What is the LEI code?

The LEI code (Legal Entity Identifier) is an alphanumerical 20-character code (ISO standard 17442) that univocally identifies legal entities on a worldwide scale. The LEI is unique, permanent, consistent and portable for each entity.

For more information see the webpages on Global Legal Entity Identifier Foundation (GLEIF) https://www.gleif.org/ and Legal Entity Identifier Regulatory Oversight Committee (LEIROC) http://www.leiroc.org/.

Who must have an LEI?

Several European Union standards require this code to identify legal persons acting in the financial markets via operations with repos, derivatives or securities. Investment service companies and credit entities that carry out transactions with listed financial instruments on behalf of clients who are legal persons must obtain from the latter the LEI that identifies them before executing operations (article 26 MiFIR).

If the client fails to provide the financial intermediary with the LEI, the latter cannot execute the operations ordered by those clients who are eligible for obtaining an ELI and have not provided one (article 13.2 del Delegated Regulation of the Commission 590/2017).

What occurs if I do not have an LEI?

As from 3 January 2018, legal persons cannot operate on the financial markets to perform operations with repos, derivatives or securities.

When must I obtain an LEI?

Legal persons instructing financial intermediaries to carry out transactions with listed instruments must carry out all the necessary formalities to obtain an LEI before 3 January 2018 if they wish said intermediaries to continue executing these operations.

How is an LEI obtained?

The issuance and management of the LEI in Spain has been entrusted to the Registrars of Companies¹, and the Association of Registrars of Spain is the institution charged with coordinating the system in our country and ensuring strict compliance with the technical and quality standards defined by the Regulatory Oversight Committee (ROC) and the Global Entity Identifier Foundation (GLEIF).

Obtaining an LEI requires the applicant to complete an application and furnish basic details about the entity and certify whether they act on behalf of their entity or is filing the application on the part of a third party by virtue of an express mandate. This process is swift and simple and in most cases takes no more than 48 hours.

Issuance and renewal of the LEI code is subject to a tariff fixed in Order JUS/35/2014, dated 20 January 2014².

More information on the LEI is available on the webpage of the Association of Registrars of Spain: https://www.justicia.lei.registradores.org/pgSolicitudIdentificador.

How can I include my LEI in BS systems?

If you apply to the Companies Register in Spain for your LEI, as soon as this has been registered, it will be automatically included in the BS database. If you apply for this at any other Official Register, kindly ask your usual administrative agent to incorporate your LEI in BS systems