LEI NUMBER PURPOSE AND APPLICATION

The Legal Entity Identifier (LEI) number is a unique alphanumeric code used to identify legal entities participating in financial transactions. It serves a crucial role in financial regulation, risk management, and Know Your Customer (KYC) processes.

WHAT IS THE LEI CODE

The Legal Entity Identifier (LEI) is an alphanumeric code, consisting of 20 characters, based on the international standard ISO 17442, which makes it possible to uniquely identify legal entities (Legal Entities) operating in financial markets around the world.

The LEI code refers to some basic information on the applicant legal entity (level data 1), such as tax code, name, registered office address, legal form.

Furthermore, it also refers to information relating to the applicant's corporate structure, that is who owns whom (level data 2), particularly useful for reconstructing the corporate ramifications.

All these data are published in the LEI database, updated daily and available on the website of the GLEIF (Global Legal Entity Identifier Foundation), a non-profit organization that coordinates the global LEI system worldwide, and can be freely consulted by anyone through the functionality of research.

WHAT IS IT FOR

The LEI code enables to identify counterparties in financial transactions subjected to reporting obligations in a simple, fast and standardized way. The LEI code is uniquely associated with only one entity and cannot be transferred from one legal entity to another.

Furthermore, LEI numbers play a critical role in banking, especially in the KYC (Know Your Customer) process by which financial institutions and businesses verify and confirm the identity and reliability of their customers. It helps banks and financial institutions to assess risks associated with financial transactions.

WHO NEEDS IT

The LEI code is mandatory for legal entities that are involved in financial instruments transactions (such as stock trading, bonds, warrants, government bonds and derivatives). It is not mandatory for individuals even if they participate in financial transactions.

HOW TO OBTAIN IT

The LEI code can be quickly and easily requested thanks to ID LEI. The activation request consists of few steps and can be made completely online:

filling in of the request
payment by credit card

HOW TO REQUEST A LEI CODE IN UK, GERMANY AND LUXEMBOURG

InfoCamere has been for years the go-to source in issuing LEI codes for Italian legal entities. The commitment to excellence and to the unwavering support to clients have consolidated its position as a trusted partner. A high number of legal entities across Italy have benefited from InfoCamere expertise in LEI code services.

Going global as ID LEI

InfoCamere is now spreading its expertise and commitment to an international audience thanks to the launch of ID LEI, specifically targeting the United Kingdom, Germany, and Luxembourg. InfoCamere, by means of the ID LEI portal, is ready to empower businesses globally with its knowledge, experience, and dedication.

WHY REQUESTING IT WITH FASTLEI

FastLEI is the ID-LEI code issuing or renewal service that allows you to obtain a LEI code in less than 24 hours, simply and safely.

It guarantees that you will obtain the LEI code on the same business day if you complete the request by 3 p.m. If you complete the request after 3 p.m. you will obtain the code by 12 noon on the next business day.
The advantages of choosing the FastLEI service:

speedy and fast processing of your request
Free LEI Certificate
safe and reliable process
Fast protection of your corporate financial operations

HOW LONG DOES IT LAST

If you select the Annual Plan, the LEI code lasts one year from the date of issue and subsequent renewals.

RENEW LEI

WHY RENEWING YOUR LEI CODE

The LEI code has a duration of one year from its initial issuance and annual renewal of the code is important to maintain the accuracy and currency of the information associated with it. The renewal process ensures transparency in the financial market by correctly identifying the entities operating within it.

HOW TO RENEW YOUR LEI CODE

If you have activated or renewed a LEI code in the past, you will receive automatic notification by e-mail when the renewal date is approaching.

In this way you will be able to renew your LEI code on time.

Thanks to the real time connection to Companies House, UK legal entities registered in it can renew their LEI codes using a pre-filled form with up-to-date information.

If your LEI code has been issued by another LEI issuer you can transfer it to ID LEI at any time for free.

Find out more about how to transfer a LEI code.

HOW OUR THREE-YEAR PLAN WORKS

You can select the three-year activation and renewal plan without worrying about the annual expiry of the LEI code.

