A legal entity has an official legal name, and it may also be identified by other names such as a trade name. This is why the LEI common data format requires every LEI to have a legal name and supports other name types. You can use this name data to find the LEI of a party, such as a client, or as a data source for in-house databases. This post provides some tips for using LEI name data.
Every LEI has not one, but two statuses associated with it. These statuses change over a legal entity’s lifecycle and often have critical implications for regulatory compliance and risk management. To appreciate these implications, you need to understand the different status values. In this post we define each status, describe the values each can assume and provide stats on the current distribution of these values across the LEI universe. We discuss the relationship between the two statuses and list the reasons a status can change.
Seventeen different types of corporate actions trigger LEI data updates, according to a consultative paper published in late July by the LEI Regulatory Oversight Committee (ROC). The paper proposes data model and process enhancements to make these updates easier to track and timely. We’ve reviewed the thirty-page paper and provide a summary and some comments. Corporate Actions Resulting in LEI Updates These are the corporate actions that trigger LEI data updates: