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Important things about LEI
The Legal Entity Identifier (LEI) initiative is designed to create a global reference data system that uniquely identifies every legal entity, in any jurisdiction, that is a party to a financial transaction. More specifically, LEI is a unique 20 digit code that is assigned to a legal entity. We will discuss some of the important things about LEI in this article. But let us first start with knowing What is Legal Entity Identifier? A Legal Entity Identifier (LEI) number / legal entity code is defined as a unique 20-character alphanumeric string (i.e. 529900T8BM49AURSDO55). The meaning of an LEI is to define a Legal Entity (such as company, organization, firm, government body, trust, fund, etc) on a worldwide basis, and to identify transacting parties within financial systems. Once issued, the Legal Entity number can be used to represent the Legal Entity in financial transactions or use-cases requiring verified organization identities. LEIs are required by all parties participating in regulated transactions. They provide a publicly available verifiable source of ‘who is who’ (organization identity) and ‘who owns whom’ (organization group structures).
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