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Why is there a need for a Legal Entity Identifier system?

The financial crisis in 2008 highlighted the need for a unified best practice framework that would enable the relevant bodies to track and explore global financial market participants and accurately access their risk exposure to any financial market crisis.

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Number of LEIs to be issued globally by end of 2018

Who is responsible for LEI protocols and data storage?

In 2011 the G20 leaders called upon the FSB (Financial Stability Board) to lay the groundwork and create the framework for a system which would support LEI registration, this would include a regulatory body to oversee the management, collection and storage of LEI data. As a result the GLEIF Foundation was established.

Who are (GLEIF) The Global Legal Identifier Foundation?

GLEIF is a not for profit organisation whose primary objective is to develop, manage, monitor and store global LEI data that will verify an organisation’s existence and provide identity assurance. GLEIF will also assess and verify a LOU to ensure they maintain the standards and operational integrity of the Global LEI System.

The Global LEI three tier system

Global Legal Entity Identifier Foundation (GLEIF)

 
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GLEIF is a not for profit organisation based in Basel, Switzerland. Its primary objective is to develop manage, monitor and store global LEI data that verifies an oganisations existance and provides identity assurance.

Local Operating Unit (LOU)

 
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An LEI can only be issued by a Local Operating Unit (LOU).  A LOU is an organisation that has been accredited by GLEIF to issue LEIs in accordance with the protocols established by GLEIF.  They must verify all relevant data gathered from the company applying for the LEI and confirm this data with the relevant National Business Registry before issuing the company with an LEI. GLEIF will also assess and annually verify a LOU to ensure they maintain the standards and operational integrity of the Global LEI System.

registration agent

 
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Virtual LEI is a registration agent based in the UK and is partnered with GLEIF accredited RapidLEI which operates in accordance with strict GLEIF standards and protocols to issue and renew corporate digital identities.

Watch Rapid LEI Video to see how LEI works

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