How to get a legal entity identifier registration Agent in the UK

19 Mar How to get a legal entity identifier registration Agent in the UK

What is an LEI

The Legal Entity Identifier (LEI) is a global reference number that uniquely identifies every legal structure that is participating in a financial transaction, in any jurisdiction.

The structure of the global LEI is determined in detail by ISO Standard 17442 and takes into account the Financial Stability Board (FSB) stipulations.

The Legal Entity Identifier (LEI) initiative is designed to create a global reference data system that uniquely identifies every legal entity, in any jurisdiction, that is party to a financial transaction.

Importance of LEI

As the global business and third-party relationships become more complex, the need for clear and speedy business identification grows. Common standards, like LEI, enable better identification and better data sharing, helping to lower costs and speed up business processes.

For the organization, LEI will serve as a proof of identity for a financial entity, helping to abide by regulatory requirements and facilitating transactions reporting to trade repositories.

How to get LEI registration done?

The Global Legal Entity Identifier Foundation (GLEIF) is a not-for-profit organization created to support the implementation and use of the LEI. The Global Legal Entity Identifier Foundation (GLEIF) is responsible for monitoring and ensuring high-quality Legal Entity Identifier (LEI) data.

LEIs are issued by Local Operating Units (LOUs) of the Global LEI System. LOUs make the LEIs and associated reference data available to the public and regulators free of charge and on a continuous basis. EU regulated firms need to make sure that LEIs are issued and maintained using global standards.

Registered LEI number carries the following information is stored about your entity:

• The official name of the legal entity as recorded in the official registers.
• The registered address of that legal entity.
• The country of formation.
• The codes for the representation of names of countries and their subdivisions.
• The date of the first LEI assignment; the date of the last update of the LEI information; and the date of expiry, if applicable.

Registering LEI with an agent in the UK

London Stock Exchange is certified by the Global Legal Entity Identifier Foundation (GLEIF) as an authorized Local Operating Unit (LOU) for the global allocation of Legal Entity Identifiers (LEI). London Stock Exchange issues LEIs to legal entities using the requirements set by GLEIF and the acknowledged principles outlined by the LEI Regulatory Oversight Committee.

A registration agent transfers the client’s data to the LOU in accordance with GLEIF standards and requests additional information from the local Business Registry. GLEIF introduced the concept of an LEI Registration Agent in order to assure the quality of the data in the databases and to simplify the process of applying for an LEI. British LEI  is an Official Registration Agent that operates in the United Kingdom.

Role of an registration agent

A Registration Agent helps legal entities to access the network of LEI issuing organizations responsible for performing LEI issuance and related services. The Registration Agent’s role in the Global LEI System is directly connected to the LEI issuing organization. The Registration Agent may choose to partner with one or more LEI issuing organizations to ensure its clients’ needs for LEI services are met.

A registration agent transfers the client’s data to the LOU in accordance with GLEIF standards and requests additional information from the local Business Registry. GLEIF introduced the concept of an LEI Registration Agent in order to assure the quality of the data in the databases and to simplify the process of applying for an LEI. British LEI is an Official Registration Agent that operates in the United Kingdom.

Possible tasks performed by a Registration Agent:

• Publish information on its website to help a legal entity apply for an LEI with an LEI issuing organization.
• Handle communications with the legal entity.
• Process or receive secure payment for the issuance or renewal of an LEI.
• Provide data collection or aggregation services from the relevant authoritative sources.

Validate the legal entity reference data provided by a legal entity that wishes to obtain an LEI.