Why choose FastLEI?
- Free LEI number for up to 60 days with no commitment. Free subscription cancellation at any time.
- Receive your LEI number in minutes. Automated application processing time from 5 minutes to half an hour.*
- Automated monthly data checks from Companies House.
- Never worry about lapsed LEI or LEI renewals. As we renew your LEI data on a monthly basis the next renewal date is always pushed 1 month to the future. As long as the credit card is connected your LEI will never lapse.
- Automated application - Fastest Legal Entity Identifier service - Get your LEI number in 5 minutes*
*After the credit card details have been submitted and the applicant is the legal representative of the company according to Companies House.
What is the LEI cost?
- Free LEI number until 01-11-2020 (free for 43 days)
- Monthly subscription £5.90* - with each renewal the next renewal date is pushed 1 month to the future. LEI that will never lapse.
- First monthly payment on the 31-10-2020. You can cancel subscription at any time, even before the first payment date.
- After the free period you will be charged £5.90 on the last day of each month.
*VAT will be added if applicable
LEI Number Structure Explained
Legal Entity Identifier number is standardised ISO 17442 standard. Contains of 20 digits.
Identification for the LEI issuer (LOU - Local Operating Unit)
Unique characters for the entity assigned by LEI issuer according to transparent, sound and robust allocation policies.
Always have a value of 0
Check digits as described in the ISO 17442 standard
How much is LEI cost
We deliver LEI – Legal Entity Identifier – free of any charge.
- Free for up to 60 days (minimum 30 days, please check the calendar above).
- Monthly subscription £5.90 after the free period. Every renewal will push next renewal date 1 month to the future.
- Cancel the subscription at any time – your LEI will remain active until the “next renewal date”.
*VAT will be applied if applicable.
What is an LEI number
Legal Entity Identifier - LEI
- Global legal entity identifier number in a standardised form.
- Translates local business or tax registration number into one single global standard.
- Public database, accessible free of charge to interested parties.
- Unique identifier for an entity.
- Governed by the GLEIF - Global Legal Entity Identifier Foundation
- Endorsed by G20 countries.
FAQs REGARDING LEGAL ENTITY IDENTIFIER
What is the Legal Entity Identifier?
The Legal Entity Identifier is a unique, 20-digit code associated with a single legal entity in accordance with the ISO 17442 standard. The LEI is a reference data tool to standardize how a counterparty is identified on financial transactions.
LEI number does not replace the national registry code of a company.
Why is the LEI necessary?
LEI is needed to identify legal entities that are counterparties to securities transactions and it is used for transaction reporting purposes.
The Legal Entity Identifier connects a legal entity to its key reference information (name, location, etc.). The LEI number enables identifying legal entities participating in global financial markets for various supervisory purposes.
The global LEI helps regulators better monitor and analyze threats to financial stability. It also helps companies improve their internal management of operational risks and reduce costs in collecting, cleaning, and aggregating data, and in reporting data to regulators.
How is the LEI code related to securities transactions?
Since 3 January 2018, Legal Entity Identifier numbers have been used in reporting the securities’ transactions of investment service providers to supervisory authorities for identifying customers that are legal entities.
The legal entities engaged in securities transactions must have a legal entity identifier (LEI) before making the transactions with certain securities.
LEI number is needed for making transactions with instruments traded on trading venue (shares, bonds and derivatives).
Who needs an LEI number?
Both corporations and funds involved in financial transactions need the LEI. LEI is an identification code designed to recognize all of the entities and funds involved in financial transactions worldwide. Therefore, all corporations and funds that participate in financial transactions require an LEI code.
Who issues LEI number?
LEI issuers – also referred to as Local Operating Units (LOUs) – supply registration, renewal and other services, and act as the primary interface for legal entities wishing to obtain an LEI.
Assistance in applying for an LEI number or number may be received from official and non-official registration agents.
What is an LOU?
An LOU or Local Operating Unit is an organisation that has been authorised by GLEIF to issue Legal Entity Identifier codes. LOUs work closely with registration agents, who help organisations apply for LEI codes. A list of LOUs can be found here.
What is GLEIF?
GLEIF is an international organisation which is responsible for the functioning of the LEI number system and for monitoring LEI code issuers. The headquarters of GLEIF are located in Basel, Switzerland.
