Why do I have to renew my LEI?
Legal Entity Identifier renewal is important. Legal Entity Identifiers (LEI) which are not renewed in time will LAPSE. A Status of ‘LAPSED’ in the GLEIF database reflects on your corporate branding and may well prevent you from successfully transacting/reporting in the future.
How soon before the expiry of my LEI 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? 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?
RapidLEI uses 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 Legal Operating Unit (LOU) / LEI Issuer:
- 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.