Reasons for getting LEI number
Following the Global Financial Crisis, the Legal Entity Identifier (LEI) code was created as a vital measure to improve the quality and accuracy of financial data systems to improve risk management in financial transactions. This is now a mandatory code that an entity needs to have in order to conduct business globally. Not having one will only result in the entity lagging behind in terms of capability. Firms, like other identifiers, require them to comply with financial regulations and directives in order to meet their reporting requirements.
It's preferable to have something and not require it than to require something and not possess it. In today’s competitive business world this is the saying that gets most entities by in scenarios where they are left with no other option. This comes t...