Terms and Conditions General conditions

Contents

LEI Register OU is an official LEI Registration Agent, providing LEI services under the trademark LEIAdmin. The company is registered in Estonia with the LEI number 894500SMOMUFH0UZXT46, and its entity address is Uus 21-2, 10111 Tallinn. We partner with the Local Operating Unit (LOU) Ubisecure Oy (RapidLEI) (LEI number 529900T8BM49AURSDO55).

The LEI service (https://www.leiadmin.com) is provided by LEI Register OU (LEI code 894500SMOMUFH0UZXT46), entity address Uus 21-2, 10111, Tallinn, Estonia, registered under the laws of Estonia). LEI Register OU operates under the trademark LEIAdmin. LEI Register OU is an LEI Registration Agent. We partner with the Local Operating Unit (LOU) Ubisecure Oy (RapidLEI) (LEI code 529900T8BM49AURSDO55).

1. LEI registration, renewal, and transfer process

1.1. To apply for a new LEI code, renew an existing LEI code, or transfer an LEI code under LEIAdmin’s management, the applicant needs to fill in the relevant application form, submit their data, and pay for the service by credit card, PayPal, or bank transfer.

1.2. The applicant agrees that while submitting the form, they accept the terms and conditions of LEIAdmin. The applicant confirms that the data submitted is correct and they have full authority to apply for an LEI code on behalf of the legal entity (customer). The applicant is aware their contact details can be shared with the Local Operating Unit (LOU).

1.3. The applicant is aware and agrees to give all rights to LEIAdmin to sign the terms and conditions of the selected LOU on their behalf. For example, Ubisecure Oy (RapidLEI)’s terms of service can be found here. The terms of service among LOUs are very similar as they all follow the Global Legal Entity Identifier Foundation’s (GLEIF) guidelines.

1.4. The applicant gives all rights to LEIAdmin to manage the LEI of the legal entity on their behalf. For example, a new LEI applicant gives all rights to LEIAdmin to apply for an LEI code on the legal entity’s behalf. An LEI renewal applicant gives all rights to LEIAdmin to renew an LEI on the legal entity’s behalf. An LEI transfer applicant gives all rights to LEIAdmin to transfer their LEI under LEIAdmin’s management.

1.5. An LEI transfer applicant is aware that an LEI transfer entails/may entail a change of LOU. If an LEI renewal applicant applies to renew an LEI code with LEIAdminthat is not under their management, the LEI needs to be transferred under LEIAdmin’s management. The LEI can be transferred before or during the LEI renewal process. LEIAdmin cannot renew an LEI code that is not under their management.

1.6. An LEI that is managed by LEIAdmin can be renewed a maximum of 60 days before it expires. However, if the customer transfers and renews an LEI that is managed by a service provider that is different from LEIAdmin and the “next renewal date” of the LEI is further than 60 days, days from the renewal period of the LEI may be lost.

1.7. LEIAdmin will start with the LEI registration, renewal, and/or transfer process shortly after receiving the application and payment confirmation.

1.8. The applicant is aware that they may be contacted to provide a Letter of Authorisation (Power of Attorney) or any other proof that shows they are authorized to apply for an LEI on behalf of the legal entity.1.8.1. The applicant is aware that only the designated signatories can sign the Letter of Authorisation under their respective identities. Impersonating an authorized signatory is prohibited and constitutes identity fraud.

1.9. The applicant is aware that they may be contacted to provide additional documents. For example, LEIAdmin may ask for documents that prove the legal entity’s registration, show who its authorized representatives are, show its creation date, or show when amendments to its data were made.

1.10. The applicant is aware that if the legal entity has a direct and/or ultimate parent company that owns controlling shares (typically >50%) and consolidates the accounts of the child company, they are required to report parental (level 2) data. If the legal entity does not have any parent companies or cannot report them, it will be necessary to indicate a reason for not providing parental (level 2) data by choosing a reporting exception.

1.10.1. LEIAdmin can contact the applicant to provide additional documents to verify consolidation.

1.11. The applicant is aware that if the legal entity is an international branch, they must report the head office’s LEI code. If they do not provide the head office’s LEI code, LEIAdmin cannot proceed with the application. The head office’s LEI code must be in an ISSUED status.

1.12. The applicant is aware that if the legal entity is a fund, LEIAdmin may request information on fund relationships (fund management entity, umbrella fund of a sub-fund, and/or master fund of a feeder fund).1.12.1. LEIAdmin can contact the applicant to provide additional documents to verify the fund relationship(s).1.12.2. To report a relationship, an LEI is required from the fund management entity, umbrella fund, and master fund.

1.13. The LEI code will be provided as soon as possible. In 90% of cases, new LEI codes are issued within 1-3 hours. Validating parental and fund relationship data can take up to 48 hours. LEI renewals and transfers can take up to 7 days. If there are issues with data validation, or in rare cases, the processing times can be longer than usual.

1.14. Once the process has been completed, the applicant will receive a confirmation email with the invoice to the contact email provided in the LEI application.

