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2017/18 – Big Bang Year for LEI?

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2017/18 – Big Bang Year for LEI? 2017/18 – Big Bang Year for LEI? Paul Kennedy – GLEIF Board Director Data Management Summit – London - 15 March 2017 © 2017 GLEIF and/or its affiliates. All rights reserved. | Author: GLEIF| | GLEIF unrestricted | 1 | 29 Content • What is the LEI and who is GLEIF? • What data users can get for free – now, and soon: ▫ Quality – clean, cleaner, cleanest data ▫ Improved Integration – APIs and linkage to 3rd party data ▫ A Connected World – inter-entity relationships • Over the horizon? © 2017 GLEIF and/or its affiliates. All rights reserved. | Author: GLEIF| | GLEIF unrestricted | 2 | 29 WHAT IS THE LEI? © 2017 GLEIF and/or its affiliates. All rights reserved. | Author: GLEIF| | GLEIF unrestricted | 3 | 29 LEI = Legal Entity Identifier . A unique global identifier for corporate entities that is accessible free of charge as a broad public good for the benefit of the users in the public and private sector . The Financial Stability Board (FSB), at the request of the G20, created the LEI in 2012 as a reference code to uniquely identify legally distinct entities that engage in financial transactions © 2017 GLEIF and/or its affiliates. All rights reserved. | Author: GLEIF| | GLEIF unrestricted | 4 | 29 LEI as an Identity Label The LEI is a unique 20 digit alphanumeric LEI comes with standardized business code based on ISO 17442 standard, and card information, validated at point of assigned to legal entities entry against Authoritative Sources © 2017 GLEIF and/or its affiliates. All rights reserved. | Author: GLEIF| | GLEIF unrestricted | 5 | 29 Example from www.gleif.org Validation International network of LEI issuers © 2017 GLEIF and/or its affiliates. All rights reserved. | Author: GLEIF| | GLEIF unrestricted | 6 | 29 LEI Data . The LEI is a broad public good . All data is accessible without any barriers or costs . All data and related documents are published under cc. commons . GLEIF actively supports © 2017 GLEIF and/or its affiliates. All rights reserved. | Author: GLEIF| | GLEIF unrestricted | 7 | 29 Benefits from using LEIs Up until now, legal entity reference data has been proprietary, siloed and non-standardized. The LEI changes that: . Standardized identification management leads to lower error rates and less costs for client and supplier relationship . Easier mapping of legal entity reference data from multiple suppliers saves IT and data operations costs . Higher data quality across operational systems leads to reduced data management cost, since LEI data is quality-assured . Increased internal and external reporting capabilities at lower cost . Provides a global standard and facility upon which to build your identity management processes for corporate entities © 2017 GLEIF and/or its affiliates. All rights reserved. | Author: GLEIF| | GLEIF unrestricted | 8 | 29 Public Sector: Existing and Proposed Rulemaking *As of 16 September 2016 . This list is growing all the time . Latest consultation document (on fund relationships in the LEI system) released by regulators on Monday! * https://www.gleif.org/en/lei-focus/regulatory-use-of-the-lei# © 2017 GLEIF and/or its affiliates. All rights reserved. | Author: GLEIF| | GLEIF unrestricted | 9 | 29 Who is GLEIF . Global LEI Foundation, a not-for-profit Swiss foundation created in 2014 and overseen by 70 global regulators . Acts as Accreditation and Standards Agency for a Visibility. Stability. Integrity. network of commercial LEI-issuing partners (LOUs) . GLEIF not just a standard-setting body; it manages the central repository of all LEI data, updated daily, and makes that available free of charge. GLEIF also provides data quality checks and challenge facilities . GLEIF is also the Maintenance Agency for ‎the new Entity Legal Form (ELF) standard (ISO 20275) . Website (www.gleif.org) accessible in 14 languages © 2017 GLEIF and/or its affiliates. All rights reserved. | Author: GLEIF| | GLEIF unrestricted | 10 | 29 LEI Issuers: Accreditation The Global LEI System is transitioning from a system of regulator endorsement to one of GLEIF accreditation. © 2017 GLEIF and/or its affiliates. All rights reserved. | Author: GLEIF| | GLEIF unrestricted | 11 | 29 Business Model - Price Range for Legal Entities * GLEIF receives US$19 for each new and renewed LEI ** New LEI 75 $ 219 $ 50 $ 119 $ LEI yearly renewal * These are the published official prices by some LOUs and converted to USD by GLEIF. Competition law requires that GLEIF will not interfere in pricing policies of the LOUs. ‎ ** GLEIF’s‎LEI‎fees‎are‎expected‎to‎drop‎significantly‎due‎to‎economies‎of‎scale. © 2017 GLEIF and/or its affiliates. All rights reserved. | Author: GLEIF| | GLEIF unrestricted | 12 | 29 LEIs Issued per Country Total (Feb 2017): 490,000 Count