What Is A Legal Entity Identifier
A Legal Entity Identity (LEI) code is a unique 20-character alphanumeric string (for example 529900T8BM49AURSDO55). It is based on the ISO 17442 standard and assigned only to a single Legal Entity on a global basis. The Global LEI System (GLEIS) dictates the rule set to follow. It is maintained and operated by the Global LEI Foundation (GLEIF) and the ability to issue LEIs is only awarded to a limited number of organisations passing a stringent accreditation process who then become issuers of LEI’s.
Who is the GLEIF?
The Global LEI Foundation (GLEIF) is a not for profit body tasked with managing the Global LEI System (GLEIS). They are tasked with running the system on a global basis ensuring consistency and accuracy through data quality programs, reporting and their open data policy which allows mistakes to be spotted and updated through their challenge process.
What is RapidLEI?
RapidLEi is the brand/trading name of Ubisecure Oy as an accredited LEI Issuer. As the name suggests, we’ve worked hard on the LEI application process workflows to rapidly supply LEI’s. Our algorithms do much of the heavy lifting for the LEI registration – providing unparalleled automation, improving accuracy and reducing the total cost of ownership for the Legal Entity during the application process.
Who is Ubisecure?
Ubisecure Oy, identified by the LEI 529900T8BM49AURSDO55 is a technology innovator and identity assurance specialist. Based in Helsinki in Finland, Ubisecure has been providing identity assurance services since 2002. The Ubisecure management team also have decades of experience in the Certification Authority Industry yielding a best of breed flexible yet accurate and above all “Rapid” LEI issuance experience. With new and exciting capabilities coming in the near future, allowing us to manage your LEI(s) is a shrewd investment decision.
Ubisecure Oy is an LOU (Local Operating Unit) accredited by the Global LEI Foundation. We are able to issue LEIs to legal entities on a Global Basis through the RapidLEI brand.
Although the Global LEI System is supported by over 30+ LEI issuers/Local Operating Units, many are just that – local. They are focused on a single market or country/jurisdiction and therefore unable to handle a portfolio of LEIs across multiple jurisdictions – essential in order to operate in the global economy. Over 90% of the LEIs issued so far are in those countries which RapidLEI supports. We maintain a consistent and effective multi jurisdictional application process and continue to add more jurisdictions all the time.
What type of LE (Legal Entity) may register for an LEI code?
An LEI code may be requested by any of the following:-
- Registered Companies* and Registered Subsidiaries*
- Non Profits
- Sole Proprietors (Having a distinct identity within a business register)
- International Branch offices (The Head Office must already have an LEI)**
Although LEI’s may usually be requested for Funds/Trusts, this is not a supported option within the RapidLEI product line.
*As a general rule, a Business Registry will usually bestow a status of “Good Standing” to a business which maintains accurate information within the registry and completes any annual filing requirements. A Legal Entity does NOT have to be in Good Standing to be issued with an LEI, but MUST be ACTIVE. i.e. Legal Entities which have been struck off, merged, withdrawn or de-registered will be unable to receive or renew their LEI code.
** A branch office within an alternative jurisdiction/state, but still within the same country as the head office is not eligible as only one LEI per country can currently be issued.
Who may NOT apply for an LEI?
An LEI may not be requested by any of the following:
- Operating divisions
- Branch offices within the same country as a head office already having an LEI
These entity types should all utilize the LEI of their parent or Head Office organization.
What tools do I need to apply for an LEI Code from RapidLEI?
You’ll need a functioning email account and a modern secure browser such as Google’s Chrome, Mozilla’s Firefox, Microsoft’s Edge or Apple’s Safari. See http://outdatedbrowser.com/en for details on the latest browser versions to use.
We recommend using a desktop system to apply so you can ensure you can view all the helpful tips and guidance built in to the application process making it more efficient to apply for an LEI.
During the application process, if you have an Ultimate or Direct parent, we’ll ask you to submit Level 2 data as documentary evidence of those relationships. Ideally for us, and for you when viewing previous history in future years, the PDF formats is the preferred format over scans which may take up significantly more space.