LEI is short for Legal Entity Identifier. You may see LEIs referred to as LEI Codes or LEI Numbers. An LEI is defined as a unique 20-character alphanumeric string (e.g. 529900T8BM49AURSDO55) and the code represents a Legal Entity such as company, organization, firm, government body, trust, or fund.
Each unique LEI Code is published in the Global LEI System (GLEIS) database – essentially a public global directory of millions of organizations. LEI Search services access the database to lookup the LEI and link to identity reference data about the organization. An LEI record contains information such as the company name, address, incorporation status, and whether they are owned by, or own, other organizations.
LEI reference data can be used to provide identity assurance in financial transactions, KYC (Know Your Customer), client onboarding and other organization identity use cases.
The LEI number is based on the ISO 17442 standard and each LEI is assigned only to a single Legal Entity, even across different geographical jurisdictions.

A Legal Entity Identifier code may be obtained for any of the following ‘Legal Entities’:

*As a general rule, a Business Registry will usually bestow a status of “Good Standing” to a business which maintains accurate information within the registry and completes any annual filing requirements.
A Legal Entity does NOT have to be in Good Standing to be issued with a Legal Entity Identifier, but MUST be ACTIVE. i.e. Legal Entities which have been struck off, merged, withdrawn or de-registered will be unable to receive or renew their identifier number.
** A branch office within an alternative jurisdiction/state, but still within the same country as the head office is not eligible as only one LEI per country can currently be issued.

To apply for an LEI number for your organization, trust or fund, you must use a GLEIF accredited LOU (Legal Operating Unit) / LEI Issuer. The LOU provides the registration services, and will verify the legal entity reference information. When the application is verified, the LOU publishes the issued LEI to the GLEIF database.
RapidLEI is a GLEIF accredited LOU and offers direct LEI registration, transfer, and renewal services for LEI numbers and bulk LEI registration. RapidLEI also operates a global network of Registration Agent (RA) partners that offer localized LEI registration services such as language support, local payment acceptance, and localized entity reference data expertise.
RapidLEI makes applying for LEI numbers very easy and very fast. The online LEI application form requires only your company name and locality, and from there we connect directly to your local business registries to auto-fill the remainder of the application.
The RapidLEI logic automatically verifies the accuracy of the entity reference data in real-time, leading to the highest LEI data quality rates in the LEI ecosystem. RapidLEI issues LEIs 24/7 in just minutes, including weekends, and if needed our local validation experts are always on hand to assist. Registering LEIs with RapidLEI or our RA Partners costs a nominal fee (highly competitive vs other LOUs) with volume discounts available.

The RapidLEI platform has been created following PbD (Privacy by Design) principles, meeting the needs of Europe’s General Data Protection Regulation (GDPR) regulation . Where possible we have minimized the level of input needed to apply for and LEI. We use multiple data sources to be able to make the experience positive and above all “Rapid”.
Initially, you’ll be required to set up an account, and for that, you’ll need a valid working email account. We’ll take your first and last name from a courtesy perspective for our communications to you, but apart from that we’ll try to complete as much of the heavy lifting as possible with public data. We present options to you to verify data rather than asking you to provide data. This helps with the overall accuracy or the request.
In order to correctly construct a FULLY_CORROBORATED Level 1 record you’ll need to be able to verify that the details we present to you are correct, such as company name, company number, legal/headquarters address. If applicable and you are part of an organization/group of related companies, you’ll have to present some evidence of ownership. It’s what we call Level 2 data. If you don’t have any parent entity details or are unable/not allowed to supply this data then this part of the process is rapid too.

RapidLEI implements advanced algorithms to ensure we identify the correct Company Name and Company Number at the start of the application process. This ground work ensures the remainder of the application process is efficient. Here are the basic steps.

The application process usually takes only a few minutes as we gather information in real time. When published, LEI numbers are delivered with an underlying Common Data Format (CDF) structure. This Legal Entity Reference Data (LE-RD) covers items such as Legal Entity Form, Legal Entity Status, Legal Name etc. LE- RD also has a concept of ‘Legal Address’ and ‘Headquarters Address.’
The Legal Address we require you to verify as part of the application process is the location where the entity is legally incorporated, whilst the Headquarters Address, is the location where the entity’s headquarters is physically located. In many smaller companies cases these are one in the same, however, many larger companies are able to provide more relevant data to entities who consume/use LEIs through these two addresses.

When published, LEI codes are delivered with an underlying Common Data Format (CDF) structure. This Legal Entity Reference Data (LE-RD) covers items such as Legal Entity Form, Legal Entity Status, Legal Name and Legal Entity Address.
The Global LEI Foundation refers to this as Level 1 data. i.e. Who is Who. Level 2 data was introduced in May 2017 to provide details of Who own Whom. Where parents exist (parent being defined from an accounting perspective) then Legal Entity Relationship Records (LE-RR)s are also delivered in a CDF structure. If no Ultimate or Direct parents exist then Exception Records are necessary.
Ideally LE-RR data delivers the LEI codes of parents as part of the data structure, however, in cases where an LEI has not yet been issued to a parent then PRD (Parent Reference Data) is taken to help the GLEIF build a better picture of relationships to ensure enhancements to the GLEIS model are effective.

