16.01.2020 08:06 am
The global financial system would not function without Legal Entity Identifier (LEI) codes
The world’s financial regulators have made huge changes since the global financial crisis of 2008. Among much else, they require certainty in relation to who is really who among legal entities that participate in financial transactions.
This certainty comes from the 20 character LEI codes, which provide access to information about ‘who is who’ and ‘who owns whom’.
A LEI is a unique global identifier which is required for all financial companies and funds, who use it in their reporting to regulators. A large financial institution may have its own LEI as well as a LEI for each of its legal entities involved in buying or selling stocks and bonds or making other transactions.
Of course, the LEIs do not exist in a vacuum. They need to be registered and managed. This is where GetLEI™ comes in. Operated by EnVers Group, GetLEI™ is recognized by the Global Legal Entity Identifier Foundation (GLEIF) as an official and verified Registration Agent. As such, GetLEI™ provides comprehensive services related to LEI issuing, including new registration, renewal of expiring codes and transfer of codes. GetLEI™ clients can even use its management platform to resell LEIs anywhere in the world.
Some of the services GetLEI™ provides include:
Established 15 years ago, GetLEI™ has over 80,000 clients in more than 200 jurisdictions. Notes Vladislav Dovoreckis, the CEO of EnVers Group: ‘LEI codes are a game-changer in the global commerce arena and we take our role very seriously. Without them, regulators would not be able to readily monitor threats to financial stability and companies would not be able to manage their internal risk and reporting efficiently’.
‘We were fortunate to get into the LEI code issuing and management field early on. We are proud of the role that we play behind the scenes in helping the global economy work safely and effectively. We are pleased that we can help our valued clients by making the processes involved with LEIs simple and affordable.’