GEI-Portal F - Legal Entity Identifier (LEI)

General Questions on the Global Legal Entity Identifier (LEI)
What is the global legal entity identifier (LEI)?
The Legal Entity Identifier (LEI) is a unique identifier, which allows for the identification of legally
independent entities across the global financial markets. LEI thus represents an innovative crosscountry, cross-legal system, and cross-market solution that had not been available before its
establishment.
The creation of the global LEI system is a direct result of the past financial crisis and a reaction to the
difficulties experienced by banks and regulatory agencies to quickly identify convoluted business
ventures and to efficiently establish connections between issuers and securities.
How do the markets benefit from the LEI?
With the global establishment of a uniform system for the identification of legal entities, it is expected
that costs will be reduced for individual companies as well as the entire market and that the overall
management of risks is improved.
This can be achieved through error reductions with regard to business transactions, lower costs for
data cleaning and maintenance, and decreased costs for reporting to regulatory institutions. In
addition, the definite identification of all contracting partners strengthens important business processes
and reduced risks on part of the involved companies.
Who is behind the LEI system and how is it organized?
The Financial Stability Board (FSB), a regulatory committee located in Basel, established the LEI
system on behalf of the G20. The objective is to be able to quickly and reliably identify each party
involved in a financial transaction (as well as each fund) with the help of a unique identifier. The LEI
allocation system is monitored by the Regulatory Oversight Committee (ROC, www.leiroc.org), which
consists of more than 50 regulatory institutions worldwide and representatives of differing interests
from the public sector.
The global implementation of the LEI system is controlled by the Central Operating Unit (COU). The
COU ensures the adherence to a set of unified standards worldwide. The allocation of the LEI is in the
hands of several Local Operating Units (LOU), which contribute their expertise with regard to local
structures and legal systems and which assure that the information provided by companies and funds
is transferred correctly to the global system.
With the establishment of the Global LEI Foundation (GLEIF) in June 2014 – the central institution of
the Global LEI System (GLEIS) – another crucial step in the development of the system has been
taken.
More information on the structure of the LEI and on relevant organizations can be found on the
websites of the FSB (http://www.financialstabilityboard.org) and LEI-ROC (www.leiroc.org).
F.A.Q.
Version 4.6
01.12.2014
1/12
General Questions on the General Entity Identifier (GEI)
What is the GEI?
The GEI (General Entity Identifier) is a LEI. It is a unique identifier for all companies and funds that are
subject to mandatory reporting. Along with this code, information on the company (name, legal form,
legal domicile, and so on) is recorded.
You can find further information on the global LEI system at the ROC website (www.leiroc.org). To
access the pertinent Financial Stability Board (FSB) standards, please visit
http://www.financialstabilityboard.org/publications/r_120608.pdf.
How exactly is the GEI structured?
The global LEI is structured according to the specifications provided by ISO Standard 17442. The GEI
will follow the LEI structure.
The GEI consists of 20 alphanumerical characters and follows this pattern:
Which other company information is recorded along with the GEI?
Each GEI or LEI record contains relevant information about the company or fund:
 Official name of the legal entity / of the fund manager
 Register number and name of the register
 Legal domicile of the administrative office / of the fund manager
 ISO country code (e.g. DE)
 Date of the first LEI registration
 Date of the last information update
 Date of and reason for LEI expiration
Additional fields and information may be added
F.A.Q.
Version 4.6
01.12.2014
2/12
Who assigns the GEI?
The global LEI is assigned based on a federal principle by local institutions (so-called local operating
units or LOU). As (Pre-) LOU, WM Datenservice is responsible for the registration of GEI.
On October 3, 2013, the Regulatory Oversight Committee (ROC) officially endorsed WM Datenservice.
Consequently, the GEI registered by WM Datenservice are recognized by all members of the ROC
and can be used globally for regulatory purposes (especially for reporting pursuant to EMIR and DoddFrank Act) within the different jurisdictions.