Count of for operating LEIs entities © 2017 GLEIF and/or its affiliates. All rights reserved. | Author: GLEIF| | GLEIF unrestricted | 13 | 29 How to Access LEI Data . GLEIF collects the LEI data from the LOUs daily and publishes the concatenated file in the Common Data File format . All LEI data are free of charge and downloadable from www.gleif.org . GLEIF also provides a search engine with multiple criteria and download formats © 2017 GLEIF and/or its affiliates. All rights reserved. | Author: GLEIF| | GLEIF unrestricted | 14 | 29 LEI Search Live on GLEIF.ORG . LEI Overview page with statistics Number of LEIs per Country, Issuer, Registration Status, Entity Status Drill down function: Visuals can be clicked, which leads to the detailed LEI data . Compare LEI Records Specific LEI records selected from search results can be compared . Export in Excel, CSV, XML and JSON format The complete content of the GLEIF Concatenated File can be exported Any search result up to 2000 records can be exported Specific LEI records selected from search results can be exported © 2017 GLEIF and/or its affiliates. All rights reserved. | Author: GLEIF| | GLEIF unrestricted | 15 | 29 Registration Authorities List Enhancing data accuracy through public monitoring . GLEIF also publishes the‎”GLEIF‎Registration‎Authorities‎List” . Standardizes the cross reference of a legal entity to its local authoritative source © 2017 GLEIF and/or its affiliates. All rights reserved. | Author: GLEIF| | GLEIF unrestricted | 16 | 29 QUALITY © 2017 GLEIF and/or its affiliates. All rights reserved. | Author: GLEIF| | GLEIF unrestricted | 17 | 29 Global LEI Monthly Data Quality Report (individual LEI issuers get more detailed reports on their own performance) © 2017 GLEIF and/or its affiliates. All rights reserved. | Author: GLEIF| | GLEIF unrestricted | 18 | 29 Challenge Facility Enhanced data accuracy by public monitoring . Challenge to LEI & LE-RD service is available via the GLEIF website since 13 July 2016. (https://www.gleif.org/en/lei-data/challenge-lei-data) . The online facility is part of the GLEIF data quality management program Step 1: Challenge the record Step 2: Login & Suggest Step 3: Review & Submit © 2017 GLEIF and/or its affiliates. All rights reserved. | Author: GLEIF| | GLEIF unrestricted | 19 | 29 IDENTIFIER MAPPING © 2017 GLEIF and/or its affiliates. All rights reserved. | Author: GLEIF| | GLEIF unrestricted | 20 | 29 Easing the Integration and Legacy Problem . Some data suppliers have offered their own mapping services between LEI and other identifier schemes (e.g. SWIFT BICS-to-LEI since 2013) . GLEIF has built up significant expertise in deploying open, robust, decentralised data processes . GLEIF can provide the infrastructure to facilitate mapping between LEI and other identifiers, and integrate that into the LEI data quality processes (certification, quality monitoring, open challenge, etc.) . Better APIs will allow users to integrate LEI data directly into workflow . Several‎partnerships‎are‎already‎underway… © 2017 GLEIF and/or its affiliates. All rights reserved. | Author: GLEIF| | GLEIF unrestricted | 21 | 29 GLEIF Partnerships and ‘Who Owns What’ . GLEIF agreed with SWIFT (www.swift.com) as the Registration Authority of the ISO BIC 3166 register to deliver LEI-to-BIC Mapping services in Summer 2017 . G‎LEIF agreed with ANNA (www.anna-web.org) as the Registration Authority of the ISO ISIN 6166 register to deliver LEI-to-ISIN Mapping end 2017 . GLEIF agreed with XBRL Global (www.xbrl.org) to include LEI in the XBRL taxonomy for further standardization of the reporting of financial and business information Mapping Program Taxonomy Issuer Global Partner (proposed) ISO BIC 9362 ISO ISIN 6166 © 2017 GLEIF and/or its affiliates. All rights reserved. | Author: GLEIF| | GLEIF unrestricted | 22 | 29 INTER-ENTITY RELATIONSHIPS © 2017 GLEIF and/or its affiliates. All rights reserved. | Author: GLEIF| | GLEIF unrestricted | 23 | 29 Making Direct & Ultimate Parent Information Available Mission: To collect, validate and publish data on “who owns whom” . Prototype exercise successfully concluded on 7 December 2016 by GLEIF and five ‘first‎mover’‎LEI-issuing partners . Collection and dissemination of ownership data will start in Summer 2017 © 2017 GLEIF and/or its affiliates. All rights reserved. | Author: GLEIF| | GLEIF unrestricted | 24 | 29 Timeline 1 May 2017: Collection, validation Early 2017: and publication of parent GLEIF concluded a information commences. Early 2018: prototype Level 2 data All LEI issuers are Level 2 data for the collection exercise with 5 expected to have the majority of the LEI pilot organizations capability to register and population renew LEIs including will be available Level 2 data © 2017 GLEIF and/or its affiliates. All rights reserved. | Author: GLEIF| | GLEIF
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