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Applying for an LEI is Fast & Secure
Registered LEIs meet with ISO standard 17442:2012.
Simple Application Process
What is a Legal Entity Identifier and why do companies need it?
A Legal Entity Identifier code or LEI number is a unique global identification number for a company that is issued by a GLEIF accredited Local Operating Unit. Financial institutions and regulators use LEIs to identify participants in financial markets.
According to the MiFID II directive, LEIs are mandatory as of 3 January 2018 for all market participants with a separate legal entity that are registered in Europe and that trade in securities. For example, if a company is registered in UK and would like to buy local stocks then, as of 3 January 2018, it is mandatory for this company to have an LEI. You can find more information on our website’s “Questions and Answers” page.
As of January 3, 2018, EU based companies are not allowed to buy or sell securities without an LEI.
When do you need an LEI?
Legal Entity Identifiers (LEIs) are now required for all companies that wish to trade on the financial markets in the UK or within the European Union. These changes occurred on 3 January 2018 when the Markets in Financial Instruments Directive and Regulation took effect.
Regulatory use of LEIs
The potential regulatory benefits associated with a global framework for financial transactions was recognised as early as 20 years prior to the 2008 financial crisis. Prior to the implementation of the Global LEI System, each country was responsible for implementing their own framework to track financial transactions.
How can I get an LEI for my company?
In order to apply for an LEI, you will need to find a GLEIF accredited Local Operating Unit (LOU) which has permission to issue LEIs. BritishLEI is working closely together with multiple LOUs, in order to ensure best price and fast service.
How do you report a parent-subsidiary relationship?
Since 1 May 2017 entities have been required to disclose direct and ultimate parent company relationships when they apply for a Legal Entity Identifier (an LEI) or when they renew their existing LEI code.
It takes just 2 minutes to complete the application and LEI number is usually issued within 1-2 working days of payment.
Global Legal Entity Identifier system
The global Legal Entity Identifier system is made up of 3 levels, which can seem confusing at first. In this section, we outline some important definitions and details to bolster your understanding of the logics behind LEI number issuance.
GLEIF – Global Legal Entity Identifier Foundation
GLEIF was established by the Financial Stability Board with its primary mission being to invent, develop and manage the global LEI system. GLEIF is also the umbrella organisation for LEI registrar, which stores up all the LEI data. GLEIF is a non-profit organisation with its head office located in Basel, Switzerland.
Organisations which may issue LEIs
LOU – Local Operating Unit
An LOU is an organisation that has been accredited by GLEIF and has permission to issue LEIs. LOU’s are usually required to gather and verify data and to generate LEIs according to the Protocol. LOU’s must request all of the relevant information from companies seeking an LEI, and they must confirm this data with the National Business Registry. Globally there are around 30 LOU’s and, of this number, only a few of them are able to issue LEI numbers for British companies.
Agents for LEI registration
A Registration agent transfers client data to the LOU in accordance with GLEIF standards and requests additional information from the local Business Registry. GLEIF introduced the concept of an LEI Registration Agent in April 2017 in order to assure the quality of the data in the databases, and to simplify the process of applying for an LEI. BritishLEI is an Official Registration Agent that operates in the United Kingdom.
BritishLEI is an Official Registration Agent that operates in the United Kingdom.
What is an LEI number?
An LEI number (Legal Entity Identifier) is a unique identification number which is issued to companies which operate in the global financial system. LEIs are based on ISO standard 17442:2012. An LEI is issued only once for each company and consists of 20 characters:
|LOU unique numbers||0||0||Unique characters for the company||Checking characters|
- The first 4 characters are unique to the LOU which has issued the LEI.
- The 5th and 6th characters are the same for each company – 0.
- The following 12 characters consist of letters and numbers and are unique for each company.
- The final 2 characters are known as the checking characters.
The first LEIs were issued in December 2012. As of 3 January 2018, LEIs are mandatory for all companies that are registered in European Union and that trade in securities. You can find more information regarding the LEI system umbrella organisation GLEIF webpage.