In its capacity as sponsoring authority, The Federal Financial Supervisory Authority (BAFin) monitors
and ensures the adherence to Financial Stability Board (FSB) and Regulatory Oversight Committee
(ROC) standards.
The 4-digit prefix for GEI assigned by WM Datenservice is “5299.” All identifiers assigned by WM
Datenservice begin with these numbers. At the end of June 2014, all Pre-LEIs (=all GEIs) which had
been registered via https://www.geiportal.org were adopted as Legal Entity Identifiers (LEIs). No
changes have been made to the identifiers in the process.
Which companies and funds are required to have a GEI?
Which legal entities are required to have a GEI (and subsequently a LEI) is determined by national
and international laws. It is expected that the LEI will be required globally by many authorities and
institutions to better be able to regulate the financial markets.
For instance, currently GEI are mandatory in the context of transaction reporting pursuant to EMIR and
the Dodd-Frank Act.
In addition, the GEI is already referenced in other regulations, such as for example in the technical
standards put forth by the AIFMD (Alternative Investment Fund Managers Directive).
How do companies and funds apply for a GEI?
The application process can be initiated online via the portal www.geiportal.org, or in case of 10+
required GEI, bulk registration can be requested via [email protected] (see next question).
GEI are assigned after a thorough examination of your application has been conducted by WM
Datenservice.
Is it possible to obtain GEI for multiple company units or funds (bulk registration)?
In addition to the registration via the portal www.geiportal.org, there is also the possibility to register
10+ GEI all at once via the available bulk registration process. In this case, the required company/fund
information is entered and collected in one pre-determined template, and it is then submitted to WM
Datenservice.
Should you be interested in bulk registration, please send us a request at [email protected].
We will provide you with further information and the template via email.
F.A.Q.
Version 4.6
01.12.2014
3/12
Where can I find further information?
At www.geiportal.org you can find up-to-date information in the “News” section. You can also email us
by using the contact form on the same website. This form can be located by following the “Contact”
link.
General information on the LEI can be accessed at the website of the Legal Entity Identifier
Regulatory Oversight Committee (www.leiroc.org).
F.A.Q.
Version 4.6
01.12.2014
4/12
General Questions on the GEI Registration Process
What does the registration process entail?
You can apply for individual GEI directly by using this portal. Instructions on the application process
are available in the “Registration Manual” and in the “Fund Registration Guide”
(https://www.geiportal.org/en/f-a-q/). To obtain larger numbers of GEI (10+), we offer the convenience
of bulk registration (see Bulk Registration Guide).
Who can apply for a GEI?
The applicant must meet the following requirements:
a.) You are either authorized based on your function (e.g. manager, authorized signatory) at the time
of the application to register your company or the fund controlled by your company
OR
b.) You are an agent for the company to be registered or the company that controls the unit (e.g.
fund) to be registered and you were authorized to apply for a GEI by the company by means of a
proxy.
Why is a proxy required? What does it have to include?
In its capacity as allocating agency and in accordance with relevant guidelines, WM Datenservice
verifies the information provided by users diligently. The information is checked against already
existing data available at the relevant commercial register.
Furthermore, the GEI application has to be completed by a person listed in the responsible
commercial register and authorized to represent the company, or by a person authorized via a proxy
issued by a person listed in the responsible commercial register and authorized to represent the
company. The proxy has to be submitted to us in form of a PDF file.
In case of discrepancies, WM Datenservice requires that the original proxy be submitted. WM
Datenservice reserves the right to delay the registration of the GEI until all the original proxy has been
received.
What does the GEI verification process involve?
To maintain the high quality for the worldwide used LEI information, the details you enter as part of the
GEI application process will be verified by checking them against data already recorded by reliable
public sources. This way, we ensure that only correct information is coded and recorded.
We also make sure that a LEI has not already been assigned to the name and address of the
company/fund you are applying for. Should all information be correct and should no duplicates exist,
the GEI is allocated and published. You will be notified automatically via email once the GEI is
published.
