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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

  1. 
 An introduction to the LEI 
 Simon Wood 
 February 2020 V1.1

  2. 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

  3. Why do we need Legal Entity Identifiers (LEIs)? • A solution to avoid a repeat of the 2008 Financial Crisis… • GLEIF Resources – Blogs & Videos https://www.gleif.org/en/about/this-is-gleif

  4. What do we get from an LEI ?

  5. 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)

  6. LEI Issuers – Local Operating Units (LOUs) https://www.gleif.org/en/lei-data/global-lei-index/lei-statistics# - 11 Feb 2020

  7. LEI Process Applicant 529900T8BM49AURSDO55 (Legal Entity) Other LOUs GLEIF

  8. The role of an “LOU” LEI LEI GLEIS x.509 digital certificate LEI LEI LOU LOU LOU LOU LOU LOU LOU CA CA CA Right to Represent Business Registries… * Unstructured in the context of a Global standard

  9. Current large scale use cases

  10. Looking to the future

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

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

  13. 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

  14. 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)

  15. Business Value of Right to Represent • Reduces costs by outsourcing right to request / right USE CASES to represent workflows Improved KYC onboarding • Reduces fraudulent organisational representation • Onboarding new customers B2B transactions • High risk transactions Certificate Authority • High assurance products validation and identity certificates • Reduces time to execute successful corporate KYC/ AML Public sector digital services • Ties KYC (Know Your Customer) workflow to organisation identity Signing services

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