Legal Entity Identifier - LEI
Apply before 5 PM and receive your LEI number today
In a hurry? Select Fast-track application at checkout - LEI in 3 hours guaranteed*
Legal Entity Identifier Pricelist
Renewal of the LEGAL ENTITY IDENTIFIER number for one year £45
** The invoice will be sent after the assignment of the LEI
*Fast-track application + £20 (LEI in 3 hours guaranteed). Multiyear registration packages have Fast-track included. Fast-track option can be provided to entities registered with Companies House and who do not report Level 2 data.
What is Fast-track service and who qualifies for it?
Fast-track supports entities registered with the Companies House which do not have or do not report Level 2 data (parental structure). If you qualify for Fast-track we will present a Fast-track checkbox on the checkout page. If you do not see the checkbox then we did not find a match between the registration number and Companies House database or you reported parental structure in your application.
If your entity is not registered with UK Companies House your application will be processed as regular. Applications received before 5PM will receive the LEI the same day. Maximum processing time during weekdays is 24 hours. LEI Register is not responsible for the delay caused by the customer.
Everything you need to know about LEI number
1. What is an LEI number?
The Legal Entity Identifier (LEI) is a 20-character, alpha-numeric code based on the ISO 17442 standard developed by the International Organization for Standardization (ISO). It connects to key reference information that enables clear and unique identification of legal entities participating in financial transactions. Each LEI contains well structured reference data which is categorised into 2 sections - Level 1 - who is who and Level 2 - who owns whom. Level 1 data includes entity registration details, such as legal name, registration number, legal and HQ address etc. Level 2 contains information about an entity’s ownership structure and thus answers the question who owns whom. Simply put, the publicly available LEI data pool transfers unstructured entity registration data into standardised global directory, which greatly enhances transparency in the global marketplace.
Did you know?
During the course of creating the GLEIS, it was considered desirable to keep up momentum by beginning to issue entity identifiers as early as possible rather than wait for the global system to become fully operational. It was therefore decided to issue "Pre-LEIs‟ to entities as an interim measure. The Pre-LEIs has all of the characteristics that the official LEIs has and at the right time will simply transform into an LEI without the need for changes.
Source: London Stock Exchange
Established by the Financial Stability Board in June 2014, the Global Legal Entity Identifier Foundation (GLEIF) is tasked to support the implementation and use of the Legal Entity Identifier (LEI). The foundation is backed and overseen by the LEI Regulatory Oversight Committee, representing public authorities from around the globe that have come together to jointly drive forward transparency within the global financial markets. GLEIF is a supra-national non-profit organisation headquartered in Basel, Switzerland.
GLEIF services ensure the operational integrity of the Global LEI System. GLEIF continuously increases both the information available within, and the quality of, the LEI data pool and makes public access to the information ever easier.
Good to know:
The current CEO of GLEIF is Mr. Stephan Wolf. In January 2017, Mr. Wolf was named one of the Top 100 Leaders in Identity by One World Identity.
1.2 ISO 17442 standard
The International Organization for Standardization (ISO) 17442 standard defines a set of attributes or legal entity reference data that are the most essential elements of identification. The Legal Entity Identifier (LEI) code itself is neutral, with no embedded intelligence or country codes that could create unnecessary complexity for users.
The ISO 17442 standard specifies the minimum reference data, which must be supplied for each LEI. This data is usually referred to as Level 1 Data - Who is who:
The official name of the legal entity as recorded in official registries.
The registered address of the legal entity.
The country of formation.
The codes for the representation of names of countries and their subdivisions.
The date of the first LEI assignment; the date of last update of the LEI information; and the date of expiry, if applicable.
1.2.1 Level 2 Data - Who owns whom ?
Level 2 data answers the question who owns whom? Its aim is to identify mother-daughter relationships among corporate structures. Only entities whose parent or ultimate parent consolidates the financial accounts of the daughter entity have the ability to report Level 2 data. Mere ownership of the daughter entity does not yet meet the Level 2 reporting criteria for the daughter entity.
Good to know:
If you decide to report Level 2 data (ownership structure), be prepared to provide the latest consolidated financial statement of the parent and/or ultimate parent to validate the mother-daughter relationship.
1.2.2 What if my company has a parent entity and accounts are consolidated but I am unable to provide consolidated financial accounts?
Entities can choose either to report corporate structure or choose between relevant reporting exceptions. A reporting exception is a reason for not providing information about the corporate structure. More about exceptions can be found here.
