023 newsletter of ISO TC 68.
Click here to read the August 2023 newsletter of ISO TC 68.
Click here to read the June 2023 newsletter of ISO TC 68.
Click here to read the May 2023 newsletter of ISO TC 68.
Click here to read the April 2023 newsletter of ISO TC 68.
On 21 March 2023, representatives of the Unique Identity Authority of India (UIDAI) and Bureau of Indian Standards (BIS) delivered a webinar presentation about Aadhaar, the citizen digital ID program of India.
Click here to read the March 2023 newsletter of ISO TC 68.
Representatives of the Unique Identity Authority of India (UIDAI) and Bureau of Indian Standards (BIS) will deliver a webinar presentation about Aadhaar, the citizen digital ID program of India.
Click here to read the February 2023 Newsletter of ISO TC 68.
Click here to read the January 2023 Newsletter of ISO TC 68.
Click here to read the November 2022 Newsletter of ISO TC 68.
While we process the loss of our friend and colleague, Patrice, we also want to celebrate his life recognizing his many contributions and years of service to international financial standards. We will feel his loss for quite some time.
Click here to read the October 2022 Newsletter of ISO TC 68.
Click here to read the September 2022 Newsletter of ISO TC 68.
Click here to read the August 2022 Newsletter of ISO TC 68.
ISO TC 68 will hold its upcoming Plenary meeting in Oslo, Norway during the week of 7 November 2022. This meeting will be held onsite in Oslo, as follows, with a virtual option available to persons who cannot participate in person.
Click here to read the July 2022 Newsletter of ISO TC 68.
The following is information about webinars hosted by ISO TC 68/TAG 1, the Financial Technology Technical Advisory Group (Fintech TAG). The Fintech TAG hosts these webinars under its Speaker Series program.
Click here to read the June 2022 Newsletter of ISO TC 68.
Through the 38th UN/CEFACT Forum held on 17 May, the Vice Chair of UN/CEFACT and CBI Managing Director Liliana Fratini Passi*, presented the “Open Banking: State of Art and Upcoming Challenges” webinar, focusing on the “Global Open Banking Report” released by CBI and PwC – available on CBI Official Site: CBI - Report and Research (cbi-org.eu) – in addition to launching the “White Paper on Open Finance to Support Trade Facilitation” published by UNECE-UN/CEFACT within its official documents.
In May 2022, Global Blockchain Business Council (GBBC) merged with Global Digital Finance (GDF) to create a 500-member institution that will lead the way for blockchain and digital assets leaders.
Just like every year, ISO has published an updated edition of the ISO/IEC Directives as well as of its ISO Supplement.
AG 5 is presently engaged in developing a paper on digital currencies.
The Fintech TAG will conduct a study on the classifications and taxonomies of digital assets.
In January 2022, the Board of Governors of the Federal Reserve System (Federal Reserve Board) published a paper titled, "Money and Payments: The U.S. Dollar in the Age of Digital Transformation," inviting comments from the public.
On 13 April 2022, Abu Dhabi Global Market’s Financial Services Authority published a discussion paper which seeks guidance from the cryptocurrency industry and serves as a starting point for a dialogue on how decentralized finance may be regulated.
The below-noted papers, published by the Bank of Japan’s Payment and Settlement Systems Department, relate to the use of ISO TC 68 and ISO 20022 in digital finance. The Bank’s Payment and Settlement Systems Department serves as the secretariat of the National Member Body of ISO TC 68 in Japan:
The 38th United Nations Centre for Trade Facilitation and Electronic Business (UN/CEFACT) Forum will be held virtually from 16-20 May 2022.
The Standards Advisory Group (SAG) of Technical Committee 68 (TC 68) of the International Organization for Standardization (ISO) responded to the European Securities and Markets Authority (ESMA) call for evidence on the DLT (Distributed Ledger Technology) pilot regime in early March. The SAG's response discusses use of the new ISO 24165 standard for a Digital Token Identifier (DTI) and addresses many of the specific questions included in ESMA's Call for Evidence (CfE).
Click here to read the SAG response to ESMA's call for evidence on the DLT pilot regime.
The Standards Advisory Group (SAG) of Technical Committee 68 (TC 68) of the International Organization for Standardization (ISO) responded to the U.S. Customs and Border Protection (CBP) initiative named "Global Business Identifier (GBI)" in early December, agreeing that a single solution to identify the different trade entities associated with US imports will greatly facilitate the collection of information on these entities. Specifically, the SAG believes the ISO 17442 (LEI) standard could be leveraged in the support of the CBP requirements.
