In the rush to improve oversight and transparency in the wake of the 2008 Credit Crisis, central banks, treasuries and regulatory authorities created the Legal Entity Identifier (the “LEI”). The LEI was an intuitive reaction to the lack of basic identity resolution and counterparty risk management in some of the complex structured securities that were at the heart of the scandal. In response to the challenge, central banks and treasuries worked with bankers and vendors to form the Global Legal Entity Identifier Foundation (GLEIF). The GLEIF was tasked to create and issue proxy LEI identifiers for issuers of securities, and, eventually, for counterparties involved in regulated securities trading. The GLEIF created a secondary business registration program for companies already registered in local and regional jurisdictions.