Get a Legal Entity Identifier here
A Legal Entity Identifier (an LEI number or code) is comparable to an international business registration number.
Many legal entities require an LEI number in order to participate in financial transactions across international markets. The LEI system is used because of the transparency it provides in these transactions.
With LEI Service getting a new LEI number or renewing an existing LEI code is fast and easy. Our prices range from $36 per year (5-year validity) to $48 per year (1-year validity).
Choose our VIP / express delivery service and order before 11 AM Western time to get your new LEI code within 6 hours.
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Why choose LEI Service?@hTag>
- Quick, easy and safe LEI registration
- Most affordable LEI number
- Automatic renewal of LEI possible
- Phone and e-mail support
- We always reply within 24 hours – guaranteed!
What is a LEI number / LEI code?@hTag>
Who needs an LEI code?
- Since January 3 2018, it has been a requirement that all EU legal entities subject to MiFID II obtain a valid LEI number to trade e.g. bonds or futures
- Many countries outside the EU—including the United States in the Commodity Exchange Act—have adopted the LEI system. The LEI is quickly becoming a global standard
- No LEI, no trade: Companies that are subject to the MiFID II transaction reporting obligation cannot participate in trades originating from clients who do not have a valid LEI code
- The US is subject to a large number of regulations requesting the LEI, e.g. the Dodd Frank Act. As a result the US is the world’s largest user of the LEI
LEI number: explaining the basics
- Think of the LEI (Legal Entity Identifier) as an international business registration number. LEIs are used to identify legal entities on a global scale
- The LEI is a 20-character code based on the ISO standard 17442
- In order to trade stocks, bonds etc. most legal entities are required to get an LEI code
- There is a registration fee for getting a new LEI number. The LEI must also be renewed annually
- All entities can be uniquely identified by their LEI codes which helps to prevent financial fraud
- LEI numbers answer the questions: “Who is who?” and, “Who owns whom?” This provides information about an entity’s ownership structure
- LEI issuing organizations are called Local Operating Units (LOUs). Local Operating Units are accredited by GLEIF (Global Legal Entity Identifier Foundation). GLEIF is a not-for-profit organization regulated by the ROC (LEI Regulatory Oversight Committee)
LEI example using the LEI Service LEI code: 9845 008599005596A4 56
- Characters 1-4: identification of the issuing LOU
- Characters 5-18: unique to the legal entity but contain no specific information
- Characters 19-20: verification of the identity of the legal entity
How are LEI numbers issued?
- GLEIF (Global Legal Entity Identifier Foundation) coordinates the issuance of LEI numbers. GLEIF is a not-for-profit organization that maintains the integrity of the global LEI system
- GLEIF accredited LOUs (Local Operating Units) handle the actual issuance of LEI codes
- All LEI numbers and reference data are published by LOUs to the publicly available GLEIF LEI database
- The LEI ROC (Regulatory Oversight Committee) regulates GLEIF. The ROC consists of several financial institutions on a global scale
- You can use the GLEIF database LEI lookup free of charge. An LEI search allows you to see if the LEI is active and when it will expire
LEI number terms
LEI Service can help you get a Legal Entity Identifier. You only need to enter your company registration number or name in the field above and confirm the data provided by the official register. Then enter the ownership information of your entity. After this we will handle the application process for you. If no additional information is required for us to complete the application your new LEI number will be issued within 6 to 48 hours.
The LEI number is valid when you receive it. However, it may take up to 24 hours before its validity can be verified by your bank or investment platform. The reason for this is that the GLEIF LEI database is only updated once daily.
LEI numbers require annual renewal. The renewal ensures that the LEI Index is always updated with the correct information concerning the legal entity.
With LEI Service you can choose to purchase multi-year renewals which enables us to update your LEI using information from the official register. The legal entity is obligated to inform us of any changes made to this information so that we are able to update the GLEIF Index with the new data. This is done at no additional cost.
If your LEI code is expired it is no longer valid. Your legal entity cannot perform or participate in any financial transactions without a valid LEI number.