Click here to read the SAG response to the GBI initiative.
The G20 leaders agreed in 2009 that over-the-counter (OTC) derivatives contracts should be reported to trade repositories as part of their commitment to reform OTC derivatives markets in order to improve transparency, mitigate systemic risk and protect against market abuse. Since then, the global financial regulator community has determined that such reporting should include identification of the derivative product concerned and the Financial Stability Board, in its 2019 paper "Governance Arrangements for the UPI," indicated that the identifier itself and its associated reference data elements should be the subject of an international standard to be developed by ISO. A new standard “Unique Product Identifier (UPI)” has therefore been developed in order to uniquely identify OTC derivate products by a specific set of reference data elements for the purpose of regulatory reporting of trade repositories.
The established International Financial Standards Conference (IFSC) will be held in Frankfurt on 23 November 2021 in hybrid and will focus this year on the topic “Making Standards Digital and Sustainable.“ The conference will be co-organized by ANNA, GLEIF and WM Gruppe all being active participants in ISO development. Beside speakers from the organizers further high ranking speakers from European Central Bank and also from ISO TC68/AG4 Sustainable Finance will be presenting.
The Standards Advisory Group (SAG) of Technical Committee 68 (TC 68) of the International Organization for Standardization (ISO) recently offered comments on the UK Treasury’s consultation on the “Amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 Statutory Instrument 2022”.
This new standard – ISO 24366, Natural Person Identifier, Part I – provides the identifier code construction as well as the underlying reference data needed to identify a natural person for the purposes of provision of financial services.
Additional work is underway to focus on the authentication of the natural person, issuance and maintenance of the code and recommendations for the registration authority/maintenance agency.
27 September 2021 – Plenary, ISO TC 68/SC 8, Reference Data for Financial Services
28 September 2021 – Plenary, ISO TC 68/SC 9, Information Exchange for Financial Services
29 September 2021 – ISO 20022 Registration Management Group (RMG)
4 October 2021 – Plenary, ISO TC 68/SC 2, Financial Services, Security
5 October 2021 – Plenary, ISO TC 68, Financial Services
In July 2021, the Draft International Standard (DIS) 5009, Financial Services Official Organizational Roles – Scheme for Official Organizational Roles, was approved for publication. Click on the header to read more…
The Digital Token Identifier Foundation (DTIF) has been created with a guiding principle of providing reference data for digital assets, using open data principles and in accordance to the ISO 24165 standard maintained by ISO TC68 SC8.
In preparation for formal launch in September 2021, to occur in parallel to the publication of the ISO 24165 international standard, DTIF is implementing its governance framework, including the creation of the DTIF Product Advisory Committee (PAC). Click on the header to read more...
Robin Doyle is retiring from JPMorgan. Robin has served as the convener of our TC 68 /SG 4 Communication Subgroup. Her accomplishments include: launching the TC 68 website, authoring the ISO TC 68 Editorial Policy, and establishing a LinkedIn Group for ISO TC 68, a regular email communication to ISO TC 68 and its subcommittees, and an active editorial review process within the group. In short, Robin developed and institutionalized one of the most effective communications groups within ISO in her two+ year tenure as convener of ISO TC 68 / SG4. Click on the header to read more....
Following the nomination of Etrading Software Limited by TC68 SC8 as the Registration Authority (RA) for the ISO 24165 Digital Token Identifier (DTI) last year, ISO Council has approved Etrading Software to provide the delivery of the services necessary for the implementation of the standard. Click on the header to read more...
Please click on the header to read important updates from the ISO 20022 RMG....
Please click on the header to read about important updates from TC68 / SC2 including open ballots and the deadline for Plenary registration...
Please find links to the following presentations:
- May 11 Lessons Learned from XBRL Evolution https://vimeo.com/551536388
- February 25 Central Bank Digital Currency https://vimeo.com/538888956
More information was posted on the website on April 26 and February 18, respectively, including bios of the speakers.
TC68 has issued a call for a new convenor for the SG4 TC68 Communications SubGroup as the current convenor, Robin Doyle, is retiring on June 30th. The convenor for this subgroup will also be a member of the TC68 Strategic Leadership team. Please let Janet Busch (firstname.lastname@example.org), TC68 Committee Manager, know if you are interested in running for this position or if you would like additional information.
