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, managed by the Global Legal Entity Identifier Foundation (GLEIF), is entirely transparent and accessible to regulators, businesses, and other entities, regardless of whether they possess an LEI code. 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 information about the LEI code and its uses, a comprehensive search tool, and 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. To find a company profile, searching by its 20-character LEI code is easiest. Searching by the entity’s legal name is also possible if the LEI code is unavailable. The LEI Lookup search tool implements an autofill data feature, which offers partial matches to the search term after entering a couple of letters or words. Since many legal entities worldwide can have the same or similar names, the legal jurisdiction in which the entity is registered is also displayed, helping narrow the search results.
In addition to the LEI search function, LEI Lookup allows the registration, renewal, or transfer of LEI codes. LEI Register, a Registration Agent for Ubisecure Oy (RapidLEI), a GLEIF-accredited Local Operating Unit, provides the LEI code registration, renewal, and transfer service.
2-minute registration process
The LEI registration process takes only 2 minutes, provided all the necessary information is available. 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 applicant’s full name and email address must 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%) consolidating the financial statements, it can be reported as a parent.
In some cases, additional documentation might be needed to verify the entity data. The documents should confirm the legal entity name, address, and the names of the authorised representatives of the entity.
The prices displayed on the LEI Lookup Registration page (excl. VAT) are transparent, with no hidden costs. The GLEIF surcharge is already included in the amount. Choosing between a 1-, 3- or 5-year registration is possible. The benefit of selecting a multiyear registration is a lower yearly rate and peace of mind – LEI Lookup will take care of the yearly renewal and ensure that the LEI remains active for the chosen period.
After completing the payment, the team quickly checks 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.
Simple renewal process
Since the LEI code system prides itself on consistently providing accurate and up-to-date data, the LEI code is valid for one 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 can no longer participate in financial transactions.
Each legal entity can only be issued one LEI code – GLEIF performs rigorous duplicate checks 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 entity’s data again, as the fields will be automatically filled based on the LEI data. The LEI renewal is an excellent opportunity to change the LEI data if applicable (changed address, changes in parental data). The data can also be changed at any time during the year. Just let LEI Lookup know, and the team will update the information.
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 ensure there are no gaps in the LEI validity period – guaranteeing the entity’s ability to access financial markets and transactions.
Transferring to a different service provider
Since there are many different LEI service providers – LOUs – there might come a time when 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 transferring the LEI code requires cooperation between the different LOUs, the transfer process can take up to 7 days.