Renewing a Legal Entity Identifier (LEI) ensures your entity’s identifier remains active, valid and recognised in regulatory and financial systems. LEIs must be renewed otherwise they may be marked as lapsed and can be rejected in filings, onboarding or counterparty checks.
This article explains when, why and how to renew your LEI.
When should I renew my LEI?
LEIs are valid for one year from the date of issue or last renewal. You can renew your LEI up to 60 days before it expires, and we always recommend renewing early to avoid delays or lapses. If you have a multi-year LEI from RapidLEI, then renewal will usually be fully automated but we may need to contact you for re-verification should anything have changed. You’ll typically receive renewal reminders well before your LEI anniversary date.
Quick renew LEI steps
For clients of RapidLEI
If your LEI is managed by RapidLEI, you are in luck when it comes time to renew. As a GLEIF-accredited LEI Issuer / LOU we handle your renewal directly. We use a fast, automated LEI renewal process – meaning your Legal Entity Identifier can be renewed in minutes and at low cost.
Log into your LEI Management account.
Top Tip! – Remember, you can renew your Legal Entity Identifier up to 60 days before it expires. This preemptive LEI renewal doesn’t reduce your LEI’s validity period but prevents it from lapsing.
RapidLEI clients will be charged the Legal Entity Identifier renewal fee display on the LEI Price page.
Renewing an LEI with RapidLEI takes only a few minutes. Use your LEI Management account to directly renew:
- Log into your RapidLEI account.
- Your dashboard displays the number of upcoming renewals.
- Select the Legal Entity Identifiers you wish to renew. You can do this individually, or in bulk.
- The system will check for business data changes with your local business registry. If no changes are detected, your LEI will renew automatically. If data no longer matches, our vetting agents will assist and update the data, ensuring a smooth renewal process.
- Select your renewal term and the cost will be displayed. You will be charged the renewal rates displayed in your account. Choosing multi-year will help reduce administration and extend validity for longer periods.
For clients of other LEI Issuers
If your Legal Entity Identifier is managed by a different Issuer to RapidLEI, first follow the LEI transfer steps first.
New clients will be charged the Legal Entity Identifier renewal fee display on the LEI Price page.
For bulk transfers and bulk discounts, get in touch with our Sales team.
Transfer your LEI to RapidLEI management
What information is required to renew
To renew your LEI with RapidLEI, you will generally need:
- Your existing LEI code
- Access to your account or associated email
- Updated entity reference information (if changes occurred)
Most of the process is pre-filled from your last renewal, making repeat renewals fast and simple.
The importance of renewing your LEI
Your Legal Entity Identifier is a unique identification code that represents your organization identity and provides transparency and standardisation. To maintain its validity it must be renewed every year. If it is not renewed, the LEI status turns ‘lapsed,’ which will be indicated in the Global Legal Entity Identifier System (GLEIS) database.
A lapsed LEI can cause a range of issues, from halted trades to non-compliance fines. To keep your Legal Entity Identifier active in the GLEIS and to avoid any potential inconveniences or penalties, you must renew it each year.
Why should you keep your LEI active?
Keeping your LEI renewed and active is integral to many regulations and the overall organization identity ecosystem. An active LEI not only ensures seamless financial transactions but also reinforces your entity’s credibility in the marketplace.
At RapidLEI, we place high priority on LEI renewal and work closely with you to ensure timely transfers and renewals. Our commitment to keeping your LEI active saves you the hassle of possible trade halts or non-compliance fines.
Renew LEI for multiple years to remove the risk
Annual LEI renewal can be time consuming and risky, especially if the person usually responsible for renewing leaves the company. The last thing any organization wants is to find out they have lapsed LEIs when a trade is halted, or a non-compliance fine received. That’s why we offer automatic renewal for 1-5 year periods.
With our auto-renew multi-year LEI renewal plan, we will automatically check the accuracy of your record at the time of each renewal and ensure it never lapses. This approach saves time, mitigates risk of unintended lapse, and offers financial advantages with lower per year costs, creating a win-win situation for your organization.
Conclusion – renew your LEI today!
Navigating the global marketplace and maintaining compliance requires understanding the identity of an organization, so keeping your Legal Entity Identifier renewed and active is essential. With choosing us as your LEI Issuer, renewing your LEI is a hassle-free and straightforward process, ensuring your organization remains compliant, credible, and ready to do business on the global stage.