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....
In October 2019 the FSB, identified the ROC as best positioned to be the IGB for the Unique Transaction Identifier - UTI (ISO 23897), Unique Product Identifier - UPI (CD ISO 4914) and Critical Data Elements -CDE, provided that the ROC made appropriate adjustments to its existing governance to make it fit for the purpose of overseeing the harmonised derivatives identifiers and data elements. After taking note of the planned adjustments to the ROC’s Charter and Procedural Guidelines, the FSB confirms the ROC as IGB and transfers the governance of the harmonised derivatives identifiers and data elements to the ROC as of 1 October 2020. See the full FSB press release here: https://www.fsb.org/2020/09/lei-roc-to-become-governance-body-for-otc-derivatives-identifiers/