Frequently Asked Questions

Related to the LEI

There is no LEI issuer in my country; how do I get an LEI?

Entities can use the services of LEI issuers located in other countries that offer cross-border services, which is the case of most issuers. Please see "How to obtain an LEI".

Where can I find a complete list of LEI codes?

The Global LEI Foundation (GLEIF) gives access to a centralised database of LEIs and corresponding reference data since end-March 2015, including file history from 27 October 2014 and original files from individual Local Operating Unit (LOU) of the Global LEI System (GLEIS) from 16 February 2015. The LOU files can also be found on the website of the LOU (see the list of LOU websites).

Does the LEI include a country code?

The LEI code does not include a country code. The prefix made of the first four characters at the beginning of the LEI code only identifies (in most cases) the LEI issuer or LOU that first issued the LEI. The prefix helps prevent different LOUs from issuing duplicate LEIs. The list of prefixes can be found here.

However, the entity might have subsequently ported the maintenance of its LEI to a different LOU. To know which operator is maintaining an LEI, you should check the reference data associated with the LEI ("ManagingLOU" data field in the Common Data File Format).

Information on the country where the head office of the entity is located and the jurisdiction of legal formation and registration of the entity can also be found in the LEI reference data (respectively "HeadquartersAddress" and "LegalJurisdiction" data fields in the Common Data File Format).

Which entities can obtain an LEI?

The LEI is not only for companies. Funds or government entities, for example, can also obtain an LEI. Please see the definition of legal entities eligible to obtain an LEI in the About LEIs page as well as the ROC statement on the conditions of LEI eligibility for individuals acting in a business capacity.

Who can obtain an LEI for an entity?

Only an entity eligible to receive an LEI or its authorized representative may obtain an LEI code. The system promotes self-registration and LOUs that issue LEIs usually offer registration services on their internet websites. Various languages are available across all LOUs (the list of authorised LEI issuers can be found on the GLEIF website. 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.

How do I know if I should get an LEI?

The legal requirements to use LEIs are not determined by the ROC but by competent authorities in each country. These requirements vary depending on the country. Please see "Regulatory uses of the LEI". Even when not legally required to have an LEI, eligible entities may obtain an LEI (Please see the definition of legal entities eligible to an LEI in the page on LEIs)

My entity has changed its name/changed address/merged with another company, how do I update the record of the entity?

The ROC does not manage LEIs. Use the GLEIF search function to check which Local Operating Unit of the Global LEI System (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. The person within your entity who requested the LEI or last recertified the record of the entity should know how to proceed (e.g. username and password to access the website of the LOU).  The original LEI record certified by the entity and validated by the LOU can be found on the LOU's website.

My entity already has an LEI. Can I port its maintenance to a different operator?

An entity may "port" the maintenance of its LEI from one LOU to another. To do so, the authorised representative of the entity should contact the new LOU, specifying its existing LEI number and providing any other documents required by the new LOU. The new LOU will contact the original LOU. The LEI remains unchanged in the process.

How do I become a Local Operating Unit (LOU) of the Global LEI System?

New institutions that wish to become LEI issuers need to be accredited by the GLEIF, which will monitor their compliance with the standards of the GLEIS. Applications should be made to the GLEIF: those interested will find on the GLEIF website a description of the accreditation process.

Who supports this initiative?

The founding principles of the GLEIS were developed through extensive public and private sector collaboration and will continue to evolve in this spirit. At their Cannes Summit in November 2011, the G-20 leaders supported "the creation of a global legal entity identifier (LEI) which uniquely identifies parties to financial transactions." The leaders also called on the FSB to take the lead in helping coordinate work among the regulatory community on the governance framework of the GLEIS, complementing efforts by the private sector to develop a technical solution, including through the International Organisation for Standardisation.

The GLEIS High-Level rinciples and recommendations contained in the FSB's 8 June 2012 report, "A Global Legal Entity Identifier for Financial Markets," were endorsed by G-20 at Los Cabos, Mexico on 19 June 2012

The G-20 encouraged "global adoption of the LEI to support authorities and market participants in identifying and managing financial risks and also endorsed the establishment of a Regulatory Oversight Committee (ROC). The ROC, established in November 2012 to oversee the Global LEI System in the broad public interest, took over full responsibility from the FSB for the implementation of the system, with the FSB continuing to provide active support to the initiative.

Over 65 financial markets regulators and other public authorities  from more than 40 jurisdictions that assented to the ROC Charter have committed to support the introduction of the GLEIS for official or international identification purposes.

