During his welcome address at a conference on the Legal Entity Identifier (LEI), the Hessian Minister of Economics Tarek Al-Wazir promoted Frankfurt as potential location for an office of the Swiss Global LEI Foundation (GLEIF). His audience consisted of around 120 financial industry agents, bank supervisors, and central bank representatives. .
Among other things, the Hessian government offers a start-up financing in the amount of EUR 500,000 should the foundation decide to come to Frankfurt.
The proposed GLEIF office will be in charge of controlling the worldwide network of LEI allocation agencies, it will set new standards, and it will ensure data quality. However, to assign Legal Entity Identifiers will not be the task of GLEIF. This is done via the so-called Local Operating Units (LOUs). In Germany, WM Datenservice has been endorsed as one of the LOUs. Domestic and foreign financial market participants that are subject to financial reporting requirements may apply for a LEI at www.geiportal.org.
For more details (in German language), please click here: www.geiportal.org/wp-content/uploads/2014/10/Hessen-lockt-GLEIF-nach-Frankfurt.pdf