The Global LEI Foundation (GLEIF) 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 mistakenly 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, as well as promote 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.
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.
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). Ubisecure issues LEIs through our RapidLEI service. LOUs are also called LEI Issuers. Ubisecure manages the largest and most geographically diverse number of LEIs globally.
As an accredited LEI Issuer Ubisecure RapidLEI registers LEIs directly with enterprise customers, but uniquely within the GLEIS, also works closely with Registration Agents (RA) and Validation Agents (VA). VAs are typically banks issuing LEIs to their corporate clients and are especially important as the total universe of LEIs grows. Both these partnership types are approved by the GLEIF to help clients register LEIs in local jurasdictions, specific verticals and 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.