This is GLEIF
Established by the Financial Stability Board in June 2014, the Global Legal Entity Identifier Foundation (GLEIF) is tasked to support the implementation and use of the Legal Entity Identifier (LEI). The foundation is backed and overseen by the LEI Regulatory Oversight Committee, representing public authorities from around the globe that have come together to jointly drive forward transparency within the global financial markets. GLEIF is headquartered in Basel, Switzerland.
GLEIF is unique: It is a supra-national not-for-profit organization making available the only global online source that provides open, standardized and high quality legal entity reference data. GLEIF is, by its statutes, agnostic to any particular commercial or political interests. GLEIF is uniquely positioned in the entity identification market.
GLEIF manages a network of partners, the LEI issuing organizations, to provide trusted services and open, reliable data for unique legal entity identification worldwide.
Following the financial crisis, the goal of the drivers of the LEI initiative - the Group of 20, the Financial Stability Board and many regulators around the world – was to use the LEI to create transparency in the derivative markets. As demonstrated with the current LEI population, these efforts have generated excellent results. To date, LEIs have been assigned to legal entities based, primarily, in the U.S. and Europe where regulations require the use of LEIs to uniquely identify counterparties to transactions in regulatory reporting. Public authorities in these jurisdictions rely on the LEI to evaluate risk, take corrective steps and, if required, minimize market abuse and improve the accuracy of financial data.
This said, we are convinced that broad LEI adoption will also generate significant advantages for the wider business community.
GLEIF services ensure the operational integrity of the Global LEI System and facilitate making the LEI a broad public good. As a result, the LEI remains the industry standard best suited to providing open and reliable data for unique legal entity identification management.
- Accreditation of LEI issuers: In its role as accreditation agency, GLEIF evaluates the suitability of organizations seeking to operate as issuers of LEIs. LEI issuers supply registration, renewal and other services, and act as the primary interface for legal entities wishing to obtain an LEI. Accreditation is a rigorous evaluation process carried out by GLEIF. Candidate organizations must meet the requirements set out in the Master Agreement, which is the contractual framework governing the relationship between GLEIF and LEI issuing organizations.
- Access to the complete global LEI data pool is free of charge to users: GLEIF makes available the Global LEI Index, which offers information, updated daily, on all LEIs issued to date. It is the only free online source that provides open, standardized and high quality legal entity reference data with the potential to capture any entity engaging in financial transactions globally. Any interested party can easily access and search the complete LEI data pool free of charge using the web-based LEI search tool. The LEI data pool consists of the publicly available information on legal entities identifiable with an LEI. In addition, GLEIF publishes the GLEIF Concatenated File daily. It contains the content of the individual files, published by the LEI issuing organizations, which list all LEIs issued to legal entities and related reference data.
- Data quality management: The data quality management program, introduced by GLEIF, optimizes the integrity of the LEI data pool. Based on a set of clearly defined criteria, the program allows the quality of the LEI data pool to be monitored, assessed and further optimized. The monthly reports issued by GLEIF reflect the very high level of data quality already achieved in the Global LEI System.
- Commitment to open data principles: GLEIF has endorsed the International Open Data Charter, which aims to foster greater coherence and collaboration to promote the increased adoption and implementation of shared open data principles, standards and good practice across sectors around the world.