DORA Compliance Starts with a Legal Entity Identifier
If your company provides ICT services to financial institutions in the EU, you’ll need an active LEI by January 2025.
The Digital Operational Resilience Act (DORA) requires all critical third-party providers to be clearly identified using a Legal Entity Identifier (LEI).
What is DORA?
DORA is a new regulation from the European Commission designed to improve IT security and resilience in the financial services sector.
It applies to:
- Banks
- Investment firms
- Insurance providers
- ICT service providers
As of January 2025, all regulated financial entities must submit a register of outsourced ICT partners — and identify them using LEIs.
Who Needs a DORA LEI?
Any ICT company that provides services to financial firms regulated under DORA, including:
Cloud service
providers
Data centres
IT infrastructure companies
Outsourced security vendors
If you’re part of the financial services ecosystem, your clients may need you to register for an LEI.
3 Steps to obtaining an LEI for ICT Providers under DORA
The Digital Operational Resiliency Act (DORA) comes into force in January 2025. The scope of DORA is undeniably wide, however the requirement on ICT Third Party Providers to obtain a Legal Entity Identifier (LEI) is unambiguous.
The regulatory scope does not clarify whether the responsibility of securing the LEI falls on the regulated entity, ot the ICT provider itself. In the lack of clear regulation the accountability should be taken by the regulation financial services firm operating under the scope of DORA.
Here is a simple three step plan to searching, obtaining and uploading LEIs for your providers.
STEP 1: Identify the providers that require an LEI
Identify the providers that require an LEI. Conduct an LEI check for to locate a) their LEI or b) absence of one. Use the watchlist tool to save all of the LEI codes. For a bulk check contact us.
Step 2: Identify the required absent LEIs
Identify the required absent LEIs. Begin the bulk/single application for an LEI under DORA here. Once the application is made and payment is complete the LEI will be uploaded to your platform. You may assume the small cost of €89, or pass to the ICT provider.
STEP 3: Create an .xlsx file with all of your LEIs which is DORA ready
Once your new LEIs have been uploaded your My LEIs portal or you have filled the LEI watchlist, download an .xlsx file with all of your LEIs which is DORA ready. These can then be uploaded, or downloaded at any time. Finally, DORA stipulates the LEI must be “valid”, ensure to renew the LEI annually.
As part of DORA, the Regulation (EU) 2022/2554 on digital operational resilience in the financial, a Technical Implementation Standard has been published in draft status, which recommends ICT service provider identification via a valid Legal Entity Identifier (LEI) for financial entities.
The “Final Report on Draft ITS on Register of Information” outlines implementing technical standards (ITS) for the register of information templates regarding contracts for the use of ICT services by third party providers in the financial sector. The ITS stipulates that the regulated entities must maintain detailed records about their contracts with third party ICT providers at the following levels levels: individual, sub-consolidation and consolidation level. This information is then populated to the Register of Information using templates to encourage standardization.
The LEI code is a globally standardised, publicly available and highly utilised compliance instrument that financial instutions will be familiar with. The LEI accomplishes the goal of identifying the exact entity within a corporate structure the contract has been made with, while also being renewable annualy.
In order to find out more information please see the following links for information on DORA and the LEI:
- https://eur-lex.europa.eu/eli/reg/2022/2554/oj
- https://www.esma.europa.eu/sites/default/files/2024-01/JC_2023_85_-_Final_report_on_draft_ITS_on_Register_of_Information.pdf
- https://www.youtube.com/watch?v=twKfs69O9Uo&t=4s
What If I Already Have an LEI?
You’re halfway there — but DORA requires that the LEI must be active.
If your LEI has lapsed, it must be renewed before it can be used for compliance reporting.
Why LEI Worldwide?
- Fast, automated registration
- Connected to 20+ registries via API
- LEI Watchlist to track and manage partner LEIs
- Export-ready formats for your DORA compliance register
“LEIs help businesses, financial institutions and policymakers to more easily link data sets, improving analysis and supporting better risk assessment. Being able to more easily build a complete picture of a business, by linking its data, could also help small businesses to access finance. We want to extend the mandatory use of LEIs to a wider range of transactions in the future. We will champion the LEI as a globally recognised and unique identifier for all businesses in the UK.”
— Bank of England
LEI Management platform for Banks - RAMP 2.0
LEI RAMP is a software that empowers banks, Corporate Services firms and financial institutions to manage, register and maintain Legal Entity Identifiers (LEIs) at scale. RAMP is connected to company registry databases all over the world and provides a quick, hassle free LEI registration experience which is trusted by some of the worlds leading banks.
Stay Ahead of the Deadline
Avoid last-minute bottlenecks and client delays. Ensure your LEI is active and ready for submission under the new DORA requirements.
Key Features & Benefits
By using LEIs to streamline processes for connecting with internal and external data sources, banks could realise an estimated 14% reduction in client onboarding time. By reducing manual data lookups and enabling straight-through processing across external data sources KYC checks become more streamlined and efficient.
- Free API & full integration
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- LEI management portal
- Intuitive dashboard
- Reduced costs
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Multiple Billing Options
Our pricelist is valid for both new LEIs and renewals. LEIs require annual renewal, that is why we offer discounts for multi-year registrations. Customised billing flexible to your preferences:
Monthly invoices
Pay as you go
Multiple payment
forms accepted
Multi-year
discounts
Simple, Transparent Pricing
Choose the plan that fits your needs
LEI Express
Quickly and easily register a single LEI code for any company here-
LEI Registration
-
GLEIF Fee Included
-
ISO 17442 Compliant
-
Card Payments Only
-
Annual Renewal Reminders
-
Email Support
Enterprise RAMP
Use the platform for managing bulk LEIs at scale while maintaining compliance to regulations-
Everything in LEI Express, plus:
-
Online Dashboard Access
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Company Data Autofill
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Priority Customer Support
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3+ Flexible Billing Options
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Invite Team Members
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Premium offer with dedicated support options and bespoke solutions, for highly regulated firms such as Funds, ManCos and Asset Managers-
Everything in Enterprise RAMP, plus:
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Entity Mapping for Your Organisation
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Free LEI Certificates
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No Surcharges
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Phone Support
-
Unlimited Free Bulk Transfers
Stay Ahead of the Deadline
Avoid last-minute bottlenecks and client delays. Ensure your LEI is active and ready for submission under the new DORA requirements.
