The Local Operating Unit (LOU) is designated as a LEI issuing authority. LOU, accredited by the Global Legal Entity Identifier Foundation (GLEIF), provides registration and renewal services. It is a primary interface for legal entities that require an LEI.
What are the responsibilities of LOU's?
The Local Operating Unit responsible for assigning LEI Codes to Legal Entities in compliance with international standards and for updating the Legal Entities' details in the Global Legal Entity Identifier System.
The main responsibilities of LOU's, also called LEI issuers, are:
- supply LEI registration,
- renewal of LEI number before the expiry date,
- transfer of LEI codes.
Can any entity become LOU?
Only accredited organizations authorized by the Global Legal Entity Identifier Foundation (GLEIF) are authorized to issue LEIs. GLEIF evaluates the suitability of organizations to operate within the Global LEI System as LEI issuers through the process of accreditation.
When applying for LEI, do you need to use LOU from your country?
A legal entity is not restricted to using an LEI issuer from its own country. It is capable of using the registration services of any LOU that is accredited and qualified to validate LEI registrations within its authorized jurisdiction(s). LEI issuers who are accredited by the Global LEI Initiative have successfully completed the GLEIF accreditation program for the associated jurisdictions.