The European Insurance and Occupational Pensions Authority (EIOPA) issued today its Guidelines on the use of the Legal Entity Identifier (LEI) in all the official languages of the EU. According to them, national competent authorities (NCAs) should ensure that all institutions under their supervisory remit obtain a LEI code. The use of LEI will apply to all information collected by EIOPA including Solvency II reporting and registers.
Within 2 months, the NCAs should confirm to EIOPA their compliance or intention to comply with the Guidelines on the use of LEI that will become applicable on 31 December 2014.
With these Guidelines, EIOPA supports the adoption of the LEI system proposed by the Financial Stability Board (FSB) and endorsed by the G20, aimed at achieving a unique, worldwide identification of parties to financial transactions. EIOPA believes that the use of LEIs will enhance supervisory convergence and overall efficiency of the supervisory system while ensuring the high quality, reliability and comparability of data.
In addition EIOPA publishes the Final Report on the public consultation on the draft Guidelines related to the use of LEI, which contains the impact assessment of the Guidelines and EIOPA’s Feedback Statement on the public consultation. The language versions of the Guidelines and other documentation can be viewed here.
EIOPA Guidelines are addressed to National Competent Authorities (NCAs) or Financial Institutions. Their aim is to ensure common, uniform and consistent application of Union law as well as to establish consistent, efficient and effective supervisory practices drafted by EIOPA in accordance with Article 16 of the Regulation establishing EIOPA.
EIOPA has the obligation to list in its Annual Report those NCAs that reported non-compliance as well as the measures to be taken. A report on the compliance will be sent to the European Commission, Parliament and Council.