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What is an LEI number?
An LEI number is an international identification of a legal entity. It is based on international standards for identifiers and can be seen as a global corporate identity number. It consists of 20 characters and can be interpreted in most countries. The information collected to each LEI number consists of Level 1 and Level 2 data. Level 1 data are information about the company, level 2 data is information about who owns the company.
Who needs to register an LEI number in the UK and Ireland?
- Counterparts in a trade of financial derivatives as well as brokers and clearing members,
- Issuers of financial instruments,
- Credit and financial institutions,
- Funds and fund managers,
- Credit rating agencies,
- Pension funds and insurance companies,
- Legal entities that trade with securities or financial derivatives. This means that for example companies, trusts, charities, partnerships, societies need an active LEI to before engaging in a trade.
Read more about who need an LEI number
When is an LEI number needed?
The LEI number is needed when the company are required to comply with any of the following regulations:
- European markets Infrastructure Regulation (EMIR)
- Market Abus Regulation (MAR)
- Capital Requirements Regulation (CRR)
- Alternative Investment Funds Directive (AIFMD)
- Credit Rating Agencies Regulation (CRAR)
- Solvency II
- Central Securities Depositories Regulation (CSDR)
- Securities Financing Transactions Regulation (SFTR)
- Prospectus Regulation
- Markets in Financial Instruments Directive II (MiFID II)
- Markets in Financial Instruments Regulation (MiFIR)
Why is it needed?
To maintain transparency in the financial market there is a need for participants to identify each other. LEI enables participants in the financial market to identify themselves. In a globalized world, a global standard for identification is therefore needed. You can find more information at www.gleif.org/about./p>
What other service areas exists for an LEI number?
LEI numbers can be used in a variety of areas, including other areas for identifications such as SSL certificates, other areas within the financial industry such as onboarding process of new clients, risk oversite, compliance and more. Find more information about this at www.gleif.org/ebook.
Who are issuing LEI numbers?
The global foundation for Legal Entity Identifiers, GLEIF, has authorized local operating units, LOU, to issue LEI numbers. You can find the full list of LOUs here: https://www.gleif.org/en/about-lei/get-an-lei-find-lei-issuing-organizations. These LOUs are operating in larger markets, so to be able to reach local markets, they can have registrations agents working in a single market in the local language with the local currency. Registration agents are thus supporting LOUs.
About the LEI system
The Global Legal Entity Identifier foundation, GLEIF, was founded in June of 2014. It works to support the implementation of LEI and its use worldwide. GLEIF keeps an open record of all LEI issued. Today LEI numbers are used in more than 220 countries. GLEIF is supervised by the Legal Entity Identifier Regulatory Oversight Committee, LEIROC. LEIROC consists of representatives from 50 countries and works to oversee the implementation of LEI. Read more at www.gleif.com/about.