The GLEIF (Global LEI Foundation) is a not-for-profit body established by the Financial Stability Board (FSB) and overseen by the LEI Regulatory Oversight Committee (LEI ROC). The GLEIF is tasked with managing the Global LEI System (GLEIS) – the only global, publicly available online source for standarized, high quality organisation identities delivered as the Legal Entity Identifier (LEI).
The GLEIF (not GLIEF as sometimes incorrectly referenced) is tasked with running the system on a global basis ensuring consistency and accuracy through data quality programs, reporting and their open data policy. The GLEIF has driven the need for the use of LEIs in over 300 regulations. It also promotes the LEI as the one global organization identity that enables “smarter, less costly and more reliable decisions about who to do business with”.
The Global Legal Entity Identifier (LEI) System enhances transparency in financial markets through its standardized identification of entities engaged in financial transactions. This process fosters improved risk management, regulatory reporting, and enhances the efficiency of data aggregation especially in client onboarding, KYC/KYB and cross border supply chain management.
Does the GLEIF issue Legal Entity Identifiers?
The GLEIF does not directly issue LEI. It provide requirements for, and oversees, a network of LEI Issuers who do issue LEI. LEI Issuers may issue LEIs directly, or work with Registration Agents and Validation Agents to make LEI more accessible to certain jurisdictions and vertical industries.
The GLEIF is also responsible for promoting use cases for the LEI that extend well beyond global regulation. The primary pillars include the use of LEI in cross-border payments, supply chain, Digital Organizational Identity, and Sustainability Reporting and Environmental, Social and Governance (ESG).
The benefits that the Global LEI Index generates for the wider business community grow in line with the rate of LEI adoption. So, GLEIF’s message to businesses around the globe is this: Get an LEI and make it work for you.
Global LEI Foundation
Ubisecure is an identity services specialist, and since 2018 has been a Local Operating Unit (LOU) accredited by the GLEIF to issue LEIs (Legal Entity Identifiers). LOUs are also called LEI Issuers. Ubisecure manages the largest and most geographically diverse number of LEIs globally.
Ubisecure RapidLEI – a GLEIF accredited LEI Issuer
As an accredited LEI Issuer Ubisecure RapidLEI register LEI directly with enterprise customers. Uniquely within the GLEIS, we also work closely with Registration Agents (RA) and Validation Agents (VA). VAs are typically banks who issue LEI to their corporate clients and are especially important as the total universe of LEIs grows.
Both these partnership types are promoted by the GLEIF to help clients issue and manage LEI in local jurisdictions, specific verticals and to use Legal Entity Identifiers within KYC/KYB workflows.
The FSB (Financial Stability Board) and the G20 (Group of Twenty) have endorsed the LEI, Global LEI system and the Global LEI Foundation.
