The European Banking Federation declined to endorse the American-led LEI project in May.
FORBES: Global Financial Regulation -- The LEI Looks All-American
Another concern over a U.S.-domiciled global LEI organization may be related to American regulators who gained access to SWIFT message traffic in the anti-terrorism investigations and succeeded, with European Union action, in getting SWIFT to cut Iranian banks from using the interbank network.
Later on, successful buyers can simply swap their engineering units in for a final version of the 16GB or 32GB Xiaomi Phone 2 -- the latter a new addition that co-founder Lei Jun announced on Sina Weibo last Saturday (where he also cheekily asked if anyone need a 64GB flavor).
His next wife would certainly not stand as a trophy in the tug-of-war between Lei and fate, death, and any mystery beyond his understanding.
The U.S. is leading this effort, mostly because Dodd-Frank requires action on LEI.
FORBES: Global Financial Regulation -- The LEI Looks All-American
The LEI system will depend on self-identification and self-registration, said the FSB.
FORBES: America's Attempted Domination Of LEI Slams into FSB Wall
If the LEI registrations are controlled by nationally-regulated agencies around the world it would be far more difficult for any one player to interfere with the identification system.
When upstart smartphone company Xiaomi launched a mobile-chat service in 2010, Chief Executive Lei Jun told a conference in May, it expected Tencent to take a while to launch a rival service.
Perhaps making a pointed reminder to European regulators that they need to get moving, the OFR press release noted that the Dodd-Frank legislation created the OFR to develop an LEI.
FORBES: Legal Entity Identifier (LEI) ID Code for Banks and Subs Delayed Until 2012
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
During a recent company presentation, Xiaomi Technology founder Lei Jun reportedly wore jeans and a black top, emulating the style of Apple co-founder Steve Jobs.
If successful, Lei should be able to meet his ambitious sales target of 6 million Xiaomi Phones accumulated -- still some way away from the 3.52 million units sold so far.
ENGADGET: Xiaomi Phones may enter Europe next year, because China ain't big enough
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