What is the purpose of an LEI search?
The global Legal Entity Identifier database is publicly accessible to any entity or private individual, regardless if they possess an LEI code themselves. The goal of the global LEI system (GLEIS) is to enhance transparency on the global financial market for entities, businesses and regulators and therefore all LEI data is accessible to everyone. With the widespread adoption of GLEIS, it has helped regulators examine potential financial irregularities or abnormalities in the market.
The LEI database contains all issued LEI codes and is managed by GLEIF. LEI Lookup offers a simple search tool to facilitate the accessibility of the LEI data. The database can be searched by entering either the LEI code or the entity name. A LEI search could be conducted for various reasons, for example:
- When conducting a financial transaction with another business - LEI data will give a quick overview of who is who, who owns whom and whether the data is up to date and accurate.
- Checking up on one's own LEI data - whether it is correct or whether the LEI is active.
- When working in the financial industry - LEIs can be used for various AML/KYC procedures and customer identification
To further enforce the goal of accessibility and transparency, the LEI data can be challenged. If any discrepancies are noticed, a challenge can be raised by clicking on the 'Challenge LEI' button. It is then possible to provide a short description of the error. This helps keep the LEI data accurate, as well as reduce duplicate LEIs.
In conclusion, LEI Search provides access to legal entity data that is regularly validated and therefore credible.
Using the LEI Search tool
The LEI Lookup LEI Search tool is very easy to use.
Can anyone use an LEI search tool?
Yes. Even if they do not possess an LEI code themselves, anyone is allowed to search the global LEI database.
Searching by LEI code
It is easiest to find any company profile when the 20 character LEI code is known. Even if only a part of the LEI is known, the LEI Lookup search tool has an autocomplete feature that searches the database for partial matches and offers possible options.
The LEI code can be requested from the legal entity that the business is conducted with. LEI codes are also often listed under contact details or information pages. However, if the LEI code cannot be obtained, there are other ways to find the information.
Searching by the entity’s legal name
The search tool also enables searches by the entity's legal name. The automatic completion feature also works in this case, which means that partial matches can be obtained when entering just a few letters or words from the entity's legal name. Since many entities across the world can have the same or similar names, entering the entity name as closely as possible will yield the best results.
There are cases where the entity legal name and trade name differ, therefore it is best to double check additional details, like jurisdiction and address match with the information that is being searched for.
Filtering and sorting the results
In the event that there are too many results to search through, it is possible to filter the search results by country, to narrow down the options. It should be noted that the country or legal jurisdiction is always the country where the entity is officially registered in, regardless of where they conduct business.
Additionally, the search results can be sorted by the columns at the top of the list.
- Country sorts by the country/legal jurisdiction in ascending or descending alphabetical order.
- Entity Status sorts by entity status. This can be either ACTIVE or INACTIVE
- Legal Name sorts by the entity’s legal name in ascending or descending alphabetical order.
- LEI sorts by the LEI code in ascending or descending order.
- Registration Status sorts by the registration status.
Sorting results can be helpful in certain cases, such as performing research on a large set of data or search results.
There is also an option to export the results in four different formats; CSV, JSON, XML, and XLSX.
Exporting to these various formats can be helpful for sorting or organising the data in a third-party program such as Google Sheets or Microsoft Excel. The data can be parsed through for research or regulatory purposes, making it easy to organise a large set of LEI data.
The LEI reference data
Upon clicking on a LEI entry, a page with the LEI reference data will open. The reference data can be divided into two main categories - Level 1 data that seeks to answer the question 'Who is who?', and Level 2 data that answers the 'Who owns Whom?' question.
Level 1 data provides general information about the entity - legal name, trade name (if any), the entity category (Branch; Fund), the legal jurisdiction, the entity status and the legal and headquarters addresses.
Level 2 data contains information regarding the parental structure of the company. If there are no parents reported, a reporting exception can be added.
Another block of important information is the LEI registration details section. Information regarding the initial registration date, the latest update date and next renewal date can be found in this part. Most importantly, the status of the LEI code is displayed here (Issued; Lapsed; Annulled; Pending transfer; Pending Archival; Merged; Retired; Duplicate). Furthermore, this section mentions to what extent the entity data was validated against an official business registry (Fully Corroborated; Partially Corroborated; Entity Supplied Only). Lastly, the LOU who manages the LEI code is outlined as well. There are numerous LOUs across the globe. However, since an LEI code is standardised, financial service providers are not able to differentiate between LEI codes based on the issuing LOU. The LEI codes can therefore be freely transferred from one LOU to another.
Contact us for more information
If you need more help with the LEI code search tool or if you’re looking to register an LEI for your legal entity, feel free to get in touch with us and we’d be glad to help.