Do LEI numbers need to be renewed?
The Global LEI System was created to make the identification of legal entities that operate within today’s financial system more transparent and accurate. The LEI numbers must be renewed annually to keep the data relevant and up-to-date. 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?
The LEI number must be renewed annually to maintain high-quality and reliable data. The LEI renewal process updates 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 number but are unsure of the expiration date, you can find it in the LEI Register’s database. Once the deadline passes, your LEI will become inactive until renewed manually. Remember that your legal entity will have just one LEI number (a combination of 20 letters and numbers). You cannot register a new number; you can 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 will default to lapsed. This can cause major inconveniences, as you’ll be unable to participate in the financial markets or make trades until your LEI is renewed.
How do you renew the Legal Entity Identifier number?
The LEI number renewal process is simple:
- Enter your LEI number 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 do you transfer your LEI number?
The LEI is transferrable to ensure clients can make choices that serve them the best. As the fastest service provider with the lowest 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 providers in the world.
In the process of transfer, the LEI number does not change. All the LEI numbers are valid in every jurisdiction, and investment service providers won’t be able to differentiate the LEI numbers according to the LEI issuer/LOU.
Multiyear renewals
We know that manually renewing your LEI every year can be bothersome. To make matters easier, we also provide multiyear renewals, allowing you to focus on your business. So, in addition to one-year registration, you can select between three and five years.
Not only does it work out to be more cost-efficient, but we’ll take on the responsibility of renewing the data of your LEI number seamlessly using an official company registry.
Key takeaways
- To keep the LEI database accurate, your LEI must be renewed annually.
- Forgetting to renew your LEI can cause major inconveniences since your trades might get blocked.
- LEI numbers are transferrable, meaning you can change your service provider anytime.
- The LEI renewal process is simple; you must confirm your information and submit the application form.
- LEI Register has developed multiyear renewals, which means we will renew your LEI data over the chosen period.