The Global Legal Entity Identifier (LEI) Foundation has begun operationalizing the collection of important additional data required by three Regulatory Oversight Committee (ROC) Policies/Guidance into the Global LEI System - listed below.
Click on the header to read more...
The Regulatory Oversight Committee (ROC) and the Derivatives Service Bureau (DSB) have announced a joint programme to promote awareness of the use of the globally harmonised Unique Product Identifier (UPI). The ROC and DSB will jointly hold three industry fora to introduce the main features of the service. Click on the header to read more and get registation details....
TC68/SC2 has issued a call for a new convenor for WG11, Encryption Algorithms. Section 1.12 of the ISO Directives covers working groups and work group chairs and should be referenced if more information is needed. The deadline for response is Friday, May 21, 2021. Please let Sarah Horsfield (Sarah.Horsfield@bsigroup.com), SC 2 Committee Manager, know if you are interested in running for this position or if you would like additional information.
The fifth speaker in the FinTech TAG series is Kristin Boggiano who will present "Exploring Crypto Assets" on Thursday, 20th May at 10.30 EST. Click on the header to read more and access the Zoom information....
The fourth event in the FinTech Webinar speaker series will feature John Turner and David Vun Kannon exploring the Lessons Learned from the Evolution of XBRL on May 11, 2021 at 11:00 am Eastern Time. Click on the header for more information and Zoom details....
A DIS ballot has been opened on April 22, 2021 for ISO/DIS 5009 - Official Organization Roles. The ISO 5009 standard fulfils the need for listing official organizational roles in a structured way in order to be used to specify the roles of persons acting officially on behalf of an organization or legal entity. Also see the briefing note posted on this website from October 29, 2020 for more information on the standard. The ballot closes on July 17, 2021.
A DIS ballot has been opened on April 14, 2021 for ISO/DIS 9564-5 - Financial services — Personal Identification Number (PIN) management and security — Part 5: Methods for the generation, change, and verification of PINs and card security data using the advanced encryption standard. Click on the header to read more...
The ISO Secretary-General has decided, with the support of the ISO President’s Committee, that the measures to hold all meetings virtually during the COVID-19 crisis be extended to July 31, 2021. The extension of these measures will continue to be reviewed, according to the agreed criteria, and communicated on a monthly basis. The three-month rolling window of virtual meetings does not however prevent any Technical Committee from planning virtual meetings over a longer time frame. This is actually recommended by the TMB due to the remaining uncertainties related to the COVID-19 crisis.
On March 9, 2021, TC 68 held a Virtual Status Update Meeting to review the resolutions from the fall Plenary meeting and give indications of directions going forward. No resolutions were taken during the call. Following is a summary of the key messages from the meeting. Click on the header to read more...
The ISO 24366 Natural Person Identifier (NPI) is now out for DIS ballot (March 10 – June 2). A detailed Briefing Note on the NPI was posted in June 2020, read more here: https://committee.iso.org/sites/tc68/home/news/content-left-area/news-and-updates/update---iso-24366---identificat.html
The Working Group has started to work on the Part II of the NPI which is expected to satisfy the requirements for the authentication and ongoing maintenance of reference data, and the issuance process for the identifier. To this end the Working Group is creating a questionnaire to understand the current and potential global requirements for the creation, authentication and usage of natural person identifiers.
ISO has set forth a vision: Making lives easier, safer and better. With this in mind, the ISO Strategy 2021-2030 sets out this vision, its mission, goals and priorities . Please see more here about the ISO Strategy 2030: https://www.iso.org/strategy2030.html
“Digitalisation has spread to every corner of our lives and transformed how we pay. In this new era, a digital currency would guarantee that citizens can maintain costless access to a simple, universally accepted, safe and trusted means of payments(1). A central bank digital currency would likely still be a currency: like bank
notes but digital. It would be an electronic form of money issued by a central bank and accessible to all citizens and firms. Click on the header to read more....
(1) European Central Bank, A Digital Euro, October 2020
On March 3rd, 1:00 PM London, ETrading Software will host the first in a Knowledge Sharing Series to discuss ISO's new standard to identify digital tokens (DTI ISO 24165) and explore its relevance to existing industry initiatives. (see the REPLAY here: https://vimeo.com/519137555). It will also cover the implementation plans for the service, including timelines for service launch and how industry initiatives can engage with the service before launch to shape the design and operation of the service.
