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Legal Entity Identifier?

Never heard of this.

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New Trustee client has received a letter from the LEI Register touting for business to keep its LEI registration upto date. I have never heard of the LEI. Is it new? Have I had my head so far in the sand that I've completely missed this? Anyone know what it is? Thanks.

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By SXGuy
02nd Feb 2021 18:38

I don't know. Its not a scam is it? I often get emails from the EU business register which is actually a scam to pay for a membership that does nothing and a very short window to cancel before your invoiced again for another year.

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Replying to SXGuy:
A Putey FACA
By Arthur Putey
03rd Feb 2021 14:21

Why is your post in a pink box?

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By Truthsayer
02nd Feb 2021 20:13

Scam. Ignore it.

An LEI is a real thing for trusts, but don't use one of these scam agents. Go direct instead to; https://www.gleif.org/en/about-lei/get-an-lei-find-lei-issuing-organizat...

Companies have their Companies House number, and people have their NI number, but as trusts have neither, they may need to obtain an LEI to do certain things.

To be clear, it is very likely the agency that wrote to the client is like one of those parasites who offer to file companies' confirmation statements or do land registry searched for £90.

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Replying to Truthsayer:
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By Software Seeker
03rd Feb 2021 08:37

Thanks for the info and link. Had never heard of an ‘LEI’, so had wondered. And yep the communication was from one of those parasites, but they’ve actually done the client a favour by alerting it to the existence if the LEI register.

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Replying to Software Seeker:
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By jwgrogan
03rd Feb 2021 11:16

It's a real thing, but you can probably do it yourself.

https://en.wikipedia.org/wiki/Legal_Entity_Identifier

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RLI
By lionofludesch
02nd Feb 2021 21:15

It screams scam.

How much do they want ?

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Routemaster image
By tom123
03rd Feb 2021 08:18

Sounds scammy to me.

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By johnhemming
03rd Feb 2021 14:08

If a legal Entity is a Company or Trust then to trade in securities (as in to buy or sell shares) the legal entity needs an LEI. However, there is a bit of a scam in saying it needs to be renewed. I think the FCA have confirmed that clients of stockbrokers that are not real people don't need to renew their LEIs.

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Replying to johnhemming:
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By Software Seeker
03rd Feb 2021 14:45

johnhemming wrote:

If a legal Entity is a Company or Trust then to trade in securities (as in to buy or sell shares) the legal entity needs an LEI. However, there is a bit of a scam in saying it needs to be renewed. I think the FCA have confirmed that clients of stockbrokers that are not real people don't need to renew their LEIs.

Thanks. This client (a discretionary trust) receives dividend income from its quoted investments which are managed by a stockbroker (I.e. the trustees don’t manage the funds). Presumably from what you’re saying this still needs to register, but not re-register every year? Thanks.

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