LEI Code: what it is, what it’s for, and how to obtain it (Complete Guide 2026)

The LEI Code was introduced in 2013 to ensure the traceability of financial transactions and to prevent systemic risk scenarios that emerged with the 2008 market crisis. 

The LEI (Legal Entity Identifier) is now mandatory in European Union countries and in the United States, as well as in India, China, Australia and Singapore. Adopted in over 200 countries, the LEI system has become the international standard for financial transparency. Thanks to the supervision of GLEIF, this identifier makes it possible to map in real time the connections between companies on a global scale, eliminating any lack of transparency regarding identity and ownership structures.

LEI Code: what it is and why it matters

The LEI Code (Legal Entity Identifier) is a 20-character alphanumeric identifier used to uniquely identify legal entities (companies, funds, banks) that participate in global financial transactions.

Compliant with the ISO 17442 standard, the Legal Entity Identifier was created after the 2008 financial crisis to prevent regulators from having to manage (again) an opaque system where it was very difficult to reconstruct connections between companies.

Before the introduction of the LEI Code, each country used its own identification systems, and banks also had their own codes. As a result, the same company could appear under dozens of different names in global databases.

Thanks to the introduction of the LEI Code, today all financial operators have a verified identity and a public “family tree”.

What is the LEI Code used for?

The main functions of the LEI Code are related to:

• Market transparency: the legal identifier code allows supervisory authorities to monitor global financial transactions, preventing risks and abuses;
• Anti-money laundering (AML): the LEI simplifies security checks, as it makes it very difficult to hide one’s identity behind different names or complex corporate structures;
• Banking operations: if a company wants to make investments (for example buying shares or bonds), the bank is legally required to request the LEI Code. Without this code, European regulations do not allow the transaction to proceed (a principle summarized in the well-known expression "No LEI, No Trade");
• Error reduction: the unique classification avoids mistaken identity and reduces data management costs.

LEI Code: where can it be found?

As mentioned, the LEI Code is unique worldwide. Therefore, it is part of an interconnected system based on a large global database and its territorial structures.

In short, the LEI Code can be found:

• In the GLEIF database (Global Legal Entity Identifier Foundation), headquartered in Basel, which contains all LEI codes worldwide and is updated daily;
• Within the “Issuing Organizations” (or LOU, Local Operating Units), which issue the codes, register them and transmit them to the GLEIF LEI Code database. In Italy, for example, the main LOU is InfoCamere; in Germany Deutsche Börse; in the USA Bloomberg NEF and DTCC;
• In company documents: the LEI Code appears in disclosure notes for transactions such as the purchase of shares or derivatives, in the financial statements of listed companies and in national business registers (the Italian Business Register and the French one, for example, integrate the LEI Code into official documents).

Who is required to have an LEI Code?

The LEI Code is mandatory for all legal entities carrying out financial instrument transactions (shares, bonds, government securities, etc.). In particular, the LEI Code is required for financial market operations involving:

• Companies and commercial entities: any registered company making corporate investments;
• Branches and foreign entities: all entities operating in a market different from that of the parent company;
• Investment vehicles, such as funds, hedge funds and asset management companies;
• Pension and insurance entities;
• Non-profit organizations and Public Bodies that participate in financial transactions (including public debt management).

The LEI Code is not mandatory for natural persons, even when they carry out financial transactions.

LEI Code request: how to apply

To obtain an LEI Code, it is necessary to contact a GLEIF-accredited LOU or Registration Agent. It is not essential to choose a national provider; the important thing is that the selected LOU offers services in the relevant country. An Italian company, for example, could request an LEI from InfoCamere but also from Bloomberg or the London Stock Exchange.

In any case, the required data must be provided:

• Level 1 data: the company’s reference information, such as legal name, registered office address and national business register details;
• Level 2 data: relating to ownership, which is essential for transparency. Any Parent Company (direct controlling entity) and Ultimate Parent Company (entity at the top of the ownership chain) must therefore be declared.

In order for the issuer to verify the data, it is necessary to attach official documents such as a company registration extract and consolidated financial statements proving any links with other companies. Once the information has been submitted and the service fee paid, the issuer validates the data and activates the LEI Code within 24–48 hours.

The LEI Code has a one-year validity. Upon expiration, it must be renewed. If not renewed, the code status becomes “Lapsed” (expired) and financial transactions cannot be carried out.

How to verify an LEI Code?

There are three main ways to perform an LEI Code search:

• Global search via the GLEIF portal (Global Legal Entity Identifier Foundation): simply enter the company name to obtain any company’s LEI Code and check the code status (which may be active, lapsed or annulled);
• Search via LOU: a code can also be verified on the websites of the issuing organizations. If the company is Italian, for example, it can be searched on the InfoCamere portal. This type of search also allows you to download an official registration certificate (the one required by banks);
• Bulk verification: if a “bulk” check of LEI Codes is needed, it is necessary to use an API service such as Company Top Worldwide by Openapi, which allows you to obtain LEI Codes (and over 60 always updated and verified company data points) of companies worldwide via API.