An Introduction to LEI Renewals
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. RapidLEI uses a fast, one-click automated process to renew an LEI.
Renewing an LEI with RapidLEI takes only a few minutes.
Difference between renewing and transferring an LEI
There is an important distinction to make when renewing an 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 both existing RapidLEI customers and organizations that wish to renew with RapidLEI, but currently have LEIs managed by other LEI Issuers:
Existing RapidLEI customers:
- Log into your RapidLEI account to get started.
- We 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.
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.
Save time and money – renew your LEI for multiple years
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.