Do LEI codes need to be renewed?
The Global LEI System (GLEIS) was created for a more transparent and accurate identification of legal entities that operate within today’s financial system. The LEI codes must be renewed annually to keep the data relevant and up-to-date. Once your deadline passes, the registration defaults to lapsed, and you won’t be able to make any trades until the code has been renewed.
How long is an LEI valid?
To maintain high-quality and reliable data, the LEI code needs to be renewed annually. The LEI renewal process updates the registration data related to a legal entity in the GLEIF database. This must be done with a chosen service provider or Local Operating Unit (LOU) one year after initial registration.
You can find it on the LEI Register’s database if you have an LEI code but are unsure of the expiry date. Once the deadline passes, your LEI will become inactive until renewed manually. Remember that your legal entity will have just one LEI code, meaning you cannot register a new code but only renew the existing one.
What happens if I don’t renew my LEI?
Immediately after missing the deadline, your LEI will be inactive, and the registration will default to lapsed. This can cause significant inconveniences, as you’ll be unable to participate in the financial markets or make trades until your LEI is renewed.
How do you renew the Legal Entity Identifier code?
The LEI code renewal process is simple:
- Enter your LEI code or company name into the application form
- The form will be completed automatically with the current data from the GLEIF database
(You can modify the data if it changes during the year.) - Submit the LEI renewal application form
- We will take care of the renewal
How do you transfer your LEI code?
The LEI is transferrable to ensure clients can make choices that serve them the best. As the fastest service provider with the lowest prices on the market, we get a lot of clients who wish to transfer their LEI over to us, which is how we have grown into one of the biggest LEI service providers in the world.
In the process of transfer, the LEI code does not change. All the LEI codes are valid in every jurisdiction, and investment service providers won’t be able to differentiate the LEI code according to the LEI issuer.
Multiyear renewals
At LEI Register, we know that renewing your LEI manually every year can be a bothersome process. To make matters easier, we also provide multiyear renewals, allowing you to focus on your business. So, in addition to one-year registration, you can select between a 3- or a 5-year period.
Not only does it work out to be more cost-efficient, but we’ll take on the responsibility of renewing the data of your LEI code seamlessly using an official company registry.
Key takeaways
- To keep the LEI database accurate, your LEI must be renewed annually.
- Forgetting to renew your LEI can cause major inconveniences since your trades might get blocked.
- LEI codes are transferrable, meaning you can change your service provider at any time
- The LEI renewal process is simple; you must confirm your information and submit the application form.
- LEI Register has come up with multiyear renewals, meaning we will take on the responsibility of renewing the data of your LEI over the chosen period.
