is GS1’s role in establishing identification and reference data standards for the financial services industry?
A. GS1 has submitted a proposal to the US Treasury, the SEC and the CFTC to be selected to oversee the implementation of a single, universal set of identifiers for the financial services industry as mandated under the Dodd Frank legislation. Initially proposed is the GS1 ISO-approved 13 digit legal entity identifier that will be applied to businesses, products and events throughout the global financial supply chain. The government’s objective is to obtain a single, unambiguous and universal set of identifiers to enable regulators to aggregate risk information and monitor the contagion of systemic risk effectively, before the next global financial crisis occurs. Ancillary, but important benefits to industry members is the ability to reduce infrastructure costs and to be able to effectively monitor their own enterprise’s risk.
