Who is the GLEIF?
The Global Legal Entity Identifier Foundation (www.gleif.org) was founded by the Financial Stability Board (FSB) in 2014.
After the financial crisis in 2008, the desire for greater transparency in the financial markets emerged, and the G20, forum of 20 of the most economically sound countries, agreed with the Financial Stability Board to introduce the Legal Entity Identifier (LEI). The GLEIF was founded in order to support the distribution of the LEIs and to serve as a contact for organization and management.
Their mission has been to promote the implementation and use of the LEI, as well as to offer the world's only online source for high-quality legal entity reference data. The organization, which is independent of commercial and political interests, is a unique address in the entity identification market.
Supervision of the organization lies with the LEI Regulatory Oversight Committee, which is made up of government representatives all over the world and is intended to provide greater transparency to financial markets.
The GLEIF thus manages the data in a network of partners, which is formed together with all the issuers. The so-called "Global LEI Index" provides information on all LEIs globally distributed with the associated updated data. The only online source is free and provides information on all parties involved in global financial transactions.
In addition, the organization is responsible for selecting applicants for placement agencies after a lengthy auditing process. Afterwards, the issuers stay in close contact with the GLEIF and are constantly exchanging information on current topics and processes.