An LEI code must be renewed annually

An LEI code must be renewed once a year. If an LEI code is not renewed, it expires and is no longer valid. This article explains why an LEI code needs to be renewed; and what happens if it is not renewed.

If you want to avoid having to remember to renew your LEI code, you can opt for a validity period of 3 or 5 years. You will save money and get the cheapest LEI code, if you choose a five-year validity period.

Do LEI codes expire?

An LEI code expires after one year, i.e., 12 months after it’s issued or renewed. The LEI system requires that the company information associated with an LEI code must be current and up-to-date. For example, you cannot renew an LEI code without simultaneously updating your company information. This way, all global company information is continuously updated and maintained.

Which LEI information needs to be updated?

All registered company information has to be updated if any changes occur. It also has to be noted when the changes have been registered. The information includes the following:

• Company name
• Company form
• Business status
• Legal address
• New expiry date
• Ownership structure:
  • Direct parent company
  • Final parent company

Information about the parent company must also be updated. You can read more about the different levels of data here.

What happens if my LEI code expires?

When an LEI code expires, it is no longer considered active. An LEI code that is inactive can’t be used to trade in securities or carry out other financial transactions. Consequently, your bank or broker will have to reject the transaction, and you need to go get an active LEI code, before you can resume your activities.

At Global FinReg, we always notify our customers when their LEI codes are about to expire. We also offer longer validity periods of 3 or 5 years, so you don't have to renew the LEI yourself - or worry about updating your company information every year. You get the cheapest LEI code, if you choose the five-year validity period. You can see our LEI prices here.

How often does an LEI code need to be renewed?

An LEI code has to be renewed once a year. However, most LEI registration agents offer longer validity periods. You typically get the cheapest LEI code, if you choose a five-year validity period. Apart from being cheaper, a five-year validity period saves you time, because you don't have to remember to renew your LEI code yourself. Your registration agent does it for you.

You should also check whether your registration agent continuously updates your company data. If not, you have to remember to do it yourself.

Why do LEI codes need to be renewed?

As a business owner with an LEI code, you have to update your company information once a year to ensure that it is correctly registered. The global LEI system is based on a global standard (known as ISO 17442), which means that the system can be used by banks and investment firms for anti-money laundering measures globally. However, the system requires that all LEI codes are continuously verified and updated.

You can read more about the creation of the global LEI system here.

How to renew an LEI code?

You renew your LEI code through the provider that maintains your code on a daily basis. You usually need to log in to access your company information, and then follow your provider's instructions.

If you are a customer at Global FinReg, you can renew your LEI code in a few simple steps:

• Go to www.globalfinreg.com.
• Click on "Dashboard" in the upper right corner of the home page.
• Click on "Renew now" for the company whose LEI code you want to renew.
• Select your desired validity period and pay via debit or credit card, MobilePay, or bank transfer.

If you would like to transfer your LEI to us, you can do it here.

Need help?

Please contact our customer services team, if you have any questions about renewing or moving your LEI code.