Why are Financial Institution Legal Entity Identifiers (LEIs)? twice that of FATCA GIINs?
Posted by William Byrnes on September 25, 2015
The LEI was established by the G-20 through the Financial Stability Board (FSB), the 2009 successor of the Financial Stability Forum (FSF). Regulators globally recognized the lack of transparency to identify parties to transactions across markets, products, and regions. G-20 authorities, through the FSB, working with the private sector, developed the framework of a Global LEI System (GLEIS) that, through the issuance of unique LEIs, unambiguously identify entities engaged in financial transactions. Why are so many LEIs issued and so few GIINs – same institutions, just not seeking a FATCA GIIN?
read about the LEI v GIIN issue on Kluwer’s Tax Blog: http://www.kluwertaxlawblog.com/blog/2015/09/25/fatca-giins-versus-legal-entity-identifiers-leis/