1.15. The applicant is aware and agrees that the application is considered final once they have submitted the application and accepted the terms and conditions. Once LEIAdmin has received the transfer application, it cannot be revoked. Once LEIAdmin has received payment confirmation for a new LEI, LEI renewal, or renewal and transfer application, the application cannot be revoked. If the applicant has provided enough information to process the LEI application, the process cannot be stopped, and the LEI will be issued.

1.16. The applicant is aware that if they fail to provide any information they are requested, including all of the information requests mentioned above, LEIAdmin and the relevant LOU will make reasonable efforts to complete the LEI application. This may result in setting the parental (level 2) details as non-public or not publishing the fund relationship data. However, if the LEI cannot be issued, renewed, and/or transferred due to the applicant failing to provide the requested information, LEIAdmin and the relevant LOU are not responsible for any damages.

1.17. The applicant is aware that once an LEI code has been issued, the LEI and the legal entity’s LEI-related reference data will be published on the GLEIF’s and LEIAdmin’s websites. Once an LEI has been issued, it cannot be deleted or transferred to a different legal entity.1.18. LEIAdmin will send an email to the contact email provided 60 days before an LEI needs to be renewed (i.e., 60 days before the paid expiration date).

2. Automated renewals

2.1. For the convenience of customers, LEIAdmin offers the opportunity to prepay the renewal fee in advance for up to 5 years.

2.1.1. If the customer has bought the LEI renewal service for multiple years, LEIAdmin will cover the renewal cost for the period bought.

2.1.2. If the customer has ordered a multiyear renewal of their LEI (e.g., a 5-year LEI) from LEIAdmin and transfers the LEI to a different service provider during the prepaid period, the multiyear contract is automatically canceled.

2.2. Regardless of whether the customer has bought the renewal service for multiple years (2-5), the LEI data will be updated annually. Hence, the “next renewal date” in the GLEIF database is usually the time of LEI issuance/last renewal + 365 days, but never more than 425 days in the future.

2.3. A customer can opt to have their LEI renewed automatically.

2.3.1. If a customer has chosen automatic annual renewal of their LEI, they will be charged 60 days before the end of their contract. The payment will be deducted from the account provided for the first payment.

2.3.2. The customer will be notified about the upcoming automatic renewal by email. They will have a 5-day period for submitting changes to their LEI data in case anything needs to be updated or to cancel the automatic renewal. After the 5-day period, LEIAdmin will start the renewal process. Once the renewal process has been completed, the customer will receive a confirmation email with the invoice for the renewal service. Once the LEI has been renewed, the renewal cannot be reversed.

2.4. LEIAdmin has the full right to renew the legal entity’s LEI code and update reference data in the GLEIF database through the relevant LOU.

2.4.1. If the legal entity is registered, LEIAdmin and the relevant LOU have the right to update the legal entity’s reference data based on the relevant registry.

2.4.2. If the legal entity’s data cannot be verified against a registry, LEIAdmin and the relevant LOU will make reasonable efforts to renew the LEI using the existing data. This may include setting the parental (level 2) data to non-public or not reporting the fund relationship data.

2.4.3. The customer agrees to notify LEIAdmin in case there has been a change in data that cannot be validated from public registries and to provide the relevant updated information.

2.4.4. LEIAdmin may contact the customer to provide updated information and/or documents (e.g., updated consolidated accounts, a reporting exception, a Letter of Authorization, proof of authorization, or any other data).

2.4.5. If the customer fails to provide the requested information and documents, the LEI may not be renewed. If, as a result of the customer failing to provide the requested information, the LEI is not renewed, LEIAdmin and the relevant LOU are not responsible for any LEI-related damages. If the customer fails to provide the requested information in 60 days, LEIAdmin has the right to cancel the contract. 

3. Fees

3.1. Fees to order a new LEI, transfer an LEI, or renew an LEI can be found here. The cost of a new LEI code includes the initial registration of an LEI and the annual renewal of the LEI for the chosen period. The cost of renewing an existing LEI code includes the annual renewal of the LEI for the chosen period. Transferring an LEI is free if it is needed.

3.2 The indicated costs include the GLEIF fee.

3.3 The prices shown include 0% VAT. 0% VAT is charged on the export of services to legal entities registered outside the European Union.

3.4. LEIAdmin can offer different prices to its partners.

3.4.1. Adding parental data costs 10 EUR per parent per year.

3.4.2. Validating fund data costs 10 EUR per year.

4. Refund policy

4.1 To apply for a refund, contact [email protected]. Refund and cancellation requests can also be sent to Uus 21-2, 10111, Tallinn, Estonia.

4.2 Refunds will be issued within 7 days. Please note that refund times vary by bank and can take up to 30 days to arrive.

4.3. LEIAdmin has the right to charge a refund fee of 30 EUR per refund.

4.4. The customer can request a refund if they do not meet any of the conditions mentioned in point 6.5.

4.5. LEIAdmin has the right to deny any refunds if:

4.5.1. The application has been counted as final.

4.5.2. The automatic renewal of an LEI has been completed.

4.5.3. The customer has ordered a multiyear renewal of their LEI (e.g., a 5-year LEI) and discovers later that they no longer need an active LEI.4.5.4. The customer transfers the LEI to a different service provider before their pre-paid renewal period ends.

