What is this standard about?
This document specifies the minimum elements of an unambiguous legal entity identifier (LEI) scheme to identify the legal entities relevant to any financial transaction.
It is applicable to legal entities, which include, but are not limited to, unique parties that are legally or financially responsible for the performance of financial transactions or have the legal right in their jurisdiction to enter independently into legal contracts, regardless of whether they are incorporated or constituted in some other way (e.g. trust, partnership, contractual). It includes governmental organizations, supranationals and individuals when acting in a business capacity, but excludes natural persons.
The LEI is designed for automated processing. It can also be conveniently used in other media interchange when appropriate (e.g. paper document exchange).
Role of the BS ISO 17442:2019 Document
This document provides detailed requirements for an LEI scheme and is a reference for persons developing and maintaining an LEI scheme.
It does not specify how the LEI is used in all contexts in which it may be used, so that those aspects are considered outside the scope of this document, and are left to the appropriate LEI scheme if appropriate.
LEI schemes and LEI providers are independent of any particular numerical identifier. They are independent of the organizational types and it is not necessary that the LEIs be linked to such an identifier.
What is the BS ISO 17442:2019?
The BS ISO 17442:2019 document specifies the minimum elements of an LEI scheme for the legal entities relevant to any financial transaction. The document guides the development and maintenance of such an LEI scheme. It specifies the minimum elements for the development of a consistent schema and associated model and algorithm for the registration of LEI.
The BS ISO 17442:2019 document supplies the information that is needed to apply the recommended registration procedure; to issue LEIs and LEINs to legal entities; to maintain an LEI register; and to perform LEI registration and verification processes. In the registration process, the LEI provider is responsible for ensuring that the legal entity complies with the requirements.
BS ISO 17442:2019 Document Technical content
This document recommends:
- for a legal entity’s LEI, the use of its name or a name that includes its identity as part of its LEI,
- for the identification of other legal entities, their LEI or LEIN,
- for the notation of LEIs and LEINs and
- for the completion of interoperable data elements related to LEIs.
The customization of the BS ISO 17442:2019 Document technical content is intended to prevent collisions among LEIs.
This document is applicable to all legal entities that are relevant to the financial transactions. For example, it may include financial institutions, custodian banks, portfolio managers, investment funds, trustees, stock exchanges, clearinghouses, service providers to the financial system (e.g. providers of safekeeping, custody, administration, consultancy, investment services, trade services), central banks and other governmental and non-governmental organizations.