News

GLEIF launches data challenge facility

Tuesday 26 July 2016 13:03 CET | News

The Global Legal Entity Identifier Foundation (GLEIF) has announced the launch of its data challenge facility, triggering updates of Legal Entity Identifier (LEI) data to interested parties.

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).


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: data record, regulatory report, financial market transactions, Legal Entity Identifier, GLEIF, Financial Stability Board
Categories: Fraud & Financial Crime
Companies:
Countries: World
This article is part of category

Fraud & Financial Crime