As of 3 January 2018, LEIs are mandatory for all companies who wish to continue trading in securities.

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Terms and Conditions

Valid from 20.07.2020

1. INTRODUCTION

Baltic LEI OU (“India LEI”) is an official global LEI Registration Agent working globally in more than 15 countries and is operating in India under the trademark of “India LEI”.

India LEI operates as an LEI Registration Agent and cooperates with Global Legal Entity Identifier Foundation (GLEIF) accredited Local Operating Units (“LOUs”, “LEI issuer”). India LEI may choose to partner with one or more LEI issuing organisations to ensure its clients’ needs for LEI services are met, depending on the prevailing conditions within the market. India LEI helps legal entities access the network of LEI issuing organisations responsible for performing LEI issuance and related services. 

The Legal Entity Identifier (LEI) is a 20-character, alpha-numeric code based on the ISO 17442 standard developed by the International Organization for Standardization (ISO). It connects to key reference information that enables clear identification of legal entities participating in financial transactions by way of a unique numeric code. The LEI data pool is publicly available and acts as a unique key to standardised information on legal entities globally. The data is registered and regularly verified in accordance with protocols and procedures established by the LEI Regulatory Oversight Committee.

Any Registrant, that is any legal entity who has applied on the website, has a direct relationship with India LEI and will be provided with an LEI issued and maintained by the LOU, under these Terms and Conditions.

Contract

By clicking “I agree with Terms and Conditions” the user agrees to enter into a legally binding contract (“Contract”, “Terms and Conditions”) with India LEI on behalf of a legal entity (“Registrant”). These Terms and Conditions apply to LEI registration, renewal, transfer, and updates as defined and set forth by the GLEIF.

India LEI shall start processing the application once the Registrant has made a full payment according to the Subscription selected by the Registrant. To submit the LEI application, the Registrant shall provide authorisation to India LEI by sending a Letter of Authorisation as described in section 3 of the Terms and Conditions. In the event the Registrant has made the payment but not provided a Letter of Authorisation, India LEI will send the Registrant a reminder. If the Registrant does not provide India LEI with a Letter of Authorisation within 30 days of the first reminder, India LEI reserves the right to cancel the Registrant’s order.

The Registrant understands and agrees that India LEI administers all LEI related requests in accordance with the requirements, recommendations, guidelines, and manuals issued by the GLEIF. The Registrant has no right to demand from India LEI any actions which are not in line with GLEIF’s requirements, recommendations, guidelines, and/or manuals.

Consumer law exceptions do not apply to India LEI services.Therefore, any statutory right to withdraw from the order and receive a refund does not apply.

The use of India LEI services is also subject to the Registrant’s acceptance of India LEI’s Cookie Notice and Privacy Notice, which cover how India LEI collects, uses, shares, and stores personal information.

with India LEI on behalf of a legal entity (“Registrant”). These Terms and Conditions apply to LEI registration, renewal, transfer, and updates as defined and set forth by the GLEIF.

India LEI shall start processing the application once the Registrant has made a full payment according to the Subscription selected by the Registrant. To submit the LEI application, the Registrant shall provide authorisation to India LEI by sending a Letter of Authorisation as described in section 3 of the Terms and Conditions. In the event the Registrant has made the payment but not provided a Letter of Authorisation, India LEI will send the Registrant a reminder. If the Registrant does not provide India LEI with a Letter of Authorisation within 30 days of the first reminder, India LEI reserves the right to cancel the Registrant’s order.

The Registrant understands and agrees that India LEI administers all LEI related requests in accordance with the requirements, recommendations, guidelines, and manuals issued by the GLEIF. The Registrant has no right to demand from India LEI any actions which are not in line with GLEIF’s requirements, recommendations, guidelines, and/or manuals.

Consumer law exceptions do not apply to India LEI services.Therefore, any statutory right to withdraw from the order and receive a refund does not apply.

The use of India LEI services is also subject to the Registrant’s acceptance of India LEI’s Cookie Notice and Privacy Notice, which cover how India LEI collects, uses, shares, and stores personal information.

2. OBLIGATIONS

LEI applicability

The Registrant must supply accurate reference data (that is, the publicly available information on legal entities identifiable with an LEI) in its application for an LEI with India LEI. The reference data includes:

Business card information includes, for example, the official name of a legal entity and its registered address. In the Global LEI System, this information is referred to as ‘Level 1’ data.

Relationship information allows the identification of the direct and ultimate parents of a legal entity, if applicable. This information is referred to as ‘Level 2’ data.

India LEI verifies the reference data with local public registries (see the full list of Registration Authorities) and issues an LEI compliant with the LEI standard.

