# LEI Key: `finance.securities.lei` Legal Entity Identifier. 20-character alphanumeric code that uniquely identifies legal entities participating in financial transactions. Format (ISO 17442): 4-character alphanumeric LOU (Local Operating Unit) prefix + 14-character entity identifier + 2 check digits (ISO 7064 Mod 97-10, same algorithm as IBAN check digits). Page: Samples: `529900T8BM49AURSDO55`, `213800WSGIIZCXF1P572`, `549300MLUDYVRQOOXS22`, `HWUPKR0MPOU8FGXBT394`, `001GPB6A9XPE8XJICC14` ## Background ### Origin The Legal Entity Identifier is a 20-character reference code that uniquely identifies legally distinct entities that engage in financial transactions.[[1]](https://www.leiroc.org/lei.htm) The LEI definition relies on a standard published by the International Organisation for Standardisation (ISO) on 30 May 2012.[[1]](https://www.leiroc.org/lei.htm) GLEIF's timeline records the publication of ISO 17442, Part 1 in 2012.[[2]](https://www.gleif.org/en/organizational-identity/lei-vlei/the-legal-entity-identifier-lei) According to GLEIF's timeline, the idea of a global, public reference data utility germinated at ECB Statistics in 2006.[[2]](https://www.gleif.org/en/organizational-identity/lei-vlei/the-legal-entity-identifier-lei) GLEIF's timeline says that in 2008 JC Trichet, former president of the ECB, gave his blessing to the idea under the impression of his Lehman experiences.[[2]](https://www.gleif.org/en/organizational-identity/lei-vlei/the-legal-entity-identifier-lei) Wikipedia's account is that during the 2008 financial crisis regulators realised that no single identification code unique to each financial institution was available worldwide.[[3]](https://en.wikipedia.org/wiki/Legal_Entity_Identifier) The Financial Stability Board's recommendations for a global LEI system were endorsed by the G20 at the Los Cabos Summit in June 2012.[[4]](https://www.fsb.org/work-of-the-fsb/market-and-institutional-resilience/post-2008-financial-crisis-reforms/legalentityidentifier/) The FSB's proposals included 15 High Level Principles for a global LEI system and 35 recommendations.[[4]](https://www.fsb.org/work-of-the-fsb/market-and-institutional-resilience/post-2008-financial-crisis-reforms/legalentityidentifier/) The first LEIs were issued in December 2012.[[3]](https://en.wikipedia.org/wiki/Legal_Entity_Identifier) The LEI Regulatory Oversight Committee took over responsibility for the development and implementation of the Global LEI System in January 2013.[[4]](https://www.fsb.org/work-of-the-fsb/market-and-institutional-resilience/post-2008-financial-crisis-reforms/legalentityidentifier/) The Global Legal Entity Identifier Foundation (GLEIF) was established in 2014 by the Financial Stability Board.[[5]](https://www.gleif.org/en/about/this-is-gleif) The first four characters of an LEI are a prefix allocated uniquely to each Local Operating Unit (LOU) that issues LEIs.[[1]](https://www.leiroc.org/lei.htm) The last two characters of an LEI are check digits.[[1]](https://www.leiroc.org/lei.htm) The LEI check digit scheme follows ISO/IEC 7064 (MOD 97-10) and helps to avoid typing errors.[[1]](https://www.leiroc.org/lei.htm) IBAN check digits are also calculated using MOD-97-10 as per ISO/IEC 7064.[[6]](https://en.wikipedia.org/wiki/International_Bank_Account_Number) GLEIF's own LEI is 506700GE1G29325QX363.[[2]](https://www.gleif.org/en/organizational-identity/lei-vlei/the-legal-entity-identifier-lei) ### Use ESMA expected market participants to comply with the LEI requirements under MiFID II ahead of its launch on 3 January 2018.[[7]](https://www.esma.europa.eu/press-news/esma-news/esma-highlights-importance-lei-mifidiimifir-compliance) Luxembourg's CSSF announced that the LEI would be mandatory from 1 November 2017 to identify the counterparty in a derivative transaction reported under EMIR.[[8]](https://www.cssf.lu/en/2017/10/mandatory-use-of-legal-entity-identifier-lei-under-mifid-ii-mifir-and-emir/) The CSSF also stated that trade repositories would check the reporting counterparty's LEI against the GLEIF database before accepting EMIR reports.[[8]](https://www.cssf.lu/en/2017/10/mandatory-use-of-legal-entity-identifier-lei-under-mifid-ii-mifir-and-emir/) ISO 17442's principles describe the LEI as a public good, available free of charge to all users.[[2]](https://www.gleif.org/en/organizational-identity/lei-vlei/the-legal-entity-identifier-lei) Each LEI connects to reference information which, in GLEIF's words, answers the questions of who is who and who owns whom.[[2]](https://www.gleif.org/en/organizational-identity/lei-vlei/the-legal-entity-identifier-lei) Check the two final digits with the MOD 97-10 calculation as well as the shape, because a 20-character string of the right pattern can still be mistyped. (Meridian's view) A valid check is not proof that the code was ever issued, so look the LEI up in GLEIF's published data when it matters who the entity is. (Meridian's view) ### Where you'll meet it GLEIF publishes daily concatenated files of LEIs and related reference data from the LEI issuing organisations.[[9]](https://www.gleif.org/en/lei-data/gleif-concatenated-file/download-the-concatenated-file) ## Sources 1. [Global LEI System](https://www.leiroc.org/lei.htm) — organisation 2. [The Legal Entity Identifier (LEI) - LEI \& vLEI - Organizational Identity – GLEIF](https://www.gleif.org/en/organizational-identity/lei-vlei/the-legal-entity-identifier-lei) — organisation 3. [Legal Entity Identifier](https://en.wikipedia.org/wiki/Legal_Entity_Identifier) — secondary source 4. [Legal Entity Identifier (LEI) - Financial Stability Board](https://www.fsb.org/work-of-the-fsb/market-and-institutional-resilience/post-2008-financial-crisis-reforms/legalentityidentifier/) — organisation 5. [This is GLEIF - GLEIF – GLEIF](https://www.gleif.org/en/about/this-is-gleif) — organisation 6. [International Bank Account Number](https://en.wikipedia.org/wiki/International_Bank_Account_Number) — secondary source 7. [ESMA highlights importance of LEI for MiFIDII/MiFIR compliance](https://www.esma.europa.eu/press-news/esma-news/esma-highlights-importance-lei-mifidiimifir-compliance) — organisation 8. [Mandatory use of legal entity identifier (LEI) under MiFID II/MiFIR and EMIR – CSSF](https://www.cssf.lu/en/2017/10/mandatory-use-of-legal-entity-identifier-lei-under-mifid-ii-mifir-and-emir/) — organisation 9. [Download the Concatenated Files - GLEIF Concatenated Files - LEI Data – GLEIF](https://www.gleif.org/en/lei-data/gleif-concatenated-file/download-the-concatenated-file) — dataset