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 standard, proposed for development by ISO/TC 68/SC 8 liaison member the Global Legal Entity Identifier Foundation (GLEIF), will list official organizational roles in a structured way in order to specify the roles of persons acting officially on behalf of an organization or legal entity. ISO/TC 68/SC 8 is pleased with the efficient progress made in the development of this standard on which the ISO working group began its work in June of 2020 and presented the standard for final ballot within 10 months, in April 2021.
The standard will be maintained by an ISO Maintenance Agency for which the Swiss national ISO member SNV will act the ISO Maintenance Agency Secretariat with GLEIF planned to be managing the operations of the ISO 5009 standard. A call for experts to the Maintenance Agency is open until September 29, 2021.
ISO/TC 68/SC 8 regards the ISO 5009 standard as a useful addition to several existing standards in the TC 68 catalogue. The data record of Official organizational roles includes the entity legal form with which the roles are associated. Using this information, users of the standard can cross-reference to further information in the data records of the ISO 20275 Entity Legal Forms standard.
The ISO 5009 standard could be used to specify in a standard way the optional Role extension contained in X.509 public key certificates with embedded LEIs, as outlined in ISO 17442, Financial services — Legal entity identifier (LEI) — Part 2: Application in digital certificates.
Further, official organizational roles can be represented in a standard way within Verifiable Credentials, the format for interoperable, cryptographically-verifiable digital credentials which is a standard of the Worldwide Web Consortium (W3C). Combining LEIs with official organizational roles can become a key enabler for digital identity management.