APIR Systems Limited (APIR) was established in 1993 and in 1999 was endorsed by the Financial Services Council (FSC) as the identification and coding standard for the wealth management industry in Australia. Today, the identification standard covers some 700 Responsible Entities and Trustees, over 30,000 current and archived products and some 200 retail Master Trusts and Wrap Platforms that make up the platform industry in Australia. Users of APIR Codes and our accompanying reference data services include nearly 700 Dealer Groups, 25,000 financial advisers and a diverse range of service providers including, Government departments, custodians, clearing houses and administrators.
As an independent industry standard, APIR enjoys a unique position in the industry – one that positions us perfectly to be the LEI issuer in Australia. We are an active contributor to initiatives undertaken by the Australian industry, regularly participating in working groups that have driven major industry developments such as the Future of Financial Advice (FoFA) reforms, the introduction of the MySuper framework and currently we are a member of the working group that is leading the development of the Asia Region Funds Passport (ARFP).
Our involvement also extends to the international standards arena, where we have representatives on various committees driven by ISO. We are therefore supportive of the federated model adopted by the Global Legal Entity Identifier Foundation (GLEIF) to facilitate the adoption of the LEI standard around the world. As the Local Operating Unit (LOU) for Australia, we are endorsed by the Regulatory Oversight Committee (ROC) that is responsible for the ongoing development and adoption of the LEI standard.