The Global Legal Entity Identifier Foundation (GLEIF), the body responsible for ensuring the operational integrity of the Global Legal Entity Identifier (LEI) System, has launched its new data challenge facility.
This offers any interested party an easy and convenient means to trigger the verification and, where required, speedy update of LEI records including related reference data. The centralised online service, which is part of GLEIF’s data quality management programme, further contributes to ensuring that the publicly available LEI data pool remains a unique key to standardised information on legal entities worldwide.
The LEI enables clear and unique identification of legal entities participating in financial transactions. It connects to a set of reference data such as the official name of a legal entity and its registered address.
The GLEIF data challenge facility provides any user of LEI data with the opportunity to substantiate doubts regarding the uniqueness of an LEI code, the referential integrity between LEI records, or the accuracy and completeness of the related reference data. It also allows the indication of possible duplicate entries or any lack of timely response to LEI related corporate actions.
Once a challenge has been logged using the online form available on the GLEIF website, GLEIF immediately conveys the information to the relevant LEI issuing organisation for follow-up. LEI issuing organisations act as the primary interface for legal entities that have registered, or wish to obtain, an LEI.
Should the correctness of an LEI data record be called into question through the GLEIF challenge facility, it is the responsibility of the relevant LEI issuer to resolve the matter in dialog with the impacted legal entity. If required, and subject to further verification against an authoritative source, the LEI issuer will update the information related to an LEI record. The aim is to resolve a challenge within ten business days.
GLEIF chief executive Stephan Wolf (pictured) says: “The new online challenge facility is an essential addition to the GLEIF data quality management programme, which allows the quality of the LEI data pool to be monitored, assessed and further optimised. We encourage all users of LEI data to take advantage of this new GLEIF service. We very much look forward to working together with all stakeholders and the LEI issuing organisations towards continuously improving the reliability and usability of the publicly available LEI data pool.”