LEIROC has published its process for the first phase of collecting data on the direct and ultimate parents of legal entities in the Global LEI System (GLEIS). This follows two rounds of consultation on the policy which:
- identifies the priority features for recording in phase one;
- identifies the ultimate accounting consolidating parent as being the highest level legal entity preparing consolidated financial statements;
- uses accounting definitions as a starting point;
- publishes the collected information in the global identifier system, making it freely available for public authorities and market participants, subject to a pilot phase;
- would have entities report relationship information to the local operating units of the GLEIS, which would verify the relationship information based on public documents if available;
- means that information on parents must be provided for a legal entity identifier to be issued or renewed, but with the option to decline doing so for certain specified reasons.