Talk:Legal Entity Identification for Financial Contracts: Difference between revisions
Garibaldi2 (talk | contribs) Excclusion of natural persons from the scope of LEI. |
m Signing comment by Garibaldi2 - "Excclusion of natural persons from the scope of LEI." |
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[[User:Rjlabs|Rick]] ([[User talk:Rjlabs|talk]]) 21:03, 19 July 2012 (UTC) |
[[User:Rjlabs|Rick]] ([[User talk:Rjlabs|talk]]) 21:03, 19 July 2012 (UTC) |
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FSB's recommendation 8 (in ref 1 on the Article page) states that the " the term ‘legal entity’...excludes natural persons" |
FSB's recommendation 8 (in ref 1 on the Article page) states that the " the term ‘legal entity’...excludes natural persons" <small><span class="autosigned">— Preceding [[Wikipedia:Signatures|unsigned]] comment added by [[User:Garibaldi2|Garibaldi2]] ([[User talk:Garibaldi2|talk]] • [[Special:Contributions/Garibaldi2|contribs]]) 17:42, 6 January 2013 (UTC)</span></small><!-- Template:Unsigned --> <!--Autosigned by SineBot--> |
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Revision as of 17:44, 6 January 2013
General tidy up of original language today. OFR expected to issue LEI standard this summer. Rick (talk) 14:15, 20 April 2011 (UTC)
 | The LEI standard went final at the International Standards Organization on May 30, 2012. See: http://www.iso.org/iso/pressrelease?refid=Ref1582 This article needs to be updated to conform to the final standard as issued. Notable changes were likely made in the LEI governance area in the ISO 17442 final.
ISO 17442:2012 specifies the elements of an unambiguous legal entity identifier (LEI) scheme to identify the legal entities relevant to any financial transaction. Globally unique and persistent 20-character alphanumeric code contains no embedded intelligence LEIs can be assigned to a legal person **THIS IS NOT THE CASE** LEI assignments may include, but are not limited to |
LEIs can be assigned to a legal person
- James Whittle, Convenor of ISO/TC 68 working group WG 6, responsible for the LEI standard, explained: “LEIs can be assigned to a legal person or structure that is organized under corporate laws of any jurisdiction. These entities include, but are not limited to, all financial intermediaries, banks and finance companies, all entities listed on an exchange, all entities that trade stock or debt, partnerships and pension funds, all entities under the purview of a financial regulator and their holding companies and supranationals.”
see: http://www.iso.org/iso/home/news_index/news_archive/news.htm?refid=Ref1449
Above is a direct quote from the Convenor of the WG, which is published on ISO's site. The statement is clear where an LEI may be assigned:
- a legal person, OR
- and entity organized under corporate law.
Legal Person (Law) an individual or group that is allowed by law to take legal action, as plaintiff or defendent. It may include natural persons as well as fictitious persons (such as corporations). - Blackstone. Webster's Revised Unabridged Dictionary, published 1913 by C. & G. Merriam Co. http://www.thefreedictionary.com/Legal+person
Examples: 1. Freddy Jones doing business as Jones Auto Recycling (a sole proprietor not organized under ANY corporate law) MAY be assigned an LEI. 2. Freddy Jones and his son Timmy Jones (a general partnership not organized under ANY corporate law) doing business as Jones Auto Recycling MAY be assigned an LEI 3. Carlos Slim, Warren Buffett, George Sorros, Amancio Ortega etc, or any natural person MAY be assigned an LEI.
"May be assigned" doesn't necessarily imply its a good idea to assign LEIs to those entities. And, perhaps under the newer federated structure individual jurisdictions may restrict who may be assigned an LEI within their unique jurisdiction. However the above, as stated, is crystal clear that at the top most entity level, "LEIs can be assigned to a legal person" Rick (talk) 21:03, 19 July 2012 (UTC)
FSB's recommendation 8 (in ref 1 on the Article page) states that the " the term ‘legal entity’...excludes natural persons" — Preceding unsigned comment added by Garibaldi2 (talk • contribs) 17:42, 6 January 2013 (UTC)