EBA responds to ESRB recommendation on identifying legal entities

The European Banking Authority (EBA) published today its report on the implementation of the European Systemic Risk Board (ESRB) Recommendation on identifying legal entities.

Following the ESRB Recommendation, the EBA was requested to deliver to the European Parliament, the European Council, the European Commission and the ESRB, a Report on its implementation. The report provides information on the substance, such as the legal form of the measure and the type of financial institutions covered, as well as on the timing of the actions taken by the EBA in relation to the implementation of the Recommendation.

Background

In 2020, the ESRB issued a Recommendation (ESRB/2020/12) for the introduction of a Union legal framework to uniquely identify legal entities engaged in financial transactions. The Recommendation B of the ESRB sponsored the use of the Legal Entity Identifier, where applicable, as identifier in either financial transactions or financial reporting obligations.