LEI for trusts
LEI for trusts
An LEI number is required by legal entities that are involved in financial transactions and operate within the financial system. Trusts are legal entities, and therefore a trust is required to obtain an LEI. Without an LEI, a trust will not be able to trade on financial markets in the UK.
On this page, you will learn how to obtain an LEI number for a trust. You will also find answers to the following:
- What is the purpose of an LEI number?
- LEI for trusts: why do UK trusts require an LEI number?
- How do you obtain an LEI number for a trust?
Read on to learn more about LEI for trusts.
What is the purpose of an LEI number?
An LEI (Legal Entity Identifier) can be seen as an international company registration number. The LEI number, or LEI code, allows anyone to identify your trust. It provides information concerning the reference data of the trust and ownership structure of your trust (which is not relevant).
The LEI system provides standardised information as well as a global reference system. This is what enables the global tracing of financial transactions, allowing you to easily identify legal entities and their owners.
Want to learn more? Click here to read all about the LEI.
LEI for trusts: why do UK trusts require an LEI number?
A trust is an arrangement by which a person – a trustee – holds property as its nominal owner for the good of one or more beneficiaries. This properly is stored in a special purpose vehicle, and it is considered to be a legal entity.
With the exception of bare trusts, which are basic trusts in which the beneficiary has the absolute right to the capital and assets within the trust, as well as the income generated from these assets, trusts are required to obtain an LEI number in order to participate in financial trades on the UK financial markets.
This is due to regulations such as the post Brexit onshored MiFID regulations, which has since 2018 required legal entities registered in EU or EEA countries to quote their LEI when reporting and participating in trades and financial transactions across the European markets.
If your trust does not obtain an LEI, trustees will not be granted access to services from investment firms. As you need an LEI to enter any reportable financial transactions, investment firms will not offer services to a trust without a valid LEI code.
How do you obtain an LEI number for a trust?
Trusts are responsible for obtaining their own LEI code as well as renewing their LEI when required. Do you require an LEI for a trust? LEI Service offers fast and easy LEI registration at the lowest prices in the UK. Our service includes English-speaking customer service as well as free phone and e-mail support.
LEI Service handles the LEI application process for you. Once your application is submitted, you will receive your LEI within 10 minutes to 48 hours.
Does your trust not have a registration number? LEI Service can help you obtain an LEI for a trust, charity, or other entity that does not have a registration number. Please contact us at firstname.lastname@example.org to learn how we can make the application process easy for you.
In addition to our LEI registration service, we also offer LEI renewal. This means that you won’t have to worry about your LEI expiring.
You can also choose a multi-year renewal plan which allows us to automatically renew your LEI for you. Our renewal plans allow you to save money on your subscription, which makes our low prices even more affordable. Click here to view our multi-year renewal plans.
Do you already have an LEI for a trust registered with a different provider? If you want to benefit from our low management prices and excellent customer service, LEI Service offers LEI transfer and renewal. This service transfers your LEI to our partner LEI issuing organisation, which allows us to manage your LEI for you.
Transfer and renewal is free of charge. Your LEI number will not undergo any changes; the transfer of an LEI is a purely administrative process which we handle for you. If your LEI number is registered with another provider, we will not be able to renew it before it has been transferred.