Terms and Conditions
About the company
These terms and conditions apply to all orders initiated through LEI Service ApS (Danish company register no. 41038462, located Kaervej 6, Broederup, 4733 Tappernoeje, Denmark) by the LEI applying legal entity (“Applicant”) who seeks to apply for a new LEI or renewing/moving an existing LEI. The term “contact person” refers to the natural person authorized by the legal entity to act on its behalf in terms of LEI actions.
LEI Service ApS help the Applicant with e.g. registering, moving, maintaining and renewing LEI numbers. The LEI system is supervised by GLEIF (Global Legal Entity Identifier Foundation) (Global Legal Entity Identifier Foundation) a non-profit organization. The issuance of LEI codes is done through GLEIF accredited LOUs (Local Operating Units) whom LEI Service ApS corporates with.
LEI Service ApS is an Official Registration Agent of the GLEIF.
The Applicant can expect a delivery time of up to 1-2 working days regarding an application for a new LEI number if no complex ownership structure or any other special conditions apply. If any special complex conditions apply, the Applicant could expect up to 30 days before the LEI application is completed/issued.
Moving an existing LEI number will typically take up to 7 working days.
The Applicant accepts that there is no cancellation after the application is sent and paid. Any payments are not refunded if the Applicant for any reason might cancel the order after payment.
Current prices will also be published on the website under ”Prices”.
Registration of a new LEI number
The fee cover the application for a new LEI number with the issuing LOU and maintenance for a period of 12 months after issuance (unless an even longer period have been purchased). Maintenance is only relevant if the LOU approves the application.
Renewal of an existing LEI number ordered through LEI Service
The fee cover renewal and maintenance exceeding the initial order, for a period of 12 months unless a longer renewal period have been purchased. LEI Service ApS reserves the right to contact the owner of the LEI (by e-mail to the contact person) about 2-3 months before the LEI expires for the purpose of renewing the LEI.
For all Applicants from Denmark, 25% Danish VAT will be added to the order. It is the Applicant´s own responsibility to apply for any VAT refund with the relevant tax authorities.
If the Applicant (from another EU country) has a valid EU VAT number and this can be verified, VAT will not be added. The Applicant is obligated to adhere to the VAT terms of reverse charge.
For Applicants outside the EU, no VAT will be added to the order.
LEI Service ApS offer a VIP product where the Applicant pay for a shorter guaranteed process time, which will be published on the website under “Prices”.
If this shorter process time is not met by LEI Service ApS. LEI Service ApS will refund the difference between the normal price and the VIP price according to the pricelist on the website under “Prices”.
Payments and invoicing
LEI Service ApS will not start the application process before payment (by credit card reservation for up to 30 days) has been made by the Applicant.
The invoice will be sent by e-mail when the application, move or renewal request has been sent to the LOU and is approved or rejected. At this time LEI Service ApS will finalize payment on the credit card.
If application, move or renewal cannot be completed due to missing information from the Applicant and LEI Service Aps has not received this information within 10 working days after requested, LEI Service Aps reserves the right to process payment in full, even though registration, move or renewal have not been completed.
A LEI can be suspended if the Applicant’s given information is incorrect or challenged by organizations within the GLEIF system. Payments will not be refunded if a LEI should be suspended.
Multiperiod renewals/registrations will not be refunded – neither in full or partly.
If the LEI system should undergo structural changes or cease to exist, no payments will be refunded.
