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From local to global: identifying your company through the LEI code
In our globalized world, the verification and authentication of companies is essential for the functioning of international business relationships. One of the mechanisms used here is the Legal Entity Identifier (LEI), a unique identification code for legal entities in the financial market. With an LEI code, your company is transparent and traceable not only locally, but also globally. But what exactly is behind this identifier and why is it so important for your company? What is the LEI code? The LEI is a 20-digit alphanumeric code that provides unique information about a legal entity. He was appointed by the Financial Stability Board after the 2008 financial crisis...
From local to global: identifying your company through the LEI code
In our globalized world, the verification and authentication of companies is essential for the functioning of international business relationships. One of the mechanisms used here is the Legal Entity Identifier (LEI), a unique identification code for legal entities in the financial market. With an LEI code, your company is transparent and traceable not only locally, but also globally. But what exactly is behind this identifier and why is it so important for your company?
What is the LEI code?
The LEI is a 20-digit alphanumeric code that provides unique information about a legal entity. It was introduced after the 2008 financial crisis by the Financial Stability Board (FSB) and the G20 to ensure a clearer overview of players in financial markets. The LEI system is designed to be centrally controlled but decentralized, providing maximum flexibility and reliability.
Why is an LEI code important for your business?
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Transparency and authentication: The LEI code makes it easier to verify business partners, creating a safer business environment.
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Efficient handling of business processes: The use of LEIs reduces administrative effort as the identification of business partners can be automated.
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Global networking: An LEI makes your company visible on an international level and facilitates global business activities.
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Regulatory requirements: In many countries, the use of an LEI is already required by law for certain transactions. An LEI ensures that your company is up-to-date in terms of regulations.
How do I get an LEI?
Applying for an LEI is a relatively straightforward process that can be completed online. Various providers, such as LEI code, offer this service and guide you through the steps required to receive your code.
Conclusion
An LEI code is no longer just an option, but rather a necessity for companies that want to operate in a global context. Not only does it offer a secure and efficient way of identification, but it also meets legal requirements and opens doors to international markets.
Sources:
- Financial Stability Board: LEI Regulatory Oversight Committee
- G20-Agenda zur Einführung des LEI
- Studien zur Effizienzsteigerung durch den Einsatz von LEIs
To help you identify your business from local to global, the LEI code is the key to a more transparent and secure business world.