• Business Foreign Exchange

Legal Entity Identifier Code Registration

Legal Entity Identifier (LEI) Code Registration

Legal Entity Identifiers

LEI Registration, Management and Renewals

Are you a company which manages commercial and business FX exposures using foreign exchange hedging products?

Are you required to report FX hedging products for regulation?

Do you require a Legal Entity Identifier to report FX hedging trades?

Please kindly reach out to us by phone or email to discuss your specific requirements. We provide our clients support in all aspects of Currency Risk Management, this includes LEI registration and management. It also includes regulatory reporting for FX hedging trades.

Legal Entity Identifier Registration

LEI Registration

Are you searching for support with registering a Legal Entity Identifier for a corporate entity or group of entities?

Is the purpose of your LEI registration to report FX hedges and derivatives secured for corporate FX risk management purposes?

Legal Entity Identifier Expiry Date

LEI Expiry Date

Are you searching to confirm the expiry and renewal date of a corporate entity or group of corporate entities?

Are you renewing group LEI’s for the purpose of reporting FX risk management hedges including reportable FX Forward Contracts and FX Options Hedges booked for corporate and commercial risk management purposes?

How to Register a Legal Entity Identifier

How to Register an LEI

Are you searching for information regarding how to register an LEI?

There are a variety of companies which offer LEI registration. This can often be organised on an express basis within 24 hours for a fee.

If you are registering an LEI for purpose of securing reportable FX hedges such as FX Options and regulated Forward Contracts. We can support with all aspects of FX risk management, our service includes registering LEI’s and regulatory reporting.

Please kindly reach out for a discussion if you are reviewing FX hedging and aiming to register an LEI for the purpose of FX contract reporting.

Legal Entity Identifier Registration British Virgin Islands

LEI Registration BVI

Are you searching for information to register an LEI in the BVI?

Are you registering the LEI for the purpose of booking reportable FX hedges for an entity registered in the British Virgin Islands?

Please reach out to us by phone or email in the first instance to discuss your specific needs.

Legal Entity Registration Ireland

LEI Registration Ireland

Do you operate a company in Ireland which places FX trades for currency risk management purposes?

Are you searching to register a Legal Entity Identifier for your corporate entity in Ireland?

Legal Entity Identifier Registration in Dubai

LEI Registration in Dubai

Do you operate a company or global group with entities registered in Dubai?

Are you looking for information about registering a Legal Entity Identifier for a corporate entity registered in Dubai?

Are you registered the LEI for the purpose of reporting FX hedging trades secured for commercial currency hedging purposes?

Legal Entity Identifier Registration Jersey

LEI Registration in Jersey

Do you operate group entities or corporate structures in Jersey?

Are you considering securing FX hedging products and derivatives which will require regulatory reporting using an LEI?

Are you investigation registering LEI’s for your entity or group of entities registered in Jersey?

Managing Foreign Exchange Risk: Your Guide to Legal Entity Identifiers (LEI)

Foreign exchange is an ever present risk for global and international businesses trading in multiple currencies and in global locations. A broad multitude of factors impact foreign exchange volatility and risks, including economic fundamentals, inflations, central bank interventions and forward guidance and politics. These factors amongst others impact currency values and in turn business costs/revenue when trading in multiple currencies such as importing or exporting.

Businesses must ensure they are achieving cost effective FX prices when exchanging between currencies to business purposes. Yet achieving competitive rates of exchange on foreign exchange purchases and sales is only a small part of the overall currency risks faced by businesses. How can businesses manage future costs? How can companies secure future income? When is an opportune time to buy or sell a specific currency cross? Often it’s appropriate for companies to develop foreign exchange hedging strategies to manage FX risks and provide some certainty of future costs and revenue.

Often businesses may require a Legal Entity Identifier (LEI) number in order to secure specific FX hedging products as part of an overall FX risk management strategy. An LEI is a unique reference number that provides visibility and clarity to regulators who oversee regulated trades. This article will discuss what a Legal Entity Identifier (LEI) is, how to get one and why your business needs one. The article will also consider additional LEI processes, including renewals, expiration, the fees and costs associated with getting an LEI, and how to search for a business using an LEI.

Legal Entity Identifiers: An Introduction 

LEI’s were first proposed in 2011 as a response to the global financial crisis to improve visibility in international financial transactions. The LEI is a 20-character, alpha-numeric code uniquely identifying legally distinct entities that engage in international financial transactions, including some foreign exchange transactions. They are now a legal requirement in many jurisdictions worldwide, and businesses in the UK, Jersey, Isle of Man and Guernsey are often required to present an LEI.

