How to identify all companies worldwide. Experience with the legal entity identifier (LEI)

Alejandro Morales, Manuel Ortega, Joaquín Rivero and Susana Sala
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Alejandro Morales: Banco de España
Manuel Ortega: Banco de España
Joaquín Rivero: Banco de España
Susana Sala: Banco de España

No 2401, Occasional Papers from Banco de España

Abstract: In response to the financial crisis that began in 2008, the Financial Stability Board (FSB) launched a global registration system for legal entities. The initiative aimed to create a unique identifier – the LEI (Legal Entity Identifier) – for each of the entities operating in the financial markets and to keep these codes updated. This document reviews the history of the process of establishing the system that manages this new code, as well as its governance and regulation. The benefits, limits and challenges of creating a global entity identification system that must be operational in markets and jurisdictions with different commercial regulations and uses in the management of this type of information are analysed. In this sense, it should be noted that having in place public administrative registries for identifying corporations is not standard practice in many countries and this affects the quality and coverage that can be achieved with a single global code such as the LEI.

Keywords: LEI; global identifier; world identifier; identification code; GLEIF; ROC; LOU; FSB recommendation; EMIR; LEI challenge (search for similar items in EconPapers)
JEL-codes: C81 D04 F42 G28 (search for similar items in EconPapers)
Pages: 35 pages
Date: 2024-03
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https://www.bde.es/f/webbe/SES/Secciones/Publicaci ... s/24/Fich/do2401.pdf Spanish version (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:bde:opaper:2401e

DOI: 10.53479/36259

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