1. WHAT IS THE GLOBAL LEI SYSTEM (GLEIS)?
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The global LEI system (GLEIS) is the first global database providing unique identification information of legal entities participating in financial transactions all across the globe. The database forms an index of legal entities which is publicly accessible and completely free of charge to use. Each entity in the database is assigned its own, unique 20 digit code by which it is identified in many business activities and transaction reporting systems.
Read a full overview of the Global LEI system here. |
2. WHAT IS A LEGAL ENTITY IDENTIFIER (LEI)?
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The LEI is a G20 endorsed, globally verifiable unique identity code. The LEI code contains a record with information about a company such as its identity and group structure.
The LEI Legal Entity Identifier is a standard that has been adopted to increase transparency of transactions between organisations that do business and cross regional jurisdictions. Many believe the last recession in 2008 came about and was worsened by a lack of regulation. The LEI is a new ISO standardised code which brings transparency to participants in the global financial market place. |
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ISO 17442 standard “Financial Services – Legal Entity Identifier (LEI)” consists of a 20 digit alpha numerical code unique to each legal entity that falls under the updated Markets in Financial Instruments Directive (MiFID II) and accompanying Regulation (MiFIR).
To find out more please read our post Introduction to Legal Entity Identifiers. |
3. DO I REQUIRE AN LEI CODE?
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There are already 1.6 million LEI codes in existence. The vast majority of these are due to reporting regulations such as Mifid II, EMIR, SFTR & CSDR.
The USA also heavily regulates the LEI requirement in the finance, energy and mortgage industries. Hong Kong and Australia mandate the use of an LEI code for reporting parties during the sale and purchase of securities and OTC Derivatives. The RBI Bank in India requests the same. |
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In fact, LEIs are required by any legal entity who is involved with financial transactions or operates within todays global financial economy. There was a famous phrase coined by regulators which encapsulates this - "No LEI, no trade".
To find out if you are required to have an LEI read our post on Who needs an LEI? |
4. I CAN'T FIND MY LEI NUMBER
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If your company has an LEI number, but it has been lost, or the person who held the details has left the company you can locate here using the GLEIF Search / LEI Look Up tool.
If you cannot find it please contact us at [email protected]. Our team are experienced at navigating the global LEI index, and will gladly help you locate your data. |
5. WHAT INFORMATION DO I NEED TO RECEIVE MY LEI NUMBER?
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The information required to receive an LEI will be easily accessed by a member of your organisation, especially somebody in the head office.
You will need to know the following information:
To find out more about what you need in order to obtain an LEI please see our posts on the subject:
- How to get a Legal Entity Identifier - Documents required for LEI registration - LEI application checklist |
6. LEGAL ENTITY IDENTIFIER EXAMPLE
Each LEI is a standardised 20 digit alpha-numeric code. However all 20 digits are not random. The fist four belong to the LEI issuer or LOU. The next two always remain as zero, zero. The next twelve digits are unique legal entity identifier codes, and the last two are checking digits. You can read more about the structure and format of an LEI Code here.
Example of a Legal Entity Identifier
7. HOW MUCH DOES AN LEI COST?
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The price of an LEI Number for 1 year begins at €89. Multiple currency options are available at checkout and invoicing payment via wire transfer and invoice.
You can also choose to register your Legal Entity Identifier for 1 to 5 years (which includes a 15% discount on LEI fees).
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8. HOW LONG DOES IT TAKE TO GET AN LEI?
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Once your application is fully submitted you can expect your LEI confirmation email within 24 hours (Mon - Fri).
Please note, if information is missing, or incorrect on the application this may cause a delay. A high volume of requests may also impact the LEI issuing timeframe. Some countries have automation meaning the Legal Entity Identifiers are issued instantly. This includes the UK, Luxembourg, Netherlands, Australia, Germany, Singapore and Denmark. Follow this link for a comprehensive list of LEI processing times by country. |
9. ONCE I HAVE RECEIVED MY LEI, HOW CAN I FIND AN OFFICIAL GLOBAL LISTING?
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LEI Worldwide will provide your company contact with information explaining how to best navigate the Global Legal Entity Identifier index, and search for LEI numbers.
You can find the LEI directory here. |
10. CAN I CHANGE FROM WHICH LOCAL OPERATING UNIT MY LEI IS REGISTERED?
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If an entity already has an Legal Entity Identifier from an LOU, it can avail of the option to transfer (port) that LEI code from another LOU by contacting [email protected] and completing an LEI transfer.
You can transfer your LEI to LEI Worldwide for free here. |
11. HOW WILL I KNOW WHEN TO RENEW MY LEI NUMBER?
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We will send you a reminder 1 month out from your annual Legal Entity Identifier renewal date. We can automatically process the transaction using your previous records. Your bank may inform you that your LEI number is due for renewal / lapsed. You can renew your LEI here.
To find out more information about LEI renewals & transfers please see our complete guide to renewing an LEI. |
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12. What is an LEI Transfer?
