LEI registration process
The LEI registration process should take no more than 5 minutes assuming you have the right information present.
Filling out relevant information
You’ll find that much of your company data has already been filled in when you apply for an LEI. This is because a lot of company data is gathered from the Company Registry databases. If you’re applying for an LEI number for an entity such as a Trust, then you may need more verification for the legal address and the process might involve a few more steps.
If your company is not registered on the Company Registry database then you’ll need to enter the information yourself. Thankfully, this is easy information to find such as your company number or registration ID, legal entity name, and also the address. You’ll also need to enter the applicant’s full name and email for contact purposes. This information will also show in your LEI entry.
Submitting your application and making a payment
The next step in the LEI registration process is submitting your application and making a payment. We are considered an LEI registration agent and will handle your application for an LEI. We serve as an interface between legal entities and the GLEIF (Global Legal Entity Identifier Foundation) which serves as the centre for all LEI registrations.
Data validation and approval
We perform a quick check of your application to ensure that there are no outstanding problems. Once that is dealt with, we’ll submit your application on your behalf and wait for approval from the GLEIF. This process should take no longer than 24 hours. However, you can often expect your application to finish much quicker if you submit it during working hours.
Once your application has been approved by the GLEIF, you’ll receive your code and will be able to search your legal entity name in any LEI search tool.
Documents to provide for an LEI application
The LEI registration process can be much smoother if you prepare relevant documentation beforehand. Make sure that you examine the documentation to ensure that it is accurate and can be accepted as official registry data that corroborates with your LEI data. Ideally, the documents you submit should confirm your legal entity name, address, and other important legal information.
Some examples of this include:
- Certificate of Incorporation
- Certificate of Incumbency
- Power of Attorney or legal letters
- Legally-binding or recognised documents that confirm LEI data
For a full list of required and supporting documents, please check the Required Documents page on the official GLEIF website.
Difficulties applying for an LEI
There may be some cases where you’ll encounter difficulties applying for an LEI code. For instance, if you are unable to provide certain information that is requested in the process, then you may need to contact your us and ask for assistance.
For example, if the data submitted to the LOU is invalid, incomplete, or not accurate, then they may request that you double-check the information before the application is submitted. The responsibility is on the LOU to check the quality and accuracy of registrations before they are submitted. The purpose is to ensure that LEI entries are accurate and to ensure there is no chance of duplication in the global LEI system. If this happens, then your application may be rejected before it is even submitted.
However, if the LOU misses key information or neglects to check your application before submission, then the GLEIF may change the status of your LEI entry. In some cases, it may be ANNULLED which means that there were issues with the registration or entity information after submitting an application.
In order to speed up the process of registering an LEI code, it’s a good idea to ensure that the data you entered is accurate and up to date. If you encounter any problems during the registration process, it’s best to speak to your LOU and ask for advice before making a submission. This is to avoid delays in the system and to ensure your application is successful on the first submission.
Paying for your LEI registration
Payment is also a part of an LEI registration. The GLEIF surcharge is $11 USD per one-year application which is included in package costs. In most cases, a multi-year registration is the cheapest option since it reduces the yearly costs. However, a single-year registration is perfectly valid if you’re unsure if you will need to renew your LEI code.
If you choose a multi-year registration then the initial application and subsequent renewals will be handled by LEI Lookup. However, you will be reminded shortly before the renewal date so that you have the opportunity to make any changes to the information that you’ve submitted. In the event that you neglect to inform us of any LEI registration changes, it’s important to contact as soon as possible to make those changes.
Renewing your LEI
If you choose not to automatically renew your LEI, your LEI entry will be marked as LAPSED in the global database. This means that your LEI is overdue for annual renewal. However, your entity status will still be marked as ACTIVE assuming the legal entity is still operational.
Renewing your LEI is as simple as contacting an us and requesting a renewal. Since your information is already in the database, this process is even faster than the initial application and can be completed in minutes. However, you may want to take this time to update any information relevant to your legal entity.
If you plan to keep your LEI active for a long time then we highly suggest automatically renewing it. This will result in greater savings and will mean there’s no chance for the legal entity to be marked as INACTIVE or LAPSED. In this situation, you may be denied access to financial markets and will be barred from certain financial transactions until you amend this status. This can be a nuisance for many businesses, so it’s best to ensure that your LEI is always up to date and validated.
Transferring an LEI
It’s also possible to transfer an LEI to a different LOU. LEIs are managed by the LOU that initially registered the application. However, it’s possible for you to switch management to another LOU if required. The transfer retains the LEI code, but the management will change to another company. This can be useful if you are not satisfied with the services of your previous LOU and would like to work with a different company.
There is no transfer fee involved when transferring an active and issued LEI. However, you will be required to pay the renewal fees of the new LOU that you are working with. Transferring an LEI will require some cooperation between LOUs, so it’s difficult to judge how long the process can take.
Reporting Level 2 data for your LEI
When registering for your LEI, you’ll need to provide Level 2 data. This is data used to answer the question “who owns whom” and typically involves any parent and child data related to the legal entity. However, there may be cases where you can avoid entering Level 2 relationship data. These are known as exceptional reasons and include:
- If the entity is controlled by a natural person and another legal entity.
- If the parent entity or entities do not consolidate their financial statements.
- If there is no person or entity that controls the entity. This is usually used in diversified shareholding.
- If there are binding legal commitments as to why the parent entity cannot be disclosed.
- If the disclosure of the parent could be detrimental to the parent entity.
Regardless if you need to disclose Level 2 data for your LEI application, you’ll need to let the LOU know if the parent company has an LEI and also provide data that shows this. This may include data that indicates the relationship period or accounting data.
Contact us for more information
If you’re having trouble with your LEI registration or would like more information, don’t hesitate to get in touch with us as soon as possible. We’d be more than happy to assist you and offer advice on your LEI application to ensure a smooth registration.