2. What is the purpose of an LEI?
The LEI system was initiated as a response to the financial crisis and is aimed at improving transparency in financial data systems. Presently, there are several methods for identifying entities across various markets and countries. The Global LEI System (GLEIS), when fully operational, will ensure that there is just one standard system. While there are numerous regulations among jurisdictions that require the use of LEIs, the main purpose of the Global Legal Entity Identifier is to simplify, standardise and ease the identification of legal entities worldwide.
In order to find out more about what is an LEI number, who needs it and why, visit the LEI Lookup website. LEI Lookup is an excellent resource for obtaining information about the LEI system and its purpose.
2.1 The use of the LEI in financial regulation.
LEIs are in use worldwide among different jurisdictions. The USA and the European Union were the first to adopt the LEI in financial reporting. Although LEI adoption remains uneven across jurisdictions, with coverage concentrated in Canada, the EU and the US, many countries are starting to follow the adoption. Reserve Bank of India (RBI) has mandated the use of LEIs in over the counter derivative market as well as for large corporate borrowers and FX deals. Australia has followed suit with ASIC mandating the LEI for derivative transactions.
China is the fastest growing jurisdiction for LEIs in 2019.
In fact, LEI is free in China for Chinese entities.
3. Who needs an LEI?
In the most general sense, an LEI is needed by any legal entity whose activities incorporate financial transactions. You can read more about who needs an LEI.
There are currently around 100 regulations among jurisdictions where the use of LEIs is either required or requested. For example there are more than 60 different acts in the US and Europe alone. Access to all the regulations.
Currently only about 1% - 1.5% of entities worldwide have an LEI. According to estimations there are more than 100 million legal entities worldwide.
3.1 Usage of the LEI under EU Regulation, EMIR and MiFID II / MiFIR
The use of the LEI is already required under a number of the European Union's regulations and directives, in particular:
- European Markets Infrastructure Regulation (EMIR) - as from 1 November 2017 the EU trade repositories are mandated to reject trade reports that do not contain an LEI (irrespective of whether they pertain to the EU or non-EU market participants),
- MiFID II/MiFIR - the key date is 3 January 2018, i.e. the date when MiFID II/MiFIR enter into force, as from this date market participants will not be able to trade with in-scope investment firms if they do not have an LEI (MiFID II/MiFIR require investment firms to obtain an LEI from their clients prior to providing a service that would result in a transaction reporting obligation),
As of January 3rd 2018 all legal entities which wish to transact in European financial markets involving any kind of securities or derivatives (for example Stocks, Bonds, ETFs, FX Forwards, Swaps, Interest rate Swaps etc.) need to register for an LEI.
It is important to note that only legal entities are eligible to apply for an LEI.
A legal entity only needs to have an LEI if it wants to enter into a transaction for financial instruments.
3.2 Is the LEI compulsory?
As of the 3rd of January 2018 LEIs are mandatory for trading entities. The European Union (EU) revised Markets in Financial Instruments Directive (MiFID II) and accompanying regulation (MiFIR) came into effect on this date and affect trading venues, investment firms and their intermediaries.
An investment service provider/bank has to make sure a trader has an active LEI if they wish to buy or sell securities. Although it is not mandatory to have an active LEI if you just wish to keep securities, it is highly recommended to have one. A lapsed LEI or not having one can be a bad surprise one day when you decide to sell your securities.
3.3 Can a private individual apply for an LEI?
Private individuals cannot receive an LEI.
An LEI can be issued to all legal entities. Branch offices or operating divisions which are not separate legal entities are initially expected to use the LEI of their parent organisation.
4. What is the LEI cost?
LEI cost can differ among various service providers. The price of an LEI has to do with an organisation’s own pricing structure
and not with a “better” functioning LEI code. An LEI is just a tool for identifying legal entities (who participate in financial actions, such as stock investments). It helps to have a clearer view of worldwide financial transactions, as well as to have a better insight into financial counterpart's identification, transparency and risk exposure.
Therefore it is best to pay attention to the LEI price as the primary factor when registering an LEI code.
LEI Register’s LEI price consists of the registration cost for the chosen period and the GLEIF fee. Currently GLEIF surcharge is 11 USD per application for 1 year.
LEI prices (new LEI application
and registration fee)
Cost of LEI renewal 1 year - £45 (£ 45 per year) 1 year - £45 (£ 45 per year) 3 years - £120 (£ 40 per year) 3 years - £120 (£ 40 per year) 5 years - £175 (£ 35 per year) 5 years - £175 (£ 35 per year)
4.1 1-year LEI registration
The industry standard for LEI registration is for 1-year. This means that after registering an LEI, the registrant has to renew their LEI code after the 1-year registration period has ended. This is primarily a precaution for legal entities for keeping their LEI data up to date with the corresponding enterprise's data. Here, you can find more information about LEI renewal.
