本文旨在檢驗法人機構識別代碼（LEI）全球系統的擴張。
本文將會以兩種方式對此議題進行討論。第一：比較法學，當中分為標準間的比較，將LEI 與其他有間接管制力量的標準，例如IFRS來做比較 ; 及美、歐、中、香港等世界重要經濟體對於LEI的態度比較，包括近期剛採用LEI作為強制手段的歐盟（MiFID II）， 以及國內對於LEI法規化仍在拔河的美國等。以此分析LEI作為一個標準，其是否有全球化的條件。第二：法社會學，在LEI迅速擴展的背景下，討論如果LEI達到全面推行後，作為一個非政府機構推行的標準，卻因為全球化的關係而可能得到間接的管制力量。
全面檢視LEI全球系統也意味著發現LEI該系統的不足，本文中間段落會探討LEI的優勢與劣勢，往優勢面來看，LEI將可以提升金融機構辨識系統並減少法規遵循一定負擔; 然而全面採用LEI也可能有相對的問題，都將在本段落詳述。並帶入台灣作為案例研究，說明台灣相關的時空背景，以及對LEI的態度。
同時，本文欲藉由討論全球LEI系統背後的基礎，例如內部控制（Internal Control）、機械程序自動化（Robotic Process Automation）等，去形塑LEI全球系統在現在科技先進的社會中，管制層面上扮演的重要角色。
考慮到LEI此議題是相對技術性的實務議題，且討論的文章較少，關於LEI的文章多半來自機關文件以及國際組織官方網頁。在理論上的部分，例如全球治理，自動化法遵，則多半會採自書籍以及期刊論文。

This work aims to examine the expansion of the global legal entity identifier (LEI) system.
This research will address the examination in two ways. First, by comparing the attitudes toward this new standard between different countries and the endorsement between different financial standards, we get to know that LEI will likely to get global adoption. Secondly, when LEI reach the global adoption, it indirectly get the regulatory power even though it’s not a governments.
To fully examine the global LEI system, this article will also elaborate the Pros and Cons of LEI. From the advantage point, LEI can level up the financial institution's identification system, reducing a certain level of regulatory compliance. From the disadvantage point, however, the over-reliance on the outsourced database might be a potential problem.
Furthermore, by elaborating the possible foundation of global LEI system, like internal control, robotic process automation, this article is trying to define what LEI could contributed to regulatory compliance in this technology-advanced world.
Due to LEI is more technical than theoretical topic, and is in the expanding process, the data will mostly be gathered from documents, reports, and webpages in official websites. In the theory part, however, like global governance, automated regulatory compliance, the source will be selected from books and journal articles.