Also see the prior "News" posts on this topic from July 10, May 6, and April 8, 2020.
The ISO Secretary-General has decided, with the support of the ISO President’s Committee, that the measures to hold all meetings virtually during the COVID-19 crisis be extended to May 31, 2021. The extension of these measures will continue to be reviewed, according to the agreed criteria, and communicated on a monthly basis. The three-month rolling window of virtual meetings does not however prevent any Technical Committee from planning virtual meetings over a longer time frame. This is actually recommended by the TMB due to the remaining uncertainties related to the COVID-19 crisis.
The FinTech TAG is inviting TC 68 members to attend on February 25, 2021 at 3:00 London; 10:00 am New York , the third in a series of virtual events on the evolution of FinTech and the financial services industry. The speaker series will emphasize areas where we anticipate standards work is or will be important. Robleh Ali will present on Central Bank Digital Currencies (CBDCs) and their impact on Financial Market Infrastructure.
International business in financial instruments needs a universal way of identification and the international securities identification number (ISIN) does just that. The ISO standard that defines the ISIN and its related descriptive elements has recently been updated. Click the header to read more...
The FinTech TAG is inviting all TC 68 members to the second in our series of virtual events related to the evolution of Fintech and its’ impact on standardization. The session will held live on February 11, 2021, at 10am EST, and will be recorded. The topic for this session will be “The Future of Regulatory Reporting”. Click on the title to read more...
Interim plenary meetings have been scheduled for TC68, SC8 and SC9 during the first two week of March (SC2 is being rescheduled). The purpose of this call is to discuss progress on resolutions passed during the September 2020 plenary meetings and a review of the work in progress. Click the header to read a description of the meetings and the draft agenda.
At the September Plenary meeting, TC68 approved the creation of a new Central Bank Digital Currency (CBDC) Study Group. Click on the header for more information.
In December, the LEI Regulatory Oversight Committee (ROC) issued a Guidance Document on LEI eligibility for government entities. Please click on the header to read more about the guidance.
TC 68 Colleagues,
We wish you and the entire Financial Services community a safe and wonderful holiday season. We appreciate your commitment to standard setting throughout this challenging year and look forward to better days ahead in 2021. There are many exciting initiatives in front of us as TC 68 looks to support the rapid emergence of digital assets, address the need for identities of legal entities and natural persons, and support the integration of sustainability within the financial services industry.
Jim Northey, TC 68 Chair
Janet Busch, TC68 Committee Manager
TC 68 Communications Team
The ISO Secretary-General has decided, with the support of the ISO President’s Committee, that the measures to hold all meetings virtually during the COVID-19 crisis be extended to March 31, 2021. The extension of these measures will continue to be reviewed, according to the agreed criteria, and communicated on a monthly basis. The three-month rolling window of virtual meetings does not however prevent any Technical Committee from planning virtual meetings over a longer time frame. This is actually recommended by the TMB due to the remaining uncertainties related to the COVID-19 crisis.
Please use the link below to view this recent A-Team webinar highlighting industry developments around data standards and identifiers including ISO standards for the LEI, UPI, and ISINs. Members of our ISO community joined the panel of experts to discuss this important topic and to explore the benefits and challenges in adopting these standards and how the industry can further engage in the standard-setting process.
The FinTech TAG is inviting TC 68 members to attend on December 10th the first in a series of virtual events on the evolution of FinTech and the financial services industry. The speaker series will emphasize areas where we anticipate standards work is or will be important. Click on the title to read more...
At the September Plenary meeting, TC68 approved the creation of a new Sustainable Finance Advisory Group. Click on the header for more information.
ISO TC 68 held the first virtual plenary the week of September 21st through September 25th, 2020. Over 100 delegates attended the week-long series of Committee meetings held from 12:00 GMT to 15:00 GMT each day. Despite challenging meetings times for some members, there was a positive turnout. Click on the header to read the entire summary.
Please click on the header to see updates form ISO/TC 68 SC2 WG18 and WG19.
TC 68/SC8 will be releasing the SC 8 ballot for a new standard on Official Organization Roles (OOR) before the end of November. This note is prepared to brief stakeholders on the OOR standard and the important use cases it will support. Click on the header to see the full briefing note.
Please click on the header to see several updates from ISO/TC 68/SC 2
ISO/CD 4914 ballot on the Unique Product Identifier (UPI) was opened on September 26, 2020 until November 21, 2020 for TC 68/SC 8 member voting. Following the SC 8 balloting and disposition of any comments, a DIS ballot will be released to the full ISO community. Read more below....
