SIFMA Encourages U.S. Regulators to Adopt and Use the Legal Entity Identifiers

The Securities Industry and Financial Markets Association ("SIFMA") provided comments to the Financial Stability Oversight Council ("FSOC") encouraging a "more fulsome" adoption and use by the U.S. regulatory community of the Legal Entity Identifier ("LEI") to promote financial stability. In the letter, SIFMA stated that having a "uniform, global legal entity identifier will help regulators and supervisors, researchers and firms to better measure and monitor systemic risk, as well as to more effectively measure and manage counterparty exposure and improve operational efficiencies."

Additionally, SIFMA stated that the FSOC and its members should play a key role in expanding the adoption of the LEI and its related benefits by requiring LEIs to be used broadly in U.S. regulatory reporting and other supervisory practices.

See:SIFMA Comment Letter; Press Release.