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An LEI transfer is the act moving a Legal Entity Identifier LEI from one service provider to another. This allows the entity to choose which service provider they want to use based on service quality, price or other factors. If you have had an LEI issued with another LEI service provider, you can transfer that LEI to LEI Worldwide free of charge. If you would like to renew an LEI that is currently with another LEI service provider you will be required to transfer it first. Please just complete the form by clicking here to transfer.
Please note that LEI Worldwide may contact you to obtain a written signature to confirm authorisation and proceed with the transfer. To find out more about renewals and transfer please see our post about How to renew an LEI. |
13. DO I NEED TO OBTAIN AN LEI NUMBER FROM AN ISSUING ORGANISATION (LOU) WITHIN MY OWN COUNTRY?
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No. In the interest of fair play you can obtain an LEI number from most Local Operating Units. You may also obtain an LEI from an LEI issuer located abroad if your country does not have an LEI issuer. To see a list of all LEI issuers / LOU's click here.
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14. WHAT IS GLEIF?
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GLEIF is an international organisation endorsed by the G20 countries and created by the FSB - Financial Stability Board. GLEIF is responsible for the creating the Global LEI System, monitoring LOUs and facilitating the global mass adoption of the Legal Entity Identifier LEI.
The headquarters of GLEIF are located in Basel, Switzerland. The website of GLEIF can be found at www.gleif.org. LEI Worldwide are an officially recognised GLEIF Registration Agent. |
15. WHAT HAPPENS IF MY LEI EXPIRES AND I DO NOT RENEW IT?
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Investment service providers and Banks will often be requested for their clients LEI numbers. If these LEI numbers are not valid, they mace face penalties, or a no trade ruling.
Many financial institutions, banks, state bodies and semi-state bodies support the LEI initiative and have a mandate that all clients and customers must have an LEI (Legal Entity identifier). You can find that list by clicking here. To avoid complications with your banking institution or regulatory body we recommend maintaining an active LEI code. Here is a guide explaining what to do if your LEI Lapses... |
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16. HOW TO DOWNLOAD AN LEI CERTIFICATE
If you have already obtained a Legal Entity Identifier code for a legal entity, you will be eligible to obtain an official LEI Worldwide LEI Certificate. The LEI Certificates are sold separately to LEI Codes because they are designed individually on a request only basis. An LEI Cert is the perfect addition to accompany your LEI code, as it is printable and can be posted on your website to prove that you are a LEI registered.
The LEI Certificate can also be provided to your banking institution or regulator. You can obtain your unique LEI Certificate by clicking here: Download LEI Certificate. |
17. WHO MAY NOT RECEIVE AN LEI?
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Any entity considered a legally registered entity may obtain an LEI code. Over 98% of LEI applications are accepted. There are some cases where an LEI is not applicable, for example an individual person, or group of people may not obtain an LEI number. In the case of some large companies, certain divisions within that company may not apply for an LEI number either.
However, different branches of the same entity may apply separately given that the branch is located in another country. Branches in the same country should operate under the one umbrella LEI code. Individual persons may also not apply for a Legal Entity Identifier. If you have a specific request about a particular entity, or individual requiring an LEI code, please contact our support team for advice. |
18. Can I register an LEI number for someone else?
Yes. A third party can apply for an LEI on behalf of another company. You will be requested to provide the name of the signing authority and supporting documentation.
If your clients require LEI codes, you can take advantage of this opportunity by joining our LEI affiliate programme. We offer 20% return on any transaction made through your unique affiliate tracking URL.
If your clients require LEI codes, you can take advantage of this opportunity by joining our LEI affiliate programme. We offer 20% return on any transaction made through your unique affiliate tracking URL.
19. WHAT ARE THE BENEFITS OF HAVING AN LEI?
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The benefits of having an LEI Code for your organisation extend beyond just regulatory compliance. By registering for an LEI, your organisations 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. If you already have an LEI number assigned you may qualify to apply for an LEI certificate.
Likewise, you can benefit from the added layer of security that comes from knowing exactly who you are dealing with. |
20. What is an LOA for an LEI?
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An LoA is also known as a letter of authorisation, and an LoA is often required in order to provide authorisation to transfer an existing LEI from one provider to another. The authorised signatory is required to sign a shot templated letter granting permission for the LEI provider or Registration Agent to act on behalf of the entity for the sole purpose of managing their LEI codes. To find a list of other documentation required during LEI registration please click here.
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21. How to update the address on an LEI
An LEI needs to be renewed once a year. Your LEI data will be updated upon renewal, however if you need to update your LEI data in between renewal dates you can do so free of charge. If your company changes name, address or has another change you can update an LEI here.
If you require further assistance or have any other questions, please do not hesitate to contact us at [email protected]
The LEI connects you to key reference information that enables clear and unique identification of legal entities participating in financial transactions.
To put it simply, the publicly available LEI data pool can be regarded as a global directory that greatly enhances transparency in financial markets.
We can provide you with an accurate listing on the LEI global database, so that you can meet your international transactory regulations hassle free.
