The LEI number is based on the ISO 17442 standard and assigned only to a single Legal Entity on a global basis. The system is maintained and operated by the Global LEI Foundation (GLEIF) and the ability to issue LEIs is only awarded to a limited number of organizations (like RapidLEI) passing a stringent accreditation process who then become LEI Issuers (formally known as LOUs – Legal Operating Units).
What is a Legal Entity Identifier (LEI) number?
A Legal Entity Identity (LEI) number is a unique 20-character alphanumeric string (i.e. 529900T8BM49AURSDO55) used to distinctly represent a Legal Entity (company, organization, firm, government body, trust, fund, etc) on a worldwide basis. Once issued the LEI number can be used to represent the entity in financial transactions or organization identity assurance use cases. LEIs are required by all parties participating in regulated transactions and provide a publicly available verifiable source of ‘who is who’ (organization identity) and ‘who owns whom’ (organization group structures).
Watch this short video to learn all about LEIs:
Who needs an LEI Number?
1.6 million organisations, trusts and funds now have Legal Entity Identifiers (LEI). The LEI is firmly established as the global code to identify ‘who is who’, and ‘who
LEIs are required for many financial regulations such as MifID II, MiFIR, Dodd-Frank Act, EMIR and more. Organizations attempting to trade under these regulations without an LEI Number will be unable to transact, or risk being fined. There are over 100 regulations requiring LEIs, with additional regulations mandating inclusion going live every month.
Because LEIs contain valuable, accurate and transparent identity data attributes, the LEI enables high levels of trust in an organization’s legitimacy and identity. Increasing numbers of data providers and credit check organizations utilize LEIs in Know-Your-Customer (KYC) onboarding and client refresh processes.
More info: Why do I need an LEI Infographic
No LEI, No Trade!
WHY DO YOU NEED A LEGAL ENTITY IDENTIFIER?
A Legal Entity Identifier (LEI) is a 20-character globally recognized organization identifier. The LEI code is endorsed by the G20 as the most important global identifier. Organizations should have LEIs to be compliant with regulation, enable trust in their identity and assert their legitimacy. Here are our main reasons to get an LEI:
RapidLEI has developed a free LEI Number Search application. You can use the application to find who owns an LEI, it’s status, and the LEI reference data associated with the LEI number holder. If you need to search for an LEI by company name or other attributes, we recommend you use the GLEIF 2.0 Search application.
You can use our LEI Number Search application to find out the current status. We connect to the global LEI database to check, and depending on status our system will then help you renew or apply.
From 3rd January 2018 it will be a requirement for UK Small self-administered pension schemes (SSAS) to obtain LEI numbers. SSAS fall under MIFID II LEI requirements. SSAS trustees or investment firms managing the pension scheme are responsible for obtaining an LEI. If you are either a trustee or an investment firm, RapidLEI can help you easily manage LEIs in a single account.
About the RapidLEI service
RapidLEI is Ubisecure’s LEI issuance and management service. Ubisecure is a GLEIF accredited LOU (Legal Operating Unit). As of July 2020, only 33 organizations globally are accredited to issue official LEIs, and Ubisecure is one of them. RapidLEI has innovated disruptive automation technology in the LEI application process workflows to make registering, issuing, renewing and publishing LEIs extremely easy and very rapid. Our algorithms do the heavy lifting for the LEI registration – our systems connect directly to the business registries to provide automated workflows and improve data accuracy. RapidLEI modernizes the LEI process to lower the costs associated with issuing and managing LEIs in both small and volume numbers.
RapidLEI is positively disrupting the LEI ecosystem thanks to our investments in automation, extended partner ecosystem, new use cases, enterprise & banking LEI solution, and our modern LEI API. Quarter after quarter the GLEIF cites RapidLEI/Ubisecure as the fastest growing LEI issuer.
The LEI API reference documentation is publicly available in our LEI Developers area.
You can buy LEI numbers from RapidLEI directly, or you can buy from our global network of dozens of Registration Agent partners. RapidLEI has a partner-first approach and we work only with Registration Agent partners who add local expertise such as language support, regulatory understanding, currency support and more. If you wish to become a Registration Agent, speak to your LEI Partner Team.
What is the future for LEIs?
Being an accredited Legal Identity Identifier issuer is core to Ubisecure’s mission. We are focused on developing services to automate the interactions & assurances within the three identity domains: individuals, organizations & things. The Ubisecure Identity Platform is used in nationwide solutions to enable the use of strong identity, secure identity data and improve customer experience.
LEIs are the best good solution to solving the issues associated with the less standardised, and less mature organizations domain to improve KYC, digital assurance and more.
Support for LEIs in the Ubisecure Identity Platform and Identity APIs open many new use cases for LEIs as the central identifier to how organizations can interact and trust each other, assign rights to represent, and be trusted by their customers. You can read more about our vision for LEIs at www.ubisecure.com/right-to-represent/
Who may NOT apply for an LEI?
An LEI may not be requested by any of the following:
- Operating divisions
- Branch offices within the same country as a head office already having an LEI
These entity types should all utilize the LEI of their parent or Head Office organization.