An LEI code (Legal Entity Identifier) is a 20-character unique identifier that is assigned to legal entities that engage in financial transactions. It is used to identify the legal entity that is involved in financial transactions and is required by regulatory authorities in many countries.
The LEI system was introduced as part of the global effort to improve transparency in financial markets and to reduce the risk of financial fraud. It helps regulators and market participants better understand the relationships between different entities, and to monitor the systemic risks associated with financial transactions.
Legal entities that engage in financial transactions, such as corporations, banks, and investment funds, are typically required to obtain an LEI code. It should be noted, that every company which makes transactions with stocks and ETFs on Fundvest, is also required to get themselves an LEI code.
Overall, the LEI system is an important tool for improving transparency and reducing the risks associated with financial transactions, and it is an essential requirement for any legal entity that engages in financial transactions.
Where can you get an LEI code?
The list of LEI code providers is available on the website of the Global Legal Entity Identifier Foundation (GLEIF). The specific requirements for obtaining an LEI code may vary depending on the jurisdiction and the type of entity involved.
What is the cost?
The cost of obtaining an LEI code in Europe can vary depending on the service provider. There is an initial registration fee and an annual renewal fee.
Please be aware, that the costs of obtaining and renewing your company’s LEI code, will be covered by you, not Fundvest.