Do LEI numbers need to be renewed?
The Global LEI System was created for a more transparent and accurate identification of legal entities that operate within today’s financial system. In order to keep the data relevant and up-to-date, the LEI numbers need to be renewed annually. Once your deadline passes, the registration defaults to lapsed and you won’t be able to make any trades until the number has been renewed.
How long is an LEI valid?
In order to maintain high-quality and reliable data, the LEI number needs to be renewed annually. The LEI renewal process is an update of the registration data, related to a Legal Entity in the GLEIF database. This must be done with a chosen service provider or Local Operating Unit (LOU) one year after initial registration.
If you currently have an LEI code but you’re unsure of the expiry date, you’ll be able to find it on the LEI Register’s database. Once the deadline passes, your LEI will become inactive until renewed manually. Keep in mind that your legal entity will have just one LEI code (a combination of 20 letters and numbers), meaning you cannot register a new number but only renew the existing one.
What happens if I don’t renew my LEI?
Immediately after missing the deadline, your LEI will be inactive, and the registration defaults to lapsed. This can cause major inconveniences, as you’ll be unable to participate in the financial markets or make any trades until your LEI is renewed.
How to renew the Legal Entity Identifier number?
The LEI code renewal process is simple:
- Enter your LEI code or company name into the application form.
- The form will be completed automatically with the current data from the GLEIF database
(You’ll be able to modify the data if it has been changed during the year).
- Submit the LEI renewal application form.
- We will take care of the renewal.
How to transfer your LEI code?
The LEI is transferrable to ensure the client is free to make choices that serve them the best. As the fastest service provider with the cheapest prices on the market, we get a lot of clients who wish to transfer their LEI over to us which is how we have grown into one of the biggest LEI issuers in the world.
In the process of transfer, the LEI code does not change. All the LEI codes are valid in every jurisdiction and investment service providers won’t be able to differentiate the LEI numbers according to the LEI issuer/LOU.
At LEI Register, we know that renewing your LEI manually every year can be a bothersome process. To make matters easier, we also provide a multiyear renewal, allowing you to focus on your business. So in addition to one-year registration, you’ll be able to select between a 3- or a 5-year period.
Not only does it work out to be more cost-efficient, but we’ll take on the responsibility to renew the data of your LEI code seamlessly, using an official company registry.
- In order to keep the LEI database accurate, your LEI needs to be renewed annually.
- Forgetting to renew your LEI can cause major inconveniences since your trades will get blocked.
- LEI codes are transferrable, meaning you can change your service provider at any time
- The LEI renewal process is simple, you’ll need to confirm your information and submit the application form.
- LEI Register has come up with multiyear renewals, meaning we will take on the responsibility to renew the data of your LEI over the chosen period.