ISO 13616-1, Financial services – International bank account number (IBAN) – Part 1: Structure of the IBAN, specifies the elements of an international bank account number (IBAN) used to facilitate the processing of data internationally in data interchange. It is complemented by the soon to be published ISO 13616-2, Financial services – International bank account number (IBAN) – Part 2: Role and responsibilities of the Registration Authority, which details the procedures for registering IBAN formats and the data elements that make up the registry. Read more below....
The Financial Stability Board (FSB) today confirmed the Regulatory Oversight Committee (ROC) of the Global Legal Entity Identifier System as the International Governance Body (IGB) for the globally harmonised identifiers used to track over-the-counter (OTC) derivatives transactions. Read more below....
All Plenary participants are strongly encouraged to attend at least one of the Cisco Webex virtual preparation sessions and to read the Plenary guidelines listed below before the Plenary begins on September 21st. Click on the header to read more...
The UTI (Unique transaction identifier) standard (ISO 23897:2020) was published in August 2020 https://www.iso.org/standard/77308.html. This standard specifies the elements of an unambiguous scheme to identify a financial transaction uniquely whenever useful and agreed by the parties or community involved in the transaction. It does not specify the timing of assignment of who should be responsible for its generation, so as not to limit its usage or relevance, nor does it consider a need to establish a data record for the unique transaction identifier (UTI) itself. Read more....
The Classification of Financial Instruments standard ISO 10962, commonly known as the “CFI” or the “CFI code”, has moved to the Draft International Standard balloting phase. The ballot will close October 12, 2020. The ISO/TC 68/SC 8/WG 1 working group, led by convener Mr. Corby Dear of the US, completed their work in April of this year, submitting the revised draft standard and maintenance agency guidelines. Read more....
Update to the June 5th, 2020 Secretary-General notice on ISO Governance and Technical Meetings .
The RFP process for the DTI Registration Authority (RA) has closed and information about the outcome and next steps is now available. Read more....
Read more for important updates about the TC68 Plenary and requested feedback (a survey) about the Plenary:
There is a New Proposal ballot currently open in SC9 on ISO/NP TS 5253 Reference Data Distribution Specification in Financial Services (proposed by Chinese members). Read more....
SC2 Working Group 17 is preparing for an ISO ballot of CD 23526 in September 2020. Read more...
SC8 Working Group 7 is preparing for an ISO ballot of CD 24366, Identification of Natural Persons. Read more...
As described in the recent article written by Uwe Meyer, Executive Director of the Secretariat on the Board of ANNA, the Association of National Numbering Agencies (ANNA) and the Global Legal Entity Identifier Foundation (GLEIF) have launched a joint initiative to link International Securities Identification Numbers (ISINs) and Legal Entity Identifiers (LEIs) for the benefit of the global financial industry. Read more….
GLEIF published the new version (v1.2) of the Entity Legal Form Code List (ISO standard 20275) and an overview of all changes compared to the initial version of the list.
Please note that the updated agenda to the plenary meeting has been posted on the ISO/TC 68/SC 8 "Reference data for financial services" eCommittee. Read more....
Please read the important updates from SC8 including deadlines for the "Call for Experts" for the Unique Product Identifier and Official Organizational Roles. Read more....
As per earlier information, the virtual TC 68 and SC’s plenary meetings will be held in
the week of September 21, 2020 daily from 1.00 – 4.00 p.m. CET. Read more....
The following ballots from SC2 are open for voting:
- ISO/NP 5158 to create a new Working Group provided the NWIP on Mobile financial services - customer identification guidelines is approved (see Resolution 20/554) – Ballot ends on June 26th.
- ISO/NP 5201 to create a new Working Group provided the NWIP on Financial services - Code-scanning payment security. Ballot ends on July 8th.
- ISO/DIS 23195 Security objectives of information systems of third-party payment services. Ballot ends on July 21st.
- ISO/NP 9564-1 (Ed 5) Financial services — Personal Identification Number (PIN) management and security — Part 1: Basic principles and requirements for PINs in card-based systems. Ballot ends on July 29th.
The following ballots from SC8 are open for voting:
- ISO/NP 4914 – Unique Product Identifier (UPI)1 - Confirm creation of the Working Group and Convenor. Ballot ends on May 19th.
