Global Legal Entity Identifier Foundation publishes its vLEI Ecosystem Governance Framework

The Global Legal Entity Identifier Foundation (GLEIF) has announced the publication of its verifiable LEI (vLEI) Ecosystem Governance Framework.The vLEI Ecosystem Governance Framework, which has been designed from the ground up to complement GLEIF’s existing LEI governance, defines the vLEI operational model and describes how the new ecosystem’s range of vLEI issuing stakeholders will qualify for and perform their roles in the Global LEI System.

The Framework has been created in full accordance with standards and recommendations of the Trust Over IP Foundation (ToIP), hosted by the Linux Foundation. It is the most comprehensive framework ever developed based on the ToIP Governance Metamodel.

The Framework provides details on the governance structures and processes that will shape the development of the vLEI issuance ecosystem together with the services that GLEIF will provide, including the vLEI Issuer Qualification Program, essential key and credential management services, and a communications platform for information sharing between GLEIF and its network of vLEI issuers.

By wrapping new and existing LEIs in Verifiable Credentials, the vLEI offers a digitally trustworthy version of the LEI, allowing automated verification of legal entities and their authorized representatives, without the need for human intervention. The vLEI leverages the Global LEI System, which is the only open, standardized, and regulatory-endorsed system for legal entity identification.