The Global LEI Foundation was established in June 2014 as a not-for-profit organisation overseen by the ROC to act as the operational arm of the Global LEI System (see www.gleif.org).
Since end-March 2015, the Global LEI Foundation provides a centralised database of LEIs and corresponding reference data, which can be downloaded free of charge. A search function was added in October 2015, where you 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").
On 7 October 2015, the ROC determined that the GLEIF was ready to assume the tasks of the central operating unit of the Global LEI System, including accrediting LOUs as LEI issuers and monitoring their compliance with the system requirements; defining and maintaining the GLEIS operational and technical standards; and providing the core centralised services such as the global LEI database. A Memorandum of Understanding between the ROC and the GLEIF reflects the designation of the GLEIF as the central operating unit of the system, describes the expected division of responsibilities for overseeing various parts of the GLEIS, and organises the cooperation between the ROC and GLEIF in developing standards for the GLEIS, in consultation with relevant stakeholders, as well as the coordination of the promotion of the GLEIS and the use of the LEI.
The Global LEI Foundation was established by the Financial Stability Board as a foundation in Switzerland and is domiciled in Basel (see the Statutes of the GLEIF). The Board of Directors of the foundation held its first formal meeting on 26 June 2014 in Zurich. Gerard Hartsink was appointed the inaugural chairman of the board, along with 15 other Directors.
The ROC has played an active role in the preparatory work to establish the foundation and is supervising the Global LEI Foundation in the public interest. Foundation board members were selected from applicants all over the world, taking into account technical skills, sectoral experience and geographical balance (see "Call for Applications to the Board of Directors of the Global Legal Entity Identifier Foundation (GLEIF)." August 14, 2013).
The Global LEI Foundation is financed by part of the fees collected by LOUs from LEIs issued.