Do you aware that LEI codes must be updated after a specific amount of time, say a year, because they become passive and lose their validity?
In other words, an LEI code must be renewed every year. This implies that an LEI granted on January 2, 2018 must be renewed before January 2, 2019. Your LEI would become inactive if the deadline had expired and you have not renewed it. This method is required to ensure that the data in the Global LEI Pool is current and relevant.
If your looking for an LEI Renewal with simple procedure you can make sure to check leiservice.com.
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LEI Renewal
LEI codes are only good for a year and must be renewed after that. This is done to guarantee that entity data is accurate and up to date. The purpose of the Global LEI System is transparency and trustworthiness, and accurate and reliable data helps to achieve that goal.
The status of an LEI code in the GLEIF database turns to LAPSED if it is not renewed in a timely manner. A lapsed LEI code limits an entity’s access to foreign markets and is practically the same as not having one at all.
The Process
The process of renewing your LEI code is quite similar to that of registering. A LEI service provider must receive an application that must be completed and submitted. Because all firm data already exists in the GLEIF database and will be added to the application form once the LEI code is provided, the renewal application is even easier to complete than the registration application. If the LEI code isn’t available, the company name can be entered instead, and the system will recommend appropriate possibilities.
The modification in data will be compared to the applicable business registration or papers provided. As a result, the LEI data cannot be modified if the entity data in the listed companies has not changed.
The renewal process can begin as early as 60 days before the expiration date of the LEI. It’s best to finish the application as soon as possible to avoid the LEI code expiring while the renewal process is underway.
Duration
Since there are no modifications to the entity data, the LEI renewal procedure can be performed quite fast. Renewals in these circumstances normally take no more than a few hours. If the company is not listed in a ranking (for example, a trust or a fund) and modifications to the LEI data are needed, more time should be allowed.
The procedure of transferring the LEI code from one LOU’s administration to another can take several days to a week. This is because different LOUs must work together.
Renewal Charges
In addition, instead of a single year, LEI Lookup allows you to renew your LEI for three or five years. The multi-year package comes with a number of advantages, the most prominent of which is a reduction in the cost of the annual LEI. The cost of a one-year registration or renewal is €69, whereas the cost of a five-year registration is €50.
To conclude, LEI Lookup would handle the renewal and ensure that the LEI designation would remain ISSUED for the duration of the chosen time.