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 $35 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. (Select States only)
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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 an LEI?
LEI is an abbreviation of Legal Entity Identifier. LEI consist of an alphanumeric code of 20 characters, used to identify companies and other legal entities, trading stocks and securities on a global scale, including parts of the US. An LEI code can be compared to an international company number, making it possible to identify legal entities and companies, trading on a global scale. An LEI code is not free and needs to be renewed every year. At LEI Service, we offer automatic renewal to you for several years, allowing you to buy an LEI code for 1, 3, or 5 years. This allows you to not worry about renewals while getting a discount on your LEI code. Read more about what an LEI code is, here.
The LEI system
No matter the type of company, your LEI code will have the same structure, and be a part of the same system. The alphanumeric sequence has the following data connected: Official name of the legal entity registered, address, country, country code, and possibly districts, the first date of registration for the LEI, last update, and date of expiration.
All LEI codes are unique and are issued through Local Operating Units (also called LOUs). The LEI number is made of numbers based on the ISO 17442 standard, and built of 3 parts:
- Characters 1-4: Identification of the LOU (Local Operation Unit), issuing the LEI code
- Characters 5-18: Identification of the legal entity, assigned by the LOU issuer
- Characters 19-20: Security digits
All LEIs are publicly accessible and registered in the global LEI register, which is administered by GLEIF (Global Legal Entity Identifier Foundation). GLEIF is a nonprofit organization responsible to secure the integrity of the global LEI system. GLEIF monitors the quality of LEI data and secures, that LEI remains the best standard for public and reliable data regarding the data of legal entities. GLEIF is regulated by the LEI Regulatory Oversight Committee (ROC), which is made of several global financial institutions.
The issuance and publication of the individual LEI number happen through a Local Operating Unit (LOU), which is approved by GLEIF. LOUs works close together with registration agents, assisting legal entities to apply for LEI codes. At the moment there are 39 LOUs in the world, while there are several organizations, assisting entities obtaining their LEI code – here mentioned as registration agents. A registration agent assists legal entities to access the network of LOUs, who are responsible to complete the LEI issuance and related services. LEI Service is an example of an official registration agent, delivering registration, transfer, and renewal while working as a primary interface for legal entities, who wished to obtain an LEI code.
How the LEI system started
The LEI system started as a response to the financial crisis, to promote transparency in the financial data systems and transactions, to hinder money laundering and other sorts of financial fraud. The G20 countries asked, in 2011, the Financial Stability Board to recommend a system, that could guarantee a unique identification of legal entities, taking part in financial transactions on a global scale. The Financial Stability Board suggested a global Legal Entity Identifier System, with supervision. The LEI system promotes integrity and reduces manipulation and economic crime in the financial markets. Besides this, it supports the high quality and accuracy of financial data.
The LEI system consists of 3 lairs, making sure, that the power is not distributed to one place. The structure is made to make sure that LEI is trustworthy, transparent, and reliable:
- ROC (Regulatory Oversight Committee) is a board, consisting of authorities of supervision, leading the control of the entire system.
- GLEIF (Global Legal Entity Identifier Foundation) is a nonprofit fond, responsible for coordinating and controlling the LEI codes.
- LOU (Local Operating Unit) is a local organ, responsible to issue LEI codes to applicants.
The objective of the LEI system
Globally, there are a lot of different methods to identify units across different markets and countries. The Global LEI System (GLEIS) will when fully operational, make sure there is only one standard system. The idea is to simplify, standardize, and provide easy identification of any LEI code in the entire world. There are three significant advantages to the LEI system:
- It reduces the trouble of identifying the counterparts in financial transactions.
- It makes information about legal entities in a financial transaction easily accessible and traceable.
- It makes it easier to discover criminal actions in connection to financial transactions.
Today, the LEI system is implemented in more than 40 countries, including parts of the US, and the entire EU.
The global LEI index
All LEIs are public and registered in the global LEI index, administered by GLEIF (Global Legal Entity Identifier Foundation). The index contains both current and historical listings and master data. You can search for your own or the LEI code of other legal entities in the global database: https://search.gleif.org/#/search/
Who needs an LEI code?
Since 3 January 2018, demand has been for all companies in the EU to have an LEI code, if they wish to trade with any form of securities (e.g., stocks and bonds). It is also required for US entities subject to the Dodd Frank Act, the Commodity Exchange Act (CEA) and the MiFID II to name a few. LEI codes are issued to all legal entities. This means that the branch offices are not separate legal entities and are expected to use the LEI number of the parent company. All companies, funds, organizations, unions, banks, insurance companies, and others, that trade or work with financial transactions, need an LEI number. The amount or value of the securities is without impact. Private transactions and sole proprietors are excepted. Read more about who needs an LEI code, here.
What is the price of an LEI code?
At LEI Service, the price of an LEI code is $35 per year, if you choose to have your LEI lasting 5 years. An LEI code lasting for 1 year, costs $48. The price is the same if you want to transfer and renew your LEI code from another supplier.
Today you can find several suppliers of LEI codes on the American market, and the prices vary from supplier to supplier. The price of the LEI code depends on the price structure of each supplier. A higher price cannot be defined as a ‘better functioning’ LEI code. Therefore, we encourage you to be aware of the price as the primary factor when you register an LEI code.
At LEI Service, we offer you the cheapest LEI number in the US (pr. January 2022).
Read more about our prices, here.
Transfer and renew your LEI number
At LEI Service, we can both help you in transferring your LEI code from another supplier and renew your existing LEI with us.
How do I transfer my LEI code from another supplier?
If you already own an LEI code with another supplier but wishes to transfer it to LEI Service, you can do it here for free. The only thing you need to do is to fill out your company number and confirm your information. It can last a week to complete the transfer as it always takes more time to transfer than it does to register a new LEI. In connection to the transfer, we also renew it for the period of time you desire.
The most common reason to transfer an LEI code is, that you are not satisfied with the fees, price, or service of your current supplier. Therefore, you can transfer your LEI to another LEI issuer (LOU). In the process, the LEI number will not change, as all LEI codes are valid in all jurisdictions.
Renew your LEI number
An LEI code demands a yearly renewal to make sure all data in the global LEI database is relevant and updated. If your LEI code runs out, it is no longer valid, and you cannot perform financial transactions with securities. Therefore, all data for the legal entity must be updated once a year. LEI Service offers the solution to buy renewals for several years, where we automatically update your LEI number in the GLEIF database. We renew your LEI code in a 1-, 3-, or 5-year period – depending on your wishes. If any changes occur within this period, you need to inform us and we will update the information free of charge. Read more about transferring and renewing your LEI code, here.
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.
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.