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Legal Entity Identifiers (LEIs) require annual renewal. This ensures the data contained on the LEI index is current, up to date and accurate.
If your LEI has not been renewed in the last year it will be marked as LAPSED.
To renew, simply follow the guides below.
When you register an LEI to the global LEI index it will be initially active for a period of 12 months. This means the LEI record will have a small green dot beside the field labelled ‘LEI Status’ on your LEI record indicating to regulators or interested parties that the LEI data is issued and up to date.
If your regulator requires you to have an active LEI you will need to ensure it remains active. Many regulators and industries have a “no LEI, no trade” policy, which also applies to expired LEIs.
The potential downsides to having a lapsed LEI include blocked transactions in the case of SFTs or OTC transactions. If you require an LEI for regulatory reporting such as SFTR or EMIR then you may be contacted in order to activate the LEI.
In other cases such as corporate borrowing or lending, you may run into difficulties with your provider if they ask you for your Legal Entity Identifier and it has not been maintained.
In the case that your LEI has lapsed, not to worry, it can be re-activated relatively quickly. But move fast…
The act of moving an LEI code from one LEI Service provider to LEI Worldwide is known as an LEI Transfer.
In the case that you would like LEI Worldwide to re-activate a lapsed LEI that currently is under the management of another service provider, please contact us and we will arrange the transfer process on your behalf.
Please note that we may require a written signature of approval, and a transfer can sometimes be delayed by a day or two.
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