LEI Lookup – Fully dedicated LEI search website
Legal Entity Identifier (LEI) codes are unique reference numbers used to identify legal entities across the globe. The LEI data includes the entity’s location, status, and information regarding the parental structure. The LEI Lookup website offers an excellent tool to facilitate the transparency of the LEI data, as it can be used to check any company data by simply typing in their LEI code or legal name.
The LEI database, which is managed by the Global Legal Entity Identifier Foundation (GLEIF), is completely transparent and accessible to everyone – regulators, businesses, and other entities – regardless if they possess an LEI code themselves. This guarantees transparency between the parties involved in any financial transaction. As the LEI codes are renewed each year, the database can be relied upon to display only up to date information.
The LEI Lookup website offers not only information about the LEI code and its uses but also a comprehensive Search tool, as well as LEI registration, transfer, and renewal service.
How does the LEI search work?
The LEI Lookup search tool has access to the complete GLEIF database and can be freely used by anyone. In order to find a company profile, it is easiest to search by its 20-character LEI code. If the LEI code is not available, it is also possible to search by the entity’s legal name. The LEI Lookup search tool implements an autofill feature, which offers partial matches to the search term after entering a couple of letters or words. Since many legal entities across the world can have the same or similar names, the legal jurisdiction, in which the entity is registered, is displayed as well, helping to narrow down the search results.
In addition to the LEI search function, LEI Lookup provides the possibility to Register, renew or transfer LEI codes as well. The LEI code registration, renewal, and transfer service is provided by LEI Register, a Registration Agent for Ubisecure Oy (RapidLEI) – a GLEIF-accredited Local Operating Unit.
LEI registration process explained
The LEI registration process takes only 2 minutes, provided that all the necessary information is at hand. If the entity is registered in the local Business Registry, much of the data might already be auto-filled. In the case of a Trust or Fund, the required data should be entered manually. In addition to the legal and headquarters address, the full name and email address of the applicant need to be provided, for contact purposes.
There are two levels of data associated with the LEI code. Level 1 data answers the question “who is who?” and the parental (Level 2) data “who owns whom?”, refers to the parental structure. If the entity is owned by another company (>50%) that is consolidating the financial statements, it can be reported as a parent.
In some cases, there might be a need for additional documentation to verify the entity data. The documents should confirm the legal entity name, address, and the names of the authorized representatives of the entity.
The prices displayed on the LEI Lookup Registration page (excl. VAT) are transparent and there are no hidden costs. The GLEIF surcharge is already included in the amount. It is possible to choose between a 1-, 3- or 5-year registration. The benefit of choosing a multiyear registration is not only a lower yearly rate but also peace of mind – LEI Lookup will take care of the yearly renewal and will make sure that the LEI remains active for the chosen period.
After completing the payment, the team performs a quick check of the data and submits the application. The data in the application will be verified against the local business registry. It can take a couple of minutes, up to a couple of hours to issue the LEI, in case everything matches.
LEI renewal is a simple process
Since the LEI code system prides itself on always providing accurate and up-to-date data, the LEI code is valid for 1 year, after which it needs to be renewed. If the LEI code is not renewed, its status will change from ‘ISSUED’ to ‘LAPSED’ and the entity is no longer able to take part in financial transactions.
Each legal entity can only be issued one LEI code – GLEIF performs rigorous duplicate checks in order to guarantee this. If there is any doubt that a legal entity might already have an LEI code, the LEI search is an excellent tool to check this! If an LEI code already exists, it should be Renewed, rather than a new one applied for.
The LEI code renewal is a simple process – there is no need to fill in the data of the entity again, as the fields will be automatically filled based on the LEI data. The LEI renewal is an excellent opportunity to make changes to the LEI data if applicable (changed address, changes in parental data). The data can also be changed any time during the year, just let LEI Lookup know, and the information will be updated by the team.
The costs of the LEI renewal are the same as for the LEI registration – with a multiyear renewal being the most cost-effective. LEI Lookup will in this case take care of the yearly renewal for the entity and make sure that there are no gaps in the LEI validity period – guaranteeing the entity’s ability to access financial markets and transactions.
LEI transfer for changing service providers
Since there are many different LEI service providers – LOUs – there might come a time that a switch in the service provider is necessary. LEI codes can be transferred from the management of one LOU to the care of another. The LEI code will stay the same, but the service provider will change. There could be many reasons for transferring the LEI, for example, dissatisfaction with the service or a better yearly LEI administration rate. The transfer of the LEI code is without cost, however, when the LEI needs to be renewed, the fee will be paid to the new LOU.
Since the transfer of the LEI code requires cooperation between the different LOUs, the transfer process can take up to 7 days.