If you are responsible for managing your firm’s legal entity data, make a new year’s resolution to get an LEI audit in 2020. This post is a quick take on what an LEI audit is and why all firms can benefit from one. An LEI audit is an annual checkup for your data Just like a yearly physical checkup provides insights into your health, an LEI audit offers insights into the health (i.
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.