Applying for a Legal Entity Identifier

After completing the level 1 data, it is also possible to report level 2 data – the parent structure. If the company is owned by another company (>50%) and the parent company consolidates the annual financial statements, the information can be reported and published with the LEI data. There are exceptional cases in which data do not have to or cannot be reported. The application form contains a list of exceptions and an applicable exception can be selected. LEI issuers – also known as Local Business Units (LUs) – provide registration, renewal and other services and serve as the primary interface for legal entities wishing to receive an LEI. Only organizations duly accredited by the Global Legal Entity Identifier Foundation (GLEIF) are eligible to issue LEIs. Accreditation is the process by which GLEIF assesses the suitability of organizations wishing to operate as LEI issuers within the Global LEI System. A legal entity is not limited to using an LEI issuer in its own country. You may access the services of any licensed company to issue LEI codes in their authorized jurisdictions.

To find a licensed issuer in any jurisdiction, GLEIF has a search function on its website. Simply select the jurisdiction(s) to find the issuers beforehand and the results will be displayed in a table. Some application forms offer an autofill feature for entity data, which makes filling out the request very easy. If the company is registered in the official commercial register, the application form extracts the entity`s data directly from the register and it is up to the customer to verify only that the information is correct. A legal person is not limited to the use of an LEI Issuing Member State in its own country; Instead, it may use the registration services of any accredited and qualified lou to validate LEI registrations in its authorized jurisdiction(s). The following table lists all GLEIF-accredited LEI issuers that provide LEI services by jurisdiction. Accredited LEI issuers have successfully completed the GLEIF Accreditation Program for Associated Jurisdictions, either for unincorporated fund-only companies or for non-fund and fund companies. To find out which LEI issuers in a particular country provide services to companies other than funds, select the appropriate country from the drop-down list at the top of the table below. To find out which LEI issuers provide services to fund companies in a particular country, please select the relevant country from the drop-down list and check the “I wish to register a fund” box. The types of legal entities that may be required to have an LEI include: LEI Register is an official registrar – since the beginning of 2018, we have been helping legal entities apply for new LEI codes or transfer and renew existing LEI codes.

We have successfully pursued our goal of making the LEI registration process simple, automated, fast and affordable. At LEI Register, we keep our profit margins low and believe in building long-term business relationships. If possible, the entity`s data is validated from the respective official commercial register. In the case of trusts, pension funds or other types of entities that are not listed in an official register, the client is usually asked to provide some form of official documentation from which the entity`s data can be validated. After submitting the application and paying the fee, the data will be processed and assigned to the LEI. It will be published in the GLEIF database and the customer will also be informed that the process is complete. The LEI is associated with important reference information that allows a clear and unambiguous identification of legal entities involved in financial transactions. Through self-registration, a legal entity wishing to acquire an LEI must provide its LEI issuer with accurate master data, i.e. publicly available information about legal entities identifiable by an LEI. Reference data includes: A legal entity is not limited to the use of a lou in its own country. It may use the registration services of any LOU, including one outside its home country, provided that the LOU is accredited by GLEIF to validate LEI registrations in all of its authorized jurisdictions.

For more information about registering LEIs, see (GLEIF). Any legal entity that is considered a legal entity can request an LEI number. LEI codes are required by legal entities that conduct financial transactions or operate within the financial system. In particular, legal entities in the UK, EU and US are likely to need an LEI. In many cases, a legal entity may be prevented from trading if it does not have an LEI. Regulators may require LEI numbers, but many companies also require an LEI. Any legal entity has the right to request an LEI number. There are a few steps to the process, which are explained in detail below. The Legal Entity Identifier (LEI) is a 20-digit alphanumeric code based on the ISO 17442 standard developed by the International Organization for Standardization (ISO).

It combines with important reference information that allows a clear and unambiguous identification of legal entities involved in financial transactions. Each LEI contains information about a company`s ownership structure and thus answers the questions “Who is who” and “Who owns whom”. Simply put, the publicly accessible LEI data pool can be considered a global repository, which greatly improves transparency in the global marketplace. Publicly available LEI data contains information about the name of the legal entity, legal jurisdiction, addresses, status and registration authority. This data is called Level 1 data. Information about business structures, i.e. parental relationships between entities, is level 2 data. The legal entity is required to inform the managing LEI issuing organization of any changes to its legal entity master data. The annual renewal process ensures that the legal entity and the LEI issuing organization review and revalidate the legal entity`s master data at least once a year.

This ensures high data quality compared to the global LEI inventory and, as a result, confidence in the Global LEI System. An LEI number consists of several parts. The first four digits identify the LOU (Local Operating Unit) that issued the LEI, and the next two digits always have a value of 0. Characters 7 through 18 are unique to each entity, and the remaining two digits are used for verification purposes. The benefits for the entire business community to be achieved with the Global LEI Index increase with the adoption rate of the LEI. Therefore, in order to maximize the benefits of identifying companies in the financial markets and beyond, companies are encouraged to participate in the process and obtain their own LEI. Obtaining an LEI is easy. Registrants simply contact their preferred trading partner from the list of LEI issuers available on the GLEIF website. To register your legal entity in the United States, contact the LEI issuing organization accredited by the Global Legal Entity Identifier Foundation (GLEIF) of your choice. The application process is usually simple and asks the client to provide the entity`s data. Some of the information requested includes: For companies registered in the official commercial register of their jurisdiction, the data validation process can be quite fast. The information contained in the application is validated against the registry data, and if there are no discrepancies, the LEI is issued.

This can sometimes be done in 15 minutes, but usually takes a few hours. For businesses that are not registered such as trusts or funds, the process takes a little longer. The registrar typically requests a document from which the entity`s data can be validated. Eligible documents include (but are not limited to) the fiduciary deed, certificate of tenure or incorporation. For these entity types, the validation process can take up to 24 hours. An LEI issuer – also known as a Local Business Unit (LOU) – provides registration, renewal and other services and serves as the primary interface for legal entities seeking an LEI. By self-registration, the registrable legal entity must provide the LOU with accurate reference data. The LOU must then verify the master data with relevant local sources, such as a national business register, and issue an LEI that complies with the LEI standard.

An LEI number is used in financial transactions, such as trading stocks, bonds or currencies. LEIs are required by companies to comply with their reporting obligations in accordance with financial rules and objectives. They also help to reconcile and aggregate market data for transparency and regulatory reasons. An LEI allows any legal entity conducting financial transactions to be identified in any jurisdiction worldwide. The LEI system helped address vulnerabilities in the global financial system, many of which became apparent during and after the 2008 financial crash. The need for a global financial identifier has existed for decades, but it is only relatively recently that an identifier has been established. The publicly available LEI data pool is a unique key to standardizing information about legal entities around the world. The data is recorded and regularly reviewed in accordance with the protocols and procedures established by the Regulatory Oversight Committee. The GleiF is responsible for monitoring the quality of LEI data.

GLEIF`s Data Quality Management Program ensures that the LEI remains the industry standard best suited to provide open and reliable data for the unambiguous management of legal entity identification. What makes the global LEI system reliable in the long run is the requirement to renew LEI codes annually. During the renewal process, the legal entity`s data is revalidated, ensuring that the LEI data is always up-to-date and securely reliable.