1. Legal Entity Identifier Standard and Global LEI System Implementation
Update on the
Legal Entity Identifier Standard and
Global LEI System Implementation
5 November 2012 Osaka 1

2. ISO LEI Standard Entity Standard Standard
The ISO LEI Standard, ISO 17442, specifies the elements of an unambiguous Legal Entity Identifier scheme to identify the legal entities relevant to any financial transaction.
The term "legal entities" includes, but is not limited to, unique parties that are legally or financially responsible for the performance of financial transactions or have the legal right in their jurisdiction to enter independently into legal contracts, regardless of whether they are incorporated or constituted in some other way (e.g. trust, partnership, contractual). It excludes natural persons, but includes governmental organizations and supranationals.
The ISO standard has been approved and was published by ISO on 30th May 2012.
The link to the press release issued by ISO is:

3. ISO TC68 LEI Standard Structure
20 characters – 18 alphanumeric characters plus 2 numeric check digits
Check digit validation using ISO 7064, Data Processing, Check Character Systems
The ISO LEI Data Record shall be composed of:
the official name of the legal entity as recorded in the official registry, or with the fund manager for collective investment vehicles, or otherwise in the constituting documents. Where applicable, the name of the business registry in which the entity was formed and the identifier of the entity in the business registry should be recorded.
the address of the headquarters of the legal entity or the address of the fund manager
the address and country of legal formation as represented within ISO 3166, Codes for the representation of names of countries and their subdivisions
the date of the first LEI assignment
the date of last update of the LEI set of information
the date of expiry and the reason for expiry, if applicable. For entities with a date of expiry, the reason for the expiry should be recorded and, if applicable, the LEI of the entity or entities that acquired the expired entity.
Other relevant reference data attributes may be included in the LEI repository (subject to data privacy regulations)

4. Legal Entity Identifier Implementation
In June 2012, the Group of 20 endorsed the recommendations from the Financial Stability Board LEI Expert Group which included the use of ISO as the identifier and minimum data attributes for the global LEI system.
The general structure of the proposed global LEI system is pictured in the following diagram:
The link to the complete report from the FSB:

5. Legal Entity Identifier Implementation
In July 2012, the Financial Stability Board formed the LEI Implementation Group to develop a free standing global LEI system by March 2013. 
The FSB Implementation Group is working with representatives of the private sector on the implementation of the global LEI system and has organized the Private Sector Preparatory Group (PSPG) for this purpose. 
The implementation work is organized into 3 workstreams:
Governance and Funding
Operations
Ownership and Hierarchy Reference Data (in this workstream, additional information and data elements will be discussed to support the LEI)
The workstreams are supported by working groups, organized by PSPG stakeholder type for broad and comprehensive input.
The workstreams and working groups are working on preliminary work plan for the global LEI to be completed by November 2012 to meet the implementation date of March 2013.

6. Role for SMPG
Future input regarding including the LEI as an additional element identifying parties in ISO messaging

7. Questions?