In the world of global business, maintaining an active Legal Entity Identifier (LEI) is of paramount importance. As the largest LEI Issuer worldwide, RapidLEI has streamlined the process, making renewing your LEI not only quick but also easy. This comprehensive guide will walk you through why it’s crucial to keep your LEI active and how to renew your LEI seamlessly with RapidLEI.
The importance of renewing your LEI
Your LEI is a unique identification code that represents your organization identity and provides transparency and standardisation. However, to maintain its validity, the LEI must be renewed every year. If not, 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 active in the and avoid any potential inconveniences or penalties, it’s essential to renew your LEI each year.
Examples of LAPSED LEI. This does not look good to business counterparties or regulators.
The simple process to renew your LEI with RapidLEI
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:
LEI Renewal screen in your RapidLEI dashboard.
- Log into your RapidLEI account. Your dashboard displays the number of upcoming renewals.
- Select the LEIs you wish to renew. You can do this individually, or in bulk.
- Automated Renewal. 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.
Why should you keep your LEI active?
Keeping your LEI 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 renewals 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 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. That’s why RapidLEI offers automatic renewal for 1-5 year periods.
With our multi-year LEI renewal plan, we will automatically check the accuracy of your LEI at the time of each renewal and ensure it never lapses. This approach saves time, mitigates risk, and offers financial advantages, creating a win-win situation for your organization.
Conclusion
Navigating the global marketplace requires keeping your Legal Entity Identifier active. With RapidLEI, 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. Renew your LEI with RapidLEI today, and embrace a future of seamless financial transactions.
