How to Renew an LEI
What is an LEI renewal?
LEI renewal refers to the process of a Legal Entity Identifier (LEI) renewal for a new period. The LEI system is a global standard, designed to improve the transparency of financial transactions by providing an international framework for identifying legal entities participating in financial markets. That is why, in the world of global business, maintaining an active, renewed Legal Entity Identifier (LEI) is critical. LEIpapa has streamlined the process, making LEI renewal quick and easy for the user. This guide will walk you through why it’s crucial to keep your LEI active and how to renew an LEI seamlessly with LEIpapa.
For clients of LEIpapa: How to Renew an LEI
If your LEI is managed by RapidLEI and under the service of LEIpapa, you are in luck when it comes time to renew. We use a fast, automated process for LEI renewal – LEIs can be renewed in minutes and at a low cost.
Renewing an LEI with LEIpapa takes only a few minutes. Use your LEI Management account to directly renew:
Step 1: Log in to the app
Log into your LEIpapa account.
Step 2: Go to the Renew section
Navigate to the RENEW HERE section.
Step 3: Select your Entity
Select the Legal Entity Identifiers you wish to renew.
Step 4: Choose the Term (Duration)
Specify for how many years you want to renew an LEI code by selecting the option from the dropdown list.
LEI pricing depends on your chosen registration duration. Opting for multiyear registration and renewal can lead to significant savings on your annual LEI fees. When you decide to order LEIpapa services for multiple years, we’ll handle the annual LEI number renewals throughout the selected timeframe. Need more information on LEI costs? Read on to find out more.
Step 5: Provide info if anything has changed
The system will check for business data changes with your local business registry. If no changes are detected, your LEI will renew automatically. If the data no longer matches, you can provide such information, and vetting agents will assist and update the data, ensuring a smooth renewal process.
Press the Next button to move further.
Step 6: Proceed to Checkout
To submit your application, payment is required. The cost of renewal of a Legal Entity Identifier varies depending on the jurisdiction your company falls under, the company type, and the ownership structure. You will be charged the renewal rates displayed in your account.
LEIpapa utilizes automation to keep LEI registration costs low. These savings are passed on to customers through low LEI registration fees. Our pricing is transparent – you see LEI pricing here.
For clients of other LEI Issuers/LEI Registration Agents
If another service provider manages your LEI or is not managed by Ubisecure RapidLEI, you can transfer it to RapidLEI management and LEIpapa service. New clients will be charged the Legal Entity Identifier renewal rates displayed on our LEI pricing page. For bulk transfers and bulk discounts, get in touch with our team.
Receipt and publication of LEI
After the data is verified, your company’s Legal Entity Identifier will be updated. The LEI will be updated in the GLEIF database, making it accessible to the public for entities needing to search an LEI code.
The Importance of Renewing Your Legal Entity Identifier (LEI)
Legal Entity Identifier (LEI) is a unique identification code that represents your entity’s identity and provides transparency and standardization. To maintain its validity it must be renewed every year. If it is not renewed, the LEI status turns LAPSED, which will be indicated in the Global Legal Entity Identifier System (GLEIS) database. The renewal process involves verifying the entity’s information for any changes. This process of continuous data validation helps maintain the accuracy and reliability of the Global Legal Entity Identifier system.
A LAPSED LEI can cause a range of issues, from halted trades to non-compliance fines. To keep your LEI active in the Global Legal Entity Identifier System (GLEIS) database and to avoid any potential inconveniences or penalties, you must renew it each year.
Why should you keep your LEI active?
Keeping your LEI renewed and ACTIVE is the requirement of many regulations and the overall legal entity identity ecosystem. An ACTIVE LEI not only ensures seamless financial transactions but also reinforces your entity’s credibility in the global marketplace.
LEIpapa places a high priority on the LEI renewal process and works closely with you to ensure timely renewals. Our commitment to keeping your LEI active saves you the hassle of possible trade halts or non-compliance fines.
Renew LEI for multiple years to remove the risk
Annual LEI renewal can be time-consuming and risky, especially if the person usually responsible for renewing leaves the company. The last thing any organization wants is to find out if they have LAPSED LEIs when a trade is halted, or a non-compliance fine is received.
That’s why LEIpapa offers multi-year LEIs to make renewal easier. You can renew LEIs for up to five years in validity, and our systems automatically check for legal entity reference data changes at renewal. This approach reduces the risk of LAPSED LEIs.
With our multi-year LEI renewal plan, we will automatically check the accuracy of your record at the time of each renewal and ensure it never lapses. This approach saves time, mitigates risk, and offers financial advantages, creating a win-win situation for your company.
Conclusion
Navigating the global marketplace requires understanding the identity of an organization, so keeping your Legal Entity Identifier renewed and active is essential. By choosing LEIpapa as your service provider, renewing your LEI is a hassle-free and straightforward process, ensuring your company remains compliant, credible, and ready to do business on the global stage.
Should you need help renewing your LEI, do contact our team and we will be happy to help.