Monday, February 19, 2018
Saudi Arabian Monetary Authority (SAMA) is hosting the annual international meeting of the Legal Entity Identifier Regulatory Oversight Committee ( LEI ROC) and Global Legal Entity Identifier Foundation (GLEIF) in Riyadh in 05-08 February 2018.
Dr. Ahmed bin Abdul Karim Alkholifey, Governor of SAMA , said: "We are delighted that Saudi Arabia is hosting such an international meeting which is consistent with the Kingdom's position and economic weight". The Governor emphasizes the importance of global legal entity identifier in terms of connecting to key reference information that enables clear and unique identification of legal entities participating in financial transactions. Simply put, the publicly available LEI data pool can be regarded as a global directory, which greatly enhances transparency in the global marketplace.
Alkholifey said that international regulators had difficulty in identifying parties involved in transactions across markets, products and regions in the aftermath of the global financial crisis in 2008. The Financial Stability Board, in addition to finance ministers and central banks' governors representing the G20, developed a global legal entity identifier applicable to any legal entity conducting financial transactions, thereby increasing the ability of government regulators and observatories to assess systemic and emerging risks, identify trends and take corrective steps.
Alkholifey said that SAMA's membership in LEI ROC comes to coordinate and supervise a global framework for the definition of legal entities and a supervisory entity on functions of GLEIF.
The LEI ROC supervises the GLEIF whose responsibilities include accreditation of local operation units around the world and monitoring their business directly. SIMAH was officially accredited by GLEIF as a local operation unit in 20 May 2017.