LEI price for 1-year LEI registration is £45 with LEI Register.
4.2 Multiyear LEI registration
LEI Register offers multiyear LEI registrations. This brings better prices to the customers and saves them from the yearly LEI renewal burden. Registering an LEI for multiple years helps customers save money from each year bought.
4.3 What is GLEIF fee?
The GLEIF fee is the LEI license fee, which is passed on directly to the Global LEI Foundation (GLEIF). The GLEIF surcharge is paid by the LOU per issued LEI. The GLEIF uses the fee to cover the cost of the governance of the system and costs related to keeping the open and free LEI database up and running. As GLEIF is a non-profit organisation the surcharge can be lowered annually if the total number of active LEIs keeps increasing.
LEI Register’s prices already include the GLEIF fee and the registrants of the LEI do not need to pay any extra costs regarding the LEI registration.
Did you know?
The current GLEIF fee is 11 USD per LEI per year. GLEIF collects the fee from LOUs with quarterly payments.
5. How to obtain an LEI?
An LEI can be obtained from a Local Operating Unit (LOU) or from an LEI Registration agent. Legal entities have to register their LEI through a service provider (either through an LOU, a Registration Agent or any other LEI service provider) by filling out a registration form. You can find the LEI registration form here.
LEI Register offers a simple and convenient registration form without the need to register an account. This helps customers to quickly fill out the form either manually or by using the company data autofill option. The company data autofill option further enhances the user experience and speeds up the process of filling out the LEI registration form.
It is also possible to register for an LEI through the LEI Lookup website. LEI Lookup is a website dedicated to providing information about LEI codes, offering a comprehensive LEI Search tool, as well as Registration and Renewal of LEI codes. LEI Registration on the LEI Lookup site is quick and easy, also offering the entity data autocomplete function, as well as the possibility to input the data manually.
5.1 Payment methods
LEI Register accepts all the major credit cards (VISA, MASTERCARD, AMEX, MAESTRO) as well as PayPal payments. If there are any difficulties with paying with a credit card then please contact us and we will provide you a proforma invoice with international bank account details to make the payment by bank transfer.
5.2 Local Operating Units (LOU)
LEI issuers – also referred to as Local Operating Units (LOUs) – supply registration, renewal and other services, and act as the primary interface for legal entities wishing to obtain an LEI. LOUs work closely with registration agents, who help legal entities apply for LEI codes.
Did you know?
There are currently 34 LEI issuing organisations worldwide. In addition there are numerous organisations helping entities register an LEI, mostly referred to as registration agents. See the full list of accredited LEI issuers.
5.3 Registration Agents
To further streamline the issuance of LEIs, GLEIF has introduced the concept of the ‘Registration Agent’. A Registration Agent helps legal entities to access the network of LEI issuing organisations responsible for performing LEI issuance and related services. LEI issuers are also referred to as Local Operating Units or LOUs.
5.4 Can I manage LEIs on behalf of my clients?
Any entity or private individual can manage LEIs on behalf of their clients. Of course a valid Letter of Authorisation is required to ensure you are authorised to act on behalf of the given entity.
6. LEI renewal
One of the key benefits of the Legal Entity Identifier is the annual LEI renewal and verification of data which ensures trustworthy, high quality data. The quality of this data means that firms can rely on it to reduce counterparty risks and improve their operational efficiencies.
Therefore, LEI renewal is highly important. LEIs which are not renewed in time will lapse. If the status of your LEI has lapsed in the GLEIF database, it reflects on your corporate branding and may prevent you from successfully completing a transaction or reporting in the future.
6.1 How to renew an LEI?
LEI renewal process is essentially identical to the LEI registration process. The customer needs to fill out the renewal form, either by entering the company name or the LEI number to the form. The company data is then automatically populated. It is important to update all the information that has changed since the LEI's last renewal (such as the company's phone number, address etc.).
6.2 How long does it take to renew an LEI?
The renewal of an LEI is a rather quick process on its own, but when it comes to changing the LEI service providers (known as the LEI transfer) then it could take a few days (up to 7 days) for the transfer to be completed.
6.3 LEI transfer
LEI transfer is the movement of an LEI code from one service provider to another. An LEI is transferable to provide clients a choice between service providers. If a client is not happy with the fees, service or data quality of their LEI provider they can move their LEI to another LEI issuer (LOU). In the process of transfer the LEI number does not change. It is a back-end process which is not visible to end customers. All LEI codes are valid in every jurisdiction. Investment service providers cannot differentiate between LEI numbers based on the managing LOU.
