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LATEST FROM LEI-WORLDWIDE

16 August, 2021
By LEI Worldwide

Reserve Bank of India LEI Guidelines

LEI RBI Guidelines

The LEI has been required in India since 2017 in order to increase market transparency and identify fraud in the financial transactions. All financial borrowers and lenders in India have been mandated to obtain an LEI. According to the RBI (Reserve Bank of India) the LEI has been introduced in a phased approach for market participants in the over the counter (OTC) derivative and non-derivative markets as also for large corporate borrowers.

The LEI in India has also been introduced for all payments/transactions of value ₹50 crore and above undertaken by organisations/corporates using Reserve Bank-run Centralised Payment Systems viz. Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT).

16 June, 2021
By LEI Worldwide

The role to be played by Digital identity and the Legal Entity Identifier in the future of global business

Global B2B Identification: Why the LEI is key

We live in an increasingly digital age, digital processes and transactions effect, influence and monitor us on a daily basis. We use digital devices to communicate, transact, authenticate, visualise and record with devices located globally via the Internet.

All of this occurs with limited thought or consideration, except perhaps the authentication of our identity. Our social standing and the media we create can provide an online identity for us but this has proven or be vulnerable to misrepresentation or straight up fraud. 

A proven identity is definitely something we value as we know the implications of having an identity that is considered to be proven. In order to obtain a National ID or passport, one must pass certain validity checks and when a passport is presented we can be confident this person is who they say they are. 

15 March, 2021
By LEI Worldwide

The LEI Validation Agent Framework

The global Legal Entity Identifier system has been developing steadily since the Group of 20 birthed the concept in 2011 in order to bring stability, transparency and standardisation to financial markets activity in the aftermath of the '08 GFC.

Since then, we have seen the number of LEIs increase to its current figure, which is sitting stubbornly somewhere between 1.5 to 1.8 million LEIs (since around 2018).

The primary driver of LEI adoption is currently financial regulation. There are over 150 regulations around the world mandating an LEI be present for reporting duties and KYC requirements. Find out more about who needs an LEI here…..

The GLEIF have indicated that their target number of LEIs is set on having 20 million registered LEI numbers globally by the year 2027.

10 July, 2017
By LEI WORLDWIDE

What is a Local Operating Unit (LOU)?

The Global LEI System (GLEIS) is composed of a number of Local Operating Units and LEI Registration Agents from which you can obtain an LEI. How to choose one that suits your needs.

The LEI System was created by the G20 Nations after the last Global Financial Crisis in 2008. The Financial Stability Board (FSB) appointed the Global Legal Entity Identifier Foundation (GLEIF) to oversee the implementation of a new identifier system to prove a single, standardised ISO (17442) identifier to all global market participants. To date there have been over 1 million LEIs issued globally and it has been driven primarily by regulation in order to create more transparency and security in global markets. 

The GLEIF appointed 30 LOUs located around the world to allocate LEIs and invented the concept of a Registration Agent to streamline the assignment of LEIs to companies globally. 

The process of obtaining an LEI number has never been more complicated, but has been simplified with the introduction of LEI Worldwide. With a lot of options, you may be wondering which LOU you should register your number with?

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