The Registrant is responsible for the accuracy of the reference data. By submitting its reference data, the Registrant warrants its correctness and applicability within the scope of the LEI registration process.

India LEI will revert to the Registrant in case of any incomplete applications or seek further information to confirm the validity of the legal entity’s reference data when publicly available sources do not suffice. Nevertheless, the responsibility for providing correct data will always remain with the Registrant.

The Registrant should ensure that the LEI application is unique and should also be aware that each legal entity may have only one LEI. Should the Due Diligence process reveal that another LEI has been registered (or is pending), the Registrant’s request will be denied and the payments applicable to its initial LEI application will be refunded.

The Registrant’s reference data will be validated using publicly available sources. In most cases, the Due Diligence process of an incorporated entity will be carried out using public registries (e.g. local commercial registers or equivalent). If India LEI is not able to identify the legal entity using public registries, India LEI may request additional information from the Registrant. If the Registrant does not provide documents, India LEI may refuse to register the LEI and, in such a case, the payments made by the Registrant shall not be refunded. If the Registrant provides documents, but India LEI is still unable to register the LEI, the payments made by the Registrant shall be refunded by India LEI.

India LEI reserves the right to cancel the LEI registration if the Registrant provides false information, does not update current information, or does not make corrections as requested by India LEI.

Pricing and Invoicing

The price of the initial LEI registration or annual LEI renewal (“Subscription”) is available on the website of India LEI and shall be payable immediately after the submission of the application.

Payments will be accepted in the following currencies: GBP, SEK, NOK or EUR. For the avoidance of doubt, full payment is defined as net amount remitted to India LEI after any taxes, bank fees, commissions, and service charges. The GLEIF fee is included in the Subscription fee.

India LEI will apply VAT as deemed appropriate, in line with VAT rules for the provision of services. India LEI will rely on the VAT number and billing data that the representative of the Registrant has provided during the registration process. India LEI has the right to correct data related to the VAT if there is a clear indication that such data is incorrect.

The Registrant shall pay the fee according to the price list even if the LEI application is not completed correctly or includes invalid data. India LEI services are designed to transmit data to the LOU as soon as possible and, therefore, there is no option to withdraw from the service or claim a refund for unused services.

In any case where India LEI has not received payment in accordance with the price list, India LEI reserves the right to not proceed further with the LEI application.

Any documents and receipts will be sent by India LEI as a PDF document to the e-mail address provided in the application form.

3. LETTER OF AUTHORISATION

After applying for registration, renewal or transfer, India LEI will send the Registrant’s representative an e-mail containing a power of attorney (“Letter of Authorisation”). India LEI has no obligation to verify the e-mail address provided by the representative.

The representative of the Registrant shall sign the Letter of Authorisation using e-signature or manually (print and scan) and return to India LEI via e-mail. Once the Registrant has submitted its Letter of Authorisation, India LEI shall be deemed to have legally binding authorisation to act on behalf of the Registrant for the purposes outlined in the authorisation. India LEI will be fully authorised to register, renew, transfer, and update the LEI on behalf of the Registrant.

The authorisation given by the Letter of Authorisation is valid so long as the Registrant has a valid Subscription for India LEI services. The Registrant has the right to withdraw the authorisation at any time by sending written notification to India LEI. Please note, the result of withdrawing the authorisation made to India LEI is that India LEI will not be able to renew the Registrant’s LEI for the next period or send any notifications regarding renewals or anychallenges or other actions related to the LEI administration under the GLEIF system. India LEI as an authorised person has limited rights to represent the Registrant; India LEI is authorised to represent the Registrant in connection with the registration, renewal, transfer and update of LEI in accordance with the standards and requirements set forth by the GLEIF.

4. SERVICES

LEI Registration

To order an LEI or to renew an existing LEI, the Registrant shall complete the application on the India LEI website. India LEI has no obligation to verify the data aggregated from registries or provided by a representative of the Registrant.

The application can be submitted by an authorised representative of a registered legal entity. The representative warrants that he/she has obtained full authorisation to submit the LEI application. India LEI has a right to request additional documentation in order to identify the representative or verify the authorisation. India LEI reserves the right to decline an application if the representative of the Registrant does not provide the information requested by India LEI.

The representative of the Registrant, in the submission of  the application, represents that he/she is an authorised representative of the registered entity, either as an employee or officer of the Registrant, or acting on an entity’s behalf. Representatives performing registration for a third-party entity should hold a valid power of attorney. India LEI may ask for further documentation as necessary to prove the existence of the representative’s right to act on behalf of an entity. India LEI reserves the right to request additional information from the Registrant, e.g. obtain documentation to confirm that any third-party performing registration for an entity has been properly authorised.

