Companies apply for an LEI through a service provider, like American LEI. They need to do this because companies can’t apply for or update details within the LEI database, which is managed by the Global Legal Entity Identifier Foundation – GLEIF. Instead, a service provider (LOU – Local Operating Unit) is assigned to each LEI code and has permission to initiate changes to data on behalf of the company.
You are not tied to a particular service provider. You can change service providers in much the same way as you’d move your telephone number to a new phone company. Just as each customer can transfer their telephone number to the network of another operator, each company can transfer its LEI from the administration of another service provider to the administration of American LEI. This does not change the registrar of the code in any way – the data is still in the GLEIF database. The only change is that American LEI is then able to change and update data on your behalf.
Transfering an LEI code is easy and simple – we only need written consent (in the form of a power of attorney) to manage the code. The power of attorney is revocable.
- After submitting the application on our website, we will send you a power of attorney for signing.
- We submit an application through our partner company to transfer the administration of your LEI code to us from your previous service provider.
- Your previous service provider will contact you and ask you to confirm the LEI code transfer.
- You respond to your previous service provider confirming that you wish to bring the code under our management. Then, the LEI code is automatically transferred to our management through American LEI’s partner LOU. If you do not respond to your previous service provider, your LEI code will be automatically transferred to our management within 5 business days.
- After the code is transfered under our management, we will send you a confirmation. If it’s the appropriate time, we can automatically renew your LEI at the same time.
Transferring your LEI code does not involve additional costs or paperwork.
When transferring your LEI code, it is important to remember that:
- Switching service providers is free
- Your LEI code will never change! So you don’t have to notify your bank or any other financial partner when you transfer your code to us.
- It takes up to 7 days to transfer the LEI code. The speed depends on your current service provider. For faster administration, you should respond to your previous service provider confirming the transfer of your code to us as soon as possible.
American LEI and EQS Group offer convenient solutions for the management of your LEI. Our database is interfaced with Companies House, so we can automatically verify the validity of your data and update it, if necessary. Changing your data stored in the GLEIF database can be conveniently done through our website and services related to the code can be paid for via bank transfer.
More information on renewing LEI codes can be found here.