Terms and Conditions
The LEI service is provided by ISOFTWARE4BANKS, INC. (LEI number 984500BIC814A5836A89). ISOFTWARE4BANKS, INC. is an LEI Registration Agent. ISOFTWARE4BANKS, INC. operates in United States.
1. New LEI, LEI Renewal or Transfer process
1.1 To apply for an LEI number/renew an existing number or transfer an LEI number under our management fill in the relevant application form, submit your data and pay for the service by credit card or bank transfer.
1.2. The applicant agrees that while submitting the form they accept the terms and conditions of ISOFTWARE4BANKS, INC. The applicant confirms that they have full authority to apply for an LEI number on behalf of the Legal Entity. The applicant confirms that the data submitted is correct and that they are aware their contact details can be shared with the LOU (Local Operating Unit).
1.3 The new LEI applicant gives all rights to ISOFTWARE4BANKS, INC. to apply for an LEI code on the Legal Entity’s behalf. LEI Renewal applicant gives all rights to ISOFTWARE4BANKS, INC. to renew an LEI on the Legal Entity’s behalf. LEI transfer applicant gives permission to transfer the LEI under our management. LEI transfer applicant is aware that LEI transfer entails/may entail a change of LOU.
1.3.1 The applicant is aware and agrees to give all rights to ISOFTWARE4BANKS, INC. to sign the terms and conditions of the selected LOU. For example the terms of service for RapidLEI can be found from here. The terms of service among LOUs are very similar as they all follow GLEIF’s guidelines.
1.4 ISOFTWARE4BANKS, INC. will start with the LEI registration process shortly after the client has made the payment. The applicant is aware that they may be contacted to supply a Letter of Authorization (Power of attorney) or any other proof that the applicant is authorized to apply for an LEI on behalf of the Legal Entity. The applicant is aware that if asked and no such authorization is presented, ISOFTWARE4BANKS, INC. cannot proceed with the application. If the applicant fails to provide such documents ISOFTWARE4BANKS, INC. keeps the right to not issue any refunds.
1.5 ISOFTWARE4BANKS, INC. can also contact the customer to provide additional documents of proof regarding the registration of the Legal Entity or documents that provide proof of the person(s) authorized to represent the Legal Entity. The applicant is aware that if asked and no such documents are presented ISOFTWARE4BANKS, INC. cannot proceed with the application. If the applicant fails to provide such documents ISOFTWARE4BANKS, INC. keeps the right to not issue any refunds.
1.6 The LEI code will be provided as soon as possible after the payment has been made. In most cases the LEI code will be issued in less than 24 hours. However, in some rare cases, it may take up to a full week. LEI renewal or transfer process can take up to 7 days. Once the LEI code has been issued or renewed, an e-mail will with an invoice will be sent to the e-mail address provided by the applicant.
1.7 The applicant is aware and agrees that the application will be counted as final after the data has been submitted and the payment has been made. If the client has submitted an application for a new LEI, or ordered an LEI renewal or transfer and the client has accepted the Terms and Conditions, the application is considered to be final and it is not possible for the client to revoke the application. If the applicant has provided enough information to provide the LEI, the process can not be stopped and the LEI will be issued.
2. Multiyear contracts
For the convenience of customers ISOFTWARE4BANKS, INC. offers the opportunity to prepay renewal fee in advance for up to 5 years.
2.1 If the client has bought the LEI renewal service for multiple years ISOFTWARE4BANKS, INC. will cover the renewal cost for the period bought and renew the company’s data in the GLEIF (Global Legal Entity Identifier Foundation) database annually based on the data provided in public company registries. The client accepts that the Legal Entity data will be automatically corrected according to the official entity registration documents if they have changed compared to the previous data records in the GLEIF database.
2.2 The client agrees to notify ISOFTWARE4BANKS, INC. in case there has been a change in data that cannot be validated from public company registries (e.g. Level 2 data which is to validate the Parent or Ultimate Parent Entity). ISOFTWARE4BANKS, INC. will amend the data accordingly through the relevant LOU.
2.3 If the signing authority has changed during the automatic renewal period ISOFTWARE4BANKS, INC. will ask to provide a new Letter of Authorization from a relevant signing authority. If the client fails to provide the signed Letter of Authorization by the relevant person ISOFTWARE4BANKS, INC. cannot continue with the automatic renewal. The LEI will be renewed once the customer provides the Letter of Authorization by the legal representative of the company or can provide proof that he/she is authorized to sign the authorization form.
2.4 If no Letter of Authorization is presented in 60 days ISOFTWARE4BANKS, INC. has the right to cancel the multiyear contract and no refunds will be issued.
2.5 If the client orders a multiyear renewal for their LEI (e.g. a 5-year LEI) and discovers later that they do not need an active LEI anymore or would like to transfer their LEI to a different LEI service provider, then transfer is possible, but the multiyear contract will be automatically cancelled and the client is not eligible for a refund.
2.6. Regardless if the client has bought the renewal service for multiple years (2-5), LEI data will be updated annually. Hence the “NEXT RENEWAL DATE” in the GLEIF database is usually the time of LEI issuance/last renewal + 365 days, but never more than 425 days in the future.
2.7. Customers who order the LEI registration service for 1 year can opt to have their LEI renewed automatically on an annual basis.
2.7.1 If a customer has chosen the automatic annual renewal of their LEI, they will be charged 60 days before the LEI’s “next renewal date”. The payment will be deducted from the same account that was provided for the first payment.
2.7.2 Customers will be notified about the upcoming automatic renewal by e-mail. They will have a 5-day period for submitting changes to their LEI data in case anything needs to be updated. After the 5-day period, LEI Register will start the renewal process. Once the renewal process has been completed the customers will receive a final confirmation e-mail with the final invoice for the renewal service.
3. Fees and refund policy
3.1 ISOFTWARE4BANKS, INC. has the right to deny any refunds if:
3.1.1 The purchase has been counted as final.
3.1.2 The client transfers the LEI to a different service provider.
3.1.3. The client fails to submit proof of authorization, proof of Legal Entity registration, or any other documentation required to issue/transfer or renew the LEI in the course of 60 days since the application has been submitted.
4. Governing law
This agreement and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with it or its subject matter or formation shall be governed by and construed in accordance with the law of Florida, United States.
The client is fully responsible for any LEI number related activity which is connected to the Legal Entity they are representing. ISOFTWARE4BANKS, INC. is not responsible in any way for possible damage related to LEIs.
ISOFTWARE4BANKS, INC. operates as an LEI Registration Agent in the name of the client and cooperates with the GLEIF accredited LOUs to order, renew or transfer LEIs for their clients.
ISOFTWARE4BANKS, INC. reserves the right to make changes to its Terms and Conditions at any time. A document outlining the current Terms and Conditions can always be found on the ISOFTWARE4BANKS, INC.’s website: https://www.is4banks.com/.