Table of Contents
What happens when an LEI number expires?
If the LEI is not renewed after one year, the LEI level will change until it expires. In this case, it is not possible to participate in any financial transaction that requires an LEI. However, the information will be stored in the database, but may be out of date and cannot be updated until the LEI is updated.
When the LEI is updated, this level will be changed from expired to output. Each service provider can choose to redo the LEI number, not the one provided by the LEI provider. Switching between LEI service providers is common, with varying prices and service levels.
You can check this website if you want to renew your LEI code.
Renewing an LEI
The Legal Entity Identifier, also known as the LEI code, is a unique international identification number for companies to identify financial market participants. For example, if a company is registered in Denmark and wants to buy or sell shares in Danske Bank, as of 3 January 2018, this company must have an LEI. Each LEI can only be listed for one year and must be renewed annually to continue trading the listed securities. Regular updates and updates are required to keep your company information in the GLEIF database valid and up-to-date.
Danmark LEI, the official LEI registry office, has started offering LEI renewal packages that allow legal entities to automatically renew their LEIs over the next 5 years. This means that you don’t have to worry about the annual LEI renewal process and that the agency will take care of the annual maintenance for you. Updates are typically made about 30 days before the date of the next LEI update, and data updates can be viewed live on the Global Legal Entity Identifier (GLEIF) website.
The LEI renewal service in question is available to all LEIs, but which service provider was used for the initial LEI registration. However, in some cases, the LEI transfer may need to be extended, which is free and takes 3-5 business days to complete. Simply put, an LEI code is like a phone number that makes it easy to switch between networks. GLEIF acts as a registrar for all LEIs and the provider-to-service separation does not affect the quality or usability of LEIs and the numbers themselves do not change. There is no need to notify banks, stockbrokers or other parties about changes in service providers.
The company integrates with over 20 business registrars around the world, which means up-to-date business data can be obtained directly from local business registrars for over 90% of LEIs in Europe. Transferring data from a local corporate directory is a convenient and secure way to publish information about your business in the GLEIF database. Additionally, the multi-year LEI renewal package offers a discount of up to 30% on the annual LEI renewal fee, making it a popular new solution for tomorrow’s digital community.
Danmark LEI is a trademark of Baltic LEI, an international forensic technology company headquartered in Tallinn, Estonia. The company operates as an accredited LEI registrar managing over 38,000 TEIs worldwide and operates in more than 15 countries including Swedish LEI, Norwegian LEI, Finnish LEI and Estonian LEI.
