What Is A Legal Entity Identifier (LEI)?
What is an LEI – a Legal Entity Identity (LEI) number is a unique 20-character alphanumeric string (i.e. 529900T8BM49AURSDO55) used to distinctly represent a Legal Entity (company, organization, firm, government body, trust, fund, etc) on a worldwide basis. Once issued the LEI number can be used to represent the entity in financial transactions or organization identity assurance use cases. LEIs are required by all parties participating in regulated transactions and provide a publicly available verifiable source of ‘who is who’ (organization identity) and ‘who owns whom’ (organization group structures).
The LEI is based on the ISO 17442 standard and assigned only to a single Legal Entity on a global basis. The system is maintained and operated by the Global LEI Foundation (GLEIF) and the ability to issue LEIs is only awarded to a limited number of organizations (like RapidLEI) passing a stringent accreditation process who then become LEI Issuers (formally known as LOUs – Legal Operating Units).
What type of Legal Entity may register an LEI number?
An LEI number 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)**
- Funds and Trusts
*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 i.e. Legal Entities which have been struck off, merged, withdrawn or de-registered will be unable to receive or renew their LEI number.
** 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.
About the RapidLEI service
RapidLEI is Ubisecure’s LEI issuance and management service. Ubisecure is a GLEIF accredited LOU (Legal Operating Unit). We’ve created automation technology in the LEI application process workflows to make registering, issuing and publishing LEIs extremely easy and very rapid. Our algorithms do the heavy lifting for the LEI registration – our systems connect directly to the business registries to provide automated workflows and improve data accuracy. RapidLEI modernizes the LEI process to lower the costs associated with issuing and managing LEIs.
RapidLEI is positively disrupting the LEI ecosystem thanks to our investments in automation, extended partner ecosystem, new use cases, enterprise & banking LEI solution, and our modern LEI API. Quarter after quarter the GLEIF cites RapidLEI/Ubisecure as the fastest growing LEI issuer.
You can ready more about the impact we are making in our LEI blog.
The LEI API reference documentation is publicly available in our LEI Developers area.
You can buy LEI numbers from RapidLEI directly, or you can buy from our global network of dozens of Registration Agent partners. RapidLEI has a partner-first approach and we work only with Registration Agent partners who add local expertise such as language support, regulatory understanding, currency support and more. If you wish to become a Registration Agent, speak to your LEI Partner Team.
Who is Ubisecure?
Ubisecure, identified by the LEI 529900T8BM49AURSDO55 is a technology innovator, identity assurance specialist and accredited LEI Issuer (LOU) with offices in London, Boston and throughout Europe. The Ubisecure management team also have decades of experience in the Certification Authority Industry yielding a best of breed accurate and above all rapid LEI issuance experience.
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.
There are three tiers in the LEI ecosystem:
What is the future for LEIs?
Being an accredited Legal Identity Identifier issuer is core to Ubisecure’s mission. We are focused on developing services to automate the interactions & assurances within the three identity domains: individuals, organizations & things. The Ubisecure Identity Platform is used in nationwide solutions to enable the use of strong identity, secure identity data and improve customer experience.
LEIs are the best good solution to solving the issues associated with the less standardised, and less mature organizations domain to improve KYC, digital assurance and more.
Support for LEIs in the Ubisecure Identity Platform and Identity APIs open many new use cases for LEIs as the central identifier to how organizations can interact and trust each other, assign rights to represent, and be trusted by their customers. You can read more about our vision for LEIs at www.ubisecure.com/right-to-represent/
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 do I need to apply for an LEI number 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 https://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.