LEI Register Canada - LEI number registration agency
LEI NUMBER COST
Renewal cost of the LEI number for one year $ 95
* Prices are in CAD
** 0% GST/HST
*** The invoice will be sent after the assignment of the LEI
Legal Entity Identifier in simple terms
- LEI number - a unique number / code to identify a legal entity. It can also be used as an international company registration number.
- A unique identification code (LEI number) for companies which trade with securities.
- Every deal conducted in the markets will connect to the other counterpart with an LEI number.
- Regulators (such as Central Banks) use it to oversee financial markets. LEI number connects financial markets, companies and regulators.
- Legal Entity Identifier is endorsed by the G20 countries.
- The Legal Entity data related to the LEI is free of charge and accessible from the GLEIF database.
- The issuing of an Legal Entity Identifier is conducted under GLEIF-accredited LOUs.
- GLEIF - Global Legal Entity Identifier Foundation. Endorsed by the G20 countries and created by the Financial Stability Board. Governed by the LEI Regulatory Oversight Committee (LEI ROC)
- Remember, NO LEI, NO TRADE.
LEI number - what do the numbers and letters represent?
LEI number is standardised with ISO standard 17442. It consists of a combination of 20 numbers and letters.
- First, four numbers always show the identity of the LOU which has initially issued the LEI.
- Numbers 5 and 6 have always a value of zero.
- Numbers/Letters seven to eighteen are unique identifiers to each entity.
- Final 2 digits are the checksum. They are for verification purposes.
LEI number connects the dots.
The vision of the Global Legal Entity Identifier Foundation is to have one universal registration number for all entities around the world. This is an identifier for the entities that would provide standardised and high-quality and free reference data for the consumer.
"We believe that ultimately there should be one identity behind every business. Having an LEI will help to achieve this objective."
The future of LEI number and why should I apply now!
There are a number of possible use cases where Legal Entity Identifier number can become useful.
LEI has already been adopted as the identificator for large corporate borrowers in Canada. It is very likely that other countries across the globe will follow. It will help to understand the total financial health of the larger corporate borrowers. In fact, the European Central Bank is already using the LEI code as one identificator with Ana Credit reporting.
Global Legal Entity Identification number or a global business registration number. As the database is up to date and free of charge for the customer, this will give a better understanding with whom we do business with. It will also ease the onboarding process for the banks and financial service providers.
Quick and efficient identification of online businesses and e-commerce providers. As e-commerce grows it will give us a quick overview with whom we are going to order merchandise. One click on the LEI number will give you the full company data.
Many new use cases are being developed rapidly: such as site seals, Legal Entity Identifier in SSL certificates etc.
Who can issue the LEI numbers?
The Issuance of Legal Entity Identifiers is governed by the GLEIF. The GLEIF is the foundation which controls the issuance of LEI codes, but the GLEIF does not itself issue them. They are instead issued through a network of government-owned and private companies acting as Local Operating Units. Their main purpose is to supply registration, the renewal of LEI's, and act as a gateway for organisations that wish to obtain an Legal Entity Identifier. Full list of Local Operating Units can be found from the GLEIF webpage.
LEI Register acts in cooperation with several LOUs. LEI Register is as an LEI Registration Agent. Our task is to help organisations and public entities obtain reliable information about the Legal Entity Identifier and manage communication between LOUs and entities wishing to apply for a Legal Entity Identifier code. We validate data provided from publicly available databases such as the national Business Register, etc. The full list of business and other registers can be found from the GLEIF Registration Authorities list. Find out more information about Registration Agents.
FAQs regarding LEI numbers
What is the LEI number?
The LEI number is a global 20-character alphanumeric number for identifying legal entities. Each Legal Entity Identifier number is unique: it is assigned to each legal entity once and may not be assigned to any other entity. The LEI number or code is an exclusive identifier, as each legal person is only issued a single LEI number.
The Legal Entity Identifier number does not replace the national registry code of a company.
Why is the LEI necessary?
