News & Insights

LATEST FROM LEI-WORLDWIDE

3 October, 2022
By LEI Worldwide

LEI requirements for companies in the United States

Ever wondered what an LEI is, and how it could help your business/organisation, or even if you are required by law to have one? The LEI is a 20-digit alphanumeric code that identifies legal entities participating in financial transactions. Each LEI is different and includes reference information that allows for an entity's simple and fast identification. LEI data is publicly available and open to all as an international standard (based on ISO 17442).  Although businesses frequently have business registration numbers in the nation they are incorporated within, an LEI is an international standard created to facilitate more seamless international transactions. The requirements for business registration will differ by government, but the LEI format is universal. Many companies are required by their regulator in the US to report a active LEI Code. Likewise, this is being enforced globally in a bid to increase transparency not only across financial markets but across the private sector too.

 

29 September, 2022
By LEI Worldwide

How to use the LEI Search Tool

The global LEI system is a public, freely accessible database consisting of currently more that 2 million Legal Entity Identifiers (LEIs), the purpose of which is to contain key reference data on legal entities. The LEI Search Tool is how you can check on any existing LEI Number and use it to look up Legal Entity Identifiers in real time.  The LEI Checker may be accessed by any interested party and used to search for LEI codes, or to find out about another legal entity. To conduct an LEI search begin by reading below. The LEI search tool is very easy to use and proves a full LEI record page of each company that has an LEI, and it is updated daily providing fresh, reliable data derived from source. 

20 September, 2022
By LEI Worldwide

Mapping LEIs to ISINs and other identifiers

The Legal Entity Identifier (LEI) is the globally standardised code that harnesses the collective power and fills the gaps left by other identifiers that are used across various industries, jurisdictions and types of legal entities. The issue with having multiple identifiers is such that there can be no single, standardised database of all legal entities using a common identifier. The LEI can be visualised as a overarching, universal identifier common to all legal entities, while other identifiers, still useful in their own rights are used for more narrow and specific reasons. There are currently over 40 million ISIN codes in existence, and just over 2 million LEIs. As the LEI becomes more prominent and widely used this gap will lessen. Many legal entities will end up having multiple identifiers such as the ISIN, BIC and an LEI. The process of pairing LEIs with their corresponding ISINs, is called ISIN to LEI mapping. LEI mapping is commonly used by banks, researchers and data specialists to convert a list of LEIs into a list of corresponding ISINs to increase coverage of their internal entity data. 

9 September, 2022
By LEI Worldwide

How to properly manage an LEI Portfolio

The GLEIS LEI system is rapidly expanding. There are well over 2 million LEIs currently registered globally. Many firms are experiencing growing pains when it comes to managing their ever expanding LEI portfolios, which consists of LEIs within their global group structures, partner networks, branches, and even tracking clients LEIs. If you are currently using multiple providers, with LEIs scattered across different accounts, users and jurisdictions with little to no governance or oversight over your global LEI portfolio then we have outlined a simple practice to help you maintain control over your LEIs, your clients LEIs, or any LEIs that you may deem important to keep track of. 

31 August, 2022
By LEI Worldwide

What is the vLEI (Verifiable Legal Entity Identifier)?

The world has seen enormous change over the past years, much of which can be attributed to technological and digital transformation. As a result, a plethora of new economic sectors have formed. Due largely to the Internet, interaction and communication between individuals, organizations, and countries have flourished. In terms of controlling the corporate sector and financial markets, this has created a lot of identity-related difficulties. Seeking out this control is where LEI Codes enter the picture. Simply put, LEI Codes are used to identify legal entities globally. This option enables improved standardization, risk control, and financial market transparency. This article will discuss LEI and its adaptation version, the vLEI.

 

25 August, 2022
By LEI Worldwide

What is the purpose of the LEI (Legal Entity Identifier)?

The Legal Entity Identifier system was born out of the Global Financial Crisis (GFC) in 2008 when the need for greater transparency was realised after the collapse of Lehmann Brothers. The LEI purpose is to provide more available data on ‘Who is Who’, and especially ‘Who belongs to Whom’ within the global financial marketplace. 
 

16 August, 2022
By LEI Worldwide

LEI Registration for Companies, Financial Institutions and Banks

LEI Registration is the process of applying for an LEI for any legal entity such as a Limited Company, LLC, Fund, Trust, Pension Scheme or any for of legally registered organisation. Usually LEI registration is compulsory under a litany of global LEI regulations. You may complete and LEI registration online by following the below guide to obtaining an LEI for your organisation. Find out what is LEI registration meaning, whether you require an LEI and how to complete the LEI application form here. 

