The Legal Entity Identifier (LEI) is a 20-character alphanumeric code which is developed by the International Organization for Standardization (ISO). It combines with key reference information that allows for clear and unambiguous identification of legal entities involved in financial transactions.
Legal Entity Identifiers (LEI) are required for any legal entity that regularly involves financial transactions. Obtaining an LEI is easy, it involves choosing an appropriate registration service provider and completing an application.
How to obtain LEI?
An LEI can be obtained from the Local Operating Unit (LOU) or from the LEI Registration agent. Legal entities have to register their LEI through the service provider either through the LOU, Registration Agent or any other LEI service provider by filling out the registration form.
LEI Register offers a simplistic and convenient registration form without the need to register an account. This helps customers to quickly fill out the form either manually or by using company data autofill option. Company data auto fill option further enhances the user experience and speeds up the process of filling out the LEI registration form.
It is also possible to register for an LEU through the LEI Lookup website. LEI Lookup is a website dedicated to providing information about LEI codes, offering a comprehensive LEI Search tool, as well as Registration and Renewal of LEI codes. LEI Registration on the LEI Lookup site is quick and easy, also offering the entity data autocomplete function, as well as the possibility to input the data manually. Following are some key points to obtain LEI:
LEI Register accepts Netbanking, Bank transfer and Credit card. They accept all the major credit cards (VISA, MASTERCARD, AMEX, MAESTRO). If there are any difficulties paying with a credit card then contact leiservice.com .
2.Local Operating Units (LOU)
LEI issuersalso referred to as Local Operating Units (LOUs) which is supply registration, renewal and other services, and act as the primary interface for legal entities to obtain an LEI. LOUs work closely with registration agents, who help legal entities apply for LEI codes.
- Registration Agents(RA)
To further streamline the issuance of LEIs, GLEIF has introduced the concept of the ‘Registration Agent’. A Registration Agent helps legal entities to access the network of LEI issuing organizations responsible for performing LEI issuance and related services. LEI issuers are also referenced as Local Operating Units or LOUs.
Also, LEI renewal is a fairly similar process and is essentially identical to the LEI registration. The customer needs to fill out the form, either by entering company name or the LEI number to the LEI renewal form. Then, the company data is automatically added to the appropriate form fields. It is important to update all the information that has changed from the initial LEI registration (such as company phone number address etc.).
So, we have discussed about how to obtain LEI.However, LEI’sis help save money and time in the above steps taken to complete a digitalized financial transaction, such as verification of identity, invoicing and signing.
Krishna Murthy is the senior publisher at Finance XOD. He is not only the senior publisher but also the owner of Tricky Finance. Krishna Murthy was one of the brilliant students during his college days. He completed his education in MBA (Master of Business Administration), and he is currently managing the all workload for sharing the best banking information over the internet. The main purpose of starting Tricky Finance is to provide all the precious information related to businesses and the banks to his readers.