How to Transfer an LEI?
All LEI numbers are managed by the global governing body GLEIF. Companies cannot modify data in the database directly; instead, each number is managed by a service provider or an accredited LEI issuer (Local Operating Unit or LOU). An LEI number transfer refers to moving the management of an existing LEI from one service provider to another.
It is important to note that the LEI number itself remains unchanged—only the service provider responsible for updating your data in the GLEIF system will change.
To transfer your LEI number to LEI Universal’s management, you only need to submit a Letter of Authorization (LoA) as written consent for the switch. From that point on, your LEI number will be managed in the GLEIF database directly through us.
How does the LEI transfer work?
- Submit a request to transfer your LEI number to your newly chosen service provider. You can do this on our homepage by simply entering your existing LEI number or company name. Our system will then automatically retrieve your details from the GLEIF database.
- The new service provider requires a Letter of Authorization (LoA) from the company, granting them the authority to act on its behalf in managing the LEI number. This document confirms the company’s consent to the switch. We will send the LoA to the company once the application has been submitted.
- The new service provider will contact the current LEI service provider to initiate the transfer process.
- The current service provider will contact the company, if necessary, to confirm the LEI transfer.
- Once all necessary approvals are received, your LEI number will be transferred to LEI Universal’s management (a confirmation email will be sent to you). The transfer process typically takes up to 7 days.
Why and when to consider an LEI transfer?
Transferring your LEI service provider can be beneficial in several cases:
High renewal fees – Initial registration is often cheaper than renewal. Additionally, verifying Level 2 data (parent company structure) can involve extra costs, making LEI renewal a significant expense.
Inefficient management – Managing and renewing your LEI should be seamless and intuitive. If you are struggling with complicated forms, it is a clear sign you should consider a transfer.
Inadequate customer service – Fast assistance is crucial when issues arise. If your current provider lacks reliable support, the process becomes unnecessarily stressful.
Frequently asked questions about LEI transfers
- Is transferring my LEI free of charge?
Yes, transferring your LEI is completely free. The only cost involved is the renewal fee if your LEI is nearing its expiration date. You can select your preferred term (1, 3, or 5 years) when submitting the transfer request.
- How long does the process take?
The transfer process typically takes up to 7 days. The timeline depends primarily on how quickly your current provider confirms the request.
Will my LEI number or associated data change?
No. Your unique LEI number remains exactly the same, and all company data stays intact in the GLEIF database. Only the party responsible for managing the code changes.
What if my LEI has already expired?
Not a problem! If your LEI is expired at the time of transfer, you can renew and transfer it simultaneously. Simply enter your company name, and our system will automatically pull your data from the GLEIF database. Once you’ve selected your preferred term and the transfer is successful, the renewal will be processed through our platform.
- Do I need to notify my bank, partners, or other parties?
No, that is not necessary. Since your unique LEI number remains unchanged, moving to a new provider does not affect your relationships with banks, business partners, or other institutions. All information remains publicly accessible and verifiable in the global GLEIF database.
- What if my current provider blocks the transfer or fails to respond?
GLEIF has established strict rules and deadlines for LEI transfers that all accredited providers must follow. The process is standardized to protect the client. We will manage all communication with your previous provider to ensure a smooth transition.
LEI Universal is dedicated to making the LEI transfer process as fast and convenient as possible for your company. Our systems are fully integrated with Companies House and the GLEIF database. To provide top-tier LEI services, we partner with the official LEI issuer, RapidLEI (Ubisecure Oy).