We are a subscription based LEI code provider

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.

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.

 

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).

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.

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.

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.

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

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.

FastLEI is the first fully automated LEI service provider. FastLEI cooperates with the GLEIF accredited LEI issuer RapidLEI and is a service of LEI Register.

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.

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.

Example:

• 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.

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.

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.

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.

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).

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.

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.

 

An LEI code needs annual renewal. If the deadline has passed, your LEI will become inactive until renewed again. This renewal process is necessary to ensure the data in the Global LEI Pool is relevant and up to date. FastLEI offers monthly subscription based payment method in which after each transaction the company's data is automatically renewed. LEI number will never expire with FastLEI.

FastLEI issues your Legal Entity Identifier number within a couple of minutes to a few hours.

 

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.

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.

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.