Questions and Answers

Transferring LEIs between service providers usually takes 3-5 business days but can sometimes move quicker. Please note that we may contact you to obtain a written signature to confirm authorization in order to proceed with the transfer. LEI transfers between user accounts are usually processed within 1 business day.

Challenging a record will trigger a review of the record to determine the validity of the updated information being submitted. This will allow users to indicate updates to their LEI-data at no cost to the user. You will need to notify us if the Legal Entity has a name change, legal address has updated so we can ensure we are publishing accurate information. If any of your reference data has changed, you can trigger a challenge once logged into your account under 'Challenge'. Please provide the LEI and describe the type of change.

Your LEI will be renewed once payment has been received. If the validation team require any documentation to complete the LEI renewal you will be contacted. You will receive a confirmation email once your LEI has been renewed.

Issued and Lapsed are the two most common statuses that an LEI can have. An 'Issued' LEI is active and valid for transaction reporting. A 'Lapsed' LEI is no longer active but can be renewed. An LEI will expire and become inactive ('Lapsed') if it is not renewed annually.

All applications will be processed once payment is received typically around 1-2 business days. To ensure a smooth and fast issuance, please ensure the correct Power of Attorney (PoA) is signed and submitted, and that all company information is accurately provided in the order.

The primary usage of LEIs is for banks' regulatory reporting of clients' securities- and derivatives transactions to financial supervisory authorities. The reporting is a legal consequence of the introduction of two main financial EU regulations, the European Market Infrastructure Regulation (EMIR) and the Markets in Financial Instruments Direct II (MiFID II/MiFIR). Most often, companies are encouraged by their bank to apply for a Legal Entity Identifier (LEI), as it is a requirement for fulfilling the bank's regulatory reporting obligations related to their clients' financial transactions.