Why renewing your LEI is important
As the largest LEI Issuer worldwide, RapidLEI makes renewing your LEI quick and easy. To keep an LEI active, it must be renewed every year. If an LEI is not renewed, it falls into the ‘lapsed’ category and the Legal Entity’s database record in the GLEIS database will show a lapsed LEI status.
Renew LEIs easily
If your LEI is managed by RapidLEI, you are in luck when it comes time to renew. RapidLEI uses a fast, automated process to renew an LEI.
Renewing an LEI with RapidLEI takes only a few minutes. Use your RapidLEI account to renew:
- Log into your RapidLEI account.
- The dashboard displays the number of upcoming renewals.
- Select the LEIs you wish to renew. You can do this individually, or in bulk.
- The automated renewal system will check for business data changes with your local business registry. If there are no changes, your LEI will renew automatically. If data no longer matches, our vetting agents will assist and update the data.
Difference between renewing and transferring an LEI
There is an important distinction to make when renewing an LEI. LEI renewal can only take place with the LOU (LEI Issuer) that currently manages the LEI. If you wish to change who manages your LEI, you must transfer it to your chosen LEI Issuer.
Find renewal instructions below for organizations that wish to renew with RapidLEI, but currently have LEIs managed by other LEI Issuers:
Renewing 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.
- Once the LEI is managed by RapidLEI, we can automatically verify Legal Entity Reference Data from the appropriate Business Registry and determine if there have been any changes with the Global LEI System (GLEIS) database.
Why is it important to keep an LEI active?
Keeping an LEI active and in good standing is essential for many regulations and the organization identity ecosystem in general.
Our team considers renewals high priority and will work with you closely to ensure transfers and renewals happen in a timely manner.
Renew your LEI for multiple years and save time money, and remove the risk!
Renewing your LEI every year 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.
RapidLEI offers automatic renewal for 1-5 year periods. This means we will automatically check the current accuracy of your LEI at the time of renewal for the period you choose, and make sure it never enters the Lapsed status.