Several authorities have promulgated recordkeeping and regulatory reporting rules that require counterparties to be identified by LEIs (see Use of the LEI here).

The financial services industry fully supports the growth of the LEI system as a means to simplify current and future global regulatory reporting requirements across all asset classes with a single entity identification standard. Importantly, firms support the LEI as a tool to streamline and make more efficient client identification across a number of processes and services.

Related to the UTI

Under what circumstances a UTI should be used for reportable transactions that have not previously been allocated a UTI?

A UTI is needed when a transaction is required to be reported under the rules of a jurisdiction irrespective of whether another relevant jurisdiction (e.g. that of the other counterparty) also requires the transaction to be reported. Where more than one jurisdiction requires reporting of a particular transaction, then the same UTI should be used on any such reports. Regarding which transactions are reportable, the scope could be different and subject to relevant reporting rules in different jurisdictions.

What are the impacts of life cycle events on the UTI?

When a UTI is allocated to a reportable transaction, it should remain as the identifier for that transaction throughout its life. When a transaction is terminated and replaced with one or more other transactions, new UTIs should be used. This could occur when:

For details, please refer to the 2017 UTI Technical Guidance Section 3.2 "The impact of life cycle events on the UTI" or to any updated version of the UTI Technical Guidance available among the ROC's publications.

Which entity (or entities) should be responsible for generating UTIs for reportable transactions?

Responsibility for generation of the UTI and the factors for allocating responsibility for UTI generation are clearly determined are shown in textual form in Table 1 and diagrammatically in Figure 1 of the 2017 UTI Technical Guidance (or to any updated version of the UTI Technical Guidance available among the ROC's publications). These rules for UTI generation responsibility are guidance for authorities, market participants should refer to their implementation by authorities in the applicable reporting regime(s).

When should UTIs be generated?

The UTI should be generated and made available to all relevant parties in time for them to make use of it as required by all applicable reporting obligations.

What are the UTI's structure and format and how UTIs should be constructed?

The main purpose of defining a structure for the UTI is to ensure uniqueness. UTIs should be structured as a concatenated combination of the LEI of the generating entity at the point of generation and a unique value created by that entity. If generation of the UTI has been delegated, the generating entity for the purpose of determining the LEI to be embedded in the UTI should be the entity that actually generates the UTI and not the entity that delegated the generation. There should be no requirement to update a UTI solely because the LEI of the generating entity is no longer valid or applicable for some reason. UTIs should have a maximum of 52 characters and should be constructed solely from the upper-case alphabetic characters A–Z or the digits 0–9, inclusive in both cases.

Related to the UPI

What is the relationship between the UPI and other reported data elements?

The UPI is not designed to uniquely identify an OTC derivative product but not an OTC derivative contract or OTC derivative transaction. OTC derivative contracts will be described in transaction data reported to a TR through a combination of the UPI and some other data elements (i.e. other than UPI reference data elements) pertaining to the transaction. OTC derivative transactions will be described in TR data through a wider combination of data elements and uniquely identified through the UTI.

What are the UPI reference data elements and the purpose to maintain these data?

An OTC derivative product can be uniquely characterised by various data elements ("UPI reference data elements") which can be grouped into three categories: (i) instrument type (eg swap); (ii) instrument characteristics (eg amortising notional); and (iii) information about the underlier(s) (e.g. rates index, three-month EUR LIBOR). Through a combination of those UPI reference data elements, the UPI will identify each OTC derivatives product as far as practicable. Each separate UPI code will represent a set of UPI reference data elements and their values, which themselves represent a unique OTC derivatives product.

What is the suggested process for UPI assignment and allocation?

In order to obtain a UPI code for a given OTC derivative product, an entity would have to provide the UPI service provider with a relevant set of OTC product reference data element values that represent a unique combination of the instrument's and underlier's characteristics for this product:

The reference data library will be maintained by the UPI service provider. It will be the responsibility of the UPI service provider to ensure its quality, completeness and accuracy.

How does the UPI work alongside other identifiers?

International Securities Identification Numbers (ISINs) and the Classification of Financial Instruments (CFI) code are globally recognised and adopted ISO standards. Each of the CFI code, UPI, and ISIN serves a specific purpose and can be considered complementary in nature to each other. They are all used for identifying, classifying and describing financial instruments.  Together with the UPI, they will provide an identification framework for OTC derivatives. The UPI will sit between the CFI and OTC ISIN as a product level identifier, reflecting a subset of the data elements required for OTC ISIN. More details on the relationship between CFI, UPI and OTC ISIN can be found in DSB website.

Related to the CDE

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