The Financial Stability Board has issued the Fifth in a series of notes on the progress of the global legal entity identifier initiative. This Note includes an update on the formation of the Regulatory Oversight Committee (ROC) which is a necessary step towards the creation of the global LEI foundation; the private sector preparatory group (corporate governance and operational elements) and the handover from the FSB to the ROC.

The ROC of the Global LEI System held its inaugural meeting in Toronto on 24/25 January and was hosted by the Ontario Securities Commission. The formation of the Committee marks a major milestone in the establishment of the System. Authorities from over 50 countries and jurisdictions around the world participated in the meeting.