LEI reporting initiative defended, despite high lapse rate
Operators of legal entity identifiers hope Mifid II will spur greater adoption
The official body responsible for overseeing legal entity identifiers, the Global LEI Foundation (Gleif), is convinced the initiative will make progress, despite data showing a third of LEIs are not being renewed.
"The legal entity is obliged to give us any change in their status, but sometimes they don't, so our LOUs [local operating units] check on legal entities every year to make sure the data is still accurate," says Stephan Wolf, chief executive of Gleif. Since the LOUs charge for this
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