The cheapest LEI code is not the best - and here's why

Nowadays, there are several LEI registration agents on the global market. They are similar in that they have to offer a platform to register, renew and move LEI codes, and they are responsible for obtaining and validating company data for their customers. But that’s where the similarities end. There are major differences between LEI service providers and what they offer you as a customer.

You may not consider it important what you get when you buy an LEI code. As a business owner, you are required by law to acquire an LEI code if you trade in securities. In Denmark, it has been mandatory for all companies to have an LEI code since 2018. Most people consider it to be a necessary evil, and they go for the cheapest LEI code on the market.

However, take a moment to think about it: if you are required by law to renew your LEI code every single year - then why not choose a service provider that saves you time and trouble and makes it as easy and convenient for you as possible?

The quality of LEI registration agents

If you just want the cheapest LEI code possible and you’re fine with renewing it yourself, there are plenty of registration agents to choose from. But maybe you’re looking for more than that? Our LEI service offering includes continuous automatic updating of your LEI code through local business registries. This way, you don't have to worry about updating your company information in multiple places. We also send you a reminder when it's time to renew your LEI code. If you prefer, we can do the renewal for you and send you an invoice.

This way, you can rest assured that your LEI code is always valid and up-to-date. You also don’t have to worry about disruptions when you conduct financial transactions. If you choose a validity period of 3 or 5 years, on top of everything, you save money on your LEI code.

Checklist for choosing an LEI registration agent

Before picking your LEI registration agent, you should consider asking the following questions:

• Does the price of my LEI code include all GLEIF fees and charges, so I don't get unexpected bills?
• What do I get for my money? (E.g., a user-friendly platform and good customer service?)
• Do I get a service that benefits me and my business? (E.g., do I save time and trouble?)
• Does the registration agent know about corporate legislation in my jurisdiction?
• Does the registration agent have a profitable and stable business?

If the answers to these questions are no, you should consider moving your LEI code to a different registration agent.

Why you shouldn’t go for the cheapest LEI code

It's tempting to go for the cheapest LEI code you can find. But we believe that a good registration agent should offer you a fast, easy and secure platform to handle your LEI codes - as well as good customer service. This will ultimately save you time and trouble and make your life easier. And who doesn’t want that?