How to Verify an LEI: Lookup Fields and Statuses Explained

Anyone can look up an LEI in seconds. Reading the record correctly is the part that goes wrong. A counterparty sends you a 20-character code, you paste it into a search box, you see a company name you recognise, and you tick the box. But a name match is the weakest signal in the whole record. The fields that decide whether that code is usable for onboarding or regulatory reporting are the two separate status fields, the next renewal date, and the legal address, and each of them can disagree with what the person who sent you the code believes.

This guide walks through an LEI record field by field, explains the difference between entity status and registration status, and sets out the five checks we use before accepting a code as verified. Use the tool below to pull a live record straight from the Global LEI Index, then read the sections underneath to interpret what comes back. If you are new to the identifier itself, start with what an LEI code is and come back.

How to verify an LEI in five checks

Verification is not "does this code exist". Every code in the index exists, that is what makes a bad check feel convincing. Verification is whether this specific code identifies the specific legal entity you are about to transact with, and whether the record behind it is current enough for the purpose you need it for.

The five checks are ordered deliberately. Code format first, because a mistyped character usually returns nothing at all and saves you the rest of the work. Legal name and address next, because they are what tie the record to the entity in front of you. Statuses third, because a perfect name match on a lapsed record still fails most onboarding rules. Renewal date fourth, because a record that lapses next week will fail a check that runs next month. Ownership last, because it is the check that catches the case where the entity is real, current and correct, but is not the entity that actually carries the exposure.

What each LEI lookup field means

An LEI record is published in a standard format that every LEI issuer must follow, so the same fields appear whichever issuer maintains the record. These are the ones that matter in a verification check.

Entity status versus registration status

These are two different things and confusing them is the single most common verification error we see. Entity status describes the company. Registration status describes the paperwork about the company.

The practically important combination is ACTIVE entity plus LAPSED registration. That is a live, trading, solvent business whose LEI record is simply out of date, and it is the most common reason a counterparty check fails. It says nothing about creditworthiness. It says the entity has not re-confirmed its reference data within the last twelve months.

LEI registration statuses explained

A lapsed record has not disappeared and is never reissued to anyone else, it stays permanently attached to that entity. What lapses is the assurance that the reference data behind it was checked against an authoritative source in the last year. Most rules that require an LEI require a current one, so investment firms, brokers, banks and reporting counterparties routinely reject lapsed codes at onboarding, and transaction reports can be rejected on the same basis. The fix is straightforward: the entity renews with its managing LOU, the record returns to ISSUED, and a new renewal date is set. Our LEI renewal guide covers timing, cost and what happens if a record has been lapsed for years.

If you are on the receiving end of a lapsed record, the reasonable step is to tell the counterparty rather than to walk away. Most lapses are administrative, the person who registered the code left, the renewal reminder went to a mailbox nobody reads, or the invoice was never approved.

What is the Policy Conformity Flag?

The Policy Conformity Flag is a newer field that tells data users whether a single LEI record meets two Regulatory Oversight Committee policies: that the registration is current (renewed on time) and that Level 2 reporting is complete (the entity has reported its direct and ultimate parents, or given one of the accepted reasons for not reporting them). A record that satisfies both is labelled conforming; a record that fails either is labelled non-conforming.

Two things are worth being precise about. First, GLEIF is explicit that the flag is not a data-quality indicator, it complements, rather than replaces, the data quality programme that tests whether a record technically complies with the published file formats and lifecycle rules. Second, non-conforming does not mean fraudulent or invalid. It most often means the entity has not filed parent information and has not recorded a reason for that omission. Used sensibly, the flag is a fast triage signal: conforming records need less work, non-conforming records tell you which question to ask next.

How to read ownership information

Level 2 data answers the "who owns whom" question. Each entity is expected to report its direct accounting consolidating parent and its ultimate accounting consolidating parent, or to state a reason why it cannot.

Common reported exceptions include no known person or entity that consolidates the accounts, no legal obligation to prepare consolidated accounts, and legal or consent obstacles in the entity's jurisdiction. These are recognised answers within the system. A record showing an exception is complete; a record showing nothing at all is the one worth asking about.

For verification purposes the ownership section answers a question the name and status fields cannot: whether the entity you are contracting with is a small subsidiary of a much larger group, or a standalone business carrying its own risk. That distinction changes credit decisions, sanctions screening and, in some regimes, which entity is required to report a transaction.

Common LEI verification mistakes

Accepting a name match. Corporate groups routinely register dozens of entities with nearly identical names across jurisdictions. Match the code, the jurisdiction and the registration authority ID, not the name on the invoice.

Reading only one status field. An ACTIVE entity with a LAPSED record fails most checks. Read both, every time.

Treating the lookup as a compliance opinion. The record tells you the identifier is current. It does not tell you whether that counterparty is authorised, solvent or permitted to trade with you. If you are trying to establish whether you need a code, our guide on whether your company needs an LEI is the better starting point.

Verifying once and never again. A record verified in January can be lapsed by December. For ongoing relationships, re-check at renewal dates or on a fixed cycle.

Assuming the address is a trading address. The legal address is the registered address. Businesses that trade from somewhere else will show a difference, and that is normal.

Confusing the managing LOU with the entity's bank or adviser. The LOU is simply the accredited issuer that maintains the record.

What to do if the record is wrong

If a published record contains an error, an outdated legal name after a rebrand, a stale address, a wrong parent, the first route is the managing LOU shown on the record, because that issuer maintains the data and can correct it directly. Entities can also update their own record through their issuer at any time, not only at renewal.

If you are a third party and the entity will not act, GLEIF operates a public challenge facility that lets anyone flag a record they believe to be inaccurate. The challenge is routed to the responsible issuer for investigation. It is a slower route than a phone call to the counterparty, but it exists precisely so that the register stays usable for people who did not create the record.

If the entity has no code at all, or you have been asked to obtain one before a trade can settle, the process is short and covered in our guides to getting an LEI code and what an LEI costs.

Frequently asked questions

Is LEI verification free?

Yes. The full Global LEI Index is published as open data and can be searched free of charge, without registration, by anyone. Fees only apply to issuing, renewing or transferring a code, not to looking one up.

Why can't I find a company in the LEI register?

Most likely it has never obtained an LEI, the identifier is only mandatory for entities that trade in financial markets or fall under specific reporting regimes, so the majority of small businesses are absent. Otherwise, check the legal name rather than the trading name, and try the registered entity in its home jurisdiction.

Does an LEI prove a company is legitimate?

No. It proves that a legal entity with that name and address was validated against a business register when the code was issued or last renewed. It says nothing about solvency, authorisation, conduct or sanctions status.

Can I transfer an LEI to a different issuer?

Yes. Transfer is free of charge as a process and requires the entity to request it from the receiving issuer; the record moves and shows PENDING_TRANSFER while it is in progress. Entities usually transfer for price or service reasons.

Can two companies share the same LEI?

No. Each code identifies exactly one legal entity and is never reused, even after that entity ceases to exist. Where duplicates have been issued in error, one record is marked DUPLICATE and the surviving code is the one to use.

How often is the LEI register updated?

Continuously. LEI issuers publish record changes throughout the day and GLEIF republishes the consolidated index on a frequent cycle, so a renewal processed today will normally be visible within hours rather than weeks. If a counterparty still shows a lapsed status days after they say they renewed, the renewal has probably not been completed rather than not published.