CHANGING LEI PROVIDER
What is an LEI Transfer?
An LEI transfer is the act of moving an LEI code from one issuer to another. There are many reasons that an LEI may be transferred to a preferred provider. In many cases global organisations use the services of multiple providers causing their LEI protfio to be fragmented.
A global LEI portfolio can easily be brought under the one roof through a bulk import. This can also have multiple benefits such as cost reductions, and reduction in 'renewal risk' associated with that LEI portfolio.
HOW DOES AN LEI TRANSFER WORK?
The process of conducting an LEI Transfer is an internal process wherein the LEI is transferred from one service provider to another. The LEI number itself is not changed and no changes will be made to the legal entity reference data (LE-RD).
The global LEI system consists of multiple LEI service providers and Local Operating Units (LOUs). Each LOU has the responsibility to verifying company data at the with the highest data quality standards set by the GLEIF.
When an LEI is transferred it a transfer request will be sent from one LOU to another asking them to release the LEI to them. The status of the LEI will be set to PENDING_TRANSFER, and thereafter as soon as it is available to be imported will change to PENDING_ARCHIVAL.
An LEI owner may use a particular service provider, and may wish to change the provider or switch to a preferred service, if they are not receiving adequate customer support, quick turnaround times or simply wish to use an automated renewal service such as RAMP 2.0.
LEI Worldwide are market leaders in the LEI industry due to providing our clients with the highest level of support and a reliable, round the clock service. We experience high volumes of transfer requests daily as LEI owners choose to leave their LOU or Registration Agent and import their LEI into the LEI Worldwide RAMP system.
This is a preferred option as it offers more flexible LEI renew options such as the multi-year LEI renewal and automatic annual LEI renewals. Our system is designed much like the LEI system, in the sense that it is fully global. An LEI does not need to be registered by an LEI service provider within their own country, and thus can move their LEI to a global LEI service provider such as LEI Worldwide benefitting from the global market of LEI providers.
This open system was designed to encourage competition within the LEI space and serves to enhance the level of customer service and costs involved in LEI management.
Reasons to consider transferring an LEI Code:Do I need a Legal Entity Identifier? LEI codes are required if your legal entity falls into (but not limited to) one of the following classifications:
- LEI portfolio consolidation
- Customer service
- Turnaround time
- LEI system and user experience
- Automated renewal reminders
- Multi-year renewal and auto-renewal features
- Experienced team to handle complex scenarios
SHOULD I MOVE MY LEI codes to lei worldwide?
Easily transfer volume leis to ramp 2.0 with our bulk transfer form
We are currently experiencing the highest volume of transfer requests since we began operating as the first Registration Agent in 2017. This has risen quickly since the launch of our new automated LEI management system and customer feedback has given us some valuable insights as to why:
This also made it difficult for banks and other institutions to onboard new clients as KYC practices were relying on old and unconsolidated data.
- User Experience: The LEI Worldwide user interface is designed with the end user in mind. Managing more than 50+ LEIs can be a cumbersome daily task for a legal person with many other jobs to get done. The RAMP interface makes it quick and simple to track all LEIs with automated reminders and multi-year renewals available at the touch of a button.
- Price: LEI Worldwides prices are very competitive, however we do not boast to be the cheapest LEI service provider on the market. Our focus is on providing a higher quality and more bespoke service to an equally high-quality clientbase. We emphasise decreasing risk levels associated with LEI portfolios and work closely with recognisable brand name organisations who trust us and our system to manage their significant portfolios of LEIs.
- Customer Service: Celtic customer service, coupled with an indefatigable will to help our clients meet their needs makes LEI Worldwide a five star customer experience, as noted within our TrustPilot ratings.
Is an LEI Transfer free?
An LEI can be transferred from one service provider to another for free assuming that it is an ACTIVE LEI number, or it has been recently renewed. If the data quality needs to be checked again then a renewal is suggested.
This will not restart the LEI renewal date, it will extend it by one or more years.
How long does an LEI Transfer take?
When an LEI transfer request is sent from one LOU to another, it is received and must be processed within 7 days. However, this time can be expedited by contacting your previous LOU and requesting them to release the LEI for renewal as soon as possible.
Our support team regularly chase LEI transfer requests on behalf of our clients, and we have excellent relationships in various LOUs ensuring transfers are conducted in a timely manner.
How do I transfer an LEI Number?
So you have made the decision to transfer your LEI to LEI Worldwide, what happens next?
- LEI Transfer Request: Begin by going to your RAMP dashboard and click on the Transfer LEI option, or just click the link here.
- Data confirmation: You will be prompted to enter the LEI number that you wish to transfer to LEI Worldwide. Please also enter some details such as company name/number, and name of the authorised signatory as this information will be automatically process within the application. If incorrect information is provided here, automation will break and we will be required to manually request information from you slowing down the process.
- Choose your package: Once you have complete the necessary fields, choose how many years you would like to keep your LEI active for (1-5 years).
- Letter of Authorisation (LOA): The system will automatically send you an LoA using the details you provided. Please sign and return this LoA to us at firstname.lastname@example.org or email us and ask for a template.
- LEI Transfer Complete: As soon as the receiving LOU sents the LEI status to PENDING_ARCHIVAL the LEI will be transferred and will appear in your My LEIs Dashboard.
Can I bulk transfer all my LEIs?
Yes. Our system has a unique feature which allows you to instantly and freely move all your LEIs into a dashboard for tracking. Many customers have LEIs with 2 or more LEI service providers and without logins, lost passwords or simply cant remember where the LEI is registered it can become fragmented, time consuming and not to mention risky. Contact our support team here, and we will import 1 to unlimited number of LEIs into your account instantly, with no obligations to renew, pay up front or commit to renewing.
Please begin by submitting a bulk transfer form in the below format.You can download this .xls bulk transfer form here.
LEI Worldwide continue to expand on the leadership position gained within the LEI market by offering a reliable and secure system through which our customers can grow their LEI portfolios in a scalable manner. As the LEI becomes more and more prevalent, and the GLEIF continue to grow the ecosystem with new initiatives (vLEI), large organisations will realise that their LEIs under management are significant and will seek to consolidate and centralise their management.
RAMP system allows those companies to get ahead of the issue and doing so quickly, and seamlessly so that ifuture complications with regards to LEIs can be avoided.