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If you are transacting in the global financial system, you will more than likely be required to obtain a Legal Entity Identifier (LEI Number).
Legal Entities in Canada such as Limited Companies, funds, trusts and government agencies may obtain an LEI Code for reporting purposes.
Applying for an LEI Number in Canada is simple. The application can be completed in a matter of minutes. Having an LEI is recommended especially in the Canada due to the multiple mandates requiring the LEI for trading securities and derivatives.
A Legal Entity Identifier (LEI) is a 20 digit code that is unique to each company or financial institution. The LEI provides basic information about the entity such as name, address and entity type e.g Limited Company. Any form of legal entity such as a Fund or Trust may also obtain an LEI Number in Canada.
We explore the concept of the Legal Entity Identifier further in our recent post What is the Legal Entity Identifier?
The Legal Entity Identifier has been adopted by regulators all around the world in an effort to increase transparency in the capital markets.
The Mifid II directive was introduced for European entities that trade in securities. Likewise, the United States SEC (Securities & Exchange Commission) have introduced multiple mandates such as the 2019 Financial Transparency Act.
The LEI Number is also being adopted in the private sector, including banking, as it has multiple use cases and benefits. By adopting an LEI check as part of KYC processes banks can save up to $2-4 Billion annually in saved time and expenses (research conducted by McKinsey).
“The LEI system connects the dots to create a visual representation of the global financial marketplace, moreover it provides security and transparency to its participants and regulators.
There are currently 35,575 LEI Numbers registered in Canada. This roughly accounts for 2.5% of the LEI Numbers registered globally, which currently sits at 1,665,023 LEI Numbers (globally).
Toronto is Canada’s financial capital, and the financial services sector is one of the largest employers in the country. The region has one of the safest banking systems in the world and the third largest stock exchange globally. This makes it the home to more than 100,000 businesses and attracts most of the foreign capital investment in Canada.
Canada relies heavily on the LEI System because it has a vibrant insurance, fintech and asset management sectors. On top of this Canada has one of the largest capital markets in the world, backed by a sound regulatory environment. Canada is also a world leader in commodity exchange, and it is a global equity market in areas such as mining, oil and gas and technology.
“All counterparties to OTC derivative transactions defined under OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting (the TR Rule) must have an LEI.” – Ontario Securities Commission
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.
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 Canadian 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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