CAC Given Mandate To Issue Legal Entity Identifier (LEI)

The Registrar General Corporate Affairs Commission (CAC) Hussaini Ishaq Magaji, SAN, attended a Global Conference on Legal Entity Identifier (LEI) organized by Financial Stability Board (FSB) and Global Legal Entity Identifier Foundation (GLEIF).

The Conference which took place at the London Stock Exchange basically centered on ensuring that all entities in the world are given global identity known as LEI. According to the conveners of the conference, the future of the world is no Legal Entity Identifier (LEI) no trade. More so, no trade across Boarder without LEI.

The CAC has been considered as Local Operating Units (LOUs) with the mandate to issue Legal Entity Identifier upon fulfilling certain conditions.

Featured at the Conference included World CEOs in Financial Institutions, several Company Registries, Bank of England, Bank of India, European Bank amongst others.

Legal Entity Identifier (LEI) is a reference code used across markets and jurisdictions to uniquely identify a legally distinct entity that engages in a financial transaction worldwide to improve the quality and accuracy of financial data reporting system for better risk management.