Its mission is to simplify and accelerate business transactions by providing a 360ᵒ view of the marketplace and to spread the benefits of LEI’s by increasing the adoption in both the public and private sector.
The website of GLEIF can be found at www.gleif.org
Who is a registration agent?
A Registration Agent helps legal entities to access the network of LEI issuing organizations responsible for performing LEI issuance and related services. The Registration Agent’s role in the Global LEI System is directly connected to the LEI issuing organization. The Registration Agent may choose to partner with one or more LEI issuing organizations to ensure its clients’ needs for LEI services are met.
For a detailed overview of registration agents, see here.
FastLEI is an LEI registration agent.
What is FastLEI?
Why is the LEI free?
FastLEI believes that it is highly important for the clients to receive their Legal Entity Identifier as fast as possible, since LEI number is a valuable element in nowadays financial markets.
Making the LEI free removes the hurdles of payment procedures, hence making the process of LEI code receival for our clients much quicker and more convenient.
How is the free period calculated with FastLEI?
FastLEI offers free of charge LEI period from 30-60 days.
The free period is calculated from the day of subscription to the next renewal date of the LEI code which is always the first day of the month after the next month.
- When the client subscribes from 01.01.2019, then the free period lasts until 01.03.2019 (60 days) which is the renewal date of that LEI code.
- When the client subscribes from 15.01.2019, then the free period lasts also until 01.03.2019 (45 days) which is the renewal date of that LEI code.
- When the client subscribes from 30.01.2019, then the free period lasts also until 01.03.2019 (30 days) which is the renewal date of that LEI code.
Please take a look at the calendar above.
Is the subscription cancellation free of charge?
Yes, there are no fees conducted when a client decides to cancel the subscription.
You can cancel subscription at any time, even before the first payment date.
Do investment service providers, such as banks, have the right to request an LEI number?
Investment service providers must request customers that are legal entities to provide all information which is necessary for submitting information about transactions to supervisory authorities. Such information includes Legal Entity Identifier number.
What happens if a customer does not provide an LEI number?
If a customer, who is a legal entity, does not provide the investment service provider with the necessary information, including an LEI number, for reporting a security transaction, the service provider will not be able to fulfil their legal reporting obligation. Consequently, the investment service provider may refuse to provide the service.
I have been issued an LEI number, but the bank says it is in inactive or invalid.
Banks and investment service providers verify the validity of LEI numbers from the GLEIF database. As GLEIF performs database updates once per day, the LEI number issued to you will be listed in the database on the following day from 14.00 CEST. For example, if your Legal Entity Identifier was issued today, it will be listed in the global database tomorrow from 14.00 (CEST).
Where can I check the validity of my LEI number?
The validity and information related to a Legal Entity Identifier number-code can be checked from the website of the umbrella association at www.gleif.org.
You can also check the validity of your LEI number by using our LEI search box.
Does each country have a distinct prefix for LEI numbers?
Legal Entity Identifier numbers are universal codes and are not tied to any specific country. Each LOU has its own identifier, which is contained in the first four numbers of the LEI code. LEI codes are valid worldwide regardless of the LOU that issued the code.
Why do I have to renew my LEI code?
How long does the LEI number application process take?
FastLEI issues your Legal Entity Identifier number within a couple of minutes to a few hours.
Is the LEI data publicly available?
Yes, the Legal Entity Identifier system is built on the principle of making the information publicly available. LEI-related company data (name, registry code, address, address of the principal office, country of registration, etc.) are accessible to everyone through the GLEIF website.
Any interested party can easily access and search the complete LEI data pool free of charge on the GLEIF website using the web-based LEI search tool developed by GLEIF.
Do I need to pay for a Legal Entity Identifier number?
FastLEI offers free LEI for up to 60 days with no commitment.
After the free period you will be charged £5.90 on the 20th of each month since FastLEI offers monthly subscription based payment method.
What happens if I do not have an LEI code or if it expires?
To fulfil their reporting obligation, investment service providers need their customers that are legal entities to have a valid Legal Entity Identifier code. Before carrying out any securities’ transactions, investment service providers verify the existence of a valid LEI code.