RegTech Intelligence

INSEE approved as first French pre-LOU

INSEE has now gone live as the first French pre-LOU able to issue pre-LEIs. Details can be found on their website here (in French) . Translation below:

The G20 has approved the unique device for intentifying market participants (global LEI system, GLEIS) agreed at the June 2012 Los Cabos Summit, which will facilitate the management and control of risk in the private sector and by public authorities. The EMIR regulation requires its use for certain derivative products by autumn 2013. This unique market participant identifier is called the Legal Entity Identifier (LEI) and is based on the international standard ISO 17442.

The establishment of GLEIS is being supervised by the FSB, which validated a framework which consists of local operating units (LOUs) assigning LEIs and a central entity guaranteeing coherence, all under the supervision of a relevant public body (the regulatory oversight committee) which will ensure compliance with the principles approved by the G20 (not for profit and run in the public interest).

INSEE  was appointed in March 2013 by the pre-LOU Regulatory Oversight Committe at the request of the Ministry of Finance. The allocation by INSEE of pre-LEIs to French entities has now begun. On this site you can download the file of pre-LEIs assigned by INSEE and an application form for pre-LEIs which can be sent by post to INSEE.

The site will be completed in stages: submission of online applications will be available by September 2013; the English version along with online certification and online payment will be available by December 2013

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