APIR ramps up LEI issuance, hits 10k milestone | Australian Markets
APIR Techniques has achieved a key milestone in guaranteeing wealth management and fellow financial companies companies meet a legally required transaction reporting obligation set by the G20.
APIR, an Australian firm specialising within the provision of financial product and legal entity identifiers, reviews that it has surpassed the administration of more than 10,000 Authorized Entity Identifiers (LEIs) on behalf of its purchasers.
APIR Group chief government Chris Donohoe stated the issuance of LEI codes has grown at an exponential tempo over the past 18 months following the introduction of new transaction reporting guidelines by financial companies regulator ASIC final October.
APIR has been issuing these codes because the LEI’s framework launch in 2015.
“The LEI’s adoption in over-the-counter (OTC) derivative transactions better aligns Australia’s regulatory system with regulation frameworks in the EU, US and UK,” Donohoe stated.
“The move brings Australia in line with other jurisdictions and is another step towards a long-held goal of global regulatory harmonisation.”
The LEI, a 20-number reference code, is used throughout markets to determine legally distinct entities get together to a financial transaction. LEIs not solely seize key company details about a legal entity, but additionally particulars any direct and supreme dad or mum entities, APIR notes.
“It essentially unveils ‘who is who’ and ‘who owns what’ and so is a crucial identifier that helps regulators better oversee financial markets and monitor financial stability.”
The reference code was launched by the G20’s Monetary Stability Board to improve financial transparency following the worldwide financial disaster.
Donohoe as nicely famous the International Authorized Entity Identifier Basis’s (GLEIF) – the worldwide authority overseeing LEI issuing organisations – said goal to increase LEI adoption outdoors of mandated use-cases within financial markets.
“The role of LEIs is expected to expand even further into areas such as cross-border payments, Anti-Money Laundering and Know Your Customer processes, and digital identity verification,” Donohoe stated.
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