Need an LEI in a hurry?
Compliance can be tricky in todays financial ecosystem. There is a lot of boxes to be ticked, lines to be crossed and things can often get left to the last minute. At LEI Worldwide, we understand that. We understand the pressure companies are placed under to acquire LEI numbers in a hurry. That is why we are here. We have helped hundreds of individual firms, security traders, asset managers, law firms and investment brokers obtain LEIs on behalf of their clients, pretty much instantly.
Our experience and knowledge of the LEI system allows us to expedite LEI applications. Our system is powered by Rapid LEI, to streamline imports and new LEI applications on behalf of our clients. This means no more waiting hours or days for your LEIs to be published.
However, as quick as we would like to be, data quality is paramount to the success of the LEI. All data must be verified before being published to the global LEI index. This can sometimes cause delays.
So, if your team require LEIs urgently due to looming deadlines, below is a list of the 5 main things to look out for so you can avoid and prepare for delays.
1. Data Verification
Have a legal document ready in case requested, such as a Certificate of Incorporation / proof of address (in the rare case that the entity cannot be found on a public registry).
LEIs should be applied for on behalf of a director / CEO, so please be aware that you may be asked to provide authorisation by way of a 'Letter of Authorisation'. Just contact email@example.com for the template to save time and have it ready in advance.
3. Fast track
Use the Fast Track service. As we operate on a queue basis, 'Fast Track' ensures your application will be prioritised by our team. Just check the appropriate box on the transaction page.
4. Business Hours
Applying on weekends or outside business hours - expect delays. Despite the modern advancements in automation systems, LEI applications still need to have the data checked by an actual real life human before being published.
5. Be available!
Mistakes happen.. If you have input incorrect data in your application we may contact you to correct it. We may not be able to issue the LEI without hearing from you - so leave your best email address in the contact box!
This means manually confirming the data is accurate by cross checking with existing public records. We work on weekends, but not everybody does, so you may encounter set backs on Saturdays or Sundays. Try applying early on a Monday morning for instant replies (the team will thank me for that).
Other than that, LEIs are generally generated instantly.
Please get in touch if you have anything to add, have questions or comments. Feel free to share these tips with your team if you think they might find it helpful when applying for an LEI Code.
Contact sales for advice, which includes information about multi-year applications, or if you are ordering in bulk claim a discount firstname.lastname@example.org.
LEI Worldwide Support Team
The views expressed in this blog belong to LEI Worldwide.