Who needs an LEI NUMBER IN THE UNITED KINGDOM?
A Legal Entity Identifier (LEI) is a 20 digit code that is unique to a legal entity and provides basic information about the entity such as name, address and entity type e.g Limited Company.
Since the introduction of MiFID 2 in 2018, the use of an LEI has been mandated by over 116+ global regulations requiring its use for reporting of Financial Transactions. The LEI is a requirement in the UK under several regulations from regulators such as the FCA (Financial Conduct Authority).
Since then, the UK has become the worlds second largest market for LEIs. There are currently over 175,000 LEI registered in the United Kingdom. You can search for a companies LEI code by using our LEI Search Tool here.
This accounts for nearly 10% of all LEIs globally. The vast majority of these LEIs exist because the UK does a lot of trading with Europe and up until recently was subject to EU mandates requesting the LEI.
There are strict regulations throughout Europe which require market participants to quote their LEI registry when reporting transactions. The aim of these regulations is to bring about more transparency in the financial markets. Regulations such as Mifid II and EMIR were brought about in January 2018 and so far have been successful in that there have been very high compliance rates and the LEI is bringing about greater security in financial markets.
As London, and the UK in general is a global financial hub there are hundreds of thousands of UK legal entities that still need to get an LEI number in the United Kingdom.
If you are a Limited Company or Sole Trader in Britain, LEI registration UK may be necessary. If you are engaged in cross border activity it is a good idea to have an LEI before you need one as it is quickly being adopted as a global standard.
If you are participating in financial services in the UK you will be required to legally get your LEI register in order to be compliant with local regulations such as Mifid II, EMIR or to fulfill your local reporting obligations.
How to get a Legal Entity Identifier UK
Wondering how to obtain a Legal Entity Identifier UK? In order to get an LEI for a UK company please complete the LEI application UK by clicking the 'Register New LEI' button at the top of the page.
LEI Worldwide are connected to the Companies House data, meaning you can receive your LEI in minutes.
Step 1: Create a RAMP account if you have not already. Click on 'Register New LEI'.
Step 2: Enter your company information. Company name and number are most important. Address will be pulled from the Companies house.
Step 3: If your details were entered correctly you should receive your new LEI code via email within minutes.
Step 4: You may now apply for your LEI certificate, and view your LEI on the LEI Look Up tool.
LEIs help businesses link data sets, improving analysis.
Building a complete picture of a business, by linking its data, could also help small businesses to access finance.
We will champion the LEI as a globally recognised identifier for all businesses in the UK.
- The Bank of England
Who needs an LEI number UK? Examples of companies that have mandatory LEI register UK requirements, are financial intermediaries, funds, trusts, banking institutions and financial institutions, any legal entity that is listed on a stock exchange or that issues debt, securities or equity.
Why registe your UK LEI with LEI Worldwide? LEI Worldwide is an Official GLEIF LEI Registration Agent in the UK, we provide:
- Automated UK LEI Applications
- All UK legal entity types covered
- PDF LEI Certificate Available
- Official listing on global LEI index
- Fatstest LEI UK issuing times
- Trusted by leading UK companies
- Law firms, banks, asset managers
- LEI portfolio management
- Get started with your LEI today
ABOUT LEI WORLDWIDE
LEI Worldwide is an Official GLEIF LEI Registration Agent (RA), and the first RA providing LEIs on a global basis since 2017. Our approach since inception has been focused on providing high quality customer service and helping our clients manage large portfolios of LEIs.
LEI Worldwide was formed to help some of the worlds largest organisations meet their regulatory requirements, with emphasis on the updated Markets in Financial Instruments Directive (MiFID II) & regulation (MiFIR) and to assist entities in the process of obtaining an LEI number.
There are over 144 pieces of legislation globally mandating the use of the LEI. If your firm is subjected to regulations such as MiFID II transaction reporting obligations, you will require a UK Legal Entity Identifier number or you will be declared ineligible to execute a trade in the UK.
This could mean a no trade ruling or financial penalty “no LEI, no trade” as the saying goes.
In order to meet the demand, and the volume of firms applying, LEI Worldwide have created a designated state-of-the art, proprietary LEI registration and management portal called RAMP 2.0 (Registration Agent Management Platform) which streamlines and automates the process, ensuring timely registration and ease of LEI portfolio management.
We cater for companies from anywhere in the world and those who are seeking a Legal Entity Identifier from all countRIes. By co-operating LEI issuing organisations, and uniquely providing global access, we bring our clients the fastest and most comprehensive LEI solutions available on the market.
We aim to fulfill our mission of providing a first class service which will facilitate the global conformity to the ISO 17442 standard and GLEIFs mission to fulfill “One identity behind every entity”.