If you need to verify that your LEI information is up to date in the global LEI system, or if you want to search for the LEI information of another entity, you can use the GLEIF LEI search. An LEI issuer – also known as a local operating unit (LOU) – provides registration, renewal and other services and acts as the primary interface for legal entities applying for an LEI. Self-registration requires the legal entity of record to provide accurate reference data to the LOU. The LOU must then verify the reference data with locally authoritative sources, such as a national business register, and issue an LEI compliant with the LEI standard. In order to obtain an entity identifier, an LEI application must be completed. An LEI can be requested from a Local Operating Unit (LOU), i.e. entities that issue LEI codes, or from an LEI registrar, for example: in the LEI search. The registration and renewal of the LOU, as well as other services, must be accredited by the Global Legal Entity Identifier Foundation (GLEIF) to be approved to issue LEIs. Registration agents establish a connection between customers and LOUs, take care of the whole process and make it as easy as possible for the end customer.
A registration agent can help you with anything you need to get an LEI number. The role of the Registrar is to assist legal entities in accessing LEI issuing organizations. The Registrar works with one or more LOUs and ensures that the LEI needs of its clients are met. Even if you are not legally required to obtain an LEI, there are many benefits associated with a legal entity identifier. For this reason, many LLCs and sole proprietors turn to the LEI, although they are not required to do so. And since the LEI system is fast becoming a global standard, it`s a good idea to get an LEI number before you need one. A legal entity can “transfer” the maintenance of its LEI from one LOU to another. To this end, the authorized representative of the corporation must contact the new LOU, provide their pre-existing LEI number, and provide any other documents required for the new LOU. The new LOU contacts the original LOU. The LEI remains unchanged. The original LOU should not charge a carrying fee. GLEIF is responsible for monitoring the quality of LEI data.
GLEIF`s Data Quality Management Program ensures that the LEI remains the industry standard best suited to provide open and reliable data to manage the unique identification of legal entities. After filling in the level 1 data, it is also possible to declare the level 2 data – the parent structure. If the company is owned by another company (>50%) and the parent company consolidates the financial statements, the information containing the LEI data may be reported and published. There are exceptional cases in which data should not or cannot be reported. The application form contains a list of exceptional reasons and an applicable reason can be selected. An LEI number consists of several parts. The first four digits identify the local operating unit (LOU) that assigned the LEI, and the next two digits always have a value of 0. Characters 7 to 18 are unique for each entity and the remaining two digits are used for verification purposes. An LEI number is used in financial transactions such as trading stocks, bonds or currencies.
LEIs are required by companies to comply with their reporting obligations under financial rules and objectives. They also help reconcile and aggregate market data for transparency and regulatory reasons. An LEI identifies any entity that conducts financial transactions in any jurisdiction in the world. The LEI system has helped address vulnerabilities in the global financial system, many of which emerged during and after the 2008 financial crash. A global financial identifier has been needed for decades, but it has only recently been established. Any legal entity has the right to apply for an LEI number. The process consists of a few steps, which are explained in detail below. Publicly available LEI data includes information about the name, jurisdiction, addresses, status and registrar of the entity.
This data is called level 1 data. Information on enterprise structures, i.e. parental relationships between entities, is level 2 data. LEI issuers – also known as local operating units (LOUs) – provide registration, renewal and other services and act as the primary interface for legal entities seeking to obtain an LEI. Only organizations duly accredited by the Global Legal Entity Identifier Foundation (GLEIF) are authorized to issue LEIs. Accreditation is the process by which GLEIF evaluates the suitability of organizations wishing to operate within the Global LEI System as LEI issuers. However, in order to simplify the assignment of LEI numbers, GLEIF introduced the concept of “registrar”. This makes it easier for legal entities to access LOUs and issue an LEI. The types of legal entities that may be required for an LEI include: The LEI service is a registrar.
This means that we make it easy for you to access LOUs and obtain an LEI number. We take care of the application process and manage communication with the legal entity. We also process and receive payments securely when an LEI Number is issued or renewed. To register your legal entity in the United States, contact the LEI issuer of your choice, accredited by the Global Legal Entity Identifier Foundation (GLEIF). The LEI Registry is an official registry – since early 2018, we have been helping legal entities apply for new LEI codes or transfer and renew existing LEI codes. We have successfully pursued our goal of making the LEI registration process simple, automated, fast and affordable. At LEI Register, we keep our profit margins low and believe in building long-term relationships. The application process is usually straightforward as the client is asked to provide the entity`s data.
The information requested includes: LEIs issued by pre-LOUs approved by the ROC or accredited by the Global LEI Foundation are accepted by OCR authorities who require the use of a common identifier (see LEI Uses).