CSCS accredited for GLEIF local services in Nigeria
The Central Securities Clearing System (CSCS) Plc, has been accredited by the Global Legal Entity Identifier Foundation (GLEIF), to perform all Local Operating Unit (LOU) services in Nigeria, following an inspection visit by a team of GLEIF representatives.
This was contained in a letter dated, November 26, 2018, and signed by the Chief Executive Officer, GLEIF, Stephan Wolf, addressed to CSCS, authorising it to perform all LOU services as defined in the Master Agreement and its Appendices.
“Please be advised that CSCS Nigeria is being granted authorisation to perform all LOU services as defined in the Master Agreement and its Appendices. As previously stated, please be assured that the entire GLEIF organisation is here to assist and support your efforts and bringing continuous improvement to the entire GLEIS system by facilitating a dedication to ‘best of breed’ practices and methodologies in service and operations”.
The Managing Director/Chief Executive Officer, CSCS Plc, Haruna Jalo-Waziri, said: “We are delighted at this accreditation by GLEIF. CSCS is the only entity in Nigeria that can perform this function. The Legal Entity Identifier (LEI) would enable firms to strengthen the accuracy, integrity, and aggregation of data across entities and subsidiaries, and thus improve counterparty risk data and management, as well as supporting enhanced data modelling and analysis.”
He continued: “LEI system will allow precise and accurate regulatory reporting, as well as support the production of data for recovery and resolution planning. This will inherently lead to operational efficiency that would allow for easy reconciliation of data.
I encourage all business entities and organizations to acquire the LEI code or apply to CSCS for renewal if they have already registered.”
The LEI code is a mandatory global requirement that enables market operators to perform capital market functions; this will further deepen the Nigerian capital market and provide veritable identification of organisations, therefore compliance with this requirement.
A Legal Entity Identifier is a 20-character identifier that identifies distinct legal entities that engage in financial transactions.
It is defined by ISO 17442. Natural persons are not required to have an LEI; they are eligible to have one issued, however, but only if they act in an independent business capacity.