What is the GLEIS
As endorsed by the G20, the GLEIS will register legal entities in order to assign and maintain LEIs on a global basis. The GLEIS has three tiers:
Top level - Regulatory Oversight Committee (ROC) comprised of financial regulators from jurisdictions across the globe designed to oversee the system;
Middle level - Central operations conducted by the Global Legal Entity Identifier Foundation (GLEIF), a non-for-profit Swiss foundation;
Bottom level - Local Operating Units (LOUs) based in national jurisdictions that issue LEIs to legal entities. The LOUs are accredited and mnonitored by the GLEIF.
The role of an LOU
A LOU is the 'face' of the system and will receive LEI applicants' requests for LEIs. The LOU mainly performs two important tasks: 1) making sure that the application is unique for the entity and that no LEI already exists, 2) validating that entity data is congruent with registered information at the place of incorporation, e.g. local trade register or similar.
In addition to issuing new LEIs, LOUs also maintain the data and perform annual checks (or upon a corporate action) on the validity of entity data. NordLEI will also allow LEI holders to transfer to/from NordLEI for the maintenance of issued LEIs.