GLEIF Welcomes Commonwealth Bank of Australia as Validation Agent

Commonwealth Bank of Australia joins Validation Agent program to proactively drive client adoption amid regional and global momentum for the LEI

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The Global Legal Entity Identifier Foundation (GLEIF) today announces that the Commonwealth Bank of Australia (CBA) has become the latest financial institution to be approved as a Validation Agent in the Global Legal Entity Identifier (LEI) System.

By becoming the first Validation Agent based in Australia, CBA is uniquely positioned to deliver a seamless experience for its clients when obtaining an LEI — while realizing significant operational efficiencies. This comes as converging industry developments are anticipated to drive a sharp increase in LEI adoption by SMEs and non-financial organizations across the region.

Key local initiatives shaping LEI adoption include updated over-the-counter (OTC) derivative transaction reporting rules from the Australian Securities & Investments Commission (ASIC). The regulation — which comes into force in October 2024 —mandates the LEI as the only permitted entity identifier for counterparty identification, phasing out the use of the AVID code and Business Identifier Code (BIC). This will increase alignment with global market practices to reduce costs and complexity, while helping to address the challenge of identifying smaller, non-financial counterparties.

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