Explore the Opus Alacra Authority File
Whether for Basel II or MiFID II compliance, having access to high-quality, accurate legal entity data is essential for satisfying regulatory reporting demands. In recent years, data sources and client reference data records have expanded rapidly. In the lead up to MiFID II, for example, financial institutions saw a huge upswing in LEI registrations. Since issuance began in 2012, registrations increased by 1600% to amount to a total of 1,126,347 LEIs as of March 2018.
To trade with confidence in the modern world, financial institutions need to ensure up-to-date client records and ongoing maintenance of their files. The Opus Alacra Authority File (AAF) makes that possible. We walk through why.
Legal Entity Reference Data for Third Parties, Customers and Counterparties
The Opus Alacra Authority File (AAF) is the most comprehensive source of legal entity reference data for common customers and counterparties. The AAF is a set of global legal entities, each of which meets one or more of these three criteria:
- The entity has a security listed on a global exchange
- The entity is rated by either Moody’s, S&P, Fitch or A.M. Best
- The entity is regulated by one of the G-20 and European Union banking regulators
Additional industry identifiers that are important, but do not otherwise meet the criteria for inclusion in the AAF (i.e. they are not otherwise rated, regulated or listed) are available in the Alacra Authority Plus File (AAF+).
Currently, these identifiers include:
- LEI: Legal Entity identifiers issued by LOUs (Local Operating Units) under the auspices of the Global LEI Foundation (GLEIF)
- FATCA GIIN: The Foreign Account Tax Compliance Act Global Intermediary Identification Number issued by the US IRS
The AAF+ additionally provides cross-reference links to any third-party content provider with whom you have a current data license. For example, it is possible to have the Moody’s, S&P, and Fitch issuer IDs and ratings included in your version of the AAF+ if you are a verified subscriber to those databases. Similarly, the BIC (Bank Identifier Code) issued by SWIFT, can be provided if a valid license is in place.
Because data changes and decays rapidly, Opus conducts daily updates to maintain a clean and de-duplicated data file. Depending on the type of data collected, business data can decay by 20% or more within one year. Our Alacra legal entity reference data solution maps and enriches data against a central source to ensure a unique identifier is assigned to each entity.
At Opus, we work with your peers in the financial industry to meet regulatory demands on a daily basis through a unified source of legal entity information. Take an inside look in this case study featuring a European Bank that successfully built a central legal entity repository, resulting in time and cost savings while reducing risk and errors, and meeting regulatory requirements. Download the case study here.
Have questions about the Opus Alacra Authority File? Reach out to our team for more information on how you can Free Your Business® and turn data management into a competitive advantage.