LEI’s are identification codes that enable consistent and accurate identification of all legal entities that are parties to financial transactions, including non-financial institutions.
As defined in ISO 17442, the standard underlying the Legal Entity Identifier (LEI), the term ‘legal entity’ includes, but is not limited to, unique parties that are legally or financially responsible for the performance of financial transactions or have the legal right in their jurisdiction to enter independently into legal contracts, regardless of whether they are incorporated or constituted in some other way (e.g. trust, partnership, LLC, contractual, etc). It excludes natural persons (and a DBA is not a legal entity), but includes governmental organizations and supranationals.
LEI numbers will be obtained on behalf of a legally registered entity engaging in OTC business. ARC Group will cover the initial registration cost associated with obtaining this number. Renewals are required annually, the cost of the renewal will be charged to the client’s account.