F.A.Q.
Version 4.6
01.12.2014
5/12
How much does the GEI registration cost?
As mandated by the Financial Stability Board, all fees related to GEI services are calculated on a costcovering basis.
All prices listed are subject to VAT.
Services
Price per GEI
Initial GEI Registration via WM Datenservice (Valid for 1 Year) *
EUR 140.00
Initial GEI Registration via WM Datenservice (Valid for 1 Year)*
Bulk Registration (min. 10 GEIs)
EUR 90.00
Extension of an Existing GEI (Valid for 1 Year) *
EUR 90.00
GEI Transfer to WM Datenservice (Only in the Context of a GEI Extension)
-
GEI Transfer from another Pre-LOU to WM Datenservice
-
GEI Extension * (Valid for 1 Year; Period Begins with the Successful
EUR 0.00
EUR 90.00
Completion of the Requested Transfer)
GEI Transfer from WM Datenservice to a Different Pre-LOU
EUR 0.00
* As of June 2, 2014, prices are subject to an additional EUR 15.00 fee (charge for the global LEI
system). It is used to establish, fund, and monitor the global LEI system.
How Are the GEI Service Fees Used?
To maintain the high data quality required by the global LEI standards, the information recorded for
each GEI is reviewed once a year. The purpose of this review is to ensure that the information
provided is current and accurate. Upon successful completion of this review, each GEI is published at
https://www.geiportal.org as a public good for another year and can be accessed free of charge.
The purpose of the charge for the global LEI system is to create and fund a central LEI institution and
database. On behalf of global regulatory agencies, this fee is used to establish and monitor the global
LEI system.
In the context of an initial GEI registration or a GEI extension, WM Datenservice renders the following
services:
-
GEI Application Review, Search for LEI Duplicates, and Related Communication
-
Recording of Information and Data Maintenance
-
Quality Assurance (via the Use of Reliable Data Sources, a Yearly Review, and Regular Data
Verification and Clean-Up Activities)
-
Publication of Data as a Public Good
-
Maintenance and Further Development of Infrastructure
-
Support of Customers, Regulators, and the Public
F.A.Q.
Version 4.6
01.12.2014
6/12
-
Review of Complaints or Objections Regarding Specific Data
-
Development of the Internal Audit and Control System
-
Fraud Prevention Measures
-
Active Participation in the Further Development of the Global LEI System
Published GEIs can be used free of charge, i.e. market participants do not have to pay to use,
disseminate, or store the GEIs.
The global LEI system is funded via the fees paid for the initial registration or extension of LEIs (GEIs).
The costs associated with the technical and organizational LEI infrastructure are carried by LEI
applicants.
As mandated by the Financial Stability Board, all fees related to GEI services are calculated on a costcovering basis.
How are the registration charges billed?
Once your order has been submitted, you should receive an invoice on the next business day per
email. You will receive an email, once your payment has been received. The following account details
apply to the bank transfer option:
Account holder: Herausgebergemeinschaft WERTPAPIER-MITTEILUNGEN Keppler, Lehmann GmbH
& Co. KG
(Abbreviation: Herausgeb WP-Mittl. K,L)
IBAN: DE51 5001 0060 0004 5506 00
BIC (SWIFT-Code): PBNKDEFF
Postbank Frankfurt
We will also post your current invoices to your GEI portal account. You may access them by logging in
to your account.
My company has its legal domicile in Germany, but it also does business abroad. Do I need an
additional LEI from the relevant allocation agency abroad?
No, each individual legal entity is only assigned one LEI, which can be used worldwide.
You only require an additional LEI if a foreign-based legally independent subsidiary needs a LEI for
any financial market transactions or to comply with any reporting requirements.
F.A.Q.
Version 4.6
01.12.2014
7/12
I would like to register an independent company unity, which is doing business abroad, via the
company headquarters with domicile in Germany. Is this possible at www.geiportal.org, or do I
have to register the unit abroad at the relevant allocation agency?
