GS1 Australia appointed as Registration Agent to issue Legal Entity Identifiers
For immediate release Monday 30 July 2018 – GS1 Australia is pleased to announce that it is now able to assist businesses obtain Legal Entity Identifiers (LEIs).
A LEI is a unique, 20-digit alpha-numeric code based on the ISO 17442 standard, which enables global regulators to identify parties and counterparties participating in financial transactions.
In Australia, LEIs are used in ASIC Reporting for OTC Derivatives and form part of APRA’s Reporting Guidelines for Large Exposures. The new European Union (EU) revised Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR), require financial market participants around the world that want to continue doing business with counterparties in Europe to obtain a LEI to fulfil regulatory reporting requirements.
GS1 Australia now operates as a Registration Agent of GS1 Global, a GLEIF (Global Legal Entity Identifier Foundation) accredited Local Operating Unit (LOU).
Maria Palazzolo, Executive Director and Chief Executive Officer at GS1 Australia said, “We are proud and very excited to be part of this global GS1 initiative to support the financial services sector with regulation requirements and enhance the quality of financial data with a standardised solution.
“With more than 40 years’ experience in the identification of unique products and entities, this appointment further positions GS1 as the issuer of unique business identifiers for the supply chain and trade. GS1 Australia is fully equipped to offer a complete LEI service and help bring transparency, security and efficiency to financial markets.”
Through this new service, companies can register for one or more LEIs, renew existing LEIs, or transfer existing LEIs from another provider to GS1, quickly and easily at a very low cost.
“Australian financial institutions can now apply for LEIs across 70+ jurisdictions around the world through GS1 Australia. From a global perspective, GS1 has already validated and issued over 20,000 LEIs, establishing itself as one of the top 10 LEI issuers offering a track and trace solution for counterparties to financial transactions,” commented Ms Palazzolo.
GS1 also provides a free public database of all LEI data that it manages, allowing users access to a valuable set of information when researching entity identification, risk and exposure.
For more information about GS1 Australia’s LEI issuance and registration service, please visit our website or email email@example.com.
About GS1 Australia
GS1 is a neutral, not-for-profit organisation that develops and maintains the most widely used global standards for efficient business communication. We are best known for the barcode, named by the BBC as one of “the 50 things that made the world economy”. GS1 standards and services improve supply chain visibility, efficiency, security and productivity across physical and digital channels in the trade and transport sector. With local Member Organisations in 112 countries, 1.5 million user companies and 6 billion transactions every day, GS1 standards create a common language that supports systems and processes in 25 sectors across the globe. For more information visit the GS1 Australia website.
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