Table of Contents
1. Introduction 11
1.1. 2010 Flash Crash and global LEI (Legal Entity Identifier) system 11
1.2. Global Governance 12
2. Legal Entities Identifier 13
2.1. Introduction 13
2.2. The construction of LEI 15
2.2.1. Mechanism behind the LEI 15
2.2.2. Oversight structure behind the LEI 16
2.3. Pre-LEI and pre-LOU 17
2.3.1. Brief History 17
2.3.2. Issue of pre-LEI and pre-LOU 19
2.4. LEI’s developing status recently – GLEIF’s vision and practice 21
2.4.1. The improvement GLEIF has done so far 21
2.4.2. Role that GLEIF has played 22
3. Brief of Global Governance and the theories behind it: IN-LAW and GAL 24
3.1. Introduction 24
3.2. Informal International Lawmaking (IN-LAW) 26
3.2.1. Introduction 26
3.3. Global Administrative Law (GAL) 28
3.3.1. Introduction 28
3.3.2. Five types of Global Administration 29
3.3.3. The emerging principles of Global Administrative Law 30
3.4. Summary 31
4. International harmonization 33
4.1. Basel Committee's Core Principles for Effective Banking Supervision 33
4.1.1. Introduction 33
4.1.2. BCBS’s harmonization mechanism and the problem behind it 34
4.1.3. How’s BCBS Core Principles would work? 36
4.1.4. Summary 39
4.2. FATF’s Recommendations for AML/CFT 40
4.2.1. Introduction 40
4.2.2. How’s FATF’s Recommendations would work? 41
4.3. IOSCO Objectives and Principles of Securities Regulation 44
4.3.1. Harmonization through reciprocity 45
4.3.2. Endorsements from global organizations and institutions 46
4.3.3. Multilateral memorandum of understanding (IOSCO MMoU) 47
4.4. IFRS 48
4.4.1. Introduction 48
4.4.2. Principle-based methodology 49
4.4.3. EU’s mandatory adoption: the good and the bad 50
4.4.4. Summary 52
5. Automated Regulatory Compliance, from RPA (Robotic Process Automation) to Automated Regulatory Compliance 54
5.1. Introduction 54
5.2. RPA (Robotic Process Automation) and BPO (Business Process Outsourcing) providers 55
5.3. Increasing cost on regulatory compliance 57
5.4. Automated Regulatory Compliance and RegTech 58
5.4.1. Developing own Technology 59
5.4.2. Outsourcing the need to BPO, or so-called Technology Solution Provider 62
5.5. The role that LEI play 64
5.6. Summary 66
6. Response from the world to LEI 68
6.1. Europe Union: MiFID II (Markets in Financial Instruments Directive II) 68
6.1.1. Introduction 68
6.1.2. No LEI, no trade 69
6.1.3. Summary 71
6.2. United States: Consolidated Audit Trail (CAT) and the proposal OFR make 71
6.2.1. Introduction 71
6.2.2. Implementation of CAT 72
6.2.3. Difference between FINRA and SEC 74
6.2.4. Summary 75
6.3. The Supplementary Reporting Instructions for OTC Derivative Transactions in Hong Kong 76
6.3.1. Introduction 76
6.3.2. Detail of LEI adoption 77
6.4. China’s attitude toward LEI. 78
6.4.1. Introduction 78
6.4.2. Endorsement of Pre-LEI 79
6.4.3. The Order of the People’s Bank of China No. 4 (2007) 79
6.4.4. The development of LEI in China 80
7. LEI’s alternative measures: Mapping Table and look-up API 81
7.1. Cooperation between SWIFT and GLEIF: BIC-to-LEI mapping table 81
7.1.1. Early period 81
7.1.2. Opposition from financial institutions 82
7.1.3. BIC-to-LEI mapping table 83
7.1.4. Analysis of pairing effectiveness of BIC and LEI 84
7.1.5. On-going update process 85
7.2. ISIN-to-LEI 87
7.2.1. Introduction of ISIN 87
7.2.2. The data contained in ISIN 88
7.2.3. LEI-to-ISIN 88
7.3. LEI mapping table services 89
7.3.1. Introduction 89
7.3.2. LEI mapping table services 89
8. The challenge of adopting LEI 92
8.1. The benefit of adopting LEI 92
8.1.1. The accuracy: improvement for bank’s client identification system 92
8.1.2. From the practical view: the cost of regulatory compliance 93
8.1.3. The promotion by CRS 94
8.1.4. From Taiwan government’s view: the need to improve our financial oversight status 94
8.2. The concern of adopting LEI 96
8.2.1. Over-reliance on outsourced database 96
8.2.2. Impact on local related business 97
8.2.3. Transition cost 99
8.2.4. Summary 100
8.3. Case study: the situation of Taiwan securities law 101
8.3.1. History of Taiwan Stock Exchange (TWSE) 101
8.3.2. History of TWSE’s Trade Repository 103
8.3.3. The content of the trading information filing to the TR system 105
8.3.4. Trading mechanism of TWSE 107
8.3.5. Summary 113
9. LEI as a kind of Global Governance 115
9.1.1. How’s Global LEI system fit in IN-LAW? 115
9.1.2. How’s LEI system fit in GAL? 117
9.2. Conclusion 120
10. Conclusion 122
References 124

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