The bank of the future will use LEIs and organizational identity to save time during onboarding, make processes more efficient and better understand the transactions it is asked to complete, creating a better safety net for the bank and the customers it works with. LEI pricing may vary by service provider. The price of an LEI has to do with the organization`s own pricing structure, not a «better performing» LEI code. The LEI is simply a tool to identify legal entities (participating in financial measures such as equity investments) in order to get a clearer view of global financial transactions in order to better understand the identification, transparency and risk exposure of financial counterparties. A legal entity is not limited to the use of an LEI issuer in its own country; Instead, it may use the registration services of any accredited and qualified LOU to validate LEI registrations in its authorized jurisdiction(s). The table below lists all GLEIF-accredited LEI issuers that provide LEI services by jurisdiction. Accredited LEI issuers have successfully completed the GLEIF accreditation program for associated jurisdictions, either for non-fund entities only or for non-financial entities and fund entities. To find out which LEI issuers in a given country provide services to entities other than funds, select the appropriate country from the drop-down list at the top of the table below. To find out which LEI issuers provide services to fund companies in a particular country, please select the relevant country from the drop-down list and be sure to check the «I want to register a fund» box.
If you are in the financial services industry, you must legally register your business for an LEI in order to comply with local regulations such as MiFID II, EMIR or to comply with your local reporting obligations. To find out if you fall into this category and need an LEI, please read our article Who Needs an LEI? Currently, only about 1% to 1.5% of units worldwide have an LEI. It is estimated that there are more than 100 million legal entities in the world. Newly accredited LEI issuer RapidLEI and DigiCert, the world`s leading provider of TLS/SSL certificates, recently announced a partnership to address enterprise identity issues by including LEIs in future DigiCert offerings. The LEI code can be retrieved as follows: – The LEI is associated with key reference information that allows a unique and unambiguous identification of legal entities involved in financial transactions. Self-registration requires an entity seeking to obtain an LEI to provide its LEI issuer with accurate reference data, i.e. publicly available information about legal entities identifiable by an LEI. Reference data includes: Banks are an example of companies that internally use different identifiers to identify the same customer. Suppliers associated with the bank may also use different identifiers. The LEI can reinforce some of these problems. Since 3 January 2018, legal persons must have a legal entity identifier when trading either on a trading venue (regulated market, multilateral trading facility, etc.) or outside a trading venue relating to transferable securities admitted to trading or traded on a trading venue or for which a request for admission to trading has been made: and transferable securities the underlying of which is a security traded on a trading venue or an index or basket consisting of securities traded on a trading venue.
LEI issuers – also known as local operating units (LOUs) – provide registration, renewal and other services and act as the primary interface for legal entities seeking to obtain an LEI. Only organizations duly accredited by the Global Legal Entity Identifier Foundation (GLEIF) are authorized to issue LEIs. Accreditation is the process by which GLEIF evaluates the suitability of organizations wishing to operate within the Global LEI System as LEI issuers. In addition, LEIs could help save money and time in the steps involved in completing a digitized financial transaction, such as identity verification, invoicing, and signing. An LEI links a legal entity to its most important reference information (name, location, etc.). An LEI identifies legal entities that participate in global financial markets for various supervisory purposes. To date, each identity system has different ways of using identifiers or identifying customers.