155. A usual case, but there may be others, are the umbrella and sub-fund structures, where the umbrella fund is the counterparty and the sub-fund or subfunds are the beneficiaries.
156. There may also be cases where the beneficiary is a ring-fenced pool; in such cases, the LEI should be used to identify such ring-fenced pool [As referred into to the Recommendation n.8 of the 2012 FSB report "A Global Legal Entity Identifier for Financi al Markets" asset pools or other segregated parts of a legal entity may carry separate rights and obligations at a sufficient level of independ ence of that legal entity and be eligible for an LEI. This is also in accordance with ISO standard 17442:2012 for a Legal Identifier.].