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Vice Governor Speech at the Global Legal Entity Identifier Symposium
08/02/2018 12:00 AM

In the name of Allah The Merciful

Representatives of government regulatory bodies, financial and commercial sectors.

Dear guests

 

On behalf of the Governor and all colleagues at the Saudi Arabian Monetary Authority (SAMA) and the Saudi Credit Bureau (SIMAH), I am pleased to welcome you all to the workshop held on the sidelines of the meetings of the international committees on the Global Legal Entity Identification System hosted by the Kingdom during the past two days, which confirm the leading role and Efforts of the Government of the Kingdom of Saudi Arabia under the guidance of the Custodian of the Two Holy Mosques King Salman bin Abdul Aziz and his crown prince Muhammad bin Salman.

In the aftermath of the 2008 global financial crisis, regulators around the world need to identify financial players in different markets, products and regions. As a result, the G-20, at its summit in Cannes in November 2011, called on the Financial Stability Board to take the lead in making recommendations for a global legal entity identifier system and a supportive governance structure.

 

The G-20 leaders subsequently endorsed the recommendations of the Financial Stability Board in their summit in Los Cabos in 2012. Then, several committees were formed to activate and operate the project through the participation of representatives of regulators and control bodies on the financial sectors with competence from different countries of the world, where they were assigned to the task of regulation and control as well as the actual operation of issuing identifiers for legal entities through licensing to the operators of local units. Many of the regulatory authorities in different countries of the world have produced the outputs of these committees. Binding and motivating legislation was issued to all legal entities engaged in commercial and financial identity in accordance with criteria adopted in that regard.

 

The legal identifier project now covers most large companies around the world. The project helps to increase the ability of regulators to enhance the integrity and transparency of financial markets, improve risk management, and the quality and accuracy of financial statements in relation to foreign trade finance, balance of payments statistics, capital flows, clearing and financial settlements, as well as many other benefits for the public and private sectors.

Dear Guests

The Kingdom of Saudi Arabia, represented by SAMA, supported these projects and initiatives presented by the international committees through the participation of its representatives in all those committees. Its recent accomplish was adapting ‘Mu’arif” by the Regulatory committee subordinate to Simah in 2015. The formalization of its connection with the central operating unit was officially completed in 2017 to exercise its operational role by issuing digital coded identifiers according to the international standards adopted for all legal entities. Saudi  entities which have acquired Kayan Mu’arif reached 285 legal entities, including government entities and companies. SAMA constantly works cooperatively with related regulatory and control bodies to issue the needed tools for the application of Mu’arif project in the Kingdom.

At the end, I’d like to thank all guests and participants in the organizing of this event, which is the first of its kind in the Middle East and North Africa region, wishing everyone success in achieving the goals for which it was held.


Vice Governor
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