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Luxembourg has one of the most competitive financial sectors in Europe, in particular with its activities in banking, insurance and investment funds.
If you are transacting in the global financial system, you will more than likely be required to obtain a Legal Entity Identifier (LEI).
Whether your entity is based in Luxembourg or is registered there from an offshore destination in the EU, US or Asia, you can obtain an LEI quite easily regardless of the location.
Applying for an LEI number is simple, and can be completed in a matter of minutes for both Limited Companied and funds.
Commonly known as the global fund centre, The Grandy Duchy’s fund administration sector is home to over 13, 800 investment fund units responsible for managing over €3 billion worth in net assets, second only to the United States.
Luxembourg has a strong economy with one of the best legal and regulatory frameworks for investment funds in the world, including additional provisions for umbrella funds with many different subsidiary asset classes.
“Driven by regualtory requirements in the financial services sector, the Legal Entity Identifier (LEI) is a 20 digit code that is unique to each legal entity and provides basic information about the entity such as name, address and entity type e.g Limited Company.”
The Mifid (Markets in Financial Instruments) II directive was introduced for European entities that trade in securities along with EMIR (European Market Infrastructure Regulation). These regulations stipulate that EU, including Luxembourg domiciled businesses/funds will be required to report an LEI when trading.
Most of the worlds leading asset management companies use Luxembourg as their distribution headquarters. If you require an LEI for a fund you can read our post on LEIs for funds ant trusts. Alternatively, securities exchange is another large industry in Luxembourg, you can read about SFTR and CSDR here and how they require LEI registration.
LEI codes are required for legal entities that fall into the following classifications. Entities that:
If you currently own or are responsible for a Luxembourg company, fund or trader registered there, you may need an LEI by law. If you are engaged in international activity it is a good idea to have an LEI before you need one as it is quickly being adopted as a global standard and there are already nearly 1.7 Million LEIs registered in the world.
If you are in financial services you will be required to legally register your entity for an LEI in order to fulfil your reporting obligations. To find out if you fall into this category and are require by regulation to have an LEI please see our post discussing Who Needs an LEI?
Obtaining a Legal Entity Identifier code is a simple process. The LEI application form only takes a few minutes and any representative of the company may apply on behalf of the entity.
Step 1: Click on the ‘Register New LEI’ button here or visit the homepage of this website. To begin, fill out your contact details as the applicant. This information will be used to contact you in case any additional information is required.
Step 3: The next section ‘Level 2 Data’ gives you the opportunity to report parent company information.
For example, if your company is a branch of a larger organisation, or is owned by another company you may have that information appear on the LEI record. However, this is not a legal obligation. If you wish to report a legal parent company, please note that you will be requested to provide evidence of this relationship by way of Consolidated Accounts (i.e an annual report).
You may only report parent information if the parent company consolidates the accounts and the subsidiary is listed there.
Step 4: The final section allows you to upload documentation relevant to your application.
When an LEI application is submitted, the data is cross matched with what is on the relevant local companies registry.
If however the company cannot be found, or the data does not match the registry, we may request that you provide supporting documentation. Some good examples include a document from ASIC, a Certificate of Incumbency, Register of Directors, or a registry extract.
A registered company in Luxembourg for example may with to provide their ASIC registry form as it confirms important company information.
Once the application is submitted, simply choose your preferred payment method and complete the application. LEI Worldwide use our payments provider STRIPE and PayPal. We also offer the ability to complete a bank transfer or swift payment in any currency including Euro and US Dollars.
A member of the LEI Worldwide team will review the submission upon completion and you will receive your LEI code within a few hours.
If you have any questions please contact info@lei-worldwide.com
To apply for your own LEI or on behalf of a legal entity, please select the option from the buttons below.
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