After months of being in the works, the Regulatory Oversight Committee (ROC) for the global FSB has come into being. The ROC is responsible for “upholding the governance principles of and to oversee the global LEI system … in accordance with the High Level Principles and recommendations set out in June 2012” by the FSB.
In a press release issued today from the Financial Stability Board (FSB), the key players in the ROC have been named, including Matthew Reed of the US Treasury as Chair and Jun Mizuguchi of the Japanese FSA and Bertrand Couillault as Vice-Chairs.
The ROC is heavily European and American populated, with regulators from these jurisdictions making up a combined 49% of the total. Quite surprising is the absence of some major economies, such as Brazil and Australia, suggesting the ROCs global outlook is less inclusive than originally expected.
While the establishment of the ROC is a major milestone in the development of a workable LEI, much work remains to be done. The Private Sector Preparatory Group (PSPG) will continue to help answer some of the most pressing operational questions throughout development, including those on relationship data, intellectual property, data privacy and confidentiality.
Stay tuned for more timely updates as this process continues and the ROC begins to publish “regular” progress reports.