LEI 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 1m LEIs now in existence, the importance of timely renewal of your LEI(s) has increased. 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.
As your Local Operating Unit (LOU), we will send you an email renewal reminder 60 days, 30 days then 7 days before your renewal date. This email will contain a step by step guide on how to submit your renewal. You can submit your LEI for renewal up to 60 days before the renewal date.
Should you require any assistance with your renewal please fill your details in below: