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    GLEIF Defines New Validation Agent Role for Financial Institutions

    October 15, 2020

    GLEIF announced that financial institutions worldwide can realize a variety of cost, efficiency, and customer experience benefits by assuming a new “validation agent” role within the Global Legal Entity Identifier (LEI) System. Financial institutions acting as validation agents simplify LEI issuance for their clients, reduce time-to-revenue, and future-proof their institutions for digital innovation. The Validation Agent Framework is a new operational model in the Global LEI System. Validation agents can now obtain LEI for their customers when verifying the identity of a client during initial onboarding or during a standard client refresh update.

    In addition, GLEIF published the latest quarterly Global LEI System business report and the monthly global LEI data quality report. GLEIF also updated the list of current and proposed regulatory activities, including activities on the use of LEI. This GLEIF list offers details, including links to domestic implementation documents, for jurisdictions where LEI is required, along with the effective date. Finally, GLEIF published an article that explains the benefits embedded in the digital financial reporting using the European Single Electronic Format (ESEF). 

     

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    Keywords: International, Banking, Insurance, Securities, Reporting, Regulatory Activities, Data Quality Report, Validation Agent, GLEIS, LEI, ESEF, GLEIF

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