GLEIF could be a non-profit organization established by the Financial Stability Board in June 2014. GLEIF relies on out of Basel, Switzerland. The most task of GLEIF is to confirm the operational integrity of the worldwide LEI system. GLEIF also makes available the technical infrastructure for anybody who wishes to access the entire global legal entity identifier LEI database.
In 2011, the G20 countries asked the Financial Stability Board (FSB) to form recommendations for a world Legal Entity Identifier (LEI) system and oversight this. FSB underlined that a world acceptance of the LEI system will help with several financial stability goals.
The LEI System is formed up of three layers:
• Layer 1 is the LEI Regulatory Oversight Committee: Which consists of multiple public authorities from various nations and it had been established in 2013 to coordinate and supervise the framework of the worldwide Legal Entity Identifier system.
• Layer 2 is the Global LEI Foundation (GLEIF): Established in 2014 by the Financial Stability Board. GLEIF may be a non-profit organization meant to assist with the employment of and implementation of LEIs. GLEIF’s job is to make sure that the world’s Legal Entity Identifier system has operational integrity.
• Layer 3 is LEI issuing organizations: The issuers of LEIs are called Local Operating Units (LOUs). It handles LEI registration, renewal, and complimentary services.
The Legal Entity Identifier (LEI) links key data enabling a novel identification of legal entities that participate in financial transactions across the world. The LEI data is created publicly available to make and improve transparency within the global markets.
The free information provides standardized information on legal entities on a world scale. The information incorporated in each LEI is verified through procedures and protocols set by the LEI Regulatory Oversight Committee.
The LEI number could be a 20-digit code maybe that companies, funds, and charities who want to either buy or sell financial instruments ought to obtain, so as to go with MI FID II regulation. In this, No LEI, no trade.
This website makes sure the operational integrity of the world LEI System. GLEIF continuously increases both the knowledge available within and also the quality of, the LEI data pool and makes public access to the knowledge ever easier. To get an outline of the services GLEIF provides to the general public.
GLEIF has endorsed the International Open Data Charter, which aims to greater coherence and collaboration to market the increased adoption and implementation of shared open data principles, standards, and good practices across sectors around the world.
GLEIF mission
GLEIF manages a network of partners, referred to as the LEI issuing organizations, to supply trusted services and open, reliable data for unique legal entity identification worldwide.
Conclusion
So, GLEIF makes available the world LEI Index; i.e. the sole global online source that has open, standardized, and top-quality legal entity reference data. By doing so, GLEIF enables people and businesses to create smarter, less expensive, and more reliable decisions about who to try to do business with.