LEI Annual Renewal Process

 

Read our step by step guide to the annual renewal process

One of the key benefits of the Legal Entity Identifier is the annual renewal and verification of the data, ensuring trustworthy high quality data. The quality of this data means that firms can rely on it to reduce counterparty risk and improve their operational efficiencies. 

With over 400,000 LEIs now in existence, the renewal process can take some time. Firms are required to contact their Local Operating Unit with updated information, who then in turn manually re-verify the data. With this in mind firms are being encouraged by the Global Legal Entity Identifier Foundation (GLEIF) to take action early. Any LEI that is not actively re-verified within one year of its creation will become ‘lapsed’, potentially providing complications when it comes to certain regulatory reporting regimes. and in some cases will affect organisations ability to trade.

GLEIF have written a blog to help firms understand the LEI renewal process and the potential consequences of lapsed data. For more information please see their blog here.

Should you require any assistance with your renewal please fill your details in below