flag of Russia A.300jpgThe official status of a local operating unit in charge for LEI assignment was granted to the non-banking credit organization CJSC «National Settlement Depository» («NSD»). According to the decision of the International Oversight Committee, as of 1 March, 2013 CJSC «NSD» is entitled to provide services for the assignment of pre-LEI. The assigned code is a universal identifier of a legal person and allows performing financial transactions in domestic and international markets, as is recognized by all regulators and participants in the global LEI system.

According to the notification on the depository’s corporate website, pre-LEI / LEI is assigned to a legal entity only upon request, in accordance with the Rules of provision services for assignment and verification of international identification code of the legal entity.  At present, 689 residents of the Russian Federation were assigned pre-LEI. «NSD» publishes the following data on each entity concerned: LEI code, registration status, legal name, legal address, business registry identifier.

According to the Information and Analytical System Globas-i (http://www.credinform.ru/en-US/globas ), 99,99% of CJSC «NSD»  shares belong to the PUBLIC JOINT STOCK COMPANY MOSCOW EXCHANGE MICEX-RTS. The Depositary has dealt with exchange and off- exchange transactions with all types of equity securities of the Russian issuers, provides transactional banking services, maintains depository accounting of 99% of corporate bonds as well as provides other services.

LEI 330Background:  The Legal Entity Identifier, or LEI, is a data standard — like a bar code for precisely identifying parties to financial transactions. The OFR has led the global LEI initiative as it has progressed from conception to full-fledged operational system in just a few years.

The LEI can help the financial industry, regulators, and policymakers trace exposures and connections across the financial system. It also generates efficiencies for financial companies in internal reporting, risk management, and in collecting, cleaning, and aggregating data. In addition, the LEI is expected to ease companies’ regulatory reporting burdens by reducing overlap and duplication with respect to the multiple identifiers reporting firms must manage.

Although the worldwide LEI system reached significant milestones in 2014 as the final components of the governance framework of the LEI system were introduced, only some aspects of financial reporting in the United States and abroad require use of the LEI and these, in substantial part, rely on voluntary implementation.

At the G20 summit in Mexico in June 2012, the Financial Stability Board was assigned to establish a Global LEI System of legal entities (GLEIS), involved in financial transactions was supported. Under this system a legal entity is assigned an international Legal Entity Identifier (LEI). Normative regulation of codes assignment and monitoring of the GLEIS system maintenance is entrusted to the Regulatory Oversight Credinform 300 we-find-solutionCommittee (ROC).  For a most recent update click on this link.

Source: Credinform Russia, http://www.credinform.ru/en-US and BIIA