What is LEI transfer?
LEI transfer is the process of transferring your LEI code from one service provider to another. When 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, less costly service provider anytime.
Why are LEIs transferrable?
The Global LEI System encourages competition between LEI issuers and registrators to benefit legal entities seeking 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 across Local Operating Units (LOUs) and Registration Agents.
An entity that requires an LEI code can choose which Registration Agent 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 you.
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 must 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 you wish to transfer. Your original LOU will have three days to contact you, try to change your mind, or reconfirm your wish to transfer. If there are no objections from the original LOU after 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 several parties are 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 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 encounter inconveniences like blocked transactions due to a lapsed LEI code.
When renewing your LEI with us, you can choose between a 1-year, 3-year, and 5-year period.