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The global LEI system (GLEIS) is one of the first global database providing unique identification information of legal entities participating in financial transactions all across the globe. You can access this database through the LEI Directory.
The directory is composed an index of legal entities which is free of charge to access. The GLEIF makes available key facts and figures around LEI issuance rates and global adoption. This is a compilation of the key facts and figures around global LEI adoption.
If you are responsible for managing large volumes of in house LEI data, check out our LEI Data Management tool here.
This type of data is very accessible and has various benefits to the financial system, increasing transparency, and recuing risk exposure and costs of KYC checks.
This type of information was previously obtainable at a national level, but not until now was it available in a centralized, reliable and up to date database containing key data points on companies globally.
GLEIF collect and publicise all LEI data in concise and intuitive monthly reports. The GLEIF statistics page provides valuable insights and breakdowns of LEI issuance by country, issuer and country type (figure 1.0 below). LEILEX also provide a useful map which allows you to see weekly LEI issuance rates (figure 1.2). You can find this here.
The GLEIF website states that it is responsible for the following items:
Figure 1.0: GLEIF Statistics Report
Top 5 countries for LEI adoption: 1st Sep 2021
The LEI is globally standardised making it easily understood cross borders, languages and industries. However all 20 digits within the LEI are not random. The fist 4 relate to the LEI issuer or LOU. The next two are always 00.
The remaining twelve digits are unique identifiers, and the last two are catch digits. You can read more about the structure and format of an LEI Code here.
Figure 1.2: LEILEX Map
“Each month the Global Legal Entity Identifier Foundation issues publicly available data accuracy reports for both the entire GLEIS and specific LOUs. The data quality issues detailed in the reports are included in summary on this page”
LEIs also require annual renewal in order to maintain up to date records. The entire LEI system is averaging around a 75% renewal rate, in line with our existing renewal rate at LEI Worldwide. Please fee figure 1.3 for the global rate of Active LEIs issued versus the rate of Lapsed LEIs that have not been renewed.
This means that roughly a third of all LEIs are listed as active, trading companies but have not renewed their LEI. There are a number of reasons a company may not renew their LEI:
– Single transaction use entity e.g SPV
– Entity has ceased trading but listed as active
– LEI mis-management; inadvertent lapsing of LEI
– Not required to have ‘Active’ LEI under regulation
In most cases, it is advised to maintain an active LEI not only to avoid compliance, regulatory complications with finacial service provider, but it also seen as good governance and brand management.
The monthly LEI data quality reports are free and made publicly available by the GLEIF. The most recent July 2021 report was issued last month and the entire historical index of reports can be found here.
Each month the Financial Intergroup publish their analysis on the LEI statistics and intiative. Written by Allan Grody, you can subscribe to their insightful monthly update and see historical versions here. https://www.financialintergroup.com/articles.php
See below the statistics on LEI issuance dated August 2021:
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– GLEIF
GLEIF regulates the Local Operating Units (LOUs) of which there are 34. LOUs are responsible for issuing LEI Codes. LOUs such as Ubisecures RapidLEI may then partner with an Official GLEIF Registration Agent (RA) such as LEI Worldwide.
The role of the RA is to provide support to the market participants who need an LEI for their organization. This helps disseminate important information to the users of the LEI, provide closer and wide scale customer support and create healthy competition which keeps service levels high and prices down. The RA usually manages LEIs on behalf of companies who may have a large portfolio and require expertise management and advice in the area.
Registration agents also play an important role in promoting the global LEI system, by creating content, encouraging dialogue and driving innovation in the LEI ecosystem.
In order to apply for an LEI you will need to complete the LEI application form. The benefits of obtaining an LEI include:
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Official partner and registration agent to ubisecure rapidlei
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