LEI data are referred to as reference data. The legal entity behind each LEI holds responsibility for notifying the LEI issuing organization (the Local Operating Unit—LOU) in the event that updates are made to the reference data. The data contained in any LEI may be challenged by all users of the LEI data. If the data are challenged a review of the LEI data by the LEI issuing organization is triggered. No additional cost is charged for verifications or updates to an LEI. Verifications or updates are done by the managing LEI issuer.
The LEI data quality is monitored by GLEIF. A data quality management program is in place to ensure that the LEI is the best industry standard.
To read more about data quality management click here.
Because the GLEIF LEI database is only updated once daily it can take up to 24 hours before your new LEI registration can be verified by the bank. There is also the possibility that your LEI has lapsed and is no longer valid. The reason for this may be that you forgot to renew your LEI registration. LEI Service can help you renew your LEI code here.
The short answer to this question is no. However, the LEI ROC published a statement in 2015 containing the conditions that must be in place for an individual acting in a business capacity to be eligible to get an LEI code. Click here to read the statement.
LEI number prices
The fee for a new 1-year LEI registration with LEI Service is $48 excluding any applicable VAT.
Who needs a LEI?
“Legal entity” as a term includes but is not limited to parties that are uniquely identifiable and either financially or legally responsible for financial transactions or (in their jurisdiction) have legal right to enter independently into legal contracts. This is regardless of whether they may be constituted or incorporated in any other way (e.g. trusts). The term legal entity also includes supranationals and governmental organizations. Natural persons are not included in the term legal entity.
National financial regulators regulate the legal requirements to obtain an LEI. A full list of regulatory initiatives concerning LEI adoption can be found here.
Banks and similar institutions must report on parties participating in financial transactions. This is in accordance with the current regulations. It is therefore possible for the bank to demand that you obtain an LEI code if you want to trade.
The LEI number is a requirement for all legal entities subject to The Commodity Exchange Act (CEA) or MiFID II and participating in financial transactions with financial instruments (e.g. stocks, bonds, swaps or futures). Most banks or investments firms will not permit you to trade if you do not have a valid LEI.
Trusts and charities are required to get an LEI code like other legal entities. If your trust, charity or other entity does not have a registration number, LEI Service can help you obtain an LEI number. Contact us at firstname.lastname@example.org to hear more about how we can help you get an LEI.
About the LEI system
GLEIF (Global Legal Entity Identifier Foundation) is a not-for-profit organization established in June 2014 by the Financial Stability Board. The purpose of GLEIF is to support the use and implementation of LEI codes.
Learn more about GLEIF here.
The Global Legal Entity Identifier System was developed after the Group of Twenty (G20) requested in 2011 that the Financial Stability Board (FSB) make recommendations to a global LEI system and oversight of this.
The issuance of LEI codes allows for unique identification of legal entities participating in financial transactions. The FSB underlined a global acceptance of the LEI system will contribute to several financial stability goals. The private sector also benefits from the Global LEI System.
You can read more about the Global LEI System here.
The LEI System is comprised of three layers:
Layer 1: the LEI ROC (Regulatory Oversight Committee). Multiple public authorities from various different nations make up the ROC. The ROC was established in 2013 for the coordination and supervision of the framework of the Global LEI System.
Layer 2: GLEIF (Global Legal Entity Identifier Foundation). GLEIF is a not-for-profit organization established in 2014 by the Financial Stability Board. It is meant to help with the use and implementation of LEIs. GLEIF is also intended to maintain the operational integrity of the Global LEI System.
Layer 3: LOUs (Local Operating Units). LOUs are LEI issuing organizations responsible for the registration and renewal of LEI numbers as well as complementary services.
Find more information here.
The LEI (Legal Entity Identifier) connects to key data that enable legal entities participating in financial transactions across the globe to be uniquely identified. To create and improve transparency on the global markets, all LEI data are publicly available.
The free information that is connected to the LEI provides standardized information on legal entities on a global scale. Procedures and protocols set by the LEI Regulatory Oversight Committee are used to verify the data incorporated in each LEI. The Global LEI System is meant to answer questions on two levels of data:
Level 1: who is who?
Level 2: who owns whom? And who owns what?
A Legal Entity Identifier (LEI) is a 20-character code that most legal entities (e.g. businesses, trusts or charities) are required to obtain before they are permitted to participate in financial trades and transactions on the global market—no LEI, no trade.