It is possible to register foreign company/units/funds via www.geiportal.org. Each LEI assigned by an
authorized allocation agency is valid and accepted worldwide and can also be used for reporting
purposes abroad. In some cases, restrictions may apply. Please contact us at [email protected] with any further questions.
I have applied for a GEI via the portal. Why am I not able to find the GEI by using the search
function?
Upon order completion, your data record can be found in the public area of the website, but without a
GEI. Prior to assigning a GEI, we first examine and verify the information provided during the
application process.
The verification process commences once the payment of the registration fees has been received. The
time required for verification varies depending on the case and the volume of total pending
registrations. We will send you an email to inform you that your GEI has been published. This email
will include a link, which you can use to access your GEI record directly.
My application to have a GEI assigned has been denied. What could be the reasons?
Prior to assigning a GEI, we examine the validity of the information provided by you. During this
process, we also check if a LEI has already been assigned by another allocation agency.
Should a LEI have been assigned already, or should we determine that faulty or incomplete
information was provided during the application process, no GEI is assigned or published. We will
inform you via email about the reasons of why your GEI application has been denied.
In addition, our help desk will gladly answer any of your questions or will contact you about issues
arising during the registration process already in advance.
Account Change: Moving a GEI from One User Account to
Another
To initially apply for a GEI, it is necessary to create a user account at www.geiportal.org. All GEIs
associated with this account can only be updated or renewed via this account.
In certain situations it might be necessary to move a GEI from one user account to another. Examples
for such situations might be company takeovers or changes in the corporate hierarchy (parent
company/subsidiaries). Upon request of the account holders of the two affected accounts, the GEI
move can be realized via the GEI helpdesk. To request that a GEI be moved from one account to
another (“account change”), please contact us at [email protected].
F.A.Q.
Version 4.6
01.12.2014
8/12
When a GEI is moved between accounts, an invoice in the amount of EUR 0 is generated and sent via
email to the owner of the account to which the GEI is added. This invoice merely serves as an
additional order confirmation. The service “account change” is free of charge.
GEI Renewal
I applied for and received a GEI a while ago. Now the GEI status is listed as "Confirmation
Overdue.” What does that mean?
GEI are only valid for one year. If this period expires and no extension is filed, the GEI is assigned the
status “Confirmation Overdue.”
The GEI remains published, but the information contained in its record may possibly be outdated and
no longer correct. Thirty days prior to the expiration of the one-year validity period of your GEI, you will
receive an automated email to remind you to file for an extension.
To apply for a GEI extension, go to www. geiportal.org. Please confirm or update the information
contained in your GEI record.
The application review process carried out on part of WM Datenservice will start once we have
received your payment in full. Upon successful completion of the data review and verification, your
GEI will be assigned the status “Issued.”
Additional information on the GEI renewal process is available in the “Manual Renewal” on our GEI
portal website https://www.geiportal.org in the “F.A.Q.” section.
Order cancellation
I would like to cancel my GEI order. What steps should I follow?
It is possible that an order has to be cancelled. Reasons for a cancellation could be:
-
Upon invoice receipt, you noted that the invoice recipient is incorrect, that the address has to be
changed, or that the VAT ID is incorrect.
-
The order was submitted by mistake or you do not require a GEI.
It is only possible to cancel an entire order.
You can find additional information in our ‘Order cancellation Manual’ (www.geiportal.org, menu item
F.A.Q.).
F.A.Q.
Version 4.6
01.12.2014
9/12
Information on the Use of the GEI or LEI (Public Area)
How do I access the GEI or LEI data of my business contacts?
You can search for GEI records via the portal www.geiportal.org.
You may also download the daily updated file including all GEI and changes (Deltas) in the format of a
XML file.
Is there a fee for accessing GEI records?
GEI records can be accessed worldwide and free of charge. Consequently, no fees are charged for
accessing GEI records via www.geiportal.org.