4.5.5. Days from the renewal period of the LEI are lost because the customer transfers and renews an LEI managed by a service provider different from LEIAdmin, and the “next renewal date” of the LEI is further than 60 days.

4.5.6. Days from the renewal period of an international branch’s LEI are lost because the head office’s LEI has been set to LAPSED status, and subsequently, the international branch’s LEI has been set to LAPSED status.

4.5.7. An LEI cannot be issued, renewed, or transferred due to the customer failing to provide the required information in the course of 60 days. The information required can include but is not limited to:

  • a Letter of Authorization
  • proof of authorization
  • documents that show who the authorized representatives of the legal entity are
  • registration documents
  • documents that show the creation date of the legal entity
  • documents that show when amendments to the legal entity data were made
  • documents to verify consolidation or fund relationships
  • the LEI of the head office or umbrella fund
  • any other documents/ information related to the legal entity.

4.5.8. After validating the parental (level 2) data provided, it becomes clear that at least one of the parent companies does not consolidate.4.6. The refund period detailed under the GLEIF Registration Agent Governance Framework will be honored appropriately.

5. Guidelines for LEIAdmin referral partners

5.1. Marketing Outreach and Service Positioning

5.2. The LEI market holds vast potential, with an estimated 99% of organizations still needing an LEI. Partners should focus on engaging in ethical competition and refrain from targeting LEI renewals from other LOUs in their marketing campaigns. This approach helps maintain clarity for customers about which Registration Agent or LOU manages their LEI, as renewals can only be processed by the managing LOU.

5.3. It’s crucial for customers to be able to renew their LEI seamlessly to maintain the integrity of the LEI ecosystem. Here are specific guidelines:

5.3.1. Marketing efforts must comply with local laws on emailing and outbound calling, including adherence to privacy regulations such as GDPR.

5.3.2. Advertisements should not mention competing Registration Agents or LOUs in the ad copy or URL.

5.3.3. Clearly outline different service levels in your Terms and Conditions to ensure transparency.

5.3.4. Collaborate with LEIAdmin marketing when introducing new LEI offerings to align on campaign strategies and activities. Avoid Subjective Service Comparisons

5.3.5. Avoid making subjective marketing comparisons that are not based on agreed-upon facts. Public comparisons should only involve verified factual data, such as pricing, and must be accurately maintained to prevent customer confusion and potential complaints.

5.4. Use of social media

5.4.1. Members of the LEI ecosystem actively monitor social media. Partners should not identify themselves as LEI Issuers or LOUs or claim accreditation by the GLEIF unless they are fully accredited LOUs. Instead, use social media to highlight new LEI use cases, share reports, and emphasize the positive impact of LEIs on the economy.

5.4.2 Use of logos and trademarks

5.4.3. The client grants LEIAdmin and LEI Register rights to use their name and service marks in marketing materials, which includes identifying the client as a partner and outlining the scope of services provided.

5.4.4. The client also permits LEIAdmin to display its logo and a hyperlink to its website. Press releases related to the partnership require mutual approval, which shall not be unreasonably withheld.

5.4.5. The use of GLEIF logos and the term “official” are strictly regulated, permissible only with an active GLEIF license, and must include the GLEIF logo.

5.4.6. Include the names or trademarks of competing LOUs in advertising to avoid infringing on the trademarks of other entities or creating market confusion. 

6. LEI referral program

6.1. Details on referral commissions can be specified by contacting LEIAdmin. 

6.2. A 50% commission from the original rate is applicable when an invitee renews their LEI in subsequent years.

6.3. Commissions are paid monthly, provided at least three successful referrals are made, or the total collectible amount reaches 150 EUR.

7. LEI reseller terms

7.1. Preconditions for LEI Reselling: Before publicly marketing LEI services, the user must contact a LEIAdmin member for guidance on reselling LEIs. The guidelines include, but are not limited to, “Registration Agents Governance Framework 1.0” and “Implementing the GLEIF Registration Agent Governance Framework (RAGF).”

7.1.1 Users must share their domains and marketing materials with LEIAdmin for approval.

7.1.2. Upon successful review, LEIAdmin will issue an “LEI Reseller Agreement” for public service offerings.

7.1.3. Compliance with guidelines and terms is mandatory for maintaining access to LEIAdmin services.

8. Governing law

8.1 This agreement and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with it or its subject matter or formation shall be governed by and construed in accordance with the law of England and Wales.

Final conditions

The customer is fully responsible for any LEI-related activity connected to the legal entity they represent. LEIAdmin is not responsible in any way for possible damage related to LEIs.
LEIAdmin operates as an LEI Registration Agent in the customer’s name and cooperates with LEI Register and the GLEIF-accredited LOUs to order, renew, transfer, and update LEIs for their customers.

LEIAdmin reserves the right to change its Terms and Conditions at any time. A document outlining the current Terms and Conditions can always be found on LEIAdmin’s website: https://www.leiadmin.com.