LEI Registration

LEI Registration

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Offer Price : Rs. 8,400

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What is a LEI?

A Legal Entity Identifier (LEI) is a 20-character alpha-numeric code on the ISO 17442 standard used to identify legally distinct entities involved in financial transactions uniquely. The LEI system is one part of an international initiative to enhance the quality and reliability of financial data systems to facilitate improved risk management after the financial crisis of 2008.

Salient Features of a LEI

Unique Identification: Every LEI is unique to one legal entity and contains standardized information regarding that entity.

Global Standard: LEI is globally recognized and forms part of the Global LEI System (GLEIS).

Transparency: LEIs assist in enhancing transparency in the financial markets by offering clear and standardized identification of legal entities.

Regulatory Requirement: Most financial regulators globally mandate the use of LEIs for reporting.

Structure of LEI

An LEI is made up of 20 characters

Characters 1-4: Prefix used to recognize the Local Operating Unit (LOU) which issued the LEI.

Characters 5-18: Alphanumeric string that is unique for each entity.

Characters 19-20: Two check digits for verification purposes

Information Contained in an LEI:

Legal Name: Official name of the entity as registered in its jurisdiction.

Registered Address: The address where the entity is legally registered.

Country of Formation: The nation in which the entity is legally incorporated.

Company Registration Number: The registration number of the entity in its jurisdiction.

Entity Status: Active/inactive status of the entity.

Legal Form: The entity's legal form (e.g., corporation, partnership)

Advantages of LEI

Enhanced Risk Management: LEIs enable regulators and financial institutions to track systemic risk and enhance the integrity of financial systems.

Improved Transparency: LEIs offer a clear identification system that helps minimize ambiguity and fraud in financial transactions.

International Interoperability: LEIs are globally standardized, enabling easy cross-border transactions and regulatory reporting.

Compliance: Most jurisdictions mandate LEIs in regulatory reporting to ensure compliance with global financial norms.

Efficiency: LEIs simplify the identification process in financial transactions, minimizing the time and cost involved in due diligence and KYC procedures

Procedure of LEI Registration

Select an LOU: Pick an accredited LOU. LOUs provide and maintain LEIs.

Apply: Complete the application form given by the LOU, attaching all documents and information on the entity.

Verification: LOU authenticates the information submitted. The process may take a few days.

Issuance of LEI: After being verified, the LOU issues the LEI, and the data is released in the Global LEI Index.

Renewal: LEIs have to be renewed on a yearly basis. The organization should make sure the information is current and renew the LEI with the LOU.

Documents Needed for Registration of LEI

The particular documents needed for LEI registration may differ depending on the Local Operating Unit (LOU), though most typically include:

Certificate of Incorporation: A legal document reflecting the formation of the entity.

Evidence of Legal Name: Formal documents evidencing the legal name of the entity, e.g., business registration document.

Evidence of Address: Documents confirming the registered address of the entity, e.g., utility bills or lease agreement.

Company Registration Number: The entity's legal jurisdiction assigned number of registration.

Authorized Signatory Details: Details on the people who are empowered to act on behalf of the entity, usually accompanied by identification documents and evidence of authorization.

Corporate Verdict: Your Partner in LEI Registration

Corporate Verdict is a group of expert professionals committed to helping entrepreneurs to obtaining the setting up Legal Entity Identifier (LEI) Registration efficiently and economically. We are well aware of the complexity in the registration process and provide a hassle-free experience to our clients. Our services are:

Expert Consultation: Offering clear information regarding the viability and advantages of Legal Entity Identifier (LEI) Registrations

Documentation Assistance: Helping in the preparation and submission of required papers.

Compliance Support: Making your Entity comply with all regulatory norms.

Affordable Services: Providing reasonably priced solutions without compromising quality.

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