EPC Blog: GLEIF Proposes Using the Legal Entity Identifier for Passpor...

EPC Blog: GLEIF Proposes Using the Legal Entity Identifier for Passporting under Article 28 (5) of PSD2

17 March 16

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Gerard Hartsink, Chairman of the Global Legal Entity Identifier Foundation (GLEIF), explains in this Blog what the Legal Entity Identifier (LEI) is, what are its benefits, and how it could be used to exchange information between competent authorities for passporting under Article 28 (5) of the revised Payment Services Directive 2 ( ).

The LEI is a public good that provides open and reliable data for unique identification management free of charge to users. It is a 20-digit, alpha-numeric code, connecting to key reference information that enables clear and unique identification of legal entities participating in financial transactions.

In the framework of Article 28 (5) of , the European Banking Authority was conferred a mandate to develop draft regulatory technical standards, specifying method, means and details of a cross-border cooperation between competent authorities in the context of passport notifications of payment institutions.

Gerard Hartsink outlines in this Blog what could be the role of the LEI in the perspective of . He also highlights the benefits of the LEI and encourages all firms to get their own LEI.

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