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New GLEIF Challenge Facility Extends Ability to Trigger Updates of Legal Entity Identifier Data to All Interested Parties
The new online service is designed to further enhance the reliability and usability of the Legal Entity Identifier data pool
Author: Stephan Wolf
Estimated Reading Time: 5 minutes
In July 2016, the Global Legal Entity Identifier Foundation (GLEIF) launched its new data challenge facility. It offers any interested party an easy and convenient means to trigger the verification and, where required, speedy update of Legal Entity Identifier (LEI) records including related reference data. This centralized online service, which is part of GLEIF’s data quality management program, further contributes to ensuring that the publicly available LEI data pool remains a unique key to standardized information on legal entities worldwide.
GLEIF encourages all users of LEI data to take advantage of this GLEIF service designed to further enhance the reliability and usability of the publicly available LEI data pool.
Recap: The GLEIF data quality management program
The LEI enables clear and unique identification of legal entities participating in financial transactions. It connects to a set of reference data such as the official name of a legal entity and its registered address. Simply put, the publicly available LEI data pool can be regarded as a global directory that greatly enhances transparency in financial markets. The data pool’s ability to meet this objective relies on the availability of trusted, open and reliable data.
The process of maintaining LEI data quality starts with the registering entity. Through self-registration, the registering entity must supply accurate LEI reference data. The LEI issuing organization (also referenced as ‘Local Operating Unit’) must then verify the LEI reference data with the local authoritative source – a national Business Register, for example – and issue an LEI compliant with the LEI standard. LEI issuing organizations act as the primary interface for legal entities that have registered, or wish to obtain, an LEI.
Data quality is also maintained via the annual LEI renewal process. While the legal entity is required to notify the managing LEI issuing organization when changes occur to its legal entity reference data, the annual renewal process ensures that, at a minimum, the legal entity and the LEI issuing organization review and re-validate this data.
GLEIF has published the Global LEI Index (see ‘related links’ below), which provides information, updated daily, on – and easy access to – all LEIs issued to date.
GLEIF is responsible for monitoring and ensuring high LEI data quality. The GLEIF data quality management program allows the quality of the LEI data pool to be monitored, assessed and further optimized. To clarify the concept of data quality with regard to the LEI population, GLEIF has defined, in close dialog with the LEI Regulatory Oversight Committee and the LEI issuing organizations, a set of measurable quality criteria using standards developed by the International Organization for Standardization (ISO). These include criteria such as the completeness, comprehensiveness and integrity of the LEI data records. Instituting a set of defined quality criteria establishes a transparent and objective benchmark to assess the level of data quality within the Global LEI System. GLEIF makes available monthly data quality reports (see ‘related links’ below), which demonstrate the high level of data quality already achieved in the Global LEI System to date.
New GLEIF challenge facility extends the ability to trigger updates of LEI data to all interested parties
The new online challenge facility is an essential addition to the GLEIF data quality management program.
The GLEIF data challenge facility provides any user of 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 allows the indication of 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. It is the responsibility of the relevant LEI issuing organization to resolve the matter in dialog with the impacted legal entity. If required, and subject to further verification against an authoritative source, the LEI issuer will update the information related to an LEI record. The aim is to resolve a challenge within ten business days.
How to submit a challenge with regard to a specific LEI
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 LEI Records’ at the upper right hand corner of the GLEIF website.
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.
For further detailed information on the GLEIF challenge facility, refer to the related ‘Questions and Answers’ available on the GLEIF website (see ‘related links’ below).
We very much look forward to working together with all stakeholders and the LEI issuing organizations towards continuously improving the reliability and usability of the publicly available LEI data pool.
Stephan Wolf is the CEO of the Global Legal Entity Identifier Foundation (GLEIF). Since January 2017, Mr. Wolf is Co-convener of the International Organization for Standardization Technical Committee 68 FinTech Technical Advisory Group (ISO TC 68 FinTech TAG). In January 2017, Mr. Wolf was named one of the Top 100 Leaders in Identity by One World Identity. He has extensive experience in establishing data operations and global implementation strategy. He has led the advancement of key business and product development strategies throughout his career. Mr. Wolf co-founded IS Innovative Software GmbH in 1989 and served first as its managing director. He was later named spokesman of the executive board of its successor IS.Teledata AG. This company ultimately became part of Interactive Data Corporation where Mr. Wolf held the role of CTO.