GLEIF replaces GLEIS - Global Legal Entity System

https://www.gleif.org/en/ Established by the Financial Stability Board in June 2014, the Global Legal Entity Identifier Foundation (GLEIF) is a not-for-profit organization created to support the implementation and use of the Legal Entity Identifier (LEI). The foundation is overseen by the LEI Regulatory Oversight Committee (See LEIROC), which is made up of representatives of public authorities from around the globe. GLEIF is headquartered in Basel, Switzerland.

Following the 2008 financial crisis, there was widespread recognition that the inability to identify parties to transactions across markets, products, and regions, hindered the ability to evaluate and manage risk. Recognizing this gap, authorities (working with the private sector) developed the framework of a Global Legal Entity Identifier System (or the GLEIS).

The Global Legal Entity Identifier Foundation (the GLEIF) was created as the operational arm of the GLEIS. The foundation is supervised by a Regulatory Oversight Committee (the See LEIROC) which is made up of members and observers from more than 80 authorities worldwide. The GLEIF grants the right of issuing new Legal Entity Identifiers (LEIs), and of managing the related reference data, to the LOUs (see LOU).

There is a “federated” model for LEI issuance. Local Operating Units (LOUs) assign LEIs, and validate and maintain the associated reference data. Each of the LOUs make their own file of issued LEIs available free of charge. Entities may obtain an LEI from any of the LOUs, irrespective of its geographical location.

Key Facts

GLEIF is the managing agent of LEI issuing organizations, its responsibilities include the accreditation of LEI issuers. It is also the primary provider of concentrated and accurate global LEI data published in the Global LEI index and searchable through the LEI Search Index.

See also LEI

Additional Information

A Global Legal Entity Identifier for Financial Markets (FSB)

Who it affects

The LEI is a “bar code” for uniquely and precisely identifying legal entities (e.g., businesses, funds, SPVs). It is a 20-digit, alphanumeric code that enables clear and unique identification of companies participating in global financial markets. It is currently required each party to a transaction involving financial derivatives. An overview of the current and proposed regulatory activities including the use of the LEI can be found here: Regulatory Use of the LEI