# LEI and GLEIF Legal Entity Identifier

## Source Type

Standard and registry. ISO 17442 Legal Entity Identifier; GLEIF global LEI index.

## Domain

Regulated financial markets, legal entity identification, and ownership transparency.

## Why This Source Matters

LEI is the post-2008-crisis global standard for identifying **legal entities** in
financial transactions. It encodes **who** and **who owns whom**, making it a
canonical example of commercially binding identity with regulatory renewal
requirements.

## Key Concepts

- **LEI**: 20-character ISO 17442 identifier for a legal entity.
- **Legal entity (LEI scope)**: organization participating in financial transactions;
  individuals cannot obtain LEI.
- **GLEIF**: Global Legal Entity Identifier Foundation; oversees LOUs and data quality.
- **LOU (Local Operating Unit)**: issuer/registrar for LEIs in a jurisdiction.
- **Level 1 data**: business card data — legal name, address, jurisdiction.
- **Level 2 data**: ownership — direct and ultimate parent relationships.
- **Renewal**: LEI valid one year; annual renewal required for continued use.
- **Regulatory mandate**: 45+ jurisdictions require LEI for certain financial reporting.

## Relevant Terminology

| Term | Source meaning |
| --- | --- |
| LEI | Legal Entity Identifier code. |
| Legal entity | Juridical person in financial markets. |
| Level 1 | Entity reference data. |
| Level 2 | Parent/ownership reference data. |
| GLEIF | Global LEI system operator. |
| LOU | Local issuing organization. |
| Renewal | Annual reaffirmation of LEI validity. |
| Regulator reporting | MiFIR, derivatives reporting, etc. |

## Modeling Assumptions

- **LEI identifies legal entities only**, not natural persons or login accounts.
- **Ownership is first-class** in LEI Level 2 (parent chains).
- **Identity persistence is maintained by renewal**, not immutability of business facts.
- **Public global directory** enables counterparty verification.
- **LEI does not prove good behavior**; it proves identifiable legal presence.
- **One LEI per legal entity** for global financial identification.

## Identity-Canon Implications

- LEI maps to **Identifier** for **Legal Entity** / **Organization** actors.
- Level 2 parent data maps to **Ownership** or structural Organization relationships.
- LEI record maps to **Commercial Record** or authoritative **Identity Record**
  with registry **Evidence Source**.
- Renewal maps to **Lifecycle State** on Identifier/Commercial Record.
- LEI exemplifies **commercial binding**: regulatory participation requires stable,
  renewed legal identity.
- Distinct from DUNS (credit/commerce) and from OIDC sub (authentication).

## Terminology Conflicts

- **Legal entity (LEI)** vs. **Legal Entity (canon)**: aligned when jurisdictionally recognized.
- **Legal entity** vs. **Organization**: not every organization has LEI; LEI subset is regulated finance participants.
- **LEI** vs. **company registration number**: national registry ID vs. global LEI.

## Candidate Canonical Mappings

| LEI concept | Candidate canonical concept |
| --- | --- |
| LEI code | Identifier (authoritative, global) |
| Legal entity | Legal Entity / Organization |
| Level 1 data | Commercial Record / registry Profile |
| Level 2 parent | Ownership Relationship |
| GLEIF registry | Evidence Source (authoritative) |
| Annual renewal | Lifecycle State maintenance |
| LOU issuance | Issuer Scope + Trust Relationship |

## Open Questions

- Should authoritative registry identifiers (LEI, company reg number) be a distinct
  Identifier subtype with renewal semantics?

## References

- ISO 17442 — https://www.iso.org/standard/78829.html
- GLEIF, Introducing the LEI — https://www.gleif.org/en/about-lei/introducing-the-legal-entity-identifier-lei
- Wikipedia, Legal Entity Identifier — https://en.wikipedia.org/wiki/Legal_Entity_Identifier