As of 3 January 2018, LEIs are mandatory for all companies who wish to continue trading in securities.

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Terms and Conditions

Valid from 1.04.2019

1. INTRODUCTION

Baltic LEI OU (“British LEI”) is an official global LEI Registration Agent working globally in more than 15 countries and is operating in the United Kingdom under the trademark of “British LEI”.

British LEI operates as an LEI Registration Agent and cooperates with Global Legal Entity Identifier Foundation (GLEIF) accredited Local Operating Units (“LOUs”, “LEI issuer”). British LEI may choose to partner with one or more LEI issuing organisations to ensure its clients’ needs for LEI services are met, depending on the prevailing conditions within the market. British LEI helps legal entities access the network of LEI issuing organisations responsible for performing LEI issuance and related services. 

The Legal Entity Identifier (LEI) is a 20-character, alpha-numeric code based on the ISO 17442 standard developed by the International Organization for Standardization (ISO). It connects to key reference information that enables clear identification of legal entities participating in financial transactions by way of a unique numeric code. The LEI data pool is publicly available and acts as a unique key to standardised information on legal entities globally. The data is registered and regularly verified in accordance with protocols and procedures established by the LEI Regulatory Oversight Committee.

Any Registrant, that is any legal entity who has applied on the website, has a direct relationship with British LEI and will be provided with an LEI issued and maintained by the LOU, under these Terms and Conditions.

Contract

By clicking “I agree with Terms and Conditions” the user agrees to enter into a legally binding contract (“Contract”, “Terms and Conditions”) with British LEI on behalf of a legal entity (“Registrant”). These Terms and Conditions apply to LEI registration, renewal, transfer, and updates as defined and set forth by the GLEIF.

British LEI shall start processing the application once the Registrant has made a full payment according to the Subscription selected by the Registrant. To submit the LEI application, the Registrant shall provide authorisation to British LEI by sending a Letter of Authorisation as described in section 3 of the Terms and Conditions. In the event the Registrant has made the payment but not provided a Letter of Authorisation, British LEI will send the Registrant a reminder. If the Registrant does not provide British LEI with a Letter of Authorisation within 30 days of the first reminder, British LEI reserves the right to cancel the Registrant’s order.

The Registrant understands and agrees that British LEI administers all LEI related requests in accordance with the requirements, recommendations, guidelines, and manuals issued by the GLEIF. The Registrant has no right to demand from British LEI any actions which are not in line with GLEIF’s requirements, recommendations, guidelines, and/or manuals.

Consumer law exceptions do not apply to British LEI services.Therefore, any statutory right to withdraw from the order and receive a refund does not apply.

The use of British LEI services is also subject to the Registrant’s acceptance of British LEI’s Cookie Notice and Privacy Notice, which cover how British LEI collects, uses, shares, and stores personal information.

with British LEI on behalf of a legal entity (“Registrant”). These Terms and Conditions apply to LEI registration, renewal, transfer, and updates as defined and set forth by the GLEIF.

British LEI shall start processing the application once the Registrant has made a full payment according to the Subscription selected by the Registrant. To submit the LEI application, the Registrant shall provide authorisation to British LEI by sending a Letter of Authorisation as described in section 3 of the Terms and Conditions. In the event the Registrant has made the payment but not provided a Letter of Authorisation, British LEI will send the Registrant a reminder. If the Registrant does not provide British LEI with a Letter of Authorisation within 30 days of the first reminder, British LEI reserves the right to cancel the Registrant’s order.

The Registrant understands and agrees that British LEI administers all LEI related requests in accordance with the requirements, recommendations, guidelines, and manuals issued by the GLEIF. The Registrant has no right to demand from British LEI any actions which are not in line with GLEIF’s requirements, recommendations, guidelines, and/or manuals.

Consumer law exceptions do not apply to British LEI services.Therefore, any statutory right to withdraw from the order and receive a refund does not apply.

The use of British LEI services is also subject to the Registrant’s acceptance of British LEI’s Cookie Notice and Privacy Notice, which cover how British LEI collects, uses, shares, and stores personal information.

