ISO 17442 specifies the elements of an unambiguous legal entity identifier (LEI) scheme to identify the legal entities relevant to any financial transaction. The Legal Entity Identifier (LEI) is a 20-digit, alpha-numeric code that connects to key reference information that enables clear and unique identification of companies participating in global financial markets.

Notes in 2014-5: Development of the Global Legal Entity Identifier System is close to completion. In the US, the CFTC and National Association of Insurance Commissions have mandated the use of LEIs in regulatory reporting, while in Europe, LEIs are mandated by European Market Infrastructure Regulation and recommended by the European Banking Authority for use by all financial institutions in the European Union.