The Financial Stability Board (FSB) is an international body founded in order to coordinate the work of national financial authorities and global standardisers on an international level. The aim is to develop effective regulatory policy and policy on supervisory legislation in financial markets and promote its implementation.
The Global LEI-System was developed on the basis of recommendations made by the FSB.
Together with the FSB, the G20 Finance minister and the chairmen of the central bank approved the charter for the LEI Regulatory Oversight Committee (LEI ROC) in 2012.
In 2014, the Global Legal Entity Identifier Foundation (GLEIF) was founded.
Among other things, the FSB has established a Correspondent Banking Coordination Group (CBCG) in order to coordinate and maintain the implementation of action plans for correspondent banks.
[…] Additional uses are contemplated, such as in the area of correspondent banking. Further adoption of the LEI by legal entities worldwide and its use by authorities for regulatory purposes is essential to fully reap its collective benefits.¹