Look up Legal Entity Identifiers through the global GLEIF database
The Legal Entity Identifier (LEI) is a 20-character alphanumeric code that uniquely identifies legal entities participating in financial transactions worldwide. Developed in response to the 2008 financial crisis, the LEI system was created under G20 mandate to address the critical gap in entity identification that hindered regulators' ability to assess systemic risk across global markets.
Before the LEI existed, financial institutions used various national identification schemes that were incompatible across borders. A single company might have different identifiers in different jurisdictions, making it nearly impossible to track their total exposure or understand counterparty relationships during a crisis. The LEI provides a single, universal reference point that works everywhere.
The LEI is distinct from other business identifiers like VAT numbers or company registration numbers. While those serve tax and corporate law purposes at national level, the LEI specifically addresses the needs of financial markets and their regulators. It enables consistent identification across all jurisdictions and transaction types, from derivatives to securities to loans.
Every LEI follows the ISO 17442 standard format consisting of exactly 20 alphanumeric characters. The structure is divided into four components that together ensure uniqueness and enable validation:
Characters 1-4: The Local Operating Unit (LOU) prefix identifying which issuing organization assigned the LEI. Different LOUs are accredited in different countries, and this prefix indicates the original source.
Characters 5-6: Reserved characters, currently always set to zero. These positions are held for potential future extensions to the standard.
Characters 7-18: The entity-specific part of the identifier, assigned by the LOU according to their internal procedures. This is what makes each LEI unique to its entity.
Characters 19-20: Two check digits calculated using the MOD 97-10 algorithm (the same method used for IBAN validation). These digits catch transposition and typing errors when LEIs are entered manually.
Example LEI: 529900T8BM49AURSDO55
Breaking this down: 5299 (LOU prefix), 00 (reserved), T8BM49AURSDO (entity identifier), 55 (check digits).
Since January 3, 2018, LEI requirements have been mandatory in the European Union under MiFID II (Markets in Financial Instruments Directive). Any legal entity that wishes to execute transactions in financial instruments must have an active LEI. This includes not just financial institutions but any company—regardless of industry—that trades stocks, bonds, derivatives, or other regulated instruments.
You need an LEI if your entity engages in any of the following:
Investment firms cannot execute trades on behalf of clients without a valid LEI for each legal entity client. Brokers will reject orders from entities that cannot provide an active LEI, making it impossible to participate in markets without one.
The Global Legal Entity Identifier Foundation (GLEIF) maintains the authoritative database of all LEIs worldwide. Their search interface provides free access to look up and verify any LEI, returning detailed information about the registered entity.
To verify an LEI, visit the GLEIF search portal and enter the 20-character code. The system will return the complete LEI record if found, including the registered legal name, address, registration status, and corporate hierarchy relationships. If the LEI is not found, verify you entered it correctly—the check digit validation will catch most typos.
LEI records include a registration status that indicates whether the identifier is currently active and valid. The main statuses you will encounter are:
Issued: The LEI is active and valid. The entity can use it for all regulatory reporting and transaction purposes.
Lapsed: The LEI has not been renewed within the required annual cycle. While the code remains associated with the entity, it is not considered valid for new regulatory reporting. Some regulations require active (not lapsed) status.
Retired: The entity has ceased to exist as a separate legal entity, typically due to merger, acquisition, or dissolution. The LEI is preserved for historical reference but cannot be used for new transactions.
Annulled: The LEI was issued in error and has been invalidated. This is rare and typically indicates a duplicate registration or similar administrative issue.
Beyond basic entity identification, the LEI system includes relationship data showing corporate ownership structures. This "Level 2" data reveals parent-subsidiary relationships, allowing regulators and market participants to understand group structures and ultimate beneficial ownership.
When verifying an LEI, you can view the direct parent (if reported) and ultimate parent entities. This information is particularly valuable for credit risk assessment and know-your-customer (KYC) processes, as it reveals the corporate group an entity belongs to even when the entity's name doesn't make this obvious.
