Level 1 and Level 2 Legal Entity Data
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A Legal Entity Identifier (LEI) is connected to standardized reference data that describes the identity of a legal entity and, where applicable, its relationships with parent entities.
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This information is commonly divided into two categories:
- Level 1 data answers the question: Who is who?
- Level 2 data answers the question: Who owns whom?
These data levels help organizations identify counterparties consistently, support regulatory reporting, and improve transparency in corporate and financial relationships.
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What Is Level 1 Data?
Level 1 data contains the core information used to identify a legal entity.
In simple terms, it answers:
Who is the entity?
Level 1 information can include:
- the official legal name of the entity;
- registered and headquarters addresses;
- the country or jurisdiction of formation;
- the entity's legal form;
- the LEI code;
- registration authority information;
- the date of initial LEI registration and subsequent updates.
This information acts as the entity's standardized business card within the Global Legal Entity Identifier System.
Level 1 data is particularly useful for compliance, regulatory reporting, onboarding, and counterparty verification.
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What Is Level 2 Data?
Level 2 data refers to relationship information that describes how a legal entity is connected to its parent entities.
It answers the question:
Who owns whom?
Level 2 data can include:
- the entity's Direct Parent;
- the entity's Ultimate Parent;
- information about ownership or control relationships, where available;
- the LEIs of related parent entities, where those entities have an LEI.
In practical terms, Level 2 data helps organizations understand corporate hierarchies and ownership structures. This information can be important for risk assessment, regulatory reporting, counterparty analysis, and transparency initiatives.
Why Level 1 and Level 2 Data Matter Both levels of LEI data serve important but different purposes.
Level 1: Entity Identity
Level 1 data provides the essential information that uniquely describes a legal entity's core identity.
It is commonly used for:
- regulatory reporting;
- Know Your Customer (KYC) and Know Your Business (KYB) processes;
- contracting and onboarding;
- data reconciliation.
Level 2: Relationship Data
Level 2 data provides insight into how legal entities are related through ownership or control relationships.
It can support:
- group structure analysis;
- consolidated reporting;
- counterparty exposure assessment;
- ownership and control reporting.
By connecting a unique LEI with verified Level 1 and Level 2 reference data, organizations can build a more complete picture of a legal entity and its relationships with other entities.
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How to View Level 1 and Level 2 Data
LEI reference data is publicly available and can be searched online.
You can use the GetLEI LEI Lookup to search for a legal entity or LEI and review available information associated with the record.
A typical LEI record can show Level 1 information such as the entity's legal name, addresses, registration status, and LEI dates. Where relationship information is available, the lookup can also display the entity's Direct Parent and Ultimate Parent.
If your organization does not yet have an LEI, you can also apply for an LEI through GetLEI, with LEIs provided through RapidLEI.
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Level 1 vs. Level 2 at a Glance
Data Level Main Question What It Describes Level 1 Who is who? The legal entity's identity and core reference data Level 2 Who owns whom? Direct and ultimate accounting consolidating parent relationships -
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Conclusion
Level 1 and Level 2 data make the LEI more than a standalone identifier.
Level 1 establishes who the legal entity is, while Level 2 provides additional context about how that entity is connected to its parent organizations.
Together, they create a standardized framework that supports entity verification, regulatory reporting, counterparty analysis, and greater transparency in global financial markets.
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