LEI for trusts
LEI for trusts
A trust is a legal entity. And legal entities involved in financial transactions and operating within the financial system require an LEI code. A trust that does not have a valid LEI will most likely not be able to provide investment services or participate in financial trades in the US.
Do you need to obtain an LEI for your trust? Find out more on this page. Read on to find answers to the following:
- What is the purpose of a Legal Entity Identifier?
- LEI for trusts: why does a US trust need an LEI code?
- How do you get an LEI number for a trust?
Keep reading to learn more about LEI for trusts.
What is the purpose of a Legal Entity Identifier?
A Legal Entity Identifier (LEI number or LEI code) is a form of international business registration number. It allows your trust to be identified by anyone and provides information about your trust’s ownership and ownership structure.
The LEI system enables global tracing of financial transactions and allows easy identification of legal entities and their owners. The LEI enables this by providing standardized information and a global reference system.
Click here to read all about the LEI.
LEI for trusts: why does a US trust need an LEI code?
A trust is an arrangement whereby a person known as a trustee holds property as its nominal owner for the good of one or more beneficiaries. The property held by the trustee is stored in a special purpose vehicle and considered a legal entity.
With the exception of bare trusts—meaning basic trust 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 partaking in transactions often require an LEI.
This is because the United States operates under a large number of regulations that request the LEI for transaction reporting. Such regulations include the Dodd Frank Act, The Commodity Exchange Act (CEA) and the MiFID II directive that includes US companies trading with the EU.
This means that trusts as well as all other legal entities will be required to name their LEI when reporting financial transactions. Trusts who do not get an LEI to carry out compliant reporting will most likely not be able to provide investment services.
How do you get an LEI number for a trust?
Trusts are responsible for getting their own LEI number and having it renewed when necessary. Are you in need of an LEI for a trust? LEI Service can help you.
We take care of the application process for you—it’s fast, easy and affordable. Once your application is submitted all you have to do is wait. Within 10 minutes to 48 hours you will receive your LEI code.
At LEI Service we offer the lowest LEI registration price in the US. Our service includes English-speaking customer service and free phone and email support. You can view our LEI prices here.
Don’t have a registration number for your trust? Don’t worry. LEI Service can still help you get an LEI for a trust, charity or other entity that does not have a registration number. Just contact us at firstname.lastname@example.org for more information about how we can help you with your LEI application.
We also offer renewal of your LEI number so you don’t have to worry about your LEI expiring. Our price for an LEI renewal is the price for a new LEI code. You can also choose one of our multi-year renewal plans which allow us to automatically renew your LEI registration for you. With our renewal plans you also save money on your subscription, making our low rates even more affordable.
Click here to see our LEI renewal rates.
Do you have an LEI for a trust that is registered with a different service provider? LEI Service offers LEI transfer and renewal. If you want to benefit from LEI Service’s low management prices and great customer service you can transfer your LEI to our LEI issuing organization. This allows us to manage your LEI for you.
Transfer and renewal does not cost you anything, and your LEI code will not undergo any changes when you choose this service. An LEI transfer is a purely administrative process that we take care of for you. Until your LEI has been transferred we will not be able to renew your LEI registration.