Not all relationship data is complete, as reporting depends on the complexity of determining beneficial ownership and the entity's willingness to disclose. However, GLEIF is working with LEI issuers to expand coverage, and data quality continues to improve over time.
LEIs are issued by Local Operating Units (LOUs) accredited by GLEIF. Multiple LOUs operate in each jurisdiction, and you can apply to any of them regardless of where your entity is located—the LEI will be valid globally regardless of which LOU issues it.
The application process typically involves providing your entity's official name as registered with relevant authorities, headquarters address, legal form, and national registration numbers that can be verified against official business registers. The LOU validates this information before issuing the LEI.
Costs vary between LOUs but typically range from €50-150 for initial registration plus an annual renewal fee. Some jurisdictions have government-subsidized programs offering lower costs for small businesses. The registration process usually completes within 1-3 business days for straightforward applications.
Unlike VAT or EORI numbers which typically persist indefinitely, LEIs require annual renewal. Each year, the registered entity must verify that their information remains accurate and pay the renewal fee to maintain active status. Failure to renew results in the LEI lapsing.
A lapsed LEI can be reactivated by completing the renewal process, but during the lapse period, the entity may be unable to execute certain transactions or appear non-compliant in regulatory checks. Setting calendar reminders for renewal dates avoids inadvertent lapses.
The LEI serves a specific purpose in financial markets and does not replace other business identifiers. Understanding how they differ helps determine which identifiers you need.
VAT numbers are issued by national tax authorities for Value Added Tax purposes. They are required for businesses making taxable supplies and enable intra-EU trade under VAT exemptions. Having a VAT number does not require or imply having an LEI.
EORI numbers are issued by customs authorities for import and export operations. They are required for customs clearance when goods cross EU external borders. EORI has no connection to financial markets or LEI requirements.
Company registration numbers are issued by national business registers when entities are incorporated or registered. These national identifiers continue to be used for corporate law purposes alongside the LEI. The LEI references these national numbers but does not replace them.
A company trading internationally might need all four: LEI for financial transactions, VAT for tax purposes, EORI for customs, and company registration for corporate identity. Each serves distinct regulatory requirements.
When you instruct a broker to execute a trade, they will request your LEI as part of order submission. The broker validates the LEI before accepting the order, checking both that it exists and that its status is active. If your LEI has lapsed or cannot be verified, the order will be rejected.
For over-the-counter (OTC) derivatives, both parties to a transaction must have LEIs for the trade to be reported correctly to trade repositories. Regulatory authorities use LEI data to monitor market activity, assess systemic risk, and investigate suspicious trading patterns.
Banks and investment firms also use LEI verification as part of client onboarding (KYC). The LEI provides a standardized reference point that can be cross-checked against the GLEIF database, supplementing traditional document verification with real-time data confirmation.
While MiFID II made LEIs mandatory in the EU, adoption extends far beyond Europe. The United States requires LEIs for swap reporting under Dodd-Frank. Similar requirements exist in Canada, Australia, Singapore, Hong Kong, Japan, and many other jurisdictions. The LEI is truly a global standard.
This global coverage means an LEI obtained in one country works everywhere. If your business trades in multiple jurisdictions, a single LEI meets requirements across all of them. This universality is precisely what the G20 intended when mandating the system's creation.
As of 2025, over 2.5 million LEIs have been issued worldwide, covering entities in more than 200 countries and territories. Coverage continues to expand as more regulations incorporate LEI requirements and awareness grows among businesses outside traditional financial services.
If your business participates in financial markets, verify that you have an active LEI and set reminders for annual renewal. If you need to obtain an LEI, compare LOU offerings and apply well before you need to execute your first regulated transaction.
For questions about whether your business needs an LEI versus other identifiers, see our decision guide. For information about VAT and EORI requirements, visit our dedicated pages for VAT verification and EORI verification.