2. OBLIGATIONS

LEI applicability

The Registrant must supply accurate reference data (that is, the publicly available information on legal entities identifiable with an LEI) in its application for an LEI with British LEI. The reference data includes:

Business card information includes, for example, the official name of a legal entity and its registered address. In the Global LEI System, this information is referred to as ‘Level 1’ data.

Relationship information allows the identification of the direct and ultimate parents of a legal entity, if applicable. This information is referred to as ‘Level 2’ data.

British LEI verifies the reference data with local public registries (see the full list of Registration Authorities) and issues an LEI compliant with the LEI standard.

The Registrant is responsible for the accuracy of the reference data. By submitting its reference data, the Registrant warrants its correctness and applicability within the scope of the LEI registration process.

British LEI will revert to the Registrant in case of any incomplete applications or seek further information to confirm the validity of the legal entity’s reference data when publicly available sources do not suffice. Nevertheless, the responsibility for providing correct data will always remain with the Registrant.

The Registrant should ensure that the LEI application is unique and should also be aware that each legal entity may have only one LEI. Should the Due Diligence process reveal that another LEI has been registered (or is pending), the Registrant’s request will be denied and the payments applicable to its initial LEI application will be refunded.

The Registrant’s reference data will be validated using publicly available sources. In most cases, the Due Diligence process of an incorporated entity will be carried out using public registries (e.g. local commercial registers or equivalent). If British LEI is not able to identify the legal entity using public registries, British LEI may request additional information from the Registrant. If the Registrant does not provide documents, British LEI may refuse to register the LEI and, in such a case, the payments made by the Registrant shall not be refunded. If the Registrant provides documents, but British LEI is still unable to register the LEI, the payments made by the Registrant shall be refunded by British LEI.

British LEI reserves the right to cancel the LEI registration if the Registrant provides false information, does not update current information, or does not make corrections as requested by British LEI.

Pricing and Invoicing

The price of the initial LEI registration or annual LEI renewal (“Subscription”) is available on the website of British LEI and shall be payable immediately after the submission of the application.

Payments will be accepted in the following currencies: GBP, SEK, NOK or EUR. For the avoidance of doubt, full payment is defined as net amount remitted to British LEI after any taxes, bank fees, commissions, and service charges. The GLEIF fee is included in the Subscription fee.

British LEI will apply VAT as deemed appropriate, in line with VAT rules for the provision of services. British LEI will rely on the VAT number and billing data that the representative of the Registrant has provided during the registration process. British LEI has the right to correct data related to the VAT if there is a clear indication that such data is incorrect.

The Registrant shall pay the fee according to the price list even if the LEI application is not completed correctly or includes invalid data. British LEI services are designed to transmit data to the LOU as soon as possible and, therefore, there is no option to withdraw from the service or claim a refund for unused services.

In any case where British LEI has not received payment in accordance with the price list, British LEI reserves the right to not proceed further with the LEI application.

Any documents and receipts will be sent by British LEI as a PDF document to the e-mail address provided in the application form.

3. LETTER OF AUTHORISATION

After applying for registration, renewal or transfer, British LEI will send the Registrant’s representative an e-mail containing a power of attorney (“Letter of Authorisation”). British LEI has no obligation to verify the e-mail address provided by the representative.

The representative of the Registrant shall sign the Letter of Authorisation using e-signature or manually (print and scan) and return to British LEI via e-mail. Once the Registrant has submitted its Letter of Authorisation, British LEI shall be deemed to have legally binding authorisation to act on behalf of the Registrant for the purposes outlined in the authorisation. British LEI will be fully authorised to register, renew, transfer, and update the LEI on behalf of the Registrant.

