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If you are transacting in the global financial system, you will more than likely be required to obtain a Legal Entity Identifier (LEI).
Applying for an LEI number is simple, and can be completed in a matter of minutes regardless of the entity type. Having an LEI is recommended especially within South Africa due to mandates for trade reporting obligations such as the Financial Markets Act 2018.
“We are connected to the local companies registry, so apply before 6pm (ZA Time) and receive your LEI confirmation within two hours!”
For local support contact Stevland Present: stevland@lei-worldwide.com
There are currently 1,600+ Legal Entity Identifiers registered in South Africa. This accounts for 0.1% of all LEIs globally which is a growing number due to its large manufacturing sector and agricultural exports.
A Legal Entity Identifier (LEI) is a 20 digit code that is unique to a legal entity and provides basic information about the entity such as name, address and entity type e.g Limited Company.
The Mifid II directive was introduced for European entities that trade in securities. The use of the LEI is similarly required by South African entities when they are trading and reporting and also if conducting activities within the US, EU or UK. The financial markets in South Africa are regulated by the Financial Markets Act 2018.
In South Africa, Legal Entity Identifiers are used primarily by OTC Derivatives Providers to report transactions to their Trade Repository. This was mandated in the Conduct Standard 3 in 2018.
Obtaining a Legal Entity Identifier code is a simple process. The LEI application form only takes a few minutes and any representative of the company may apply on behalf of the entity.
Step 1: Click on the ‘Register New LEI’ button here or visit the homepage of this website. To begin, fill out your contact details as the applicant. This information will be used to contact you in case any additional information is required.
Step 3: The next section ‘Level 2 Data’ gives you the opportunity to report parent company information.
For example, if your company is a branch of a larger organisation, or is owned by another company you may have that information appear on the LEI record. However, this is not a legal obligation. If you wish to report a legal parent company, please note that you will be requested to provide evidence of this relationship by way of Consolidated Accounts (i.e an annual report).
You may only report parent information if the parent company consolidates the accounts and the subsidiary is listed there.
Step 4: The final section allows you to upload documentation relevant to your application. When an LEI application is submitted, the data is cross matched with what is on the relevant local companies registry.
If however the company cannot be found, or the data does not match the registry, we may request that you provide supporting documentation. Some good examples include a document from ZA, a Certificate of Incumbency, Register of Directors, or a registry extract.
A registered company in South Africa for example may with to provide their local registry form as it confirms important company information.
Once the application is submitted, simply choose your preferred payment method and complete the application. LEI Worldwide use our payments provider STRIPE and PayPal. We also offer the ability to complete a bank transfer or swift payment in any currency including Euro and South African Rand.
A member of the LEI Worldwide team will review the submission upon completion and you will receive your LEI code within a few hours.
If you have any questions please contact info@lei-worldwide.com
To apply for your own LEI or on behalf of a legal entity, please select the option from the buttons below.
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