- How do I renew LEI?
- Do I need to renew an LEI code?
- Can I renew an LEI for multiple years to prevent it lapsing?
- How soon before the expiry of my LEI before I need to renew?
- Renewing LEIs purchased through RapidLEI Partners
How do I renew LEI?
RapidLEI uses a fast, one-click automated process for the LEI renewal of Legal Entity Identifier. To keep an LEI active, it must be renewed every year. Renewing takes only a few minutes.
Existing RapidLEI customers:
- Log into your RapidLEI account to get started.
- We automatically verify Legal Entity Reference Data from the appropriate Business Registry where we determine if there have been any changes with the Global LEI System (GLEIS) database.
LEIs currently managed via another LOU / LEI Issuer:
- Transfer your LEI to RapidLEI management. RapidLEI uses a streamlined LEI transfer process that operates within the rules of GLEIF transfers.
- The first step creates you a RapidLEI account.
- Complete and submit the LEI transfer and renewal application form.
Do I need to renew my LEI code?
It’s important to renew Legal Entity Identifiers every year. The LEI record should always represent accurate, live, and up to date Legal Entity data.
Failing to renew an LEI record on an annual basis may render it non-compliant with certain regulatory requirements, leading to “no LEI, no trade” or financial penalty situations.
Not renewing a Legal Entity Identifiers will cause it to LAPSE. A Status of LAPSED in the Global LEI Foundation (GLEIF) database reflects on your corporate branding and may well prevent your organization from successfully transacting/reporting in the future.
Further information: Three reasons why you should never let your Legal Entity Identifier lapse
Can I renew Legal Entity Identifier code for multiple years to prevent it lapsing?
Yes, multi-year options help avoid lapsed LEIs. We recommend that you choose multi-year (2-5 years) when renewing your Legal Entity Identifier. There are two compelling reasons to choose multi-year:
- Multi-year LEIs provide a discount over renewing each year individually. Save money when renewing the LEI.
- Organizations want their LEI reference data to be accurate. RapidLEI uses automation to ensure legal entity data is kept fresh and up to date. We won’t let LEIs lapse while under our management.
How soon before the expiration of the LEI code before I need to renew?
LEIs can be renewed up to 45 days before expiration. Your main RapidLEI dashboard will show you which LEIs to renew before lapsing.
Do not worry about losing remaining time when renewing early. Remaining time is added to the next expiry date.
Renewing Legal Entity Identifiers purchased through RapidLEI Partners
Please contact your Partner directly to process the LEI renewal before it lapses.