Time is money, both for you in the role of the Applicant and for RapidLEI in our role as the LEI issuer. Measuring the true TCO (Total Cost of Ownership), it is important to factor in the application process and not only our competitive retail price.
Whether you need a single LEI or you need multiple LEIs for alternative Legal Entities, the time and effort expended in applying for and maintaining the LEI remains a critical investment decision.
This is where RapidLEI’s best practice workflows yield true dividends. In many jurisdictions an LEI can be applied for in as little as 2 minutes, 15 mouse clicks and an email address. In some cases our algorithms are so effective you’ll not even need to type your company name.

An Introduction to LEI Renewals
To keep an LEI active, it must be renewed every year. If an LEI is not renewed, it falls into the ‘lapsed’ category and the Legal Entity’s database record in the GLEIS database will show a lapsed LEI status. RapidLEI uses a fast, one-click automated process to renew an LEI. Renewing an LEI with RapidLEI takes only a few minutes.

Difference between renewing and transferring an LEI
There is an important distinction to make when renewing an LEI. Renewal can only take place with the LOU (LEI Issuer) that currently manages the LEI. If you wish to change who manages your LEI, you must transfer it to your chosen LEI Issuer.
Find renewal instructions below for both existing RapidLEI customers and organizations that wish to renew with RapidLEI, but currently have LEIs managed by other LEI Issuers:

Existing RapidLEI customers:

currently managed via another LOU / LEI Issuer:

It’s important to renew Legal Entity Identifiers every year. The LEI record should always represent accurate, live, and up to date Legal Entity data. Failing to renew an LEI record on an annual basis may render it non-compliant with certain regulatory requirements, leading to “no LEI, no trade” or financial penalty situations. Not renewing a Legal Entity Identifiers will cause it to LAPSE. A Status of LAPSED in the Global LEI Foundation (GLEIF) database reflects on your corporate branding and may well prevent your organization from successfully transacting/reporting in the future.

Yes, multi-year options help avoid lapsed LEIs. We recommend that you choose multi-year (2-5 years) when renewing your Legal Entity Identifier. There are two compelling reasons to choose multi-year:

LEIs can be renewed up to 45 days before expiration. Your main RapidLEI dashboard will show you which LEIs to renew before lapsing. Do not worry about losing remaining time when renewing early. Remaining time is added to the next expiry date.

Your Legal Entity Identifier (LEI) must be renewed annually to remain ACTIVE. Failure to renew it will put the LEI into a LAPSED status in the Global LEI System index. Lapsed status is not good for your organization, it could mean transactions are blocked or the risk of non-compliance fines.

Transferring lapsed LEIs
If your lapsed LEI is under the management of another GLEIF LOU, it must first be transferred to RapidLEI management. We have developed a streamlined LEI transfer process that operates within the rules of GLEIF transfers.

LEI Definition - reference data
The Global Legal Entity Identifier Foundation (GLEIF) publishes and maintains the Global LEI Index. The index is a global, entity identifier database. LEIs issued by LOUs are added to the LEI Index daily. An LEI Lookup accesses the organization’s associated LEI Data Record – including a historical record of:

Anyone can access and search the LEI index (entity identifier database) on the GLEIF website using the web-based LEI search tool.

The Global LEI Foundation (GLEIF) is a not for profit body established by the Financial Stability Board (FSB) and overseen by the LEI Regulatory Oversight Committee (LEI ROC). The GLEIF is tasked with managing the Global LEI System (GLEIS).
The GLEIF is tasked with running the system on a global basis ensuring consistency and accuracy through data quality programs, reporting and their open data policy.
RapidLEI is a service provided by Ubisecure. Ubisecure is a Local Operating Unit (LOU) accredited by the GLEIF. RapidLEI works closely with Registration Agents (RA) and Validation Agents (VA) – organizations approved by the GLEIF to register LEIs in partnership with an accredited LOU.
The FSB (Financial Stability Board) and the G20 (Group of Twenty) have endorsed the LEI, Global LEI system and the Global LEI Foundation.

The LEI code itself is just a number. There’s another file, or LEI data record, which accompanies each LEI which is presented in a standard format so it can be read and understood by multiple applications. This CDF (Common Data File) format file contains:-

Over 2 million organizations, trusts and funds now have LEI codes (see the full LEI statistics for more detailed data). It is firmly established as the global code to identify ‘who is who’, and ‘who owns whom’.
LEIs are required for many financial regulations in financial markets 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 Legal Entity Identifiers, with additional regulations mandating inclusion going live every month.
Because they 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 Legal Entity Identifiers in Know-Your-Customer (KYC) and client onboarding processes.

RapidLEI has developed a free LEI Search application.
You can use the application to find who owns an LEI, its status, and the reference data associated with the LEI number holder. If you need to search for an Legal Entity Identifier by company name or other attributes, we recommend you use the GLEIF 2.0 Search application.

RapidLEI is a Legal Entity Identifier issuance and management service created and managed by Ubisecure. Ubisecure is a GLEIF accredited LOU (Legal Operating Unit).
Only a small number of organizations globally are accredited to issue official LEIs. GLEIF accredited LOUs are required to meet well defined standards of service and quality, to maintain free and open access to LEI reference data.
RapidLEI has innovated automation technology in the LEI application process workflows to make registering, issuing, renewing and publishing LEIs extremely easy and by definition, rapid.
Our algorithms do the heavy lifting for the registration – our systems connect directly to official business registries in dozens of different jurisdictions to provide automated workflows and improve data accuracy.
RapidLEI’s modern approach lowers the costs associated with issuing and managing LEIs – both in small and volume numbers.

The refund period as detailed under the GLEIF RA Governance Framework will be honoured appropriately.