WE MAKE IT PLAIN AND SIMPLE WHAT TO LOOK FOR AND WHICH LEI CODE PROVIDER TO CHOOSE
Guidelines for Choosing the LEI Number Provider
It is important to assess the following elements when choosing the right Legal Entity Identifier provider:
The price of an LEI number
LEI price is often not tied to a better customer service experience nor to the quality of service overall. LEI code is just a valuable tool for legal entities participating in financial transactions which is used in reporting to financial regulators. Higher priced LEI number functions just as well as lower priced LEI number, hence the pricing differences between the Legal Entity Identifier providers have nothing to do with a better functioning product.
Estimated average processing time
Not all Legal Entity Identifier service providers process LEI codes at the same pace. For some service providers it takes longer to process an LEI number and for some it goes fairly quick. LEI number processing time depends entirely on the structure of an organization and therefore shows the overall quality towards satisfying customer's needs. The faster the LEI code processing time is, the better the quality of service the organization can offer.
The Legal Entity Identifier's registration or renewal process is a fairly easy procedure and should not take an enormous amount of time of filling out endless amounts of blank forms or downloading PDF files in order to reach to the next step. The service provider who offers the most simplistic LEI code registration is clearly a winner here. The compulsory information that the LEI number provider needs to know should be the following: Legal Entity name, Company ID, Entity address, City, Postal code, Applicant first and last name and an e-mail address.
- What is an Legal Entity Identifier?
Legal Entity Identifier is an alpha-numeric code which is necessary for the Legal Entities who wish to participate in financial transactions in the European financial markets.
- How to obtain an LEI code?
LEI code is issued by the GLEIF accredited Local Operating Unit (LOU) who is responsible for LEI number registration, renewal and data validation. LOU can partner with a Registration Agent to further accelerate the LEI number registration process.
- How to choose the right LEI code provider?
Choosing the right LEI code provider is a subjective matter. However, the key factors to pay attention to are the prices for LEI registration/renewal and the LEI processing time (LEI receival time). Lower priced LEI is just as good as higher priced LEI.
- What is LEI-Search.info all about?
LEI-Search.info brings all the LEI providers to one platform and offers a convenient comparison tool by covering the most important aspects of LEI number and the LEI providers for a customer interested in purchasing one.
- What is the LEI Search application?
The LEI Search application offers a way to check your LEI code validity. It also provides a valuable tool to check potential business partners' LEI number for transparency related reasons.
The LEI Search application can be found here.
- Why are there so many LEI number providers?
There are exactly as many LEI number providers as there is a demand for them. Some Legal Entity Identifier providers offer multiyear LEI registration/renewal packages and some offer fast LEI processing time. There are various options available that best fit the customers' needs.
LEI-Search.info helps to facilitate the process of choosing the most suitable LEI number providers for customers.
- Am I obliged to use an LEI provider from my own country?
No, Legal Entities are free to choose their own favourable LEI number providers based on their own preferences and the LEI number costs.