In response to inability of financial institutions to uniquely identify organizations, the LEI system started to take form in 2011. Instigated by the G20, the Financial Stability Board (FSB) provided recommendations for the LEI system and its governance structure.
The LEI system promotes market integrity, reducing market abuse and financial fraud. Also, it supports a high quality and accuracy of financial data.
Who should have a LEI?
Any legal entity of a financial transaction is eligible for a LEI. Legal requirement for a LEI will come from regulation (e.g. MiFID II, CEA)
When is LEI required?
The LEI principles have been fully or partially adopted in more than 40 countries, including the US and the EU
Where do I get an LEI?
The GLEIF publish a list of all LEI issuing organizations (LOUs) per jurisdiction. You can also perform an internet search.
The LEI connects to key reference information that enables clear and unique identification of legal entities participating in financial transactions. The reference data include:
GLEIF.org • LEIROC.org • FSB.org • Wikipedia.org