What is the difference between an LEI transfer and LEI renewal?
LEI renewal is an annual update of the registration data related to the Legal Entity in the GLEIF database. The data related to the entity has to be updated at least once a year.
LEI transfer is the movement of the LEI code from one service provider to another. The LEI is transferrable to ensure the client has a choice between the service providers. If the client is not happy with the fees, service or data quality it can move the LEI to another LEI issuer (LOU). In the process of transfer the LEI number do not change. It is a back-end process which is not visible to end customers. All the LEI codes are valid in every jurisdictions. Investment service providers can not differentiate the LEI numbers according to the LOU.
LEI Register offers a transfer service with an LEI renewal to ensure the highest level of data accuracy.