Why do I have to renew my LEI?
All parties in the LEI eco system have an obligation to maintain accurate and timely data for the LEI data. Although the LEI code will never change, the underlying Common Data Format (CDF) files such as Legal Entity Reference Data (LE-RD) and Legal Entity Relationship Records (LE-RR) or Exception Records (ER), need to be verified annually against authoritative Business Registry data sources. LEIs which are not renewed in time will LAPSE. A Status of ‘LAPSED’ reflects on your corporate branding and may well prevent you from successfully transacting/reporting in the future.
As LEI Reference Data, which includes the LEI status and it’s expiry date, is provided under an OpenData charter, it’s important to keep everything up to date and accurate.
How soon before the expiry of my LEI do I have before I need to renew?
You may renew up to 45 days before expiration. Your main dashboard will show you which LEI’s you should renew. Are you worried you’ll lose out in renewing early? There’s no need to worry as the RapidLEI team have designed the system to allow you to renew your LEI as efficiently as possible and in plenty of time prior to expiry. We’ll ensure we remind you by email and you’ll not be penalised for being proactive. Whatever time you have left before expiry will be added to the next expiry date once the renewal process has been completed.
What is the process to renew my LEI?
We will follow exactly the same super-quick, automated process for renewal of an LEI Code as we followed for the creation of an LEI code by RapidLEI, or import of an LEI code from an alternative LOU. After paying the renewal fee:
- We will automatically verify Legal Entity Reference Data from the appropriate Business Registry (we will determine if there have been any changes)
- You’ll eSign the applicable terms and conditions, or forward to a delegated signing authority.
- You’ll confirm the relationship to any Direct or Ultimate Accounting parent remains the same and provide updated evidence for this ongoing relationship.