- ISO/NP 5009 - Organizational Roles2 - Confirm creation of the Working Group and Convenor. Ballot ends on May 29th.
1 with the aim to uniquely identify each OTC derivative product to be inserted in any transaction that is classified as (regulatory) reportable.
2 with the aim to specify roles of persons acting officially on behalf of an organization or legal entity (e.g. for credentials).
TC 68/SC 8 has created a two part standard (ISO 24165) addressing: 1) the registration and assignment process for a random, unique, fixed-length identifier for digital tokens and 2) the data elements for registration and display on the DTI registry. For the implementation of the DTI standard ISO 24165, SC 8 is launching a RfP for Registration Authority candidates. Read more....
The TC68 Linked-In page has been launched and first posts have been made. Read more....
Please be informed that the 2020 edition of the ISO/IEC Directives Part 1 and its ISO supplement has been published. Read more...
In his April 22nd blog, Alan Deaton, Chairman of the Legal Entity Identifier (LEI) Regulatory Oversight Committee (ROC), summarizes the important role that the LEI plays in helping businesses manage risk. At a time when market recovery from a global pandemic is a universal priority, he outlines how lowering risk through trusted identities and transparency can support growth, efficiencies, and stability across the global economy. He also emphasizes the need for industry collaboration to unlock the benefits of wider-scale LEI adoption. Read more...
We are pleased to announce that TC68, it’s subcommittees, and the ISO20022 RMG will be holding an abbreviated, virtual plenary meeting the week of September 21, 2020. The schedule for the Committee meetings will following shortly.
ISO CS decided that all governance and technical meetings between March 16, 2020 until July 31, 2020 must be held virtually or postponed until after that date.
The Digital Token Identifier CD 24165 has been approved by SC8 and comments received during CD ballot are currently being disposed. Read more...
Announcing virtual RMG meeting on May 12 (12:00-14:00 GMT). Read more....
SWIFT has extended the originally announced date by one year ISO 20022 messages for cross-border payments and cash reporting businesses (CBPR+). Read more...
The ISO/NP 5009 ballot started on January 16, 2020, and will end on April 8, 2020. Read more...
The 2020 ISO TC68 Plenary will not be held in May 2020. Read more....
Please read the important communication from ISO Central Secretariat, Sergio Mujica, ISO Secretary General about the impact of COVID-19 on ISO meetings, gatherings, and operations.
TC 68/SC 8 resolved in the plenary meeting on May 13, 2019 in Paris to revise the ISIN standard. A committee draft was balloted in TC 68/SC 8 until January 31 and was with a few comments approved. A draft international standard has been submitted by TC 68/SC 8 Committee Manager to ISO Central Secretariat for translation and DIS ballot (expected to be launched on May 6, 2020). Read more....
The Global Legal Entity Identifier Foundation (GLEIF), a liaison organization A to SC 8, has made a proposal for a NWIP to develop an International Standard listing official "Organizational Roles." Read more...
Speech by Klaas Knot at the GLEIF Meet the Market Event 2020 Amsterdam, 4 February 2020. In his opening address, Klaas Knot outlined the background to the Legal Entity Identifier (LEI), and described the valuable role it can play in managing financial risks and enhancing the quality and accuracy of financial data. Mr Knot also emphasised how authorities and market participants alike can reap the benefits of more widespread adoption of the LEI.
We are pleased to announce that Robin Doyle, U.S., is the newly elected Convenor of the Communications Sub-Group. Robin is replacing Jim Northey, who led the group as interim convener prior to becoming ISO/TC 68 Chair. Communication across the TC 68 community is essential given the interconnectedness of issues and standards that are managed by TC 68 for the financial services industry. The mission of the Communications Sub-Group is to bring relevant information to the TC 68 community and global financial services community serviced by TC 68 in a timely manner.
The ISO 10962:2019 Classification of Financial Instruments was published on October 2019.
The ELF Code List is based on the ISO standard 20275 ‘Financial Services – Entity Legal Forms (ELF)'. The standard was published in July 2017 and updated in July 2019. As stated, it “specifies the elements of an unambiguous scheme to identify the distinct entity legal forms in a jurisdiction. Its aim is to enable legal forms within jurisdictions to be codified and thus facilitate the classification of legal entities according to their legal form.” The ISO standard states that entity legal form means the “type of entity that an organization is considered to be within the legal or regulatory system under which it is formed”. The ELF Code is an integral element of the Legal entity Identifier (LEI - ISO 17442) reference data.