There can only be one LEI for each legal entity. LEI’s provide a link to reference data, including essential information such as name, address, and ownership (including direct and ultimate parent entities). The LEI must be renewed annually, ensuring that the associated data is up-to-date and accurate. There are nominal costs associated with registration and renewal.

How to Register for a LEI

If your UK business requires an LEI and if your business wishes to make FX transactions which are reportable for regulation. You will need to register an LEI and apply for one with a Local Operating Unit (LOU). An LOU is a local body accredited by the Global Legal Entity Identifier Foundation (GLEIF) the supervisory authority. The LOU usually takes care of the whole registration and renewal process and checks documentation and the accuracy of business data. An authorised member of the business, or a registered agent, can make the application on behalf of a company. 

Businesses can register for an LEI without an agent. An agent can facilitate the process and ensure that applications and renewals are completed accurately and promptly. There may be issues associated with a failure to register and renew an LEI, so instructing a registered agent to expedite and assist the LEI process can be useful.

Expiry and Renewal of LEI’s

In order to ensure that the data associated with an LEI is consistently accurate, an LEI must be renewed annually. During the renewal process, the data provided is reviewed and rechecked, ensuring that LEIs are always up to date.

We support clients in reporting FX hedges and registering, renewing and managing LEI’s. If preferred the renewal process can also be handled by companies directly with an LOU.

Searching for LEI’s and using LEI Lookup

The primary purpose of LEIs is financial visibility and transparency in international financial markets. To this end, the GLEIF provides a search functionality, or look-up, where anyone can search for a company or an LEI and view the public data associated with the record. 

Businesses or individuals can use the search tool to view and check their own record or view other records as required. This is especially useful for checking the renewal date of an LEI, and the open record gives details of expiry. Publicly available LEI data includes information such as the entity’s legal name, legal jurisdiction, registration authority, LEI registration date, and the entity’s status. Parental information, corporate structures and associated subsidies can also be found in the look-up records.

Legal Entity Identifier for Large Value Transactions

Some global jurisdictions have only mandated an LEI for large-value transactions in the financial markets. In Europe and the UK (including Jersey, the Isle of Man and Guernsey), an LEI is needed for regulated transactions of any value.

LEI’s and FX Risk Management for Companies

We help companies manage all types of FX exposures and risks, developing FX hedging strategies and securing FX hedging trades. Some FX trades will require regulatory reporting. We can support the whole process from managing FX risk, registering and managing Legal Entity Identifiers and reporting trades.

LEI Reporting

Are you registering a Legal Entity Identifier (LEI) Code or Number for the purpose of securing Foreign Exchange Risk Management Products?

You will often be asked to register an LEI Code by your bank or financial services provider. There are multiple sources to register an LEI in the UK and an annual renewal.

We can register a Legal Entity Identifier Code on your behalf for the purpose of reporting FX Hedging Contracts.

If you are registering, renewing or if your code has lapsed then please reach out today. We are happy to discuss if we can assist you both covering your FX Risk Management contracts and reporting.

Call Us on 0203 854 6802 or Email dealing@gsnfx.co.uk.

Further Information

LEI Numbers are mandatory for regulatory reporting when securing certain types of FX hedging derivatives and contracts. There are a number of global databases which keep up to date information of all entities which have an LEI issued, active or lapsed.

Legal Entity Identifiers are a global requirement whether you are registered in mainland England, Wales, Scotland or Northern Ireland. You may also have group holding and parent companies registered in Jersey, Guernsey or the Isle of Man.

It is a simple process registering and your number is often activated within 2 or 3 days. You can also often get a 24 hour express registration service if time sensitive.

It is always worth checking the expiry date of your current LEI and confirm with your issuer if it will be automatically renewed or require manual renewal.

An LEI Number is required for a range of reporting including EMIR.

Often an LEI is required for Large Value Transactions.

How to Find Your LEI Number

The issuer will send through your specific code. You can also search a number of public registers which will provide information regarding your specific code, date of issue and expiry date.

How to Register an LEI

There are a number of LEI issuer providers. If you would prefer to avoid the administration of issuing and renewing your code. Reach out to us for a discussion. We are very happy to discuss if we can assist with your FX Risk Management, reporting and LEI registration/renewals.

LEI Payment, Price and Purpose

Most LEI issuers offer a variety of payment options including bank transfer and card payment.

Group Companies and Ultimate Parent

Each entity within a corporate group structure will need an LEI if required for reporting. Issuers will often provide an option to register all entities within a group at the same time for convenience.

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