Organizational Identity Become an LEI Issuer

Lifecycle of an LEI Issuer

From the initial application through to annual verification, GLEIF outlines a clear lifecycle for an LEI issuer, also referred to as a Local Operating Unit (LOU):

Offboarding Process

The offboarding process for an LEI issuer, is triggered by any of the following three scenarios:

  1. The LEI issuer informs GLEIF of its termination of the Master Agreement.
  2. GLEIF informs the LEI issuer of its termination of the Master Agreement.
  3. The LEI issuer is unable to conduct LEI services due to force majeure or any other significant event that prevents the LEI issuer from operating.

Once the offboarding process is initiated, GLEIF’s ‘Trigger LEI Management Transfer’ service will start. As part of this process, GLEIF will determine whether any existing LEI issuers are interested in taking over the offboarding LEI issuer's LEI portfolio. GLEIF will then evaluate the suitability of the interested LEI issuers and confirm which LEI issuer(s) will take over the portfolio.

The offboarding LEI issuer, receiving LEI issuer(s), and GLEIF will coordinate the bulk transfer of LEIs from the offboarding LEI issuer to the receiving LEI issuer(s).

Upon successful completion of the bulk transfer, GLEIF will announce the offboarding of the LEI issuer and the bulk transfer to the receiving LEI issuer(s) on the GLEIF website.

If the offboarding is triggered by scenario 3, GLEIF will adhere to the following process:

  • In accordance with the ‘Service Level Agreement’, GLEIF shall take over the impacted LEI portfolio temporarily and trigger the service ‘Trigger LEI Management Transfer.’ This will take place within 48 hours on GLEIF’s business days, provided the impacted LEI issuer has stopped the daily upload of LEI files.
  • During this period, GLEIF will temporarily manage impacted LEIs and will announce this publicly via the GLEIF website. However, GLEIF will not act as an LEI issuer and will not issue or renew any LEI records. GLEIF will ensure that the affected LEIs are uploaded and correctly included in the Global LEI System, and will provide contact information to facilitate individual transfer-out for the affected legal entities. If no business resumption confirmation is received from the impacted LEI issuer until GLEIF concludes the receiving LEI issuer(s), GLEIF will further proceed with the bulk transfer.
  • The impacted LEI issuer will be offboarded if there is no response or positive confirmation of business resumption after 3 months.

The primary goals of the offboarding process are to ensure LEI service continuity for impacted legal entities and conduct the LEI bulk transfer in the least costly manner for the Global LEI System.