LEI Register has a special form for LEI transfer. If a customer applies for an LEI renewal and their LEI is managed by another LOU they will be notified that their LEI will be transferred to a different service provider.
6.4 LEI renewal prices
LEI renewal prices are the same as LEI registration prices with LEI Register. LEI Register offers multiyear LEI renewals to eliminate the annual burden of manual LEI renewals for customers.
Renewing an LEI for multiple years also helps clients save money from each additional year bought.
7. LEI search
LEI Register offers an LEI search function where it is possible to check an LEI’s validity and view the associated company’s data, such as their address, parental structure etc.
LEI data gives interested parties the right idea about a company in terms of legal sanctions and authenticity. Authenticity and credibility are easily two of the most crucial parameters that drive financial investment.
International share trading comes with the risk of financial fraudulence. The emergence of globalisation and the development of technology has made life easier for people but has also added the vulnerability associated with online financial transactions. LEI data allows individuals to get all legal information about any listed company, eliminating the chance of financial fraudulence.
Another great resource for finding out more about legal entity identifiers is the LEI Lookup website. LEI Lookup is a fully dedicated legal entity identifier Search website that offers access not only to a comprehensive LEI numbers database, but also an opportunity to register, renew and transfer LEI numbers.
7.1 How to check LEI code validity?
LEI validity can be checked with LEI Register’s LEI search tool which is very easy to use.
A person looking for an LEI has to enter their company name or LEI number to the search bar. When typing in the search bar autosuggestion will help choose the right company name or LEI.
LEI Search bar:
By clicking on the correct company, a new tab will be opened that shows all the LEI data. This includes the legal entity's data as well as the LEI's data itself (e.g. if the LEI is active, when the LEI was initially registered, when its next renewal date is etc.).
7.2 LEI lookup API
LEI Register offers a convenient LEI lookup API built on the Global LEI data pool files offered by the GLEIF. The LEIAdmin.com application programming interface (API) provides developers with the opportunity to directly access the complete LEI data pool in real time and to perform on-demand checks for changes to specific LEI records in a convenient, easy-to-read format.
The API (Request/Response Web Interface) allows organisations to set up fast, customised and automated access to the Global LEI Index, which contains historical and current LEI records including related reference data in one authoritative, central repository.
7.3 LEI Data files
The GLEIF updates the GLOBAL LEI reference data files on a daily basis and they are free and accessible from their dataset.
8. The future of the LEI
Up until today, every identity system has had different ways of using identifiers or identifying customers. Some use many different identifiers, while others use a few. There is no consensus.
LEIs have the potential to initially simplify and globalise the method of validating organisations and mapping identifiers. Tomorrow, this information can be used on a greater scale to understand organisations' identity and hierarchy as well as potentially contribute to newer technological innovations like blockchain.
8.1 Possible use cases
LEIs are the best solution to the issues associated with the less standardised and less mature organisations' domains to improve KYC, digital assurance and more. The future will only widen the LEI use cases.
8.2 LEI and banks
Banks are one example of companies who use different identifiers internally to identify the same customer. Vendors associated with the bank may also use different identifiers. The LEI can consolidate some of these issues.
The bank of the future will use LEIs and organisation identity to save time onboarding, make processes more efficient and have a greater understanding of the transactions they are being asked to make, thereby providing a better safety net for the bank and for the clients they work with.
Good to know:
LEI Register has developed an LEI management platform for banks, wealth managers and entities who manage LEIs on behalf of their customers.
8.3 Payment industry (payment messages)
In addition, LEIs could help save money and time in the steps taken to complete a digitalised financial transaction, such as verification of identity, invoicing and signing.
LEIs would enable immediate and digitised identification of entities which in turn would allow banks to dramatically curtail the time and resources spent on background checks and investigations. It would also reduce the instances of false reporting.
ISO 20022 (driven by Swift) is driving the inclusion of LEIs in payment messages as it becomes the global standard language for financial transactions. Within five years ISO2002 is expected to be the main language for payments, supporting almost all of the value of transactions worldwide. All the entities involved in the transaction need to be verified legal entities.
8.4 Digital Certificates
One of the ways that criminals can intercept online communications is by creating fake websites and tricking users into submitting personal information.
In a B2B transaction we can require that any URLs sending or receiving sensitive information require a HTTPS encrypted connection tied to a Legal Entity Identifier. So, not only do we know that the information is encrypted but we can also be sure that we know who is sending and receiving that information.
