The G20 has made adoption of a Legal Entity Identifier (LEI) a priority with standards and a structure to regulate it set for March 2013.
FORBES: Financial LEI's -- Required To Reduce Operational Risk
Republicans sought to bolster their case by providing a variety of examples of crimes they said have gone unpunished because some states and the military justice system do not recognize the fetus as a legal entity.
Forming a legal entity and constructing a new workshop are relatively straightforward and will happen more quickly than in most Western countries. (Company executives are constantly amazed by how quickly buildings seem to go up in China.) Completing the legal work and building factories are the easy parts, however.
At some point, therefore, it makes sense to conduct the associated transaction within a single legal entity rather than on a market.
The establishment of a registered legal entity, and the investment of at least a small amount of capital, denotes a level of commitment and permanence that a rep office does not.
The American plan to develop a centralized Legal Entity Identifier and run it through the DTCC in New York ran into heated opposition at a meeting of the Financial Stability Board (FSB) in Basel in mid-October.
FORBES: America's Attempted Domination Of LEI Slams into FSB Wall
Going forward, will each drilling prospect have to be carved into a separate legal entity with significantly higher insurance?
However, if Bank of America kept Countrywide as a separate legal entity then Bank of America may have an out.
The Labour Party disputes that it has accepted any public money, arguing that MAG is a separate legal entity from the councils.
BBC: NEWS | Programmes | Kenyon Confronts | Public money 'donated' to Labour
In a written judgment, the judge said he accepted GPI was a separate legal entity from the other Greenpeace bodies and had "no power of direction over them".
While a representative office is better than no presence at all, our advice to clients invariably is to go all the way and establish a formal legal entity in the country.
No one else is willing to do it at the global level or for a United States legal entity.
For a 20-character code, the Legal Entity Identifier generates a lot of passion.
The current push for a unique global identifier for each legal entity was sparked by the financial crisis in 2008 when firms and regulators had a hard time tracing the transactions among key players such as Lehman, Bear Stearns, AIG and the portfolios of mortgage-backed securities.
Janus Capital Management, LLC managed a mutual fund called Janus Investment Fund, a third, separate, legal entity.
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This reminds me a bit of the discussions over Legal Entity Identifers (LEI) where U.S. firms with leadership from DTCC and SIFMA, have defined, implemented and advocated a solution ahead of other regions?
FORBES: Is SWIFT Lagging On Corporate Actions Or Serving Its Global Membership?
One bank, Menatep, closed, only to reopen as a new, debt-free, legal entity based in St Petersburg.
This is fairly esoteric, but since I have written about some of the plans for the Legal Entity Identifier I am including a link to it.
FORBES: Update on the Dodd-Frank Data Developments Like LEI from EDM Council
The independent external auditor is a licensed professional who works for a public accounting firm and performs an audit of the financial statements of a company, government, individual, or any other legal entity or organization.
Legal Entity Identifers are the first concerted effort to develop a regulatory response to the financial crisis of 2008 by developing a globally accepted unique identifier for firms and subsidiaries.
FORBES: Global Financial Regulation -- The LEI Looks All-American
By Friday SIFMA should have a recommendation for the Office of Financial Research (OFR) on who should be in charge of Legal Entity Identifiers (LEI), the first step toward improving global regulation.
FORBES: Lehman, Lithium and Lettuce -- The Need for Unique Identifiers in Finance
The proposed LEI system in this paper relies on the at-source creator of the legal entity and its local certifying agent (an internationally recognized auditor, law firm, perhaps a local exchange or business registry owner or other trusted source) to ensure the accuracy of data.
FORBES: Financial LEI's -- Required To Reduce Operational Risk
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