WOCCU Participates on Financial Stability Board Legal Identifier Project
Since August, the World Council of Credit Unions (WOCCU) has been deeply involved in consultations regarding the Financial Stability Board’s (FSB) Legal Entity Identifier (LEI) project as a member of the FSB’s Private Sector Participation Group. The LEI system will come into existence likely in March 2013 and will assign a unique number to every financial institution, including credit unions, and all other parties to "financial transactions" in the world. The LEI number will ultimately be used to identify credit unions and other institutions in connection with payments, transfers of securities (e.g., bonds), derivatives contracts, and transfers of negotiable instruments such as loans and, possibly, cheques and other drafts. For more information, please visit the LEI project website and its October 24 update.