Australian global ID regime launched
Industry standard identification and coding agency, APIR, has launched a legal entity identifier (LEI) portal for Australian financial markets, meaning Australia can integrate with the post-global financial crisis international regulatory framework.
The LEI is a unique identification for single legal entities, which allows identification of entities to financial transactions.
It links companies to manage off balance sheet activities and counterparty risk, and initially covered those taking part in the over-the-counter derivatives markets, including foreign exchange and hedging markets.
The Australian Securities and Investments Commission (ASIC) sponsored APIR as a member of the Regulatory Oversight Committee (ROC) to issue LEIs in May 2015.
APIR received full approval by the ROC on 3 September.
Chairman of APIR Group, Andy Hutchings Broso, said: "Engaging with a local makes the process a lot more convenient and is important for easing the adoption of the LEI standard for Australian businesses."
Companies and their agents can register online at the portal to attain their codes instead of having to complete it offshore. They can also complete the transaction in Australian dollars.
AUTHOR
Malavika Santhebennur
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