Russian CSD takes up legal identification 18 October 2013Moscow Reporter: Georgina Lavers
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National Settlement Depository (NSD), Russia’s central securities depository, has begun to act as a pre-local operating unit that provides assigns pre-legal entity identifiers to Russian legal entities.
It became possible after 1 March 2013, when the regulatory oversight committee assigned a four-digit pre-LOU prefix to NSD, allowing the company to provide the appropriate services to legal entities.
NSD developed the special software for this purpose, approved the appropriate tariffs and documents regulating NSD’s interactions with legal entities in respect of providing these services.
Pre-LEI is a preliminary legal entity identifier assigned in accordance with ISO 17442 and used for identification of legal entities in the interim Global Legal Entity Identifier System (GLEIS) established by ROC until the launch of the permanent GLEIS, when pre-LEIs will become the official LEIs.
The assigned codes will be used as a universal legal entity identifier in local and international markets and will allow the participants to make transactions in the financial markets of the USA and Europe where these codes are becoming the mandatory data used by the companies during reporting procedures.
G20 made a decision on formation of the global system of identification of financial transactions participants for increasing transparency in financial markets and strengthening control over systemic risks.
The global identification structure is being created by the Financial Stability Board, and authorised Russian agencies are also involved in this process.
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