How to renew LEI
Every Legal Entity Identification (LEI) Number that is issued has to be renewed annually. The renewal date is exactly one year after the registration date of your LEI number. For instance, if your LEI was registered on 10th March 2020, it will be due for renewal on 9th March 2021. The reason for renewing each year is to ensure all the changes to the company that may have occurred throughout the year are added to the GLEIF database. For example, if your entity changes its physical location, such details must be updated during the renewal process.
Procedure for renewing LEI
Renewal procedure is much simpler than registering, since the LEI number is already available for your legal entity. The whole process involves:
- Inserting your current LEI or company name - we will determine the current status of LEI and it's renewal date automatically. If the record is found correctly, you will be displayed with detailed information about your entity.
- Make modifications - The information extracted from the previous year's record. If nothing changed since last year there is nothing required in this step. However, if there were changes in the company's record (location, structure, contact information, etc.) then modifications to the record displayed needs to be made to reflect the latest facts.
- Submit the LEI renewal application form
- Wait for confirmation - The time it takes to complete the renewal usually is rather quick and should take up to few hours. We are sending confirmation email once LEI is renewed.
What happens if you don’t renew your LEI?
A legal entity with an expired LEI is as good as one that didn’t do this registration. Your company with all its details will still remain in GLEIF database, but status of it will be LAPSED. Legal entities would run into a risk of having transactions and trading rejected, due to being non-compliant with regulations.
How to avoid lapsed LEI
Our service sends automatic notification prior to the date of the expiry to give companies enough time to renew and update their information.
Another way to avoid limitation is to buy multi-year packages. For example, if you buy a package for 3 years, you will only need to reapply 3 years after the last registration or renewal.
When do I need to renew LEI?
LEI codes are valid for one year and must be renewed thereafter. To find out when your LEI needs to be renewed, we suggest that you search the LEI lookup for your company's name.