Responsibilities and obligations for the Applicant
- The Applicant is responsible for that the information given to LEI Service Aps are correct and up to date
- LEI Service Aps cannot be held responsible for incorrect information given by the Applicant that causes delay in the application process. Furthermore, LEI Service Aps cannot be held responsible for any losses or costs in connection with the renewal of the LEI if the Applicant did not inform on any changes relevant to the Applicant (e.g. Corporate Action, change of address etc.). Changes being any information contained the LEI, both “Level 1” and “Level 2” data which is further explained here. If the change is made in the local business register, LEI Service ApS will automatically update this on behalf of the customer in connection with a renewal process if applicable
- The Applicant is responsible for updating the contact information for the relevant contact person for the Applicant, so LEI Service ApS can reach the Applicant
- The contact person confirms he/she has the full authority to apply for Legal Entity Identifiers (LEI) on behalf of the Legal Entity. If the contact person does not appear in the business register as an authorized signatory, he/she confirms to have a Letter of Authorization (Power of Attorney) to act on behalf of the legal entity in regard to the LEI. (LEI Service ApS offer a free template for this). This documentation could be necessary to present to the LOU
- The Applicant is responsible for that there is no duplicate LEI in existence or that another LEI application is in process elsewhere for that legal entity
- If a valid LEI is in existence the LOU will reject the application and the Applicant will be charged the application fee from LEI Service ApS
- The Applicant gives all rights to LEI Service ApS to apply for LEI codes on the Applicant's behalf. In addition, LEI Service ApS is authorized to sign the LOU Terms of Service contract published here, and LEI Service ApS can perform all duties required to manage the LEI on the Applicant's behalf
Responsibilities and obligations for LEI Service ApS
- LEI Service ApS will make sure that the information that the Applicant give is sufficient to complete an application with the LOU that LEI Service ApS corporates with. Should there be missing information, LEI Service ApS is obligated to reach out to the contact person to obtain the missing information to complete the application. If such information has not reached LEI Service ApS within 10 working days, LEI Service ApS is not obligated to continue the application
- LEI Service ApS will make an automated lookup whether the Applicant already has an existing LEI at the time of application for a new LEI - however it is the Applicants responsibility that no duplicate LEI exists
- To make sure that the LEI does not lapse unintentionally, LEI Service ApS will no later than 2 months prior to the official expiry date contact the legal entity to offer a renewal (so long that a longer subscription is not already in place)
As an extra service LEI Service ApS offers the option to purchase renewal of the LEI for a period of 3 or 5 years.
In this period LEI Service ApS will automatically renew changes made in the local business register data and report them to LOU / GLEIF. The Applicant is still responsible in updating LEI Service ApS of any changes not reported to the local business register, also please refer to “Responsibilities and obligations for the Applicant”.
LEI Service ApS can on a yearly basis contact the Applicant to confirm if data is correct and if the data for the contact person is still valid.
If it is not possible to confirm that either data concerning the Applicant or the contact person is updated and correct, LEI Service ApS reserves the right to wait with renewing the LEI until such a confirmation is possible.
Multiperiod products are paid in advance, there is no cancellation or any refunds after the order has been placed.
If the Applicant wants to move the LEI number to another company there will be no refund, neither in full or partly.
If the entity should cease to exist, go bankrupt or similar there will be no refund, neither in full or partly.
General, governing law and jurisdiction
By acceptance of these terms and conditions, the Applicant authorizes LEI Service ApS to create, move, renew or maintain LEI information on behalf of the Applicant.
The Applicant’s acceptance of these terms shall happen through a contact person, authorized by the legal entity to apply for a LEI number on its behalf. This contact person provides the required information about the legal entity and declares that the information is legally shared. This includes but not limited to; the contact person is authorized to share information and apply for a LEI on behalf of the legal entity, that the information is correct and updated. LEI Service ApS validates if the information is sufficient to continue with the application but are not required to validate if the information is correct.
The Applicant accepts that LEI Service Aps can contact the contact person to ask for additional information to complete the application; move, renewal or maintenance. This could be additional information about the ownership structure, power of attorney with regards to authorization etc.
The service is between professional parties and the parties accept that the service is governed by Danish law. The parties accept that all disputes out of or in connection with it or its subject matter shall be settled in the courts of Denmark.
These terms and conditions can be updated without prior notice. Current terms and conditions will always be available on the website with date of last change in the bottom.
Limitations of liability
LEI Service ApS cannot be held responsible for any loss, direct or indirectly, due to delayed or missing issuance of a LEI number. LEI Service ApS cannot be held responsible for a rejection of the LEI application by the issuing LOU.
Sharing of information
The Applicant accepts that information provided in the application process is shared with GLEIF and made public in accordance with any current guidelines by GLEIF. (read more here: GLEIF.org). ). Information is also shared with RapidLEI in regards to the issuance of the LEI number.
Our GDPR policy can also be read here.
These terms are valid from November 1st 2020.