How soon can I expect to receive the LEI number?
When applying for a new LEI, the processing time can vary from minutes to 24 hours, while renewal and transfer applications may require more time.
LEI processing
Companies registered on MBR without Parental (Level 2) data can expect new LEI numbers to be processed within 1-3 hours, given that no additional information is required and the application is submitted by an authorised individual (active officer on MBR).
On the other hand, please note that renewal or transfer applications may have a processing time of up to 7 days starting from the moment we receive payment and a signed Letter of Authorisation.
Renewal applications are prioritised based on the next renewal date of LEI numbers. Clients whose LEIs are about to lapse are processed first.
Factors affecting LEI processing
- Completeness and accuracy of application: Providing all the required information accurately and thoroughly in your application can expedite processing. Incomplete or incorrect information may cause delays, as our team may need to seek clarification or additional documentation.
- Third-party verification: Our process includes verifying the provided information with external sources like company registries (e.g., MBR) or other GLEIF accredited databases. Delays may occur if there are complications with the third-party websites and the verification process takes longer than expected due to factors beyond our control.
- Payment processing: Any delays in payment processing can lead to a delay in obtaining the LEI. When paying by bank transfer, we typically request your payment confirmation to expedite the process, as bank transfers may take a few days to reach our account.
- Regulatory changes or updates: Occasionally, changes or updates in regulations may impact the processing time for LEIs. We strive to stay updated with any regulatory changes and adjust our processes accordingly, but delays may occur during transition periods.
How to get the LEI faster
- Have the entity’s legal documents ready if we need them for additional verification.
- LEI numbers must be applied by an authorised person. Otherwise, a Letter of Authorisation will be required.
LEI database updates
The Global Legal Entity Identifier Foundation (GLEIF) manages a network of organisations responsible for issuing LEI codes. Their role is to ensure the quality of LEI data and make the service and data pool accessible to everyone.
When you register for an LEI, the code typically becomes available in the GLEIF database within 24 hours following GLEIF’s database updates.
Bank databases are connected to GLEIF, meaning your LEI cannot be used until the database has been updated. If you need to expedite a transaction, we suggest contacting your bank and providing them with the confirmation of LEI issuance, which often serves as valid proof.
