There have been a number of developments across the global financial landscape in terms of regulations in recent months. With the dawn of a new decade, brings about a new era in terms financial regulations and compliance in the global market.
Below are a few of the most recent and notable developments watch as we move into Spring 2020.
Reserve Bank of India (RBI) LEI Requirements
RBI LEI Deadline - 31st March 2020
The RBI has now mandated that eligible participants are required to obtain Legal Entity Identifier by March 31, 2020.
In case of failure to obtain LEI within due date, the Bank shall not honour any kind of banking transactions of defaulting eligible participant.
This requirement refers to having an LEI in its ACTIVE state. Therefore, if you already have an LEI, you can ensure it never expires by subscribing to automatic renewals here.
LEI Requirement for SFTR Reporting
SFTR LEI Deadline - 13th April 2020
There has been a huge demand for measures to be taken to reduce risk and increase compliance requirements in this area. This stems from the need of transparency from the global financial crisis.
Market participants will be required to provide an LEI in their reports from 13th April 2020.
Currently the European Securities and Markets Authority (ESMA) is allowing a grace period of 12 months for third country issuers, but for those in the EU must ensure their LEIs are active by April 13th.
BE-10A LEI Requirement
LEI Requirement for HMDA Reporting