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