The Financial Stability Board (FSB) established in 2012 the Regulatory Oversight Committee (ROC) to oversee the Global LEI System, and confirmed the ROC as the International Governance Body (IGB) for the globally harmonised identifiers used to track over-the-counter (OTC) derivatives transactions. The ROC also oversees the UPI service provider designated by the FSB, The Derivatives Service Bureau (DSB).

The Global LEI System

At the G20 Summit of June 2012, the heads of state and government encouraged "global adoption of the LEI to support authorities and market participants in identifying and managing financial risks".

The Global LEI System (GLEIS) was established for a large range of potential uses including the following:

In addition to the use of the LEI for derivatives reporting, which has entered into force in major markets, authorities are extending reporting requirements for the LEI, where appropriate, to the banking sector, securities issuance, investment holdings for insurance and funds, and other uses such as identification of firms in credit registers. The ROC and its members remain committed to support the introduction of the GLEIS as a unique identifier of parties to financial transactions.

ROC members have committed to support the introduction of the GLEIS for official or international identification purposes.

Examples of regulatory uses are available on the GLEIF website. 

International Governance Body for derivatives data elements and identifiers

In 2009 G20 Leaders agreed to improve the resilience of the OTC derivatives market by enhancing – among other things – its transparency. They agreed that all OTC derivatives transactions should be reported to Trade Repositories (TRs). Aggregation of the data reported to TRs can help authorities to obtain a comprehensive view of the OTC derivatives market. In 2014 the FSB recommended a number of preparatory steps to aggregation, including standardisation and harmonisation of important data elements reported to TRs. The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) developed Technical Guidance for derivatives identifiers and data elements reported to TRs. As part of the governance arrangements for the globally harmonised derivatives identifiers and data elements, developed by the FSB and by CPMI-IOSCO, the ROC was tasked to be the IGB.