Companies cannot directly apply for or update their LEI records within the global LEI database managed by the Global Legal Entity Identifier Foundation (GLEIF). Instead, they must apply through a service provider known as a Local Operating Unit (LOU), which has the authority to register and manage LEI data on behalf of companies.
You are not tied to any single service provider. Just like transferring your phone number to another telecom operator, you can move your LEI to a different provider at any time. The LEI code itself remains in the GLEIF database – only the management rights are transferred to MyLEI. This means MyLEI will then handle updates and renewals on your behalf.
How does LEI transfer work?
- Submit your transfer application on our website.
- We will send you a power of attorney document to sign, giving us consent to manage your LEI. This is a revocable authorization.
- We then initiate the transfer request through our partner LOU to move the administration of your LEI code from your current provider to us.
- Your current provider may contact you to confirm the transfer. Simply reply to their email confirming you want MyLEI to manage your LEI.
- If you do not respond, your LEI will still be automatically transferred within five business days.
- Once the transfer is complete, we will send you a confirmation email. If your LEI is due for renewal, we can conveniently renew it at the same time.
Transferring your LEI code does not involve additional costs or paperwork.
Key points to remember:
- Switching providers is completely free.
- Your LEI code itself never changes – there is no need to inform your bank or financial institutions about the transfer.
- The transfer process typically takes up to 7 days, depending on how quickly you confirm with your previous provider.
- MyLEI, in partnership with Ubisecure, offers seamless management of your LEI. Our systems are linked with corporate registries, enabling us to verify your company data automatically and keep it up-to-date.
- Any updates or services related to your LEI can be conveniently managed and paid for via debit or credit card through our website.
In case of any queries, please contact us here
