GLEIF Sets Out Process for Validation Agent Trial Phase

The goal of the Validation Agent role is to streamline the LEI issuance process by enabling FIs to directly liaise with LEI Issuers on clients’ behalf during onboarding.

GLEIF (Global Legal Entity Identifier Foundation) has published a new eBook explaining the process for FIs looking to understand the operational requirements and support available to participate in the Validation Agent trial phase.

The Validation Agent Framework, announced by GLEIF in September 2020, enables FIs to liaise with LEI Issuers on clients’ behalf to validate identity data and facilitate LEI issuance as part of the onboarding process. JP Morgan issued the first LEI under the Validation Agent model in November.

“The goal of the Validation Agent role is to streamline the LEI issuance process and deliver a multitude of benefits for legal entities, LEI issuers and the FIs that serve legal entities as clients,” GLEIF says in the eBook.

GLEIF is inviting FIs to participate in the Validation Agent trial phase, which seeks to enable smooth and efficient early adoption of the Validation Agent role and support the creation of business use cases.

Triallists will be assigned an account manager who will provide support with performing a gap analysis and engagement with the LEI Issuer network, among other areas.

There are no monetary costs or technology investments required to participate in the trial, apart from the need for an FI’s personnel is to engage in the trial processes.

The eBook sets out a seven-step process from signing an NDA to enable preparatory discussions and open collaboration between GLEIF and the triallist, to the issuance of an LEI on behalf of clients.

The eBook is available for download here.

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