The allocated code is entered in the consolidated public LEI database and represents a unique source of standardized information about legal entities around the world. The data is recorded and regularly verified according to the standards and protocols developed by the LEI Regulatory Oversight Committee.
Additional information may be registered if so agreed between a legal entity and the LEI issuer.
The LEI is allocated by specialized issuing organizations and only upon application of the company or of its authorized representative. A company may apply for the LEI either to the issuer located in the company’s country of incorporation or to a foreign organization.
The LEI is assigned once, but must be renewed annually by payment of a special fee. If the code was not renewed in time, it becomes ‘lapsed’ and will not be accepted by financial organizations.
Under the amended Markets in Financial Instruments Directive (MiFID II), financial organizations must collect and systemize certain data about clients that make transactions with financial instruments and securities such as shares, debentures, derivatives, investment fund units, etc. For this purpose, a client that is a company, partnership, or trust, shall provide its LEI to the financial institution where it holds an account for financial instrument transactions. Banks or brokers cannot perform transactions with financial instruments for companies that have not provided their LEI.
However systemizing information about participants of financial instruments markets is just one of the LEI’s purposes. The major goal is to create a consolidated uniform database of information about legal entities.
Our company can help you obtain an LEI code from the National Settlement Depository of the Russian Federation, the Central Depository of the Republic of Cyprus or the London Stock Exchange.
The LEI application should be submitted to the London Stock Exchange by the company or its representative. Before submitting, the company must ensure that it had not previously obtained an LEI through another authorized issuer.
The application should include the following details of the company:
For offshore companies copies of passports of beneficial owners and a company search from the local registry is also submitted.
If an application is submitted by a company’s representative, it should be accompanied by a scanned copy of an authorization letter signed by the company’s director.
Companies incorporated outside the UK need to provide scanned copies of the following documents: Certificate of Incorporation, Memorandum & Articles of Association, Register of Directors & Register of Shareholders (or Certificate of Incumbency).
The assessment of the application and assignment of an LEI code takes 5-7 business days.
The company must promptly submit any updated data, should there be any changes in the information initially completed on the application.
Our fee to apply for an LEI through the London Stock Exchange is USD 830.
The fee to renew an LEI is USD 550.
For us to be able to provide this service, the director of the company should sign an authorization letter, so that we can submit the LEI application, as well as the above information and documents.
To obtain an LEI-code in Cyprus, the director of the company must submit an application for the code and supporting documents to the Central Depository:
The information required to complete the application is similar to that on the London Stock Exchange application, but it is also necessary to specify the company’s tax number (if any).
The assessment of the application and assignment of an LEI code takes around 10 business days.
The company must promptly submit any updated data, should there be any changes in the information initially completed on the application.
Our fee to apply for an LEI through the Central Depository is EUR 860.
The fee to renew an LEI is EUR 575.
The cost of obtaining the necessary supporting documents is a separate charge.
To obtain the code, the director of the company or an attorney (acting by a power of attorney in a special form) must submit an application and the following supporting documents:
All documents issued outside Russia must be apostilled and translated into the Russian language (the translation must be certified by a notary).
The assessment of the application and assignment of an LEI code takes around 10 business days.
The company must promptly submit any updated data, should there be any changes in the information initially completed on the application.
Our fee to apply for an LEI through the NSD is USD 830.
The fee to renew an LEI is USD 550.
The cost of obtaining the necessary supporting documents is a separate charge.
[1] Direct parent is a legal entity that, due to its direct prevailing participation in the share capital or under an agreement or otherwise, is capable of determining decisions taken by the management bodies of the LEI applicant.
Ultimate parent is a legal entity that, due to its indirect (through other entities) prevailing participation in the share capital or under an agreement or otherwise, is capable of determining decisions taken by the management bodies of the LEI applicant.
The LEI code format does not provide for disclosure of individuals who hold shares or interest in or are beneficial owners of LEI applicant companies.