LEI transfer explained: 3 simple steps
Why transfer your LEI in the first place?
The Global LEI System (GLEIS) has been set up to encourage competition between LEI service providers. When a market is competitive, businesses have a more significant incentive to lower prices, improve the quality of their services, and provide customers with more options. The leading element that drives the LEI market’s healthy competition is the price of obtaining and maintaining an LEI code, which is why prices vary among Local Operating Units (LOUs) and Registration Agents.
Since everyone has the freedom to choose who they’d like to register their LEI with, it’s only natural that you are also free to change it. You can transfer LEI codes to another service provider without constraint. Also, note that during the transfer process, your LEI code and data associated with it will remain the same. LEI transfer is a back-end process and will not be visible to end customers.
How to transfer an LEI code?
Your LEI transfer process will begin by applying for a renewal or a transfer with your newly chosen LEI service provider.
The new LEI service provider is obligated to request a signed Letter of Authorization (LoA) to confirm your transfer wish.
Your new service provider will let the original LOU know about your wish to transfer. Your original LOU will have three days to contact you and attempt to change your mind. Once you’ve reconfirmed your want to transfer and there are no objections from the original LOU after three days, they will release your LEI to the new LOU.
That’s all; your LEI is transferred! It will be moved to the new LOUs management and renewed when applicable.
How long does it take to transfer an LEI?
Two minutes is all it takes to start the LEI transfer process. Now, your old service provider’s work efficiency, how fast they will contact you and release the LEI code, can not be helped by us- but generally speaking, seven days should suffice!
Bulk LEI transfer
LEIAdmin has pioneered many solutions when it comes to LEI management. One of them is bulk LEI transfer; essentially, you’ll be able to upload hundreds of LEI codes simultaneously. LEI transfer to LEIAdmin is free and assisted.
Save time and money by uploading hundreds of LEI codes at once
- Free LEI transfers
- Single authorization for multiple codes
- One payment
Key takeaways
- GLEIS has been set up to encourage competition between service providers and benefit entities looking to obtain an LEI code.
- Since entities have the freedom to pick who they’d like to register their LEI with, it’s only natural that they also have the freedom to change it when desired.
- You can transfer LEIs between different service providers without constraint.
- Your LEI code nor the information associated with it will not change during the transfer process.
- The LEI transfer process generally takes up to 7 days because it involves communication between your previous and new service providers.
- LEIAdmin offers bulk LEI transfer, which lets you transfer your whole LEI portfolio simultaneously.
