How to apply for an LEI?
LEI stands for Legal Entity Identifier. This is a 20-character code based on the ISO 17442 standard. If you are taking part in financial transactions such as trading with Forex, bonds, or stocks, an LEI number offers transparency by acting as a reference to vital information.
If you want to get an LEI in UK, read on to discover everything you need to know about making your application.
Do you need an LEI code?
Any legal entity that wishes to purchase or sell securities needs to register for an LEI code. This has been the case since the beginning of 2018.
How can I apply for an LEI code?
If you want to apply for an LEI code, the best thing to do is find a professional registration company that can process your application for you. You will typically need to fill in a short application form, and then you can receive your LEI code on the same day.
The sort of information that will be required includes:
- Legal entity name
- Applicant’s name
- Email address
- Contact number
- Legal address
- Company ownership information
Once you have provided this information, you can select your renewal period, for example, one year, three years, or five years. Accept the terms and conditions, and then you can send off your form so that the registration agent can review it.
If they are happy with the information provided, they will send you your LEI code. If further information is needed, they will get in touch with you.
Such registration agents will also be able to help you transfer or renew an LEI number if required.
How long does it take to apply for an LEI code and then receive it?
This all depends on the registration agent that you work with. The best thing to do is look on the company’s website, as they will outline the time frame for you.
In most cases, it will only take a few minutes to fill in the application. As you can see from the information in the previous section, only basic details are needed.
Once you have filled in the form, you will need to make your payment and wait for the agent to review your application. The best registration companies promise you that you will receive your LEI code within one working day.
When does my LEI code become valid?
Banks validate LEI codes via the GLEIF database, which means your LEI number is going to be valid once the database has been updated. This happens on a daily basis at 2 pm. To find out whether or not your LEI code is valid, simply head to the GLEIF database and search for it
Making an application for an LEI code
All in all, the process involved when applying for an LEI code is incredibly straightforward and does not take a lot of time. If you wish to purchase or sell securities, this is something you simply cannot afford to overlook.
