Although the Office of Financial Research (OFR) was due to issue a rule regarding the adoption of its proposed legal entity identification (LEI) standard before the end of last month, the deadline has slipped due to the need to gain additional international input on the subject, according to the Treasury’s Richard Berner. Berner, who was appointed counsellor to the secretary of the US Treasury and a champion of the OFR earlier this year (see more here), indicates that rather than sticking to the initial 15 July deadline set by the group back in November last year (see more on which from the end of 2010 here), the OFR will instead engage in an outreach programme to build global consensus on the key issues first and then issue final rules next year.

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