The Legal Entity Identifier is a unique and consistent identifier of counterparties to financial transactions.

In Europe the adoption of LEIs are mainly related to the EMIR regulatory reform and the start of the Reporting Obligation from 12 Febuary 2014 applicable to both parties to an OTC derivative. As of 3 January 2018 the mandatory use of LEI will be extended to Transaction Reporting of certain financial instruments under MiFID II/MiFIR.

The establishment of a Global LEI system is critical to improving measurement and monitoring of systemic risk. Global, standardised LEIs will enable regulators and organisations to more effectively measure and manage counterparty exposure while also resolving long standing issues on entity identification across the globe.

The LEI is a unique 20-character alphanumeric code, defined in the ISO 17442 standard. The format for an LEI is always 18 alphanumerical characters [A-Z, 0-9] followed by 2 check digits.

Apart from the format, the check digits and the initial 4 characters identifying the LOU issuer, an LEI has no intrinsic logic or 'embedded information' and has been designed such that no particular information about the LEI holder can be construed by looking at the LEI.

We suggest referring to LEI in English as 'L-E-I' instead of 'lay', hence an LEI rather than a LEI.

While some LOUs have chosen to refer to issued LEIs by a particular name, e.g. GEI or IEI, NordLEI has chosen to stick with the name 'LEI' for simplicity.

NordLEI is a LEI service provider for the Nordic and Baltic region. NordLEI provides Assisted and Direct Registration either through the NordLEI web portal or using bulk xls processing. NordLEI operates in cooperation with the endorsed LOU the GMEI utility.

NordLEI is the only GLEIF accredited Registration Agent in the Nordics.

Legal entities entering securities and/or derivatives transactions are required to have an LEI issued following the regulatory transaction reporting obligation as stipulated in the EU-directives 'European Market Infrastructure Regulation (EMIR)' and 'Markets in finaicial Instruments Direct II (MiFID II/MiFIR)'. Detaild information on these financial supervisory regulations are found via http://www.esma.europa.eu/page/Markets-Financial-Instruments-Directive-MiFID-II as well as http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32012R0648:EN:NOT. A specification on what legal entities are affected and how is outlined in Article 2 (Definitions) paragraphs 7 and 8.

The code allocation scheme that have been confirmed by the FSB is:

Characters 1-4: A four character prefix allocated uniquely to each LOU
Characters 5-6: Two reserved characters set to zero
Characters 7-18: Entity-specific part of the code generated and assigned by LOUs according to transparent, sound and robust allocation policies
Characters 19-20: Two check digits as described in the ISO 17442 standards.

On-line registration using NordLEI's internet portal will be the normal way to initiate the process.

For bulk processing, please contact support@nordlei.org for further information.

Each new LEI request, including the first year of maintenance will have an administrative fee of 117 USD + applicable VAT. The annual maintenance fee is currently 97 USD + applicable VAT. NordLEI applies the same pricing as the GMEI utility. Read more about the pricing on the pricing page.

Payment is by money transfer. NordLEI will start the application process immediately after receiving and registering full payment of any order and the LEI will be communicated to the registrant after validation of entity reference data has been performed. Normally an initial registration or maintenance of the LEI is processed within 2-4 working days of full payment being received.

All NordLEI-related applications and issued LEIs will be stored in the GMEI utility's and NordLEI's system databases. All data that will be available and ported between LOUs will be stored and continuously updated in NordLEI's system databases as well.

When an application has been registered and accepted in the internet portal a comparison check will be run by the GMEI utility.

In case of a possible duplication being identified, an officer of NordLEI will be automatically notified and will take over the investigation and resolution of the case. The applicant will of course be contacted and consulted in such cases.

Once the validation process has been completed. The registrant will receive an e-mail confirming that the LEI has been issued.

Yes, as soon as an LEI application is started it is in the public domain. This is to ascertain availability of relevant data between LOUs to minimize risk of LEI duplication.

  • Ensuring the proper form has been received; immediately.
  • Ensuring an authorized representative has submitted the application; for self-registration application this will be done immediately. In case any question arises, an officer of NordLEI will be in contact with the applicant.
  • Bulk processing; typically the validity of the provided bulk xls will be validated and confirmed within 1-2 business days.
  • Issuance of LEI after performing of Due Diligence using Public and Trusted Sources; In normal circumstances the process should not take longer than 2-4 business days.