How do I renew my LEI?

In the world of global business, maintaining an active, renewed Legal Entity Identifier is critical. As the largest LEI Issuer worldwide, RapidLEI has streamlined the process, making LEI renewal quick and easy. This guide will walk you through why it’s crucial to keep your LEI active and how to renew seamlessly with RapidLEI.

Quick LEI renewal steps

For clients of RapidLEI

If your LEI is managed by RapidLEI, you are in luck when it comes time to renew. RapidLEI uses a fast, automated process for LEI renewal.

Top Tip!  – Remember, you can renew your LEI up to 60 days before it expires. This preemptive renewal doesn’t reduce your LEI’s validity period but prevents it from lapsing.

Renewing an LEI with RapidLEI takes only a few minutes. Use your RapidLEI account to directly renew:

LEI Management portal 64

LEI Renewal screen in your RapidLEI dashboard.

  1. Log into your RapidLEI account. Your dashboard displays the number of upcoming renewals.
  2. Select the Legal Entity Identifiers you wish to renew. You can do this individually, or in bulk.
  3. 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.
  4. Cost – you will be charged the renewal rates displayed in your account.

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 to RapidLEI will be charged the renewal rates display on our LEI Pricing page. For bulk transfers and bulk discounts, get in touch with our Sales team.

 

The importance of renewing your LEI

Your Legal Entity Identifier is a unique identification code that represents your organization identity and provides transparency and standardization. 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.

Lapsed LEI status

Examples of LAPSED LEI. This does not look good to business counterparties or regulators.

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 your LEI for multiple years to remove the risk

Annual LEI renewal can be time consuming and risky, especially if the person usually responsible for renewals 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 Legal Entity Identifier 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 – renew LEI today!

Navigating the global marketplace requires understanding the identity of an organization, so keeping your Legal Entity Identifier renewed and active is essential. 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.

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