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What is GS1 Canada’s LEI Service?

A growing number of financial market participants need legal entity identification to fulfil regulatory requirements. While several proprietary solutions have been in place in recent years, no standardized solution was available—until now.

Today, a Legal Entity Identifier (LEI) provides global standardized legal entity identification. An LEI is used to create transparency for financial organizations, particularly in the derivatives markets.

In many jurisdictions around the world, public authorities rely on the LEI to:

  • Evaluate risk
  • Take corrective steps
  • Minimize market abuse
  • Improve the accuracy of financial data, if required

As a standards adjudicator, GS1 Canada supports GS1 global standards as well as other standards bodies that facilitate multiple business processes. LEIs are an important component of traceability that allows for the fulsome approach to enabling the visibility and transparency of the financial services supply chain.

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As a global leader in data integrity and data validation, GS1 Canada is in a unique position to offer a trusted service for industry.

  • With a comprehensive global network of local Registration Agents, GS1 Canada can facilitate a “one-stop” service for organizations that require LEIs issued in multiple countries.
  • In addition to expertise in data validation, GS1 Canada has knowledge of local language, laws and regulations.
  • As part of a global network of GS1 organisations, GS1 Canada supports GS1 Australia with complete LEI service for business needs.
  • With over 40 years of experience in the identification of unique products and entities, GS1 Canada offers a complete LEI service.

The Global Legal Entity Identifier Foundation (GLEIF) is a not-for-profit organization established to support the implementation and use of the LEI. The GLEIF manages a network of partners, LEI issuing organizations such as GS1, to provide trusted services and open, reliable data for unique legal entity identification worldwide.

The LEI is a unique, 20-character alphanumeric code based on the ISO 17442 standard, which is assigned to legal entities that are counterparties to financial transactions. The LEI links back to a data set of critical information about the transacting entity, including ultimate entity ownership.

Each LEI code is assigned by an approved local operating unit, which benefits from local knowledge of infrastructure, corporate organizational frameworks and business practices.

An LEI can be requested for all parties in a financial transaction including, but not limited to:

  • Legal companies (including legal subsidiaries)
  • Municipal corporate entities
  • Government departments
  • Funds
  • Partnerships
  • Trusts
  • Charities

International regulations drive the requirements for obtaining LEIs.

As of January 2018, there are 30 LEI issuing organizations globally, one of which is GS1. In turn, GS1’s network of member organizations – including GS1 Canada – can offer a LEI service as a Registration Agent.

In Canada, all counterparties to Ontario Securities Commission (OSC) derivatives transactions are required to have an LEI. Furthermore, the MiFID II/MiFIR implementing legislative acts in Europe may push financial market participants in Canada to obtain a Legal Entity Identifier (LEI).

As a not-for-profit association, GS1 Canada is committed to offering the LEI service at a low cost. GS1 Canada’s fees for issuing an LEI are 89 Euros for a new LEI and 59 Euros for a renewal. Fees are inclusive of all taxes. Fees are reflected in euros since GS1 Canada is a registration agent for GS1 global, which is based on Europe.

Obtain your LEI in 3 steps

A complete LEI service to meet global regulatory requirements; register for your LEI in three easy steps:

Step 1: Register. Create user account.
Step 2: Apply. Data is verified immediately.
Step 3: Receive an LEI. Receive your LEI in 72 hours.

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Step 1: Register

Register and create an account in the portal, where you can apply for one or more LEIs. Apply for one or more LEIs or manage your existing LEIs.

Step 2: Apply

Once you have registered and logged into your user account, you can complete your LEI application. Instructions, along with a complete step-by-step guide, are available in the FAQ/Downloads section.

Step 3: Receive your LEI

Once your application has been validated by the GS1 validation team, you will be assigned an LEI and it will be published to the portal. Please note that the standard LEI fulfillment averages 48 – 72 hours, depending on the completeness and accuracy of data supplied at the time of registration for an LEI.*