The Fastest Way to Your LEI
Legal Entity Identifier Registration
Let's break it down
The Legal Entity Identifier (LEI) crystallizes complex legal ownership data into a 20-character, alpha-numeric, machine-readable code. It is defined by ISO 17442 standard, endorsed by the G-20 and acts as “the one identity behind every business”.
Technical development was led by the International Organization for Standardization (ISO). The LEI is prized for modern transactional reporting due to an inherent open-source and non-proprietary nature. And with functional administration by a G-20 backed consortium, expect its usage to grow as the company identification number of choice.
All you need to know
Who needs an LEI?
In the most general sense, an LEI is needed by any legal entity whose activities incorporate financial transactions.
There are currently around 100 regulations among jurisdictions where the use of LEI is either required or requested. For example more than 60 different acts in the US and Europe alone. Access to all the regulations
Why is an LEI necessary?
LEI is the unique global identifier for legal entities participating in financial transactions. Also known as an LEI Code or LEI Number, its purpose is to identify legal entities using a single global database.
What is the structure of an LEI?
1-4: First four numbers reveal identity of issuing Local Operating Unit (LOU). This unit acts in the name of the GLEIF who outsources issuance and allocation of the LEI to certain authorized issuing agencies.
5-6: Always have a value of 00.
7-18: Uniquely generated by the LOU with ISO standard 17442. This part of the LEI identifies the legal entity.
19-20: Checksum for verification purposes.
What is the purpose of an LEI?
The LEI system was initiated as a response to the financial crisis and is aimed at improving transparency in financial data systems. Presently, there are several methods of identifying entities across various markets and countries. However the Global LEI System (GLEIS), when fully operational will ensure that there is just one standard system. There are numerous regulations among jurisdictions that require the use of LEIs. However, the main idea of Global Legal Entity Identifier is to simplify, standardize and provide the ease of identification of any legal entity worldwide.
How to obtain an LEI?
An LEI can be obtained from the Local Operating Unit (LOU) or from the LEI Registration Agent (RA).
iS4B is an Official LEI Registration Agent (RA) and Official RapidLEI Registration Agent
Contact us to secure your LEI!
Who can apply for an LEI?
You can apply for an LEI for your company if you are either:
an authorized representative with signatory powers of the applying company, or
recognized by another authorized representative of the company to apply for the LEI.
How long is an LEI valid?
The LEI is valid for one year from the date of the first issuance and is to be renewed automatically upon expiration. The regular renewal of the LEI is necessary to ensure that all company information affiliated with the LEI is up-to-date.
Where can I look up LEIs?
You can find issued LEIs either by entering the LEI number or the company name on the official listing on the website of the Global Legal Entity Identifier Foundation.
Who is the GLEIF?
The Global Legal Entity Identifier Foundation (GLEIF) supports the implementation and use of the LEI. The foundation is backed and overseen by the LEI Regulatory Oversight Committee. Definition by the Global Legal Entity Identifier Foundation (GLEIF).