An introduction to the LEI Simon Wood February 2020 V1.1 What - - PowerPoint PPT Presentation

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An introduction to the LEI Simon Wood February 2020 V1.1 What - - PowerPoint PPT Presentation

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An introduction to the LEI Simon Wood February 2020 V1.1 What is an LEI? e.g. 529900T8BM49AURSDO55 20 digit global organizational identifier unique & verifiable Answering who is who and who owns whom

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V1.1

An introduction to the LEI
 


Simon Wood


February 2020

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What is an LEI? e.g. 529900T8BM49AURSDO55

  • 20 digit global organizational identifier – unique & verifiable
  • Answering ‘who is who’ and ‘who owns whom’ challenges
  • Facilitating Corporate Transparency
  • Consistent Data Structure (CDF)
  • Verification of the existence of an entity
  • Live / Accurate Data updated Daily
  • Regulated by the GLEIF
  • A history of corporate change.
  • Only Accredited LEI Issuers (current count approx. 30 worldwide)

can issue LEIs

  • Ubisecure’s RapidLEI service was accredited in April 2018 launching

LEIs to the Market in June 2018

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  • A solution to avoid a repeat of the 2008 Financial Crisis…
  • GLEIF Resources – Blogs & Videos

https://www.gleif.org/en/about/this-is-gleif

Why do we need Legal Entity Identifiers (LEIs)?

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What do we get from an LEI ?

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How and where LEIs are used.

  • LEIs are either Required or Requested in dozens of

Global and Local regulations:

  • https://www.gleif.org/en/lei-solutions/regulatory-use-of-

the-lei

  • Major regulation includes financial transaction

reporting - MiFID, MiFIR

  • Organizational Identity data is open/public,

available through distributed GLEIF database

  • https://search.gleif.org/ (Search 1)
  • https://search.gleif.org/#/search/ (Beta 2.0)
  • Any relying party can verify LEI number and obtain

underlying identity data (LE-RD) and org ownership structure (LE-RR)

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LEI Issuers – Local Operating Units (LOUs)

https://www.gleif.org/en/lei-data/global-lei-index/lei-statistics# - 11 Feb 2020

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LEI Process

Applicant (Legal Entity) GLEIF Other LOUs

529900T8BM49AURSDO55

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LOU LOU LOU LOU LOU LOU LOU LEI LEI LEI CA CA CA x.509 digital certificate Business Registries…

GLEIS

Right to Represent

* Unstructured in the context of a Global standard

LEI

The role of an “LOU”

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Current large scale use cases

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Looking to the future

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Thank you
 


Learn more at www.ubisecure.com & www.rapidlei.com

Ubisecure UK The Granary Hermitage Lane, Maidstone Kent, ME16 9NT, UK Tel: +44 1273 957 613 Ubisecure Finland Vaisalantie 2 FI- Espoo, 02130 Finland Tel: +358 46 712 1100 Ubisecure Sweden Blekholmstorget 30 F 111 64 Stockholm Sweden Tel: +46 70 603 34 83 Ubisecure DACH Franz-Joseph-Str. 11 80801 Munich Germany Tel: +49 89 20190980

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https://www.ubisecure.com/legal-entity-identifier-lei/ legal-entity-reference-data-le-rd-the-critical-need- for-data-accuracy/ https://www.ubisecure.com/legal-entity-identifier-lei/ widening-the-scope-of-best-practice-for-leis-for-ssl- tls-identity/

  • An Identity Platform
  • Efficient,
  • Simple Application Process
  • Highly Accurate
  • Enterprise-ready
  • Driving connectivity to multiple

alternative eco systems.

  • An API First Methodology
  • Multi Jurisdictional Support

https://documenter.getpostman.com/view/ 6519182/RztkQARN?version=latest

What is RapidLEI?

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The LEI Opportunity TOMORROW

  • Right to Represent – the ultimate

endgame for LEI

  • SaaS and API service that 3rd party

service providers can connect to and check:

  • Organisation identity and the rights of

individuals to associate, request and represent on behalf of the company

  • Representation attributes include agency,

legal, financial or other authoritative powers.

Right to Represent is a cloud-based evolution of Ubisecure’s Delegated ID

  • solution. Delegated ID already enables the strong identification of individuals

and organisations for online Government services:

  • €6-€10 saving per delegated transaction
  • 1m+ authentications per month
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Future (Q1 2020) - Introducing Right to Represent - the next level of electronic delegation

  • An Identity Provider (IdP) that 3rd

party service providers connect to and check company identity and rights of individuals to represent x or request y on behalf of the company

  • Combines Delegated ID and LEI
  • Unique ability to know who you are

dealing with:

  • Organisation is highly assured
  • Individual is strongly authenticated

(via MFA or strong identity like Bank ID or Mobile ID)

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Business Value of Right to Represent

  • Reduces costs by outsourcing right to request / right

to represent workflows

  • Reduces fraudulent organisational representation
  • Onboarding new customers
  • High risk transactions
  • High assurance products
  • Reduces time to execute successful corporate KYC/

AML

  • Ties KYC (Know Your Customer) workflow to
  • rganisation identity

USE CASES

Improved KYC onboarding B2B transactions Certificate Authority validation and identity certificates Public sector digital services Signing services