Notwithstanding the fact that universal company identifiers, such as the D-U-N-S number have been around for some time, and later followed by the E-A-S-Y Number, the guardians of the world’s financial system the G20 and the Financial Stability Board (FSB) have seen fit to create a new identifier called “Global Legal Entity Identifier (LEI) System”. An inaugural meeting was held on January 28th, 2013 in Toronto: For further information click on this link: http://www.financialstabilityboard.org/publications/r_130128roc.pdf Institutions participating in LEI
The unfortunate part is that to our knowledge the business information industry was not consulted and FSB charged ahead in duplicating efforts and wasting taxpayer’s money. A person close to the matter stated that the industry was not invited because it would seek financial gain from such an undertaking.
The user community will now have to put up with one additional company identifier rather than one universal one.
Financial Stability Board (FSB): The FSB has been established to coordinate at the international level the work of national financial authorities and international standard setting bodies and to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies in the interest of financial stability
Source: Financial Stability Board
