To further streamline the issuance of Legal Entity Identifiers (LEIs), the Global Legal Entity Identifier Foundation (GLEIF) has introduced the concept of the ‘Registration Agent’. A Registration Agent assists legal entities to access the network of LEI issuing organizations responsible for performing LEI issuance and related services. LEI issuers are also referenced as Local Operating Units or LOUs.
The Registration Agent’s role in the Global LEI System is directly connected to the LEI issuing organization. It acts as a third party service provider that assists the LEI issuing organization with the performance of its duties in the Global LEI System. The duties of an LEI issuing organization are specified in the Service Level Agreement, i.e. Appendix 6 to the Master Agreement. The Master Agreement is the contractual framework governing the relationship between GLEIF and LEI issuing organizations.
Possible tasks performed by a Registration Agent include:
- Publish on its website information helping a legal entity to apply for an LEI with an LEI issuing organization.
- Manage communications with the legal entity.
- Process or receive secure payment for the issuance or renewal of an LEI.
- Collect and transmit to the LEI issuing organization the information required to verify the existence of the entity applying for the LEI.
Registration Agents will neither be responsible for issuing LEIs nor will they have editorial access to LEI data.
It will always be the LEI issuing organization that remains fully responsible and liable to GLEIF for the execution of its duties.
For more information about Registration Agents, contact RegistrationAgent@gleif.org.
How an LEI can help your business get fit for the future
- Improved risk management.
- Increased operational efficiency.
- More accurate calculation of exposures.
- Simplified regulatory reporting.
- Ensured counterparties for any business process.
- Unique counterparty identification globally.
Follow five easy steps to apply for an LEI number
- Review your LEI requirements.
- Explore your LEI issuer's website of choice.
- Provide your 'business card' information.
- Verify and submit your LEI request.
- Make payment.