Objectives and responsibilities of the ROC

a) In protecting the broad public interest, the objectives of the ROC are to ensure:

(1) open and free access to publicly available data from the Global LEI System, including the following: 

 i. data should be non-proprietary, with no bundling of services, or restrictions on access, usage, or redistribution;

ii. all public data should be readily available on a continuous basis, easily and widely accessible using modern technology, and free of charge;

iii. confidential data should be safeguarded and with due regard for any applicable data protection legislation;

iv. data and operating processes should not be subject to any type of intellectual property restrictions, except those judged necessary by the ROC for protecting the broad public interest;

v. restrictions should not be placed on a registrant on the use of its own LEI.

(2) open access to obtaining an LEI, including: 

i. by providing that any entities required, or eligible, to obtain an LEI are able to acquire one under open and non-discriminatory terms;

ii. by providing that fees, where and when imposed by the COU, are set on a non-profit cost-recovery basis under the premise that the operational model of the COU is efficient and avoids excessive costs and, that where possible, a parallel arrangement holds for the LOUs;

iii. by providing that the intellectual property necessary for or associated with the operation of the Global LEI System is held in a way that facilitates achievement of the High Level Principles.

(3) that no entity involved in the Global LEI System exploits its relationship with the system in a way contrary to the broad public interest;

(4) that the Global LEI System meets broad public and private sector requirements, including:

i. ensuring the uniqueness, consistency, exclusivity, accuracy, reliability, timeliness of access, portability, and persistence of the LEI code and reference data;

ii. evaluating continually the relevance of existing standards, and proposing new or adapting existing standards for the Global LEI System that serve the broad public interest or reflect changes in financial markets or other relevant areas as required;

iii. promoting the use and scope of the Global LEI System to expand the collective benefit from widespread adoption; and

 iv. allowing use of local languages and character sets in registration, as well as allowing access to the Global LEI System in a common language and character set.

b) In carrying out its mission and objectives, the ROC has the following responsibilities and authorities: 

(1) to be the ultimate authority for oversight of the Global LEI System, including guidance, standards, high level plans, policies, and protocols. The capacity to review and approve all decisions relating to the governance and strategy of the global LEI foundation operating the COU;

(2) to facilitate the establishment of, and to designate the global LEI foundation (or body of equivalent legal form) as the legal entity that operates the COU;

(3) to oversee standards and general policies for the Global LEI System to ensure that they are in the broad public interest, including, but not limited to:

i. standards for LEI reference data and for other aspects of the operations of the Global LEI System;

ii. standards for participation of LOUs in the Global LEI System;

iii. cost-recovery principles, protocols, and procedures for the COU budget formation;

iv. material contracts review to ensure that the objectives in section 2 a) of the Charter are respected; and

v. standards for business continuity, disaster recovery and automated system safeguards.

(4) to request and receive independent audits of the Global LEI System for financial control, best business practices, and data quality standards;

(5) to appoint the initial Board of Directors of the global LEI foundation operating the COU, to review the appointment and continuance of Directors, and to request (or direct, if consistent with the governing law of the global LEI foundation) removal of Directors for cause, according to public-interest protection criteria established by the ROC to be reflected in the governing documents of the global LEI foundation;

(6) to appoint, public or independent Directors of the global LEI foundation operating the COU from outside of the regulatory community with special powers, determined by the ROC and to the extent permissible under the law governing the LEI foundation, who as individuals are to act in the broad public interest, (pursuant to the criteria established by the ROC and reflected in the governing documents of the global LEI foundation);

(7) to issue guidance to the COU or other parts of the Global LEI System to protect the broad public interest as expressed in the High Level Principles or in this Charter;

(8) to monitor the performance of the Global LEI System, through inspections, hearings, reports and other means;

(9) to promote a high level of transparency in the operation of the Global LEI  System;

(10) to establish or appoint such special advisory, technical, or professional committees, working groups, or panels, as may be useful in carrying out the mission, objectives, and responsibilities of the ROC. The membership of such committees, working groups, or panels may be composed of Members of the ROC, other persons, (including from both the regulatory community or private sector), or both;

(11) to consider establishment of an appropriate framework for mediating or resolving disputes;

(12) to adopt, in addition to the provisions of this Charter, such rules or procedures as may be necessary to carry out the mission, objectives and responsibilities of the ROC; and

(13) to undertake any such other functions and actions as may be necessary and permissible to carry out the mission, objectives, and responsibilities of the ROC.