There are three ways you can obtain an LEI number.
But before getting into that here is a quick explanation of what an LEI number is.
The full form of the abbreviated term LEI is Legal Entity Identifier. It is a unique code that distinguishes one entity from another. It is a code of 20 alphanumeric characters. LEI is a useful code that references the key information of an entity. LEI codes answer “who is who” and “who owns whom”. These two pieces of information are enough to mark them and their transactions.
LEI is supported by Global Legal Entity Identifier Foundation also known as GLIEF. It has commissioned local operating units or LOUs for issuing the LEI numbers and that is why they are also known as LEI issuing organisations.
LEI is in place to increase transparency of transactions. The transparency of transactions will reduce the window dressing of entities and will help in risk assessment and risk avoidance.
Now let’s get into how to obtain a LEI number.
There are three ways to approach this.
Obtaining it through local operating units
The most basic thing that you can do is by applying for the LEI through local operating units. LOUs were created by GLEIF – Global Legal Entity Identifier Foundation – for issuing of the LEI numbers. It is literally impossible for one body to implement it locally, and that is why GLIEF made LOUs so that they can work locally.
LOUs are also called LEI issuing organisations.
Obtaining it through registration agents
Registration agents as the name suggests itself are people who help entities register for LEI code. GLIEF in order to simplify the process further introduced the concept of registration agents. Registration agents help the legal entities in connecting with local operating units. Their job is to make LOUs accessible to everyone. LOUs and Registration agents work very closely with each other in the registration of LEI.
Obtaining it through LEI Service Providers
Another way of obtaining LEI code is through LEI service Providers. One such service provider is LEI Service. With LEI Service, you do not have to go through the hassles of filling out the online application. The only thing you have to do is verify the details of your company. From there onwards, the matter will be taken care of and handled by the service providers. The LEI number will be in your hand in two to five working days.
Another benefit of obtaining it through a service provider is that it reduces the chances of committing errors in application.
Bonus – Can you do it yourself?
Filling out the online application can be done by yourself. However, if you are talking about issuing the LEI number then you have to be an authorized person.
So if you want to obtain a LEI number you can do it in three ways. You can obtain it through LOUs, through registration agents or with the help of LEI services providers such as LEI Service. Any authorized person from GLIEF can help you in issuing LEI code.No tags for this post.