GLEIF Management of the Global LEI System
In 2011, the Group of Twenty (G20) called on the Financial Stability Board (FSB) to provide recommendations for a global Legal Entity Identifier (LEI) and a supporting governance structure. This led to the development of the Global LEI System which, through the issuance of LEIs, now provides unique identification of legal entities participating in financial transactions across the globe.
Established 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 LEI. GLEIF services ensure the operational integrity of the Global LEI System. GLEIF is overseen by the LEI Regulatory Oversight Committee, which is made up of representatives of public authorities from around the globe. LEI issuers – also referenced as Local Operating Units (LOUs) – are the organizations authorized to issue LEIs to legal entities engaging in financial transactions.
The Global LEI System operates in three tiers:
To ensure that the Global LEI System evolves in line with user requirements, GLEIF has established dedicated stakeholder groups facilitating a regular exchange of information with representatives of specific market segments.
The operational integrity of the Global LEI System is ensured through services provided by GLEIF such as the accreditation of LEI issuing organizations. In its role as accreditation agency, GLEIF evaluates the suitability of organizations issuing LEIs to legal entities engaging in financial transactions.
Organizations currently issuing LEIs based on previous authorization procedures must become GLEIF accredited, as must any organization wishing to issue LEIs in the future. 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. GLEIF will verify annually whether organizations accredited to issue and maintain LEIs continue to meet the requirements with regard to service orientation and quality set out in the Master Agreement.
Implementation of the GLEIF accreditation program is the first of several GLEIF services launched to support its partners in the Global LEI System to optimize the quality, reliability and usability of LEI data.
GLEIF is committed to providing transparency on its performance with regard to the services it offers. We therefore, make available for download monthly service reports evaluating overall GLEIF performance. In addition, we publish the daily availability of GLEIF services.