LuxCSD gets the go-ahead 28 April 2014Luxembourg Reporter: Stephen Durham
Image: Shutterstock
Luxembourg central bank sponsors LuxCSD for the role of a Pre-Local Operating Unit as part of the Global LEI System.
The Central Bank of Luxembourg is sponsoring LuxCSD for a key role in the establishment of the new Global Legal Entity Identifier (LEI) System which global regulators hope will bolster the safety of the financial system.
The Regulatory Oversight Committee (ROC), which brings together global regulators, has allocated the 4-digit prefix #2221 to LuxCSD as the sponsored Pre-LOU for Luxembourg. Following the completion of the ROC endorsement process, LuxCSD will initiate its Pre-LEI issuance services
Private sector and local implementation of the new LEI system will be conducted through Local Operating Units (LOUs), selected on the basis of their local infrastructure knowledge and business practices.
To meet this challenging new mandate, LuxCSD has agreed a strategic collaboration with DTCC (The Depository Trust & Clearing Corporation) to provide the infrastructure for the LuxCSD LEI services to all Luxembourg-based entities.
Patrick Georg, general manager of LuxCSD said: “Our new mandate to become Luxembourg’s Pre-LOU and the partnership with DTCC’s GMEI utility, the world’s largest and most recognized global Pre-LOU, allows us to serve the needs of local market players in the most efficient way.”
“The new role reinforces LuxCSD’s commitment to strengthen Luxembourg’s financial center in compliance with international standards.”
NO FEE, NO RISK 100% ON RETURNSIf you invest in only one asset servicing news source this
year, make sure it is your free subscription to Asset Servicing Times
Image: Shutterstock 