Business Entity Data special report
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Business Entity Data, December 2010
Needs Identified
The more than a decade-long debate about the need for a universal business entity identifier seems to finally be moving in the right direction. In a poll at the ISITC Europe conference in London in November, 68% of conference-goers said a globally acceptable business entity identifier is achievable in two to five years. A few years back, the result was likely to have been quite different.
But there is a reason why market participants are more optimistic that there will be an identifier. Regulators are increasingly involved in the discussion, with the latest move being the US Department of the Treasury's Office of Financial Research issuing a statement on legal entity identification for financial contracts. The statement, which firms can now provide feedback on, announced the Office's intention to "standardize how parties to financial contracts are identified in the data it collects on behalf of the Council [the Financial Stability Oversight Council]."
Due to regulatory involvement, the expectation is that development in this previously slow-moving space will accelerate. Now is the time to stay awake and not overlook the importance of what is going on. In this Business Entity Data report, which includes comments from industry experts and a news review, we hope to help readers stay on top of the latest developments and keep the excitement surrounding business entity identification alive.
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Business Entity Data, December 2010
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