New LEI Finder released to reduce LEI Lapsed Rates
LEI Worldwide have released a new LEI Search tool which allows you to navigate the LEI index, access the global LEI database and find any Legal Entity Identifier in real time.
The Securities Lending Times recently spoke with Director at LEI Worldwide about the development and the need for such a tool in the LEI market.
With as much as 30 percent (500,000) of legal entity identifiers globally are out of date and in need of renewal, the LEI Checker now allows you to check the LEI status and renew your LEI instantly.
The SLT article continues to say "Last week, the Commodity Futures Trading Commission fined Morgan Stanley $5 million for a range of swaps reporting failures between 2013 and 2018, including incomplete LEIs. “Upon further investigation, we realised that Morgan Stanley Capital Services had a lapsed LEI between 2013 and 2018. It is quite simple to renew the LEI, and it is possible they did not realise it had lapsed,” says Hayes.
The views expressed in this blog belong to LEI Worldwide.