Swift U-Turn on BIC Plans, New ISO Standard to Meet LEI Requirements

Karla McKenna Citi

In Swift’s January comment letter to the Office of Financial Research (OFR) on legal entity identification, it suggested the BIC, for which it is the registration authority, could be used as a legal entity identifier (LEI). The argument was that the existing code is a registered ISO standard that is widely used, and extending the scope of this code could help keep implementation costs down.

But since then, an ISO study group under the financial services technical committee 68 (TC68) has

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