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LEI, or Legal Entity Identifier is a requirement for any legal entity that engages in regular financial transactions, such as purchasing stocks, bonds, and other securities. Each LEI is a unique identification number assigned to a specific legal entity, facilitating the easy tracing of transactions worldwide.

It is important to note that a LEI code is not automatically assigned; it must be applied for and is subject to annual renewal.

The application process for obtaining an LEI code can be completed online. A comprehensive list of organizations authorized to issue LEI codes can be found at www.gleif.org. The associated costs for applying for and maintaining an LEI code are the responsibility of the applicant. Typically, once the necessary data and confirmations are submitted, the LEI code will be issued within a timeframe ranging from a few days to a couple of weeks.