Thanks to this service, your LEI code is always valid. Every year you will receive the LEI Certificate free of charge, where the validity and the expiry date of the LEI code will be indicated.

Find out more about our three-year plans in this section of the portal.

WHY CHOOSING ID-LEI

InfoCamere, the digital innovation company for the Italian Chambers of Commerce, is a GLEIF officially accredited LOU (Local Operating Unit) that has been issuing and renewing LEI codes for years.

InfoCamere provides a high quality and reliable service, being among the leading organizations worldwide and first in Italy for the management of LEI codes. Local Operating Units (LOUs) are local entities authorized to assign LEI codes, to update and ensure the accuracy of the information associated with the codes within a specific jurisdiction.

Thanks to the real-time connection with the Register of Companies of the United Kingdom, the procedure to verify the identity of those who request the LEI code through ID LEI is simple and certified, and allows you to obtain your code in a very short time.

WHAT IS A LEI CERTIFICATE

The LEI Certificate is a document, issued by the LOU InfoCamere, that proves in real time that a specific legal entity possesses a LEI Code.

Its QR code provides information on the validity and expiry date of the code.

You can obtain a LEI Certificate:

free of charge each year if you select the Three-year activation or renewal Plan
free of charge if you select the FastLEI service
optionally when activating or renewing for one year
currently it is not possible to request the certificate on demand on ID LEI

With the Lei certificate you have access to several advantages, including:

a quicks and easy way of demonstrating the validity of your LEI code to your bank or other intermediaries
real time checks on the status, expiry and data associated with the LEI
code of a third party you need to deal with for your business
quickly sharing and communicating information connected to your LEI code to customers, suppliers and commercial partners.

REFERENCE REGULATIONS

The adoption of the LEI code is governed by various European regulations.
The first act was the EMIR regulation (n.684 / 2012 / EU) which made it mandatory in Europe to report details relating to transactions carried out in derivative financial instruments (whether it is products listed on regulated markets or OTC) to the supervisory authorities (for Italy, Consob).

This was followed by two regulatory interventions that have consistently expanded the mandatory scope of the LEI code:

the community directive MIFID II (2014/65 / EU) on markets in financial instruments
the related implementing regulation MIFIR (600/2014).

In order to develop a single European market for financial services, such legislation has among its main aims the increase in the transparency of the markets and their supervision, the protection of investors and the improvement of transaction execution strategies.

From 3 January 2018, with the entry into force of the MIFID II / MIFIR directive, all legal entities that have opened a securities account with financial intermediaries must have an LEI code.

WHAT ARE LOCAL OPERATING UNITS (LOUS)

LOUs (Local Operating Units) are organizations authorized to issue LEI codes to legal entities that take part in financial transactions.

The LOUs deal with the registration and renewal of LEI codes, provide any additional services and are the main point of contact for those who request the issuance of LEI codes.

Accreditation is the process through which the GLEIF (Global Legal Entity Identifier Foundation) assesses the suitability of organizations wishing to operate within the Global LEI System as issuers of LEI codes and keepers of legal entity data.

THE "POLICY CONFORMITY FLAG" INITIATIVE IN THE GLOBAL LEI SYSTEM

The Policy Conformity Flag further enhances the effectiveness of the LEI by providing a concrete opportunity to encourage and promote greater transparency in financial transactions. Data related to legal entities are made available to the public in an open, standardized, and high-quality manner, maximizing transparency and trust among market participants.

The Policy Conformity Flag is a simple and clear tool that allows all interested parties to determine which LEI records (i.e., the set of data related to an LEI code) meet certain Regulatory Oversight Committee (ROC) policies. The ROC coordinates and oversees the Global LEI System. An LEI record marked as ‘conforming’ indicates that the following criteria are met:

The LEI registration is up-to-date - the LEI record renewal (and thus, the review of data related to the legal entity) has been completed within the specified timeframe.
The declaration of corporate structure data is complete - the legal entity has provided data regarding direct and ultimate parents (or has provided one of the specified reasons why such data may not be provided).

Discover more about Policy Conformity Flag