The Global Entity Identifier Overview
In 2011, the Group of Twenty (G20) called on the Financial Stability Board (FSB) to provide recommendations for a global Legal Entity Identifier (LEI) and a supporting governance structure. This led to the development of the Global LEI System which, through the issuance of LEIs, now provides unique identification of legal entities participating in financial transactions across the globe.
Established in June 2014, the Global Legal Entity Identifier Foundation (GLEIF) is a not-for-profit organization created to support the implementation and use of the LEI. GLEIF services ensure the operational integrity of the Global LEI System. GLEIF is overseen by the LEI Regulatory Oversight Committee, which is made up of representatives of public authorities from around the globe. LEI issuers – also referenced as Local Operating Units (LOUs) – are the organizations authorized to issue LEIs to legal entities engaging in financial transactions. (Below to be designed)