Questions and Answers
The Global Legal Entity Identifier Foundation (GLEIF) is responsible for monitoring and ensuring high quality Legal Entity Identifier (LEI) data. The quality of the legal entity reference data recorded by the LEI issuing organizations and published with the Global LEI Index on the GLEIF website is assessed as part of the monthly GLEIF data quality reports.
In addition, GLEIF makes available an online challenge facility, which offers any interested party an easy and convenient means to trigger the verification, and where required, speedy update of LEI records including related reference data.
The challenge facility currently allows challenges to LEI records which are reported based on the LEI-Common Data File format version 2.1. This means it is currently only possible to challenge Level 1 data on who is who included within an LEI record. The challenge facility will be enhanced to include the option to verify Level 2 data on who owns whom in 2019.
In the event that you encounter data elements that do not meet the high standards in quality management expected in the Global LEI System, you have the following options:
- Contact the respective LEI issuing organizations directly to communicate your concerns.
- Raise an LEI data challenge through GLEIF’s central facility.
The questions and answers below provide detailed information on the GLEIF challenge facility.
Using the GLEIF challenge facility has the advantage that GLEIF is able to monitor and provide updates on all challenges raised this way, and your challenge will be created and distributed to the LEI issuer in a standardized way, regardless which LEI issuer manages the LEI.
- What is an LEI data challenge?
A challenge is any doubt regarding the uniqueness of the Legal Entity Identifier (LEI) code or referential integrity between LEI records, the existence of duplicate entries, or the accuracy and completeness of the related legal entity reference data.
All interested parties can raise a challenge against the LEI data record for any LEI. You can suggest new data that you consider more correct than the current data, or (for example, if you do not know what the correct data is) you can provide a comment detailing why you think a data field must be updated.
You may also challenge the LEI record itself in regard to the LEI code’s:
- Uniqueness (the same LEI code exists more than once).
- Exclusivity (one entity has more than one LEI code).
- What is the GLEIF challenge service?
The challenge service offered by the Gobal Legal Entity Identifier Foundation (GLEIF) is a central point of contact, which provides any user of Legal Entity Identifer (LEI) data with the opportunity to substantiate doubts regarding the uniqueness of an LEI code, the referential integrity between LEI records, or the accuracy and completeness of the related reference data. It also permits pointing to possible duplicate entries or any lack of timely response to LEI related corporate actions.
Once a challenge has been logged using the online form available on the GLEIF website, GLEIF immediately conveys the information to the relevant LEI issuing organization for follow-up. Each LEI issuer responds to challenges involving reference data for the LEIs which they manage.
GLEIF records and monitors the progress of challenges in order to ensure that LEIs follow the relevant standards and maintain data quality, but the LEI issuers remain ultimately responsible for the data they provide.
- How do I enter a challenge?
You may challenge one LEI data record at a time (you can challenge as many fields as needed within that record). Challenging several LEI data records means entering one additional challenge per record.
- Type the relevant LEI code, or the name of the relevant legal entity, in the field entitled ‘Search in LEI Data Fields’ on this dedicated GLEIF website page: LEI Search 1.0.
- Hit ‘enter’.
- Click on the LEI record you are looking for. This will open a page including all reference data connected to this LEI.
- Click the ‘Challenge this record’ button to access the online form, which allows the challenge to be filed.
- The online form allows to comment on each data field included in an LEI record, to identify a possible error or to indicate alternate information that should be present in the data field.
- The online form specifies the type of evidence that a challenger must provide to substantiate a claim that data included in the LEI record is not correct.
- Prior to submitting the completed online challenge form, the challenger must register a password protected user account providing the contact information (name and email address) required for follow up. The name and email address of the challenger will be communicated to the LEI issuing organization responsible for the maintenance of the LEI record that has been challenged.
- Why wasn’t my challenge submitted?
All challenges are automatically checked for data errors that would cause the Legal Entity Identifier (LEI) data record to be excluded from the Global LEI Index if the proposed changes were accepted by the LEI issuer.
Some further checks which ensure that proposed data changes are not contradictory may also prevent a challenge from being submitted. Please follow the on-screen hints and tips while entering a challenge to avoid this.
Please check that you completed the Captcha task (intended to prevent automated challenge entry).
- What evidence do I need to submit with my challenge?
The exact type of evidence needed for each challenge will vary depending on the specific field(s) challenged.
Evidence can be submitted in the following formats:
- File upload.
- Text, including links to information of files online (URL), or a free-text explanation or reference.
- What happens once I have submitted a challenge?
The Legal Entity Identifier (LEI) issuing organization who manages the challenged LEI data will receive your challenge.
You will receive a summary and confirmation of your challenge via email.
- How do I communicate with an LEI issuer about a challenge that is still open?
The LEI issuer who manages the challenged LEI data will receive your challenge.
The LEI issuer will research the challenge, and consult (where necessary) with the legal entity in question. At this point you will have the opportunity to contact the LEI issuer via email with any concerns you may still have.
The LEI issuer will contact you with details of the evaluation result.