ROC Endorses Pre-LOUs in Turkey and U.K.

The Regulatory Oversight Committee (ROC) has endorsed two more pre-Local Operating Units (LOU)—Turkey’s Tasabank and the London Stock Exchange.

As an endorsed pre-LOU, any pre-Legal Entity Identifiers (LEIs) issued by these companies will be officially recognized during the interim period before the Global Legal Entity Identifier (GLEI) system is in place. “[T]he codes they issue or have issued may be used for reporting and other regulatory purposes in the various jurisdictions represented in the ROC,” the committee said in an announcement.

As part of the process for receiving pre-LOU status, ROC member sponsors had to seek endorsement for these organization. For Tasabank, the clearing and settlement agent for the Istanbul Stock Exchange as well as the official custodian for Turkish pension funds, Turkey Capital Markets Board presented endorsement materials, while the U.K. Financial Conduct Authority did so on the London Stock Exchange’s behalf.

The Global LEI Foundation (GLEIF) will eventually take over operational governance for establishing the global identifiers, and endorsed pre-LOUs will be expected to contribute funding for the GLEIF.

Recently, ROC also endorsed three other organizations as pre-LOUs—CICI Utility, INSEE and WM Datenservice.