RapidLEI support now live for new Common Data File formats driven by ROC, enhancing legal entity reference data available within the Global LEI Index
LONDON, UK – 1 March 2022 – Today, RapidLEI announced a major platform update to support new Legal Entity Identifier (LEI) format standards, as set out by the Regulatory Oversight Committee (ROC) and the Global LEI Foundation (GLEIF). All Local Operating Units (LOUs) are required to support the platform changes within the month of March.
RapidLEI is a Ubisecure service, and is the leading global LOU for LEI issuance and data quality. These achievements are largely due to RapidLEI’s pioneering automated LEI issuance API, and a partner network that spans the world.
The GLEIF requires LEIs to be reported according to Common Data File (CDF) formats, in order to standardise how LOUs report LEI and reference data. The ROC, which oversees the Global LEI System (GLEIS), recommended the new policies for updated CDF formats, enabling new information to be reported within the LEI records. As of 1st March 2022, these formats are now required by the GLEIF in order to ensure uninterrupted access to LEI data.
One of the most significant changes to the CDF formats is the inclusion of legal entity events, such as mergers, acquisitions, or entity name changes. This enriches the information available about an entity, for example removing potential previous uncertainty around whether name changes were corrected mistakes or intended alterations.
Another substantial change is the ability to report on complex groupings of entities – particularly fund relationships and government entities, which can both form composite networks. Entities will now be able to report beyond just parent companies, to provide information around relationships and structures.
Other new data offered in the updated formats include further available entity categories, resulting in fewer blank category entries, and foundation date, which will facilitate record de-duplication.
Steve Roylance, Senior VP Identity Services at RapidLEI and Ubisecure, said, “Since the LEI is primarily intended to increase transparency in financial transactions, the information available in the new CDF formats is valuable in enhancing that transparency further. RapidLEI is committed to GLEIF’s vision of legal entity identification enabling trusted business, so we’re excited to support these enhancements to the Global LEI System and the additional benefits they will bring to organisation identity use cases.”
Most of the new information will be added to the GLEIS when renewing, importing, or creating new LEIs from this point onwards. As LEIs are renewed on a yearly basis, the GLEIF anticipates a period of up to one year for the GLEIS to be fully populated with the new data.
Register your LEI now, or find out more about becoming a RapidLEI partner, at rapidlei.com.
About Ubisecure and RapidLEI
Ubisecure is accredited by the Global Legal Entity Identifier Foundation (GLEIF) to issue Legal Entity Identifiers (LEI). RapidLEI is a Ubisecure service that automates the LEI lifecycle to deliver LEIs quickly and easily. As of February 2022, over 130,000 organisations have chosen RapidLEI to issue their global organisation identifier. As well as pioneering the LEI Everywhere™ program, the company is a technology innovator and provides Identity & Access Management (IAM) software and cloud services for Customers, Workforce, & Organisation Identity use cases. Enterprises and Governments use Ubisecure IAM solutions to enhance user experience and security through improved registration, authentication, authorisation, and identity data management. Ubisecure also provides solutions to companies maintaining their own customer identity pools (such as banks and mobile network operators) to become Identity Providers (IdP) for strong authentication and federation services.
Ubisecure LEI: 529900T8BM49AURSDO55