What is LEI transfer?
LEI transfer is the process of transferring your LEI code from one service provider to another. In the process of changing to a different service provider, your LEI code will not change. It is a back-end process that is not visible to end customers. LEIs can be transferred to a better, cheaper service provider at any time.
Why are LEIs transferrable?
The Global LEI System is designed to encourage competition between LEI issuers and registrators for the benefit of legal entities seeking to obtain an LEI. The main element that drives this competition is the price of obtaining and maintaining an LEI. This also explains the wide variety of price differences you’ll see across different Local Operating Units (LOUs) and Registration Agents (RAs).
An entity that requires an LEI code is completely free to choose which RA or LOU they wish to partner with. It is not at all required to use an LEI issuer from your own country, as LEI codes are standardized and cannot be differentiated based on the issuer.
Since you have the freedom to choose your LEI registration partner, it’s only fair you’re also free to change it. LEIs can be transferred between different service providers without constraint.
It’s important to note that during the transfer your LEI code nor the data associated with it will not change. It is a back-end process that is not visible to end customers.
When can an LEI be transferred?
The LEI can be transferred at any time but in most cases, the transfer process is done close to the annual renewal.
How do you transfer an LEI?
- Application – The LEI code transfer process starts with applying for a renewal or a transfer with your newly chosen LEI service provider.
- Confirmation from the customer – The registration agent is obligated to ask you for a signed Letter of Authorisation (LoA), confirming your wish to transfer the LEI code.
- LOU Communication – Your new LOU will let the original LOU know that you wish to transfer. Your original LOU will then have three days to contact you, try to change your mind, and reconfirm your wish to transfer. If there are no objections from the original LOU after the three days, the LEI code will be released to the new LOU.
- The LEI gets transferred – Your LEI will be moved to the new LOUs management and renewed when applicable.
How long does an LEI transfer take?
Because there are a number of parties involved in the transfer process, it usually takes up to 7 days. But you do have the power to expedite the process by contacting your original LOU to confirm your wish to transfer before the mentioned three days are up.
Transfer your LEI to LEI Register
We became market leaders by offering the lowest prices, whilst keeping customer satisfaction as our highest priority. Therefore we welcome new transfers daily and have put in a lot of work to make the LEI code transfer to LEI Register as simple as possible.
Whether you’re looking to transfer far before the upcoming renewal or your LEI code is about to reach its annual renewal date, visit our LEI Renewal page.
Pick “transfer your LEI” and insert your existing LEI or company name into the search field.
From there we’ll display your current LEI information and ask whether you’d like to simply transfer or transfer and renew your LEI.
Transferring to LEI Register will not just save you money but with our multiyear renewals, you’ll be able to sign us the responsibility of renewing your LEI before the annual due date.
This ensures you won’t run into any inconveniences, like your transactions being blocked due to a lapsed LEI code.
When renewing your LEI with us, you’ll be able to choose between a 1-year, 3-year, and 5-year period.