Legal Entity Identifers are the first concerted effort to develop a regulatory response to the financial crisis of 2008 by developing a globally accepted unique identifier for firms and subsidiaries.
This reminds me a bit of the discussions over Legal Entity Identifers (LEI) where U.S. firms with leadership from DTCC and SIFMA, have defined, implemented and advocated a solution ahead of other regions?
The SIFMA-led study of how to implement Legal Entity Identifers has led to its recommending the ISO 17442 as the standard, with SWIFT and the DTCC to be the core issuing and facilities manager.