How to get an LEI in the UK

A Legal Entity Identifier (LEI) is a 20 digit code that is unique to a legal entity and provides basic information about the entity such as name, address and entity type e.g Limited Company. We explore this further in our recent post What is the Legal Entity Identifier?

Who needs an LEI in the United Kingdom?

In Britain there are already 150,000 LEI Codes. This accounts for nearly 10% of all LEIs globally. The vast majority of these LEIs exist because the UK does a lot of trading with Europe and up until recently was subject to EU mandates requesting the LEI.

There are strict regulations throughout Europe which require market participants to quote their LEI when reporting trades and financial transactions. The aim of these regulations is to bring about more transparency in the financial markets. Regulations such as Mifid II and EMIR were brought about in January 2018 and so far have been successful in that there have been very high compliance rates and the LEI is bringing about greater security in financial markets.

As London, and the UK in general is a global financial hub there are hundreds of thousands of entities still to obtain their LEIs within the country.

If you are a Limited Company or Sole Trader in Britain, you may not need an LEI by law. If you are engaged in cross border activity it is a good idea to have an LEI before you need one as it is quickly being adopted as a global standard.

If you are in financial services you will be required to legally register your entity for an LEI in order to be compliant with local regulations such as Mifid II, EMIR or to fulfill your local reporting obligations.

To find out if you fall into this category and are required to have an LEI please see our post discussing Who Needs an LEI?

BREXIT may effect companies trading internationally, meaning some entities who do not have an LEI may be required after the ongoing international negotiations.

Square Mile, London

However, more entities such as Limited Companies and Sole Traders are turning to the LEI even though it is not required.

This is because there are many benefits associated with having an LEI. It provides you with an instant credibility boost, and an internationally recognised identity card. You can also benefit from the added layer of identity security and prevent any such related errors.

How to get a Legal Entity Identifier in the UK

Obtaining a Legal Entity Identifier code is a simple process. The LEI application form only takes a few minutes and any representative of the company may apply on behalf of the entity.

1. Click on the 'Register New LEI' button here or visit the homepage of this website. To begin, fill out your contact details as the applicant. This information will be used to contact you in case any additional information is required.

2. Next, begin filling out the details of the entity which requires an LEI. This will include information such as the address, name of Director or person legally responsible for the entity such as CEO, or Owner.

3. The next section 'Level 2 Data' gives you the opportunity to report parent company information.

For example, if your company is a branch of a larger organisation, or is owned by another company you may have that information appear on the LEI record. However, this is not a legal obligation. If you wish to report a legal parent company, please note that you will be requested to provide evidence of this relationship by way of Consolidated Accounts (i.e an annual report).

You may only report parent information if the parent company consolidates the accounts and the subsidiary is listed there.

4. The final section allows you to upload documentation relevant to your application. When an LEI application is submitted, the data is cross matched with what is on the relevant local companies registry.

If however the company cannot be found, or the data does not match the registry, we may request that you provide supporting documentation. Some good examples include a Certificate of Incumbency, Register of Directors, or a registry extract.

Once the application is submitted, simply choose your preferred payment method and complete the application. LEI Worldwide use our payments provider STRIPE and PayPal. We also offer the ability to complete a bank transfer or swift payment in any currency.

A member of the LEI Worldwide team will review the submission upon submission and you will receive your LEI code within a few hours.

If you have any questions please contact info@lei-worldwide.com

To apply for your own LEI or on behalf of a legal entity, please select the option from the buttons below.