What information do I need to submit?
The RapidLEI platform has been created following PbD (Privacy by Design) principles, meeting the needs of Europe’s General Data Protection Regulation (GDPR) regulation . Where possible we have minimized the level of input needed to apply for and LEI. We use multiple data sources to be able to make the experience positive and above all “Rapid”.
Initially, you’ll be required to set up an account, and for that, you’ll need a valid working email account. We’ll take your first and last name from a courtesy perspective for our communications to you, but apart from that we’ll try to complete as much of the heavy lifting as possible with public data. We present options to you to verify data rather than asking you to provide data. This helps with the overall accuracy or the request.
In order to correctly construct a FULLY_CORROBORATED Level 1 record you’ll need to be able to verify that the details we present to you are correct, such as company name, company number, legal/headquarters address. If applicable and you are part of an organization/group of related companies, you’ll have to present some evidence of ownership. It’s what we call Level 2 data. If you don’t have any parent entity details or are unable/not allowed to supply this data then this part of the process is rapid too.
Where can I download the Letter of Authorization?
In some case we may need to determine authority for applicants acting on behalf of legal entities to apply for and/or manage Legal Entity Identifiers on their behalf. If this is needed, the applicant will need to complete a Letter of Authorization (LoA). You can download the LoA below:
What information can people see from an LEI code?
The LEI code itself is just a number with no inbuilt intelligence. There’s another file which accompany’s each LEI which is presented in a standard format so it can be read and understood by multiple applications. This CDF (Common Data File) format file contains:-
- The Entity Legal Name.
- The Entity Legal Form (Now referred to a ELF)
- The Entity Legal Status expressed as either ACTIVE or INACTIVE
- The Registration Authority which is usually the business register where the Legal entity is formed
- The Legal Address and Headquarters addresses (Which may be the same)
- Date of the first LEI issuance
- Date of last update of the stored information
- Date and reason the LEI expires
- Optionally additional information if the LEI is DUPLICATED or ANNULLED or the Legal Entity is MERGED or RETIRED.
Can you provide a simple summary of the process I need to follow?
RapidLEI implements some very cool algorithms to ensure we identify the correct Company Name and Company Number at the start of the application process. This ground work ensures the remainder of the application process is efficient. Here are the basic steps.
- Create an account with your name and email address.
- Identify your company through our efficient search algorithms
- Pay the necessary fees (depending on whether the LEI is being issued, re-issued or imported)
- Allow us to gather all the necessary data we need in real time for you to simply check and confirm.
- Sign online or forward to an alternative signing authority the mandatory terms and conditions.
- Let us know the details of any parent entities (from an accounting point of view)
- Submit and we’ll check and issue, reissue or import your LEI.
The application process usually takes only a few minutes as we do all the heaving lifting for you and as we gather information in real time his simplifies the application process allowing us to verify and issue the LEI in minutes too.
Why do I need to verify two different addresses?
When published, LEI codes are delivered with an underlying Common Data Format (CDF) structure. This Legal Entity Reference Data (LE-RD) covers items such as Legal Entity Form, Legal Entity Status, Legal Name etc. LE-RD also has a concept of ‘Legal Address’ and ‘Headquarters Address.’ The Legal Address we require you to verify as part of the application process is the location where the entity is legally incorporated, whilst the Headquarters Address, is the location where the entity’s headquarters is physically located. In many smaller companies cases these are one in the same, however, many larger companies are able to provide more relevant data to entities who consume/use LEIs through these two addresses.
Who needs to agree to the Terms and Conditions?
Globally, LEI codes are issued to Legal Entities under terms and conditions flowed down from the Global LEI Foundation through the Local Operating Unit (LOU) / LEI Issuer to the Legal Entity. All RapidLEI needs to do, is to verify that an officer of the company signed the appropriate documents. We provide an enhanced signature process flow which can be easily signed by an Applicant (with Autority) applying for an LEI code, or forwarded/delegated to an alternative signer. If we can verify the name of the signer through the business registry, this speeds up the process considerably.
What is meant by Level 1 and Level 2 data?
When published, LEI codes are delivered with an underlying Common Data Format (CDF) structure. This Legal Entity Reference Data (LE-RD) covers items such as Legal Entity Form, Legal Entity Status, Legal Name and Legal Entity Address. The Global LEI Foundation refers to this as Level 1 data. i.e. Who is Who. Level 2 data was introdcued in May 2017 to provide details of Who own Whom. Where parents exisit (parenet being defined from an acocunting perspective) then Legal Entity Relationship Records (LE-RR)s are also deleivered in a CDF structure. If no Ultimate or Direct parents exist then Exception Records are necessary. Ideally LE-RR data delivers the LEI codes of parents as part of the data struction, however, in cases where an LEI has not yet been inssued to a parent then PRD (Parent Reference Data) is taken to help the GLEIF build a better picture of relationships to ensure enhancements to the GLEIS model are effective.
What investment do I need to make to be issued with an LEI code?
Time is money, both for you in the role of the Applicant and for RapidLEI in our role as the LEI issuer. Measuting the true TCO (Total Cost of Ownership), it is important to factor in the application process and not only our competative retail price. Whether you need a single LEI or you need multiple LEIs for alternative Legal Entities, the time and effort expended in applying for and maintaining the LEI remains a critical investment decision. This is where RapidLEI’s best practice workflows yeild true dividends. In many jurisdictions an LEI can be applied for in as little as 15 mouse clicks and an email address. In some cases our algrorithums are so effective you’ll not even need to type your company name!
I've heard about Duplicate LEIs. What does that actually mean?
After the collapse of the banking systems in 2008, the LEI system was conceived to offer transparency on a global basis. With a unique number being assigned to every legal entity worldwide being the eventual aim. As global trade and the pervasive nature of the Internet have broken down traditional trade barriers in the decade since the collpase, the requirement for an LEI type solution to many issues is growing. Uniqueness is key to the success and some organizations unwittingly apply for an LEI when one already exists. The mechanisms to detect Duplicates after issuance and during the application process is improving all the time. We all have a responsibility to ensure the underlying information in the application for the LEI is accurate. As RapidLEI utilses live look ups to the Business Registrys in the jurisdictions we support, we help ensure accuracy and therefore prevent potential duplicates from occuring.