The Legal Entity Identifier connects a legal entity to its key reference information (name, location, etc.). The LEI number enables identifying legal entities participating in global financial markets for various supervisory purposes.
For example, LEI numbers are already being used under the European Market Infrastructure Regulation (EMIR) for identifying counterparties to over-the-counter derivatives’ transactions. On 1 November 2017, with the application of the Implementing Regulation (EU) No. 2017/105, using an LEI code was made mandatory for reporting all derivatives’ transactions.
Since 1 January 2017, all issuers have been required to have an LEI number for improving access to regulatory information.
What does the LEI have to do with securities’ transactions?
Since 3 January 2018, LEI numbers have been used in reporting the securities’ transactions of investment service providers to supervisory authorities for identifying customers that are legal entities. These transaction reports are used for identifying and investigating market abuse as well as for monitoring transactions and the activities of investment service providers on securities’ markets. The format of the report is established by an implementing regulation of the European Commission.
Who is required to have an LEI number?
Since 3 January 2018, legal entities are required to have a Legal Entity Identifier number if they carry out transactions either in a trading venue (regulated market, multilateral trading facility, etc.) or outside a trading venue in connection with securities which are admitted to trading or traded on a trading venue or for which a request for admission to trading has been made, as well as securities where the underlying is a security traded on a trading venue or an index or basket composed of securities traded on a trading venue.
Do investment service providers, such as banks, have the right to request an LEI number?
Investment service providers must request customers that are legal entities to provide all information which is necessary for submitting information about transactions to supervisory authorities. Such information includes Legal Entity Identifier number.
What happens if a customer does not provide an LEI number?
If a customer who is a legal entity does not provide the investment service provider with the necessary information, including an LEI number, for reporting a security transaction, the service provider will not be able to fulfil their legal reporting obligation. Consequently, the investment service provider may refuse to provide the service.
Who issues LEI numbers?
Legal Entity Identifier number applications may be submitted to authorised Legal Entity Identifier operators. LEI numbers are issued by LOUs (Local Operating Units). Assistance in applying for an LEI code or number may be received from official and non-official registration agents.
I have been issued an LEI number, but the bank says it is in inactive or invalid.
Banks and investment service providers verify the validity of LEI numbers from the GLEIF database. As GLEIF performs database updates once per day, the LEI number issued to you will be listed in the database on the following day from 14.00 CEST. For example, if your Legal Entity Identifier was issued today, it will be listed in the global database tomorrow from 14.00 (CEST).
Where can I check the validity of my LEI number?
What is GLEIF?
What is an LOU?
Who is a registration agent?
A Legal Entity Identifier registration agent is a company or organisation that provides assistance in applying for LEI numbers. For a detailed overview of registration agents, see here.
We as LEI Register is an LEI registration agent, in recognition of which it has been authorised by GLEIF to use its identifiers.
Does each country have a distinct prefix for LEI numbers?
Legal Entity Identifier numbers are universal codes and are not tied to any specific country. Each LOU has its own identifier, which is contained in the first four numbers of the LEI number. LEI numbers are valid worldwide regardless of the LOU that issued the code.
Why do LEI numbers need to be renewed?
How long does the LEI number application process take?
LEI Register normally issues your Legal Entity Identifier number within 1–24 hours from the moment of payment for the application.
LEI Register issues your Legal Entity Identifier number within 24 hours at the latest (if payment has been received and the company submits any necessary additional documents promptly).
Is LEI-related information public?
Yes, the Legal Entity Identifier system is built on the principle of making the information publicly available. LEI-related company data (name, registry code, address, address of the principal office, country of registration, etc.) are accessible to everyone through the GLEIF website.
Do I need to pay for a Legal Entity Identifier number?
What happens if I do not have an LEI code or if it expires?
To fulfil their reporting obligation, investment service providers need their customers that are legal entities to have a valid Legal Entity Identifier code. Before carrying out any securities’ transactions, investment service providers verify the existence of a valid LEI code.