With ManagedLEI, you’re ordering from the #1 LEI issuance system in the world. The application process takes minutes and as long as verification checks go well, you’ll be issued your LEI number in minutes too. You can also save more money by using the options below to choose one of our multi-year options. Following issuance, our system reminds you when a renewal is coming up and can even automate the renewal process for you.
What is an LEI?
A Legal Entity Identifier (LEI) is a 20-digit alpha-numeric code representing a unique business entity participating in financial transactions. LEI Numbers are characterised by an ISO 17442 standard and represented in an open database managed by the Global Legal Entity Identifier Foundation (GLEIF).
LEIs were introduced after the 2008 financial crash when the need for more transparency on the financial market was realised as a strategy for reducing the likelihood of a future crash. Members of the G20 set-up the GLEIF to facilitate the creation and adoption of LEIs worldwide and since then, regulators all over the world have begun requiring or requesting LEIs to comply. Examples of some regulations include MiFID II, EMIR, MiFIR, Solvency II and SFTR.
LEIs also have an important role to play in digital transactions. For example, in client onboarding and KYC, B2B digital signing and B2B payments industries. In client onboarding alone, the McKinsey institute discovered that global adoption of Legal Entity Identifiers (LEIs) could save the banking industry between $2-4 billion USD annually in onboarding costs alone.
Who Needs an LEI Number?
Currently, Legal Entity Identifier numbers are required for organisations trading on the financial market. This could include; investment companies, funds or trusts, government bodies, non-profit and charitable organisations, insurance companies, credit unions, brokerages, banks and any business entity trading on the financial market in or with the EU and UK but also in or with regions such as India, Canada, Malaysia, China and the United States.