The ROC oversees the Global LEI System (GLEIS), which is composed of the ROC itself, the Global LEI Foundation (GLEIF), and LEI issuers known as Local Operating Units (LOUs).
The LEI is a 20-character reference code to uniquely identify legally distinct entities that engage in financial transactions and associated reference data. Two fundamental principles of the LEI code are:
Uniqueness: an LEI is assigned to a unique entity. Once assigned to an entity, and even if this entity has for instance ceased to exist, a code should never be assigned to another entity.
Exclusivity: a legal entity that has obtained an LEI cannot obtain another one. Entities may port the maintenance of their LEI from one operator to another. The LEI remains unchanged in the process.
The LEI definition currently relies on a standard published by the International Organisation for Standardisation (ISO) on 30 May 2012 (ISO 17442:2012, Financial Services - Legal Entity Identifier (LEI)).
The LEI Code is structured as follows:
Characters 1-4: A four character prefix allocated uniquely to each Local Operating Unit (LOU) issuing LEIs. This prefix identifies (except for LEIs issued before 30 November 2012) the LOU that first issued the LEI and contributes to avoiding that different LOUs would assign the same LEI. However, the entity might have subsequently ported the maintenance of its LEI to a different LOU. Use the GLEIF search function to check which LOU is maintaining an LEI ("Managing LOU" field) and go to this LOU's website to update the reference data of the entity or certify that it is still up-to-date.
Characters 5-6: Two reserved characters set to zero.
Characters 7-18: Entity-specific part of the code generated and assigned by LOUs according to transparent, sound and robust allocation policies.
Characters 19-20: Two check digits as described in the ISO 17442 standards. The check digit scheme follows ISO/IEC 7064 (MOD 97-10) and contributes to avoiding typing errors.
The reference data stored in the LEI data base for each entity includes:
The official name of the legal entity;
The address of the headquarters of the legal entity;
The address of legal formation;
The date of the first LEI assignment;
The date of last update of the LEI;
The date of expiry, if applicable;
For entities with a date of expiry, the reason for the expiry should be recorded, and if applicable, the LEI of the entity that acquired the expired entity;
The official business registry where the foundation of the legal entity is mandated to be recorded on formation of the entity, where applicable;
The reference in the official business registry to the registered entity, where applicable.
The Global LEI Foundation (GLEIF) was established in June 2014 as a not-for-profit organization overseen by the ROC to act as the operational arm of the GLEIS. The foundation provides on their website a centralized database of LEIs and corresponding reference data. A search function was added in October 2015, where one can check if an entity has an LEI, or access the reference data associated with an LEI, including verifying whether the LEI is current and can be used in regulatory reporting (registration status: "issued" or "pending transfer"). From 7 October 2015, new institutions that wish to become LEI issuers need to be accredited by the GLEIF, which monitors their compliance with the standards of the GLEIS. As of this date, the GLEIF also assumed the tasks of defining and maintaining the operational and technical standards of the system. The GLEIF also publishes the list of authorised LEI issuers. Find out more about the Global LEI Foundation.
LEIs are issued by "Local Operating Units" (LOUs) of the Global LEI System.
LOUs are the utilities accredited by the GLEIF under ROC oversight, to provide LEIs and other services to registrants.
LOUs make the LEIs and associated reference data available to the public and regulators free of charge and on a continuous basis.
The list of LOUs accredited by the GLEIF can be found on the GLEIF website.
Some of these registries serve a given country while others offer services to entities worldwide. They may be differences as well in the languages available, facilities to register many entities in bulk, and price, among others. We invite you to check the websites of these registries to find the one that best suits your needs.
These websites also provide information on the process for obtaining an LEI, which complies with general principles set by the ROC, in particular:
Self-registration: Only an entity eligible to receive an LEI or its authorized representative may obtain a LEI code. The permission of the LEI registrant to perform an LEI registration on its behalf by a third party is considered to satisfy the requirements of self-registration only if the registrant has provided explicit permission for such a registration to be performed.
The LOU will collect a minimum set of reference data on the entity (e.g. name of the entity and address; see About LEIs for a comprehensive list).
This reference data has to be confirmed or certified by the entity seeking an LEI. Entities are requested to periodically verify the continued accuracy of their reference data (eg, at least through yearly certification)
The LOU is required to check each entry against reliable sources (public official sources such as a business registry, private legal documents) prior to publishing the LEI and associated reference data. This explains a delay between the request for an LEI and the publication of the LEI.
LOUs generally charge a fee for issuing the LEI as well as for validating the reference data upon issuance and after each yearly certification.