Every LEI is issued for a period of 1 year and needs to be renewed annually.
It is extremely important to distinguish between renewing an LEI code and changing the data associated with an LEI.
- Changing the data means updating data in the GLEIF database.
Be sure to update your company details with your service provider whenever they change. This can be done at any time without impacting the validity of your company’s LEI. With us, changes are made to your data free of charge.
- Renewing an LEI means extending the period of validity of the LEI code.
When you renew your LEI, confirming the accuracy of the data contained in the GLEIF database is part of the process. But renewing your LEI also involves extending its period of validity. Since there are fees payable to third parties and more significant administrative costs, LEI code renewal is subject to a fee.
The annual renewal of an LEI code is necessary to ensure company data remains up-to-date in the GLEIF database. Since this information is relied on by banks, financial institutions, and other paties to identify companies entering into financial transactions within the international marketplace, it’s essential that these details are accurate.
Companies cannot update or change data in the GLEIF database. Instead, they must use a service provider known as an LOU – Local Operating Unit. The LOU will check that the data provided complies with the GLEIF requirements before updating it in the GLEIF database. This promotes high data quality and reliability.
Renewing an LEI
The GLEIF database only allows for the validity of an LEI code to be extended for a period of 12 months.
It is very important to note that if your code is extended more than 2 months before its expiry date, the extended period will not be added to the code expiry date. Instead, the LEI will only be valid for 12 months from the date of renewal.
This means that your company’s LEI will expire earlier, meaning you pay more for a reduced period of validity. This is why it’s important not to mix up the process of changing the data related to your LEI code (which is free of charge) and extending the period of validity for your LEI code (for a fee).
Our database automatically checks the validity of the LEI code before forwarding a request for renewal at the appropriate time. This helps our customers save money and time.
The British LEI database is integrated with Companies House, the GLEIF database and our Local Operating Unit (LOU) system.
Using the British LEI database, it is possible to extend the validity of your code at any time and for up to five years at a time. Our automated database will not send a renewal request to the GLEIF database until your LEI code expires.
Additionally, our Companies House integration means we’re able to automatically check the differences between the Companies House and the GLEIF databases. You’ll be notified of any discrepancies and we’ll update the data in the GLEIF database automatically.
Once a year, we ask our customers to review the data associated with their LEI and confirm its accuracy. With British LEI, these updates are free of charge.
Please note that we are only able to renew and update the LEI codes that we manage. Transferring the code into our administration is easy and free. You can read more about transferring your LEI code here.
British LEI monitors the validity dates of your LEI and will notify you when you need to renew your LEI. Our intelligent system means we’re able to offer renewals for periods of up to five years. This option is convenient for companies that need an LEI code for longer periods of time. Multi-year contracts save you time and money!
Checking the validity of your LEI
The validity of a code can be checked on the GLEIF database at any time. By maintaining your LEI, you can avoid delays or issues resulting from financial institution checks in advance of a transaction.
You can check the validity of your LEI code here.