After India LEI has received the Letter of Authorization and the payment, India LEI will commence the processing of the Registrant’s application. If there are inconsistencies in the data provided by the Registrant, or if some information is missing, India LEI may contact the representative of the Registrant by e-mail or by phone.

India LEI does not charge pre-payments in most of the countries serviced by India LEI; however, in circumstances where pre-payment is available, India LEI has no obligation to transfer any data to the LOU if the Registrant has not made a payment.

After successful allocation of an LEI, India LEI will send confirmation by e-mail. The status of an LEI can be checked on the global GLEIF webpage. Each LEI is published within the Global LEI Index. Interested parties can access and search the complete LEI data pool using the web-based LEI search tool developed by GLEIF.

LEI Renewal

An LEI is issued to the Registrant once.Registration of the LEI must then be updated and renewed annually to ensure its ongoing validity. The purpose of the renewal is to ensure the information about the Registrant contained in the GLEIF database is up to date.

In the GLEIF database, it is possible to extend the validity of an LEI for up to 12 months at a time. It is important to note that if an application to renew an LEI is extended more than two months before the LEI expiry date, the extended period will not be added to the LEI expiry date but, instead, will be valid for 12 months from the date of the application.

India LEI will contact the Registrant before the maintenance period of 12 months has expired to remind the Registrant of the necessity to renew the LEI. However, the responsibility to renew the LEI remains with the Registrant.

India LEI provides different Subscription plans to renew the Registrant’s LEI. The terms and description of the Subscription plans are available on India LEI’s website.

If the Registrant orders a multi-year Subscription, the LEI will initially be issued for one year and India LEI will automatically renew the LEI for the following years. When the multi-year Subscription is due to expire, India LEI will inform the Registrant’s representative via the e-mail address provided in the application form.

If the Registrant orders a multi-year renewal for LEI and discovers later that the Registrant no longer requires an active LEI, the multi-year Subscription can be cancelled but the Registrant is not eligible for any refund.

Read more about the renewal process on our blog.

Transfer of an LEI

The Registrant can transfer its LEI from the administration of another service provider under the administration of India LEI. This does not change the status of the LEI, since the data is still in the GLEIF databases. The result of any transfer is that the reference data will be modified and updated by India LEI. When transferring an LEI under the administration of India LEI, the LEI code does not change.

To transfer an LEI, India LEI requires an authorisation (given by a Letter of Authorisation) to administer  the LEI and payment for the Subscription. In the future, the Registrant’s data will be updated in the GLEIF database through the India LEI service. The authorisation can be revoked at any time.

It takes up to 7 days to transfer the LEI. For faster administration, the transfer of the LEI to India LEI should be confirmed by the Registrant as soon as possible.

Read more about the transfer process on our blog.

Updating the LEI data

The Registrant shall inform India LEI of any changes to a registered entity that will necessitate a change to the LEI reference data, including those due to a corporate action; e.g. merger, dissolution, acquisition or other change of incorporation (including the legal and headquarter address of the Registrant and the disclosure of direct and ultimate parent Registrant relationships when they apply for an LEI). This should be done on both a continuous basis and during the annual maintenance and re-validation of LEI reference data.

The India LEI database is integrated with public registers, the GLEIF database, and the databases and systems used by accredited LOUs. During the renewal process, India LEI automatically checks for differences between the public register and the GLEIF database and, if the data has changed, India LEI notifies the Registrant and updates the data in the GLEIF database. If India LEI has notified the Registrant about the need to update any data and the Registrant does not provide a response for a period of two weeks, India LEI is entitled to renew the Registrant’s LEI without the prior approval of the Registrant. If the Registrant’s LEI is administered by India LEI, any updates to the Registrant’s data is completed free of charge.

The Registrant is required to notify India LEI of changes to its legal entity reference data. The content of the LEI data record is referred to as the Registrant’s reference data. The Registrant is responsible for keeping India LEI aware of updates to the legal entity reference data. The Registrant may challenge an LEI and/or its legal entity reference data by using the centralised online service, which is part of GLEIF’s data quality management program. A challenge triggers a review of the record by India LEI to determine the validity of the updated information being submitted. Verification and updates of the LEI and/or its legal entity reference data resulting from challenges are processed free of charge by India LEI.

5. LIMITATION OF LIABILITY

India LEI will make all reasonable efforts to obtain an LEI for the Registrant; however, India LEI expressly disclaim all warranties, whether express, