LEI Renewal Guide
Legal Entity Identifiers (LEIs) require annual renewal to ensure that the information they contain remains accurate and up-to-date. This guide covers everything you need to know about renewing your LEI.
Why LEIs Need to Be Renewed
LEIs must be renewed annually because:
- They contain information that may change over time
- Regulators rely on current, accurate data
- The global LEI system depends on data quality
When to Renew Your LEI
Your LEI should be renewed before its expiration date. The status of your LEI can be one of the following:
- ISSUED: Your LEI is valid and current
- PENDING_RENEWAL: Your LEI is in the process of being renewed
- LAPSED: Your LEI has expired and needs to be renewed
It's best practice to initiate the renewal process at least 30 days before the expiration date to ensure continuity.
The Renewal Process
Renewing your LEI involves these steps:
- Receive a renewal notification (typically via email)
- Review your entity data for accuracy
- Submit any changes or confirm existing information
- Pay the annual renewal fee
- Receive confirmation of successful renewal
What Happens If Your LEI Expires
If your LEI expires:
- It will be marked as "LAPSED" in the global database
- You may be unable to conduct certain financial transactions
- You could face regulatory compliance issues
- You'll need to go through the renewal process to reactivate it
Level 1 vs. Level 2 Data Renewal
LEI renewal includes validating two levels of data:
- Level 1 ("who is who"): Basic information about your entity, such as name, address, and registration details
- Level 2 ("who owns whom"): Information about the ownership structure of your entity, including direct and ultimate parent entities
Both levels of data must be verified during the renewal process to maintain a fully compliant LEI.
How Get-LEI.com Simplifies Renewal
Our renewal service includes:
- Automated renewal reminders
- Streamlined validation process
- Discounted renewal fees
- Expert support throughout the process
Contact our team to set up automatic renewals and never worry about an expired LEI again.