Are there any licensing fees for the use of GEI or LEI?
No, GEI and LEI are public goods and can be accessed and used free of charge.
What do the different GEI status categories mean?
Every GEI record at www.geiportal.org is assigned a status. The following statuses are possible:
 NEW: A company, fund, or corporation of public law applied for a GEI that has not yet been
assigned. The name of the unit is displayed, but without a GEI. The GEI is published once all
information provided during the application process has been verified and confirmed.
 ISSUED: The GEI verification process has been completed, and a GEI has been assigned. Should
a GEI be listed with this status, the validity of the information contained in its record has been
checked within the last year.
 PENDING CONFIRMATION: Changes were made to the information included in the GEI record,
or the record is being examined as part of the annual verification process. Once all information
has been verified, another status (e.g. ISSUED) will be assigned.
 CONFIRMATION OVERDUE: The GEI has expired. The information included in the GEI record
has last been checked more than a year ago. You may apply for GEI renewal via your user
account.
 TRANSFER PENDING: A request has been filed to transfer the LEI from another to our allocation
agency. The already assigned LEI will remain unchanged, but the administration and provision of
the data record will now become our responsibility.
 TRANSFERRED: The GEI data record has been transferred to another allocating agency. This
agency is listed in an additional field.
 RETIRED: The legal entity, for which the LEI was issued, is no longer active. The date on which
the record was retired as well as the reason (e.g. insolvency, fund liquidation) will be provided in
additional fields.
F.A.Q.
Version 4.6
01.12.2014
10/12
 DUPLICATE: This LEI is a duplicate. More than one LEI have been assigned to the same legal
entity. The correct and valid LEI is presented in an additional field.
 ANNULLED: The GEI data record was annulled after its publication.
Changes to the above displayed status categories are possible in the course of the establishment and
further development of the global LEI system. If any changes occur, the status category list will be
revised accordingly.
Is it possible to access all LEI at www.geiportal.org, or can I only find LEI of companies that
applied for a GEI?
Via the search function in the public area of the website, all LEI administered by WM Datenservice can
be found. These LEI include GEI assigned by us as well as LEI which have been transferred to the
responsibility of WM Datenservice.
The total GEI data pool managed by WM Datenservice can be accessed and downloaded as
consolidated XML file in the LEI Common File Format (CFF). Soon, the same will also be possible for
LEIs managed by other Local Operating Units (LOUs). For more information on this format, please
refer to www.leiroc.org/publications/gls/lou_20140620_2.pdf.
A list of currently accredited allocating agencies (Pre-LOU) can be accessed via the website of the
Regulatory Oversight Committee (ROC) at www.leiroc.org/publications/gls/lou_20130318.pdf.
What options for automated processing are available?
The total number of GEI can be accessed/ downloaded as daily updated XML file at www.geiportal.org.
In addition, we make the total number of GEI records available as XML file via file transfer protocol
(FTP). A fee is charged for this service.
F.A.Q.
Version 4.6
01.12.2014
11/12
Updating Existing GEI Records
I have encountered an error in a GEI record. What can I do to correct it?
The detail view of each GEI record also includes the link “Report Duplicates and Errors.” Via this link,
you can access a contact form, which you can use to describe the error and to submit this information
to us.
Your own data record(s) can be updated via your online account at the GEI portal.
Or, send us an email at [email protected]
The headquarters of my company has moved abroad. Do I need to apply for a new LEI?
No, once a LEI is assigned, it remains valid worldwide, even if you move from the jurisdiction of one
allocating agency to another. This presupposes that the legal entity does not change. However, it is
necessary to update the data associated with the company.
Further Questions
On business days, we are available to answer any further questions between 9:00 a.m. and 4:00 p.m.
(CET) at +49 (69) 27 32 – 600.
You may also contact us via email at:
[email protected] (for technical and GEI-specific questions)
[email protected] (for questions regarding invoices and bulk registration)
F.A.Q.
Version 4.6
01.12.2014
12/12