The global LEI registry was originally an initiative from the Financial Stability Board and the G20 countries intended to contribute to greater transparency in the financial markets as a result of the financial crisis in 2008. The LEI is used extensively to identify legal entities both for financial industry regulatory purposes and as part of best practices in the industry and commercial applications.
The benefits of having an LEI for your legal entity extend beyond just regulatory compliance. By registering for an LEI, your legal entity's international recognition and trading credibility is increased immediately. Investors, customers, and potential stakeholders can locate your essential data in real-time which will allow you to prove you are a real entity, and also avoid any identity-based errors.
Likewise, you can benefit from the sense of security that comes from knowing exactly who you are dealing with.