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LEI code can be now renewed automatically
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October 27th, 2021
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Tremors are being felt throughout the global banking sector (photo: mcgillbusinessreview.com)
Legal Entity Identifier, also known as the LEI code, is an unique global identification number for a company to identify participants in financial markets. For example, if a company is registered in Denmark and would like to buy or sell some shares of Danske Bank, then as of 3 January 2018, it is mandatory for this company to have an LEI code. Each LEI can be only registered for one year and needs to be renewed each year to resume trading with listed securities. Regular updates and renewals are necessary to keep the information about your company in the GLEIF database valid and up to date.
Danmark LEI, official LEI Registration agent operating in, has started offering LEI renewal packages that allow legal entities to renew LEIs automatically for the next 5 years. This means that it is possible not to hassle with the LEI renewal process each year and let the agency do the yearly maintenance work for you. The renewals will take place usually around 30 days before the next renewal date of the LEI and data updates can be monitored directly on the Global Legal Entity Identifier Foundation (GLEIF) website.
The mentioned LEI renewal service is available for all LEI-s, nevertheless which service provider was used for the initial LEI registration. However, in some cases LEI transfer can be necessary before the renewal, which is free of charge and takes 3-5 working days to complete. Just to make it simple, LEI codes are like phone numbers that are very easy to switch from one network to another. GLEIF acts as registrar for all the LEIs and switching from one provider to another does not affect the quality or usability of your LEI and the number itself does not change. You do not need to inform your bank, securities broker or any other party about the change of service provider.
Company has integrations with more than 20 business registries all over the world, which means that it is possible to get the updated company data directly from the local business registry for more than 90% of the LEIs in Europe. Data transfer from the local business registry is a convenient and secure way to publish information about your company in the GLEIF database. In addition, multi-year LEI renewal packages provide a discount for up to 30% for the yearly LEI renewal fees making it a new popular solution for the future digital society.
Danmark LEI is a brand of Baltic LEI, an international regtech company headquartered in Tallinn, Estonia. Company acts as an official LEI Registration Agent managing 38 000+ LEIs globally and is operating in more than 15 countries including LEI Sweden, LEI Norway, LEI Finland and LEI Estonia.
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