Why should the regulators choose a non-conflicted IRSB?
A. Regulators should not designate an IRSB as the sole and perpetual provider of the global identification system that is an FMU or one in any combination with an FMU. This is because the identification system will form the backbone of regulators’ ability to “see” into these FMUs (and financial institutions) and thus put the regulators themselves at risk to their failure or disruption. This is too much risk for regulators to have, especially when one proposing IRSB (GS1) has no such conflict and also allows for all other IRSB’s standards to co-exist.