For high level B2B transactions, this practice can add transparency and assurance that was not previously available.
Did you know?
GLEIF accredited LEI Issuer RapidLEI and DigiCert, world’s leading provider of TLS/SSL certificates, recently announced a partnership to help solve organisational identity challenges through the addition of LEIs into future DigiCert offerings.
- 1. What is a Legal Entity Identifier?
- 1.1 GLEIF
- 1.2 ISO 17442 standard
- 1.2.1 Level 2 Data - Who owns whom?
- 1.2.2 What if my company has a parent entity and accounts are consolidated but I am unable to provide consolidated financial accounts?
- 2. What is the purpose of an LEI?
- 2.1 The use of the LEI in financial regulation.
- 3. Who needs an LEI?
- 3.1 Usage of the LEI under EU Regulation, EMIR and MiFID II / MiFIR
- 3.2 Is the LEI compulsory?
- 3.3 Can a private individual apply for an LEI?
- 4. What is the LEI price?
- 4.1 1-year LEI registration
- 4.2 Multiyear LEI registration
- 4.3 What is GLEIF fee?
- 5. How to obtain an LEI?
- 5.1 Payment methods
- 5.2 Local Operating Units (LOU)
- 5.3 Registration Agents
- 5.4 Can I manage LEIs on behalf of my clients?
- 6. LEI renewal
- 6.1 How to renew an LEI?
- 6.2 How long it takes to renew an LEI?
- 6.3 LEI transfer
- 6.4 LEI renewal prices
- 7. LEI search
- 7.1 How to check LEI code validity?
- 7.2 LEI lookup API
- 7.3 LEI Data files
- 8. The future of the LEI
- 8.1 Possible use cases
- 8.2 LEI and banks
- 8.3 Payment industry (payment messages)
- 8.4 Digital Certificates
FAQs Regarding Legal Entity Identifier
The Legal Entity Identifier is a global 20-character alphanumeric number for identifying legal entities. Each Legal Entity Identifier number is unique: it is assigned to each legal entity once and may not be assigned to any other entity. The LEI number or code is an exclusive identifier, as each legal person is only issued a single LEI number.
The Legal Entity Identifier number does not replace the national registry code of a company.
The Legal Entity Identifier connects a legal entity to its key reference information (name, location, etc.). The LEI number enables identifying legal entities participating in global financial markets for various supervisory purposes.
For example, LEI numbers are already being used under the European Market Infrastructure Regulation (EMIR) for identifying counterparties to over-the-counter derivatives’ transactions. On 1 November 2017, with the application of the Implementing Regulation (EU) No. 2017/105, using an LEI code was made mandatory for reporting all derivatives’ transactions.
Since 1 January 2017, all issuers have been required to have an LEI number for improving access to regulatory information.
Since 3 January 2018, Legal Entity Identifier numbers have 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.
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 the Legal Entity Identifier number.
If a customer who is a legal entity does not provide the investment service provider with the necessary information, including an LEI number, 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.
Legal Entity Identifier number applications may be submitted to authorised Legal Entity Identifier operators. LEI numbers are issued by LOUs (Local Operating Units). Assistance in applying for an LEI code or number may be received from official and non-official registration agents.
Banks and investment service providers verify the validity of LEI numbers from the GLEIF database. As GLEIF performs database updates once per day, the LEI number issued to you will be listed in the database on the following day from 14.00 CEST. For example, if your Legal Entity Identifier was issued today, it will be listed in the global database tomorrow from 14.00 (CEST).
The validity and information related to a Legal Entity Identifier number can be checked from the website of the umbrella association at www.gleif.org. You can also check the validity of your LEI number by using our search box.
GLEIF is an international organisation which is responsible for the functioning of the LEI code system and for monitoring LEI code issuers. The headquarters of GLEIF are located in Basel, Switzerland. The website of GLEIF can be found at www.gleif.org
A Legal Entity Identifier registration agent is a company or organisation that provides assistance in applying for LEI numbers. For a detailed overview of registration agents, see here.
LEI Register is an LEI registration agent.
Renewing the LEI number is necessary to ensure that all information about the company connected to the LEI code 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 number for the designated period. Information updates are performed on the basis of official registry data.
Legal Entity Identifier numbers are issued for a fee and an annual maintenance fee must be paid for the renewal of the code.
The price list for LEI registration is available here.
To fulfil their reporting obligation, investment service providers need their customers that are legal entities to have a valid Legal Entity Identifier code. Before carrying out any securities’ transactions, investment service providers verify the existence of a valid LEI code.