The authorisation given by the Letter of Authorisation is valid so long as the Registrant has a valid Subscription for British LEI services. The Registrant has the right to withdraw the authorisation at any time by sending written notification to British LEI. Please note, the result of withdrawing the authorisation made to British LEI is that British LEI will not be able to renew the Registrant’s LEI for the next period or send any notifications regarding renewals or anychallenges or other actions related to the LEI administration under the GLEIF system. British LEI as an authorised person has limited rights to represent the Registrant; British LEI is authorised to represent the Registrant in connection with the registration, renewal, transfer and update of LEI in accordance with the standards and requirements set forth by the GLEIF.

4. SERVICES

LEI Registration

To order an LEI or to renew an existing LEI, the Registrant shall complete the application on the British LEI website. British LEI has no obligation to verify the data aggregated from registries or provided by a representative of the Registrant.

The application can be submitted by an authorised representative of a registered legal entity. The representative warrants that he/she has obtained full authorisation to submit the LEI application. British LEI has a right to request additional documentation in order to identify the representative or verify the authorisation. British LEI reserves the right to decline an application if the representative of the Registrant does not provide the information requested by British LEI.

The representative of the Registrant, in the submission of  the application, represents that he/she is an authorised representative of the registered entity, either as an employee or officer of the Registrant, or acting on an entity’s behalf. Representatives performing registration for a third-party entity should hold a valid power of attorney. British LEI may ask for further documentation as necessary to prove the existence of the representative’s right to act on behalf of an entity. British LEI reserves the right to request additional information from the Registrant, e.g. obtain documentation to confirm that any third-party performing registration for an entity has been properly authorised.

After British LEI has received the Letter of Authorization and the payment, British LEI will commence the processing of the Registrant’s application. If there are inconsistencies in the data provided by the Registrant, or if some information is missing, British LEI may contact the representative of the Registrant by e-mail or by phone.

British LEI does not charge pre-payments in most of the countries serviced by British LEI; however, in circumstances where pre-payment is available, British LEI has no obligation to transfer any data to the LOU if the Registrant has not made a payment.

After successful allocation of an LEI, British LEI will send confirmation by e-mail. The status of an LEI can be checked on the global GLEIF webpage. Each LEI is published within the Global LEI Index. Interested parties can access and search the complete LEI data pool using the web-based LEI search tool developed by GLEIF.

LEI Renewal

An LEI is issued to the Registrant once.Registration of the LEI must then be updated and renewed annually to ensure its ongoing validity. The purpose of the renewal is to ensure the information about the Registrant contained in the GLEIF database is up to date.

In the GLEIF database, it is possible to extend the validity of an LEI for up to 12 months at a time. It is important to note that if an application to renew an LEI is extended more than two months before the LEI expiry date, the extended period will not be added to the LEI expiry date but, instead, will be valid for 12 months from the date of the application.

British LEI will contact the Registrant before the maintenance period of 12 months has expired to remind the Registrant of the necessity to renew the LEI. However, the responsibility to renew the LEI remains with the Registrant.

British LEI provides different Subscription plans to renew the Registrant’s LEI. The terms and description of the Subscription plans are available on British LEI’s website.

If the Registrant orders a multi-year Subscription, the LEI will initially be issued for one year and British LEI will automatically renew the LEI for the following years. When the multi-year Subscription is due to expire, British LEI will inform the Registrant’s representative via the e-mail address provided in the application form.

If the Registrant orders a multi-year renewal for LEI and discovers later that the Registrant no longer requires an active LEI, the multi-year Subscription can be cancelled but the Registrant is not eligible for any refund.

Read more about the renewal process on our blog.

Transfer of an LEI

The Registrant can transfer its LEI from the administration of another service provider under the administration of British LEI. This does not change the status of the LEI, since the data is still in the GLEIF databases. The result of any transfer is that the reference data will be modified and updated by British LEI. When transferring an LEI under the administration of British LEI, the LEI code does not change.

To transfer an LEI, British LEI requires an authorisation (given by a Letter of Authorisation) to administer  the LEI and payment for the Subscription. In the future, the Registrant’s data will be updated in the GLEIF database through the British LEI service. The authorisation can be revoked at any time.

It takes up to 7 days to transfer the LEI. For faster administration, the transfer of the LEI to British LEI should be confirmed by the Registrant as soon as possible.

