- How do I apply for an LEI Number?
- What information do I need to submit for an LEI?
- How do I buy an LEI from a RapidLEI local Registration Agent?
- How do I register LEIs in bulk or large volumes?
- Is there an LEI Issuance API to automate the registrations?
- How long does it take to issue an LEI?
- Applications requiring a Letter of Authorization
- Simple summary of the LEI application process
- Why do I need to verify two different addresses?
- Who needs to agree to the Terms and Conditions?
- What is Level 1 and Level 2 legal entity data?
- What are duplicate LEIs?
- What tools do I need to apply for an LEI Code from RapidLEI?
- Using an Alternative Browser to eSign the Terms of Service
How do I apply for an LEI Number?
To apply for an LEI number for your organization, trust or fund, you must use a GLEIF accredited LOU (Legal Operating Unit) / LEI Issuer. The LOU provides the registration services, and will verify the legal entity reference information. When the application is verified, the LOU publishes the issued LEI to the GLEIF database.
RapidLEI is a GLEIF accredited LOU and offers direct LEI registration, transfer, and renewal services for LEI numbers and bulk LEI registration. RapidLEI also operates a global network of Registration Agent (RA) partners that offer localized LEI registration services such as language support, local payment acceptance, and localized entity reference data expertise.
RapidLEI makes applying for LEI numbers very easy and very fast. The online LEI application form requires only your company name and locality, and from there we connect directly to your local business registries to auto-fill the remainder of the application.
The RapidLEI logic automatically verifies the accuracy of the entity reference data in real-time, leading to the highest LEI data quality rates in the LEI ecosystem.
RapidLEI issues LEIs 24/7 in just minutes, including weekends, and if needed our local validation experts are always on hand to assist. Registering LEIs with RapidLEI or our RA Partners costs a nominal fee (highly competitive vs other LOUs) with volume discounts available.
What information is needed to register an LEI?
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.
How do I buy from a local Registration Agent?
RapidLEI operates a global network of partners, all providing benefits such as local language, currency, and telephone / email support. RapidLEI partners are GLEIF-approved Registration Agents (RA). The directory can be accessed at https://rapidlei.com/partners/find-partner/
How do I apply for LEI numbers in bulk or large volume?
RapidLEI has developed the EnterpriseLEI solution specifically for organizations with bulk or high volume LEI requirements.
EnterpriseLEI makes it simple to easily manage the entire lifecycle of every LEI Number, both within your group and those belonging to clients. It allows enterprises to lower LEI subscription costs and reduce lapsed LEI risk.
LEI applications requiring a 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).
Please download the LoA appropriate for your scenario or contact us for assistance.
If you are buying directly from RapidLEI:
- New – it is the first time ordering an LEI (download LoA)
- Renewal – you are renewing an existing LEI (download LoA)
- Transfer / Import – you are transferring your existing LEI from your current provider to RapidLEI (download LoA)
If you are buying from a RapidLEI Registration Agent:
- New – it is the first time ordering an LEI (download LoA)
- Renewal – you are renewing an existing LEI (download LoA)
- Transfer / Import from another LOU – you are transferring your existing LEI from your current provider to a RapidLEI RA or Reseller (download LoA)
- Transfer / Import from one RapidLEI RA to another RapidLEI RA – you are transferring your existing LEI from your current RapidLEI RA to a different RapidLEI RA or Reseller (download LoA)
What does the LEI application process involve?
RapidLEI implements advanced 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 transferred/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.
Why do I need to verify two different addresses?
The application process usually takes only a few minutes as we gather information in real time. When published, LEI numbers 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 number are issued to Legal Entities under terms and conditions defined by the Global LEI Foundation (GLEIF) through the Local Operating Unit (LOU) / LEI Issuer to the Legal Entity. RapidLEI needs to verify that an Officer of the company signed the appropriate documents.
We provide an enhanced in-browser signature process flow which can be easily signed by an Applicant (with Authority) 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 Level 1 and Level 2 legal entity 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 introduced in May 2017 to provide details of Who own Whom. Where parents exist (parent being defined from an accounting perspective) then Legal Entity Relationship Records (LE-RR)s are also delivered 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 issued 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.
How long does it take to issue 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. Measuring the true TCO (Total Cost of Ownership), it is important to factor in the application process and not only our competitive 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 yield true dividends. In many jurisdictions an LEI can be applied for in as little as 2 minutes, 15 mouse clicks and an email address. In some cases our algorithms are so effective you’ll not even need to type your company name.
What are duplicate LEIs?
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 collapse, 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 utilizes live lookups to the Business Registries in the jurisdictions we support, we help ensure accuracy and therefore prevent potential duplicates from occurring.
Automate LEI applications with the API
RapidLEI is the only accredited LOU/LEI Issuer with a developer network and a LEI registration API to build LEI issuance directly into applications and workflows. Use of the API is free to RapidLEI enterprise account holders or partners.
Using an Alternative Browser to eSign the Terms of Service
Whilst the RapidLEI development team try to ensure maximum compatibility with as many browsers as possible, there may be instances where the eSigning process cannot complete. Sometimes this is due to the actual browser itself being designed specifically to limit functionality, and sometimes it is due to additional plug-ins which limit functionality.
There may also be a configuration issue we’ve not previously seem. In these cases, a simple fix is to use an alternative browser. The eSigning workflow process presents a warning and suggests to use an alternative so depending on whether you are signing directly or have been delegated the signing process by email please do one of the following:-
- If signing directly, log out of your RapidLEI account and log back in using an alternative browser. When you log in, click on the ‘ACTION REQUIRED’ list from the DASHBOARD and then on the ‘Awaiting Signature’ list. You will then be able to Sign from the ‘Actions’ menu
- If you have been delegated the task to sign, please copy the hyperlink from the email and past the full link into an alternative browser to complete the eSiging process.
At the end of the process, after signing, please ensure you click the ‘CLOSE’ button to be re-directed to the next phase of the process. If, after trying an alternative browser you still have problems, please contact our support team (firstname.lastname@example.org)