Obtain, renew or transfer your own LEI.
Frequently Asked Questions
What is the LEI?
The Legal Entity Identifier is a global 20-character alphanumeric code for identifying legal entities. Each Legal Entity Identifier is unique: it is assigned to each legal entity once and may not be assigned to any other entity. The Legal Entity Identifier is an exclusive identifier, as each legal person is only issued a single Legal Entity Identifier. The Legal Entity Identifier does not replace the national registry code of a company.
Why is the LEI necessary?
The Legal Entity Identifier (LEI) connects a legal entity to its key reference information (name, location, etc.). The LEI enables identifying legal entities participating in global financial markets for various supervisory purposes. For example, LEI codes are already being used under the European Market Infrastructure Regulation (EMIR) for identifying counterparties to over-the-counter derivatives’ transactions. In Consultation Round 2, ASIC is proposing specific changes to simplify the ASIC Derivative Transaction Rules (Reporting) 2013 including requiring derivative participants to have a Legal Entity Identifier for improving access to regulatory information.
What does the LEI have to do with securities’ transactions?
Since 3 January 2018, Legal Entity Identifier has been used in reporting the securities’ transactions of investment service providers to supervisory authorities for identifying customers that are legal entities. These transaction reports are used for identifying and investigating market abuse as well as for monitoring transactions and the activities of investment service providers on securities’ markets. The format of the report is established by an implementing regulation of the European Commission.
Who is required to have an LEI?
Currently this depends on where and who with you trade, but after ASIC Rewrite it is expected that all counterparties will have an LEI
Do investment service providers, such as banks, have the right to request an LEI?
Investment service providers must request customers that are legal entities to provide all information which is necessary for submitting information about transactions to supervisory authorities. Such information includes Legal Entity Identifier.
What happens if a customer does not provide an LEI?
If a customer who is a legal entity does not provide the investment service provider with the necessary information, including an Legal Entity Identifier, for reporting a security transaction, the service provider will not be able to fulfil their legal reporting obligation. Consequently, the investment service provider may refuse to provide the service. Who issues LEI? Legal Entity Identifier applications may be submitted to authorised LEI operators. LEI codes are issued by LOUs (Local Operating Units). Assistance in applying for the Legal Entity Identifier code may be received from official and non-official registration agents. I have been issued an LEI, but the bank says it is in inactive or invalid.
Banks and investment service providers verify the validity of LEI from the GLEIF database. As GLEIF performs database updates once per day, the Legal Entity Identifier issued to you will be listed in the database on the following day from 14.00 CEST. For example, if your LEI was issued today, it will be listed in the global database tomorrow from 14.00 (CEST).
Where can I check the validity of my LEI?
The validity and information related to a Legal Entity Identifier can be checked from the website of the umbrella association at www.gleif.org. You can also check the validity of your Legal Entity Identifier by using our search box. What is GLEIF? GLEIF is an international organisation which is responsible for the functioning of the Legal Entity Identifier system and for monitoring LEI issuers. The headquarters of GLEIF are located in Basel, Switzerland. The website of GLEIF can be found at www.gleif.org
What is an LOU?
An LOU or Local Operating Unit is an organisation that has been authorised by GLEIF to issue LEI. LOUs work closely with registration agents, who help organisations apply for LEI. A list of LOUs can be found here. Who is a registration agent? A registration agent is a company or organisation that provides assistance in applying for Legal Entity Identifier. For a detailed overview of registration agents, see here.
Does each country have a distinct prefix for LEI?
Legal Entity Identifier is an universal code and is not tied to any specific country. Each LOU has its own identifier, which is contained in the first four numbers of the Legal Entity Identifier. LEI codes are valid worldwide regardless of the LOU that issued the code.
Why does Legal Entity Identifier need to be renewed?
Renewing the Legal Entity Identifier is necessary to ensure that all information about the company connected to the Legal Entity Identifier is up to date. To ease the administrative burden on companies and organisations, LEI Register allows paying for multiple annual renewals. In this case, the LEI Register takes it upon itself to verify the information upon renewal of the LEI for the designated period. Information updates are performed on the basis of official registry data. How long does the LEI registration process take? LEI Register normally issues your Legal Entity Identifier within 1–24 hours from the moment of payment for the application (if the company submits any necessary additional documents promptly).
Is LEI-related information public?
Yes, the Legal Entity Identifier system is built on the principle of making the information publicly available. LEI-related company data (name, registry code, address, address of the principal office, country of registration, etc.) are accessible to everyone through the GLEIF website. Do I need to pay for an LEI? LEI codes are issued for a fee and an annual maintenance fee must be paid for the renewal of the code. The price list of LEI Register is available here. What happens if I do not have an LEI or if it expires?
To fulfil their reporting obligation, investment service providers need their customers that are legal entities to have a valid Legal Entity Identifier. Before carrying out any securities’ transactions, investment service providers verify the existence of a valid Legal Entity Identifier.