The data challenge facility offers all LEI data users an easy and convenient means to trigger the verification and, where required, speedy update of LEI records including related reference data. The aim is to ensure that the publicly available LEI data pool remains a unique key to standardized information on legal entities worldwide.
Once a challenge has been logged using the online form available on the GLEIF website, GLEIF will immediately convey the information to the relevant LEI issuing organization. Should the correctness of an LEI data record be called into question through the GLEIF challenge facility, the relevant LEI issuer is responsible for resolving the matter with the impacted legal entity.
The LEI is currently required in, among others, the US and the EU for the execution of transactions with, and reporting of, counterparties to over-the-counter derivative trades. Many other regulators around the world are implementing the LEI for financial market transactions and regulatory reporting or are considering doing so.
Global Legal Entity Identifier Foundation (GLEIF) was established by Financial Stability Board and it’s a not-for-profit organization created to support the implementation and use of the Legal Entity Identifier (LEI).
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