Legal Entity Identifier or LEI Code is a 20-digit alphanumeric code that helps identify a legal entity in a global database. Each company is assigned a unique code to assist in its identification in various matters of business use such as reporting of transactions, KYC checks, company registration or proof of identity.
Having a LEI code is generally required by the regulations and is a requirement of compliance in many countries and industries. In securities trading, for example, the SFTR regulation requires both the seller and the issuer to report the LEI during the process. Similarly, the CSDR stipulates that the Central Securities Depository is required to report transactions, and market participants will be required to identify LEI.
Who needs an LEI number?
Once we have identified how to obtain a legal entity identifier, we also need to know what is required for LEI. Legal Entity Identifier simplifies the process of identifying global business counterparts. By using LEI as a common identifier for all financial institutions, KYC, customer on boarding, AML certification and regulatory reporting processes have become more organized and efficient.
If you make a mistake, or leave out some important details, our registration team will contact you within one hour, usually through the contact details provided in Step 1 The LEI application form takes just a few minutes and any company representative can apply on behalf of the organization.
1. Click on the ‘Register New LEI’ button here. To get started, fill out your contact details as an applicant. If any additional information is required this information will be used to contact you and renewal reminders will be sent here.
2. Next, start filling in the details of the unit that requires LEI. This step includes information such as the address, director’s name, or the person legally responsible for the organization, such as the CEO, owner, or legal representative.
3. The next section ‘Level 2 Data’ gives you the opportunity to report parent company information. For example, if your company is a branch of a larger organization, or owned by another company, you may have that information displayed in the LEI record. However, this is not a legal obligation. If you wish to notify the legal parent company, please note that you will be asked to provide proof of this affiliation through credited accounts (ie annual reports).
4. The last section allows you to upload documents related to your application. When an LEI application is submitted, the data is matched with the data in the registry of the respective local companies.
If the company cannot be found, or the data does not match the registry, we may ask you to provide supporting documents.
Once the LEI request is submitted, the LEI request will go for verification, then just select your preferred payment method and complete the request. LEI uses our payment providers Stripe and PayPal worldwide. We also offer the ability to make bank transfers or SWIFT payments in any currency.
International trade in India is becoming increasingly lucrative. This means that local businesses need to position themselves strategically to get the most out of this trade. Getting LEI code is one way to establish your business in the global arena.