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.
In this Guidance document, the ROC has clarified that general government entities are eligible for an LEI when they are legal entities according to ISO 17442, in the same conditions as other entities, i.e. “if they could enter independently into legal contracts, regardless of whether they are incorporated or constituted in some other way”. Consequently, entities that are not incorporated, such as Ministries and Agencies, are eligible for an LEI. The ROC has also clarified that Government entities should declare a parent in the same condition as other entities, in case they are consolidated in the financial statements prepared by this parent.
Based on two surveys of LOUs and ROC members and several public consultations, the ROC advises to identify Resident Government Entities and International Organizations as specific entity categories. Resident government entities will also identify the sub-sector they belong to, according to the System on National Accounts (Central Government, State Government, Local Government, Social Security).
The ROC also advises to expand the list of accounting standards used for consolidation and allow to declare a government accounting standard. Part 2.2 of the guidance describes the proposal in more details.
After having consulted with the GLEIF, the ROC recommends that this Guidance is implemented by the 31 March 2022.
Please use the link to read the full publication: LEI ROC Publications