How do I apply for an LEI Number?
To apply for an LEI number for your organization, trust or fund, you must use a GLEIF accredited LOU (Legal Operating Unit) / LEI Issuer. The LOU provides the registration services, and will verify the legal entity reference information. When the application is verified, the LOU publishes the issued LEI to the GLEIF database.
RapidLEI is a GLEIF accredited LOU and operates a global network of Registration Agent (RA) partners that offer localized LEI registration services such as language support, local payment acceptance, and localized entity reference data expertise. ISIN2LEI.eu is the RA for RapidLEI in the Netherlands and Belgium.
What is Level 1 and Level 2 legal entity data?
When published, LEI codes are delivered with an underlying Common Data Format (CDF) structure. This Legal Entity Reference Data (LE-RD) covers items such as Legal Entity Form, Legal Entity Status, Legal Name and Legal Entity Address.
The Global LEI Foundation refers to this as Level 1 data. i.e. Who is Who. Level 2 data was introduced in May 2017 to provide details of Who own Whom. Where parents exist (parent being defined from an accounting perspective) then Legal Entity Relationship Records (LE-RR)s are also delivered in a CDF structure. If no Ultimate or Direct parents exist then Exception Records are necessary.
Ideally LE-RR data delivers the LEI codes of parents as part of the data struction, however, in cases where an LEI has not yet been issued to a parent then PRD (Parent Reference Data) is taken to help the GLEIF build a better picture of relationships to ensure enhancements to the GLEIS model are effective.
How do I renew my LEI?
In the world of global business, maintaining an active Legal Entity Identifier (LEI) is of paramount importance. As the largest LEI Issuer worldwide, RapidLEI has streamlined the process, making renewing your LEI not only quick but also easy. This comprehensive guide will walk you through why it’s crucial to keep your LEI active and how to renew your LEI seamlessly with RapidLEI.
Your LEI is a unique identification code that represents your organization identity and provides transparency and standardisation. However, to maintain its validity, the LEI must be renewed every year. If not, the LEI status turns ‘lapsed,’ which will be indicated in the Global Legal Entity Identifier System (GLEIS) database.
A lapsed LEI can cause a range of issues, from halted trades to non-compliance fines. To keep your legal entity active in the and avoid any potential inconveniences or penalties, it’s essential to renew your LEI each year.
Do I need to renew my LEI code?
It’s important to renew Legal Entity Identifiers every year. The LEI record should always represent accurate, live, and up to date Legal Entity data.
Failing to renew an LEI record on an annual basis may render it non-compliant with certain regulatory requirements, leading to “no LEI, no trade” or financial penalty situations.
Not renewing a Legal Entity Identifiers will cause it to LAPSE. A Status of LAPSED in the Global LEI Foundation (GLEIF) database reflects on your corporate branding and may well prevent your organization from successfully transacting/reporting in the future.
Transfer your LEI
There is an important distinction to make when renewing an LEI. LEI renewal can only take place with the LOU (LEI Issuer) that currently manages the LEI. If you wish to change who manages your LEI, you must transfer it to your chosen LEI Issuer.
Verification Documents
We need to determine authority for applicants acting on behalf of legal entities to apply for and/or manage renewals and transfers of Legal Entity Identifiers on their behalf.
Therefore we require you to complete a Letter of Authorization (LoA).
Current LEI holders can object to the transfer of LEIs to other LEI Issuers. If this is needed, the RapidLEI system or a Registration Agent (RA) partner will require you to complete a Transfer Objection.
LOAs must be signed by individuals with signing authority to represent their organization.