GFMA, FIA and ISDA sent a joint comment letter to the AEMF consultation on draft guidelines for non-significant benchmarks under the BMR. While the comments were based on the overall objectives of the BMR to create a harmonised legal framework for non-significant benchmarks in the EU, they stressed the need for greater proportionality in several aspects of the draft guidelines. The professions recommended that the ESMA remove or reduce some of the requirements of the draft guidelines in order to adopt a more proportionate, principles-based and more balanced approach, particularly where the draft guidelines include commitments similar to those that do not apply to non-significant benchmarks under the BMR. Publication Date: October 11, 2013 London, October 11, 2013 – GFMA issued the following statement following the approval by the Regulatory Oversight Committee (ROC) of the Global Legal Entity Identification System (GLEIS) of three utilities as a pre-local operating unit (Pre-LOUs) with the right to issue pre-legal entity identifiers (Pre-LEIs). The three pre-LOUs include ciCI Utility as well as the World Cup data service and INSEE (only for French companies). These pre-LUS issue pre-LEI that serve as general legal entity identifiers and move to the global system once the system is complete. “The establishment of a global system for identifying legal personalities will significantly improve the management of systemic risks in the financial industry. The GFMA strongly supports the ROC`s approval of these allocation programs in order to be able to provide “mutually acceptable” pre-LEi. The use of these pre-LEis is a decisive step forward for the railway, as it allows industry and regulators to realize the benefits of common identifiers now, as work on the global system is complete. “Currently, there is no global standard for identifying parties to a financial transaction.
In the absence of a standard method of identifying companies conducting financial transactions, it is more difficult to measure one organization`s overall commitment to another. The LEI initiative will significantly improve systemic risk management by providing regulators and businesses with more comprehensive and accurate data on exposures in the financial system. ” -ENDS- The Global Financial Markets Association (GFMA) brings together three of the world`s leading financial organizations to address the growing global regulatory agenda and encourage coordination of lobbying efforts. The Association for European Financial Markets (AFME) in London and Brussels, the Asia Securities Industry – Financial Markets Association (ASIFMA) in Hong Kong and the Securities Industry and Financial Markets Association (SIFMA) in New York and Washington are the European, Asian and North American members of the GFMA. For more information, see www.gfma.org. Release date June 16, 2015 Contacts Katrina Cavalli -1 212.313.1181, firstname.lastname@example.org Anna Schoeffler -44 0207 743 9367, email@example.com Victoria Cumings, has been appointed Managing Director, Americas, for the Global FX division of the Global FX Markets Association. GFMA`s Global Foreign Exchange Division (GFXD) comments to the European Securities Markets Authority (ESMA) on proposed technical standards for the regulation of OVER-the-counter derivatives, central counterparties (central counterparties) and stock exchange reserves.