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An LEI is a G20 endorsed, globally verifiable unique identity code. The LEI code contains a record with information about a company such as its identity and group structure.
The LEI is currently being adopted as the single most important identifier in the global financial ecosystem.
The LEI has far reaching benefits, not only increasing transparency within capital markets, but also in banking, KYC, client onboarding and anti-money laundering.
Legal Entity Identifier Definition: A Legal Entity Identifier (LEI), is a code that is unique to a legal entity such as a Limited Company, Fund or trust or any organisation. The LEI code consists of a combination of 20 letters and numbers (see the LEI structure here). This code allows each entity to be identified on a global database of entities searchable by number instead of by name, as many entities may have similar or the same name. The LEI is an ISO standard, which is now a legal requirement for many companies within the global financial system.
The LEI is a way of identifying market participants on a single, standarised database. This offers accurate data about a company which is accessible and completely free of charge to use.
A companies LEI record will contain public data such as their name, address, where they are registered, and whether they are a branch, or owned by another ‘parent’ company.
To date, there have been over 2 million LEIs created globally, and it is quickly being adopted as a global standard in business transactions.
Video Source: GLEIF
Previously, it was very difficult to find out about a counterparty if they had no digital presence. This became problematic in the global financial crisis a decade ago.
The lack of transparency put financial institutions in a vulnerable position as vast numbers of entities and funds were unidentifiable. Also, this created complications relating to risk assessment and transparency.
The G20 launched the LEI system in 2011 in order to ensure this would not happen again. The idea was to create a digital database, of all legal entities which was easily accessible, accurate and up to date. One centralized source of information, that contains vast amounts of attainable, high quality data. You can access this freely accessible database by using the LEI Search Tool.
“LEIs help businesses link data sets, improving analysis. Building a complete picture of a business, by linking its data, could also help small businesses to access finance. We will champion the LEI as a globally recognised identifier for all businesses in the UK.
– Bank of England
After the G20 formed the concept of the Legal Entity Identifier (LEI) Code, the Financial Stability Board (FSB) appointed a new overseeing body to implement it. This organisation is known as the Global Legal Entity Identifier Foundation (GLEIF).
GLEIF were given the role of accrediting and monitoring financial institutions with the ability to issue Legal Entity Identifiers. These institutions, known as Local Operating Units (LOUs) and are the only institutions with the ability to issue LEIs.
LOUs may issue LEIs themselves or partner with various Registration Agents such as LEI Worldwide who help facilitate mass adoption to the LEI by providing channels through which legal entities can easily obtain an LEI code. This makes the LEI very easy to obtain, and promotes healthy competition between service providers.
See more: The Global LEI System – How it works
LEIs are required by any legal entity who is involved with financial transactions or operating within todays global financial ecosystem. There are a number of mandates currently in existence which state “no LEI, no trade” meaning both reporting parties and traders require an LEI. The LEI is mandated by a number of EU directives such as EMIR , MiFIR & MIFID II. The US also have similar requirements such as the Dodd Frank Act, the OFR, the Federal Reserve and the Securities & Exchange commission (SEC).
Given that the LEI is becoming more popular, and even more benefits are being realised such as streamlining banking processes and making them more efficient, you will probably end up requiring an LEI in the not so distant future if you don’t already. If you are still unsure wether you need an LEI or not, you can read our full guide to who needs an LEI Number here.
To see a list of laws in your country visit: https://www.gleif.org/en/lei-solutions/regulatory-use-of-the-lei
By having an LEI number or LEI certificate, your international recognition and trading credibility is increased immediately. Investors, customers and potential stakeholders can locate your essential LEI data in real time. Likewise, you can benefit from the added layer of security that comes from knowing exactly who you are dealing with.
Having an LEI can ensure your business is compliant with the 184 international regulations mandating the use of a Legal Entity Identifier around the world. The LEI can help to streamline onboarding for financial institutions, who are even now becoming LEI Validation Agents in order to have LEIs issued to new clients quickly and efficiently.
If your organisation has an International Securities Identification Number (ISIN), you can now link you LEI and ISIN codes in a process known as LEI to ISIN Mapping.
LEI Certificate available
Wether you are a financial institution acting on behalf of your clients, or require an LEI for your personal company you can obtain an LEI at www.lei-worldwide.com or by clicking the register button below. Try reading our guide which gives a step by step guide on how to get a Legal Entity Identifier.
The process is very simple and you can complete your LEI application with our registration form below.
Getting started with LEI Data Management
There are different pricing packages. An LEI for one year costs €89, and more than one year includes discounts. Contact support for more information or see here.
RAMP is an LEI management system, that allows firms centralise LEI management, register, renew and maintain all of their LEIs in a single place.
Sure. Your paid subscription can be cancelled anytime by contacting support.
Absolutely! You can upgrade or downgrade your plan to multi-year, or add an LEI Certificate anytime.
An LEI can be obtained from LEI Worldwide by completing the global LEI application form. This is powered by RAMP 2.0 which can issue LEI codes to all entity types globally.
Yes, your LEI Number will be automatically renewed according to your pay period. Please be sure to select the auto-renew LEI feature at checkout.
Yes! We offer discounts on bulk LEI orders and multi-year LEIs. You can register an LEI for up to 5 years.
Sure, you will be welcome to request your refund. However LEI applications begin immediately after purchase. Once the LEI has been issued a refund becomes unavailable.
A Legal Entity Identifier (LEI) is a uniquely verifiable 20 digit code assigned to companies on an individual basis. The LEI is an ISO Standard (17442) and mandated for transparency in financial markets by over 116+ pieces of LEI regulation.
The PDF LEI Certificate is downloaded separately to the LEI Code. Only an already existing LEI may obtain an LEI Certificate. You can download your PDF LEI Certificate here.
The global LEI system (GLEIS) is the first global database providing unique identification information of legal entities participating in financial transactions all across the globe. Each LEI number provides reference data on a company, providing greater transparency to financial markets.
The Verifiable LEI or vLEI is a form of verifiable credential based on W3C and KERI protocols. vLEI allows for an individual to be verified with rights to represent an organisation identified via the LEI.
The LEI registration process takes minutes. Once complete, the LEI data will enter the verification process. This varies by jurisdiction. It can take between 5 minutes and a few hours.
You can access the global LEI index through the LEI Search Tool 2.0. This LEI LookUp tool is connected to the GLEIF LEI Search via API and provides real time company data. Click here to check any LEI.
There are over 116 regulations globally mandating the use of the LEI code. In EU it is regulated by ESMA, the SEC in the US and FCA in the UK. The LEI is required by firms engaging in most regulated financial transactions.
An LEI code required annual renewal in order to maintain high quality and current data within the system. You can renew your LEI here, or if you LEI is with another provider you can transfer your LEI here.
Contact our 24/7 LEI Customer Support team. We also have a live chat function during business hours.
No, you cannot de-register an LEI. LEI Codes, once issued are immutable in that they cannot be removed. Their status can however be changed to reflect the entity status e.g RETIRED
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