Read more about the transfer process on our blog.

Updating the LEI data

The Registrant shall inform British LEI of any changes to a registered entity that will necessitate a change to the LEI reference data, including those due to a corporate action; e.g. merger, dissolution, acquisition or other change of incorporation (including the legal and headquarter address of the Registrant and the disclosure of direct and ultimate parent Registrant relationships when they apply for an LEI). This should be done on both a continuous basis and during the annual maintenance and re-validation of LEI reference data.

The British LEI database is integrated with public registers, the GLEIF database, and the databases and systems used by accredited LOUs. During the renewal process, British LEI automatically checks for differences between the public register and the GLEIF database and, if the data has changed, British LEI notifies the Registrant and updates the data in the GLEIF database. If British LEI has notified the Registrant about the need to update any data and the Registrant does not provide a response for a period of two weeks, British LEI is entitled to renew the Registrant’s LEI without the prior approval of the Registrant. If the Registrant’s LEI is administered by British LEI, any updates to the Registrant’s data is completed free of charge.

The Registrant is required to notify British LEI of changes to its legal entity reference data. The content of the LEI data record is referred to as the Registrant’s reference data. The Registrant is responsible for keeping British LEI aware of updates to the legal entity reference data. The Registrant may challenge an LEI and/or its legal entity reference data by using the centralised online service, which is part of GLEIF’s data quality management program. A challenge triggers a review of the record by British LEI to determine the validity of the updated information being submitted. Verification and updates of the LEI and/or its legal entity reference data resulting from challenges are processed free of charge by British LEI.

5. LIMITATION OF LIABILITY

British LEI will make all reasonable efforts to obtain an LEI for the Registrant; however, British LEI expressly disclaim all warranties, whether express, implied or statutory, regarding British LEI services including, without limitation, any warranty of merchantability, fitness for a particular purpose, title, security, accuracy and non-infringement. British LEI does not warrant that the LEI will meet the Registrant’s requirements; nor that the information provided or obtained through British LEI or its online platform is entirely accurate, reliable or correct.

The Registrant understands and agrees that British LEI will not be liable to the Registrant or any third party for any loss of profits, use, goodwill, or data or for any incidental, indirect, special, consequential or exemplary damages, however arising, that result from the use of or inability to use the LEI services.

British LEI will bear no liability for any failure or delay due to matters beyond British LEI’s reasonable control. British LEI’s maximum liability is limited to the amount that is equal to the one-year Subscription fee paid by the Registrant.

British LEI bears no liability if the Registrant’s LEI status changes following action by the GLEIF data challenge facility. The GLEIF data challenge facility offers any user of LEI data with the opportunity to substantiate doubts regarding the referential integrity between LEI records, or the accuracy and completeness of the related reference data. The Registrant acknowledges that Registrant’s LEI status may be challenged by any user of LEI data. 

6. TERMINATION OF THE CONTRACT

The contractual relationship between British LEI and the Registrant are valid for the period as set forth in the Subscription selected by the Registrant. In the event the Registrant withdraws the authorisation given to the British LEI to provide LEI renewal and update services, the Contract between the British LEI and Registrant shall be deemed terminated.

British LEI may terminate this Contract at any time with notice to the Registrant. The termination of the Contract by British LEI does not affect the status of the Registrant’s LEI(s).

7. FINAL CONDITIONS

The Registrant agrees that all public reference data captured and received by British LEI as part of any registration and due diligence processes will instantly be published and searchable on GLEIF’s databases, as applicable.

A document outlining the current Terms and Conditions can always be found on British LEI’s websites. These Terms and Conditions may be updated at any time. Any significant changes will be communicated to the Registrant.

The Registrant is obligated to use British LEI services in good faith, and British LEI acts accordingly. Resolution of any dispute between the Registrant and British LEI should first be attempted by way of negotiation.

The relationship between the Registrant and British LEI is regulated by Estonian law.  In circumstances where no agreement can be made, disputes will be heard by the Harju County Court.