 

3 August, 2022
By LEI Worldwide

What is the beneficiary LEI code meaning

The LEI Legal Entity Identifier is a requirement for many legal entities under a litany of global finacial regulations. Many legal entities requiring an LEI Number include Retirement Funds, Trusts, Pension Schemes and Insurance related schemes and policies. In the event that the beneficiary to any of these legal entities is another legal entity then it will also require an LEI Code for the purpose of legal entity identification in reporting. This allows regulators, market participants and overseers have full transparency and global identification of which entity is the beneficiary by having access to the global LEI directory. 

26 July, 2022
By LEI Worldwide

What is an LEI Transfer?

An LEI Transfer is the act of moving an LEI from one provider, or LEI issuer to another. A bulk transfer request can be made in order to bring all of a companies organisations LEIs under one roof. Transferring an LEI may take up to 7 days to complete, however they can be done for free and do not change any of the LEI data or the 20 digit LEI code itself.

LEI Worldwide provide an LEI transfer facility on the RAMP engine. You can easily transfer one, or multiple LEIs using our dashboard fro your existing LEI issuer. We generally recommend renewing an LEI upon transfer, however this can also be done free of charge. If you would like to find out mor about LEI transfer, how and why you can complete one please read on. 

6 July, 2022
By LEI Worldwide

New LEI Reporting Policies for 2022

The Global LEI System has been evolving since its inception, we saw LEI Level II Data, or Parent Structure reporting being initially introduced around 2015 by the LEI ROC. In 2022 there have also been some recent updates which include Fund Structure Reporting for LEIs and Entity Creation Date. 

29 June, 2022
By LEI Worldwide

LEI Level 2 Data: Parent & Child Entity Reporting

The Legal Entity Identifier (LEI) system is the first global identifier for organisations and legal entities such as businesses which provides unique reference data on each entity within an organsiations structure. In the aftermath of the collapse of Lehamann Bros in 2008 it became apparent that an new system capable of sheeding light on an organisations entire structure spanning all jurisdictions was needed. Each unique LEI record reports data on the parent and child entities releavant to that legal entity.

21 June, 2022
By LEI Worldwide

PharmaLedger utilises vLEI in new healthcare blockchain platform

The vLEI, or Verifiable Legal Entity Identifier, establishes a decentralised and trusted way to verify not only legal entities, but the individuals with the rights to represent those entities, in realt time. A recent collaboration between GLEIF and PharmaLedger has resulted in the vLEI becoming a critical component of a new healthcare service blockchain platform. 

3 June, 2022
By LEI Worldwide

LEI Worldwide attend the Global Funds Conference 2022

The 2022 Irish Funds Annual Global Funds Conference took place on May 31st 2022. LEI Worldwide were in attendance and sponsored the Annual Golf Outing and Exhibition space while a full day of interesting and thought-provoking presentations took place around the Convention Centre Dublin. 

LEI Worldwide showcased their API-tech driven LEI management solution at Stand 4 in the exhibition hall, a spot held by the 2022 FinTech Factor Winners every year. The conference was "the biggest ever" in its history with nearly 600 delegates gathering from the global Funds industry for the first time since 2019.

27 May, 2022
By LEI Worldwide

Inventing Anna and the LEI: What can we learn?

Inventing Anna is currently one of the most trending TV series on Netflix. What can it teach us about #digitalidentity #customeronboarding and the efficacy of the #LEI?

The show highlights how the LEI system can prevent fraud, and assist financial institutions with their efforts against money-laundering and enhance customer onboarding and due dilligence through the use of the Legal Entity Identifier.

*spoiler alert*

26 April, 2022
By LEI Worldwide

India Extends LEI guidelines to large borrowers of NBFCs & Banks

The Reserve Bank of India has set a 3 year timetable for non-individual (corporate) borrowers with an exposure of over Rs 5 crore+ to obtain an LEI (Legal Entity Identifier).

The LEI is a 20 digit identifier code that helps bring more transparency and trust to transaction, clearly identifying who is whom in any given financial transaction. It is currently mandated by over 116+ laws globally and this is set to expand with India leading the way. 

The Reserve Bank of India (RBI) extends LEI guidelines to large borrowers of NBFCs and Primary (Urban) Co-operative Banks. Borrowers who fail to obtain a Legal Entity Identifier (LEI) from authorized LEI Issuers shall not be sanctioned any new exposure nor shall they be granted renewal/enhancement of any existing exposure.

@livewireAssets