releases: http://royce.house.gov/news/documentsingle.aspx?DocumentID=397829
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| http://royce.house.gov/news/documentsingle.aspx?DocumentID=397829 | Rep. Royce Pushes the SEC on Investor Transparency and Protection | 2015-11-18 | 2015 | 2015-11 | Republican | House | CA | Edward Royce | R000487 | royce.house.gov | legacy | U.S. Representative Ed Royce (R-Calif.) questioned U.S. Securities and Exchange (SEC) Chair Mary Jo White regarding the slow progress made on Legal Entity Identifier (LEI) adoption in the United States during a House Financial Services Committee hearing entitled Examining the SECs Agenda, Operations, and FY 2017 Budget Request." If we look back to the collapse of Lehman Brothers, one of the lessons was the need to quickly understand the relationship of corporate entities to one another. So out of the ashes of Lehmans downfall came the Financial Stability Boards concept, and this was actually at the direction of the G-20, this concept of Legal Entity Identifiers or LEIs as we call them, where each entity has to register that unique 20-digit code. That makes their identity very clear when youre trying to unravel something in real-time in terms of all their financial transactions," said Rep. Royce. "Last month, this Committee passed out legislation, which I authored, requiring the Office of Financial Research to provide an annual update on the progress of adoption of these LEIs here in the United States. Now the global adoption, I think, is at 400,000 LEIs in 180 countries. So if the OFR were to conduct its report today, Im afraid the SEC would lag behind its global counterparts in terms of the adoption in other countries. As we move towards more transparency, this is obviously part of our mission. I think the Commission did mandate the use of LEIs in its security-based swap rules; it didnt require it in other rules. Should we expect the SEC is going to require greater use of this important risk management tool in the future? Is there anything holding you back in that regard?" asked Rep. Royce. Theres nothing holding us back, obviously if its appropriate to the space you want to make sure it fits. I think LEI is an enormously important tool. The SEC has been a very strong proponent in those global efforts that you mentioned. We frankly look for, are looking for, opportunities to use it more, I guess is the way Id answer your question, replied Chair White. To get to that point, you might promulgate more rules in that direction in order to increase the adoption where appropriate? continued Rep. Royce. Essentially, as we are adopting whatever rules as we go forward, we would look for that opportunity, concluded Chair White. Watch Rep. Royce's questioning of Chair Whitehere or by clicking on the image below: | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |