A recent European Commission (EC) consultation – designed to inform the new EU digital finance strategy – has been considering amendments to the EU regulatory framework in response to rapidly evolving financial-technology landscape.
The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) have called for further standardisation of data and the use of digital entity identifiers in their responses to the European Commission’s consultation on a new EU Digital Finance Strategy.
In reporting, the only thing likely to create more confusion than having two standards covering one field, is having two XBRL taxonomies representing the same standard. Computers are terribly literal machines and won’t understand, for example, that Japan.LEI and Mexico.LEI are referencing the same thing.
Leading by example, this week the Global LEI Foundation (GLEIF) published its annual report in Inline XBRL format. But GLEIF went further than that. The report has also been published on the ESMA website as an example ESEF report. The report conforms to the requirements set out in the ESEF Regulation and the guidance in […]
A recent XBRL US comment letter expresses support for the Commodity Futures Trading Commission (CFTC) proposal to introduce reporting standards and expand the use of the Legal Entity Identifier (LEI) – but urges the CFTC to require the use of a single data standard. The CFTC has proposed changes to the Swap Data Recordkeeping and Reporting […]
The Legal Entity Identifier (LEI) taxonomy has been published as a Proposed Recommendation. This indicates that sufficient implementation experience has been obtained to confidently believe that no additional development is needed. If no further issues are identified at this stage the specification will next be re-issued as an XBRL Recommendation. The LEI, governed by Global Legal […]
The US Department of Commerce is consulting on a proposed rule update to International Services Surveys (BE-180), including a plan to require survey respondents that have a Legal Entity Identifier (LEI) to provide it. XBRL US has submitted a comment letter in support of this proposal, arguing that the LEI ‘presents a critical opportunity to […]
The LEI in XBRL Working Group, working under XBRL International’s Best Practice Board, has published guidance on how to use the recently updated LEI Taxonomy to incorporate LEIs into XBRL reports. Legal Entity Identifiers (LEIs) provide uniform and unique identification of legal entities, improving the consistency and comparability of data. LEIs are governed by the independent not for profit Global […]
The XBRL Best Practices Board has approved the publication of an updated version of the Legal Entity Identifier (LEI) taxonomy. This taxonomy, developed by the LEI in XBRL Working Group seeks to standardise the ways in which LEIs are used in XBRL Reports. LEIs provide globally unique identifiers for companies and other entities, and standardising the […]
Earlier this month the Global Legal Entity Identifier Foundation (GLEIF) held a Meet the Market event in order to explore areas the Legal Entity Identifier (LEI) could be further adopted within industry and the public sector. In an opening speech, Klaas Knot, Netherlands Central Bank Governor, described the valuable role the LEI can play in […]
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