LEI number renewal
Each LEI number that is issued to a company is only active for a period of 1 year. After each year, the LEI needs to be renewed for the following 12 month period. We strongly recommend that you renew your LEIs in a timely manner, as the process can take some time. When the LEI status becomes LAPSED, your LEI is no longer active and therefore it is not possible to use it for financial reporting. In cases where you know in advance that you require your LEI to be active for a longer period of time, you can renew your LEI 2 months before the renewal date. For example, if an LEI was issued on 1 November 2018 and is valid until 31st of October 2019; if you renew your LEI in September 2019 for 1 year, your LEI will be valid until 31 October 2020.
BritishLEI monitors the validity dates of our client’s LEIs and will let you know when you need to renew your LEI. You can apply to renew your LEI via the application form on our website.
Your LEI is issued for a period of 1 year and requires renewal at least once a year.
History of the Legal Entity Identifier System and LEI ROC
Prior to 2012, Legal Entity Identifiers (also known as LEI codes or numbers, or simply as LEIs) did not exist. Instead, each country used their own codes and systems to track financial transactions. The result of this is that it was nearly impossible to identify counterpart transactions within the global market.
What are the MiFID II and EMIR and why do they matter?
The MiFID is the Markets in Financial Instruments Directive and has been in force across the EU since late 2007. It has since been updated in an effort to address certain shortcomings, particularly with regard to its policy on equities. The new and improved version, the MiFID II, has been in force since 3 January 2018.
No hidden fees – GLEIF fee is included in the price.
Prices are subject to VAT.
Questions and Answers
1. What is an LEI?
An LEI number (Legal Entity Identifier) is a unique identification number issued to companies that operate within the global financial system. The number consists of 20 characters. An LEI is issued only once and it is unique for each company.
2. Why is an LEI necessary?
Legal entities require LEIs in order to comply with their EMIR reporting obligations. Put simply, regulators want more information about who is trading, where they are trading, and who their counterparties are within the financial market.
3. Who needs to order an LEI number?
According to the Mifid II directive 2014/65/EL, LEI codes are mandatory for all legal entities who trade in securities.
4. How can I order an LEI for my company?
BritishLEI makes the process of obtaining an LEI simple!
- Complete the application on our webpage.
- Sign the application digitally, or print and sign the form manually and return to us via email: firstname.lastname@example.org.
- Wait for 1-2 days and your issued LEI number will be sent to your email.
5. How much does an LEI cost?
Products and prices for the initial LEI application:
1-year LEI – LEI registration with 1-year LEI validity – 75£ (75£ / year)
3-year LEI – LEI registration with 1-year LEI validity + 2 annual renewals – 195£ (65£ / year)
5-year LEI – LEI registration with 1-year LEI validity + 4 annual renewals – 275£ (55£ / year)
Products and prices for LEI renewal packages:
1-year renewal – LEI renewal for 1 year – 59£ (59£ / year)
3-year renewal – LEI renewal for 1 year + 2 annual renewals – 165£ (55£ / year)
5-year renewal – LEI renewal for 1 year + 4 annual renewals – 245£ (49£ / year)
*Prices are subject to VAT.
6. How do I pay for the LEI?
You can easily pay with debit or credit card, Paypal or make a bank transfer. Our banking details:
Account numer: 73515252
UK Sort Code: 23-14-70
Bank: TransferWise Ltd.
Bank address: 56 Shoreditch High Street, London, E1 6JJ, United Kingdom
We offer full refund if for some reason your company is not eligible for an LEI.
7. How long is an LEI number valid?
An LEI is valid for a period of 1 year from the date of issue. You need to renew your LEI every 12 months.
8. Where can I check my LEI's period of validity?
LEI codes can be checked on the GLEIF webpage: https://www.gleif.org/en/lei/search/
9. What happens with my LEI number after the BREXIT?
Our LEI numbers are BREXIT-proof. This means that BREXIT does not affect your LEI.
10. How do the multi-year LEI contracts work?
Multi-year contracts help you save time and money! If you order LEI registration for 5 years (a 5-year LEI), you will receive your LEI number, valid for 12 months, and we will automatically renew your LEI for 4 additional years. LEI renewal processes will be executed 30 – 60 days before your annual renewal date. This saves you the hassle of renewing your LEI annually and you can rest assured that your LEI will always be up to date across the next 5 years.