Perspectives · Company law and registers
What an LEI is, and why it lapses
A Legal Entity Identifier, or LEI, is a code that identifies one legal entity in financial transactions anywhere in the world. Getting one is a single step. Keeping it current is an annual one, and an LEI that is not renewed shows as lapsed in the public data. This perspective is general information, not legal advice.
Week 42, published 10 November 2026 · Company law and registers
The definition
One code, one entity, everywhere
GLEIF describes the LEI as a unique 20 character alphanumeric code, based on the ISO 17442 standard, that gives anyone access to identification data about a legal entity. Every LEI is unique and can only ever represent one entity.
Each LEI connects to reference data such as the entity's official name and registered address, which GLEIF calls Level 1 data and describes as answering who is who. Entities also report their direct and ultimate accounting consolidating parents, the Level 2 data that answers who owns whom.
Getting one
Issued and renewed by LEI issuers
LEIs are not issued by GLEIF itself. GLEIF says LEI issuers, also called Local Operating Units, supply registration, renewal and other services, and act as the primary interface for legal entities that want an LEI.
GLEIF's LEI questions and answers state that LEIs are renewed annually, with fees set by each issuer. Some issuers offer multi year arrangements paid in advance.
Lapsing
What GLEIF means by lapsed
Every LEI record carries a NextRenewalDate, which GLEIF defines as the next date by which the LEI information must be renewed and re-certified by the legal entity.
GLEIF defines a LAPSED registration as one that has not been renewed by the NextRenewalDate and is not known by public sources to have ceased operation. The code still exists and still points to the same entity. What has lapsed is the assurance that its reference data has been re-certified.
Why it matters
A lapsed code is a stale record
Counterparties, banks and reporting systems that rely on the LEI use its reference data. If an entity has changed its name, address or parent since its last renewal, a lapsed record may still show the old position.
In a group, the entities most at risk of a missed renewal are usually the ones that get the least attention: dormant holding companies, special purpose vehicles and entities whose administrator has changed. The renewal date is a filing deadline in all but name and belongs on the same calendar.
In Alethia
LEIs checked against GLEIF
In Alethia, you can look up an entity's LEI at GLEIF, or search GLEIF by name, and see its registration status, including whether it has lapsed. Looking a record up saves nothing: you choose what is kept on the entity, and only the name you search for is sent to GLEIF.
Questions
LEIs, answered
How often must an LEI be renewed?
Annually, according to GLEIF. Each LEI issuer sets its own fees for renewal.
Does a lapsed LEI stop existing?
No. GLEIF's LAPSED status describes a registration that was not renewed by its NextRenewalDate and is not known to have ceased operation. The same code still identifies the same entity; what is missing is the annual renewal and re-certification of its data.
Who issues LEIs?
LEI issuers, also referred to as Local Operating Units, accredited within the Global LEI System. GLEIF publishes the list of issuers.
Put every LEI renewal on the calendar
Hold each entity's LEI with its registration status from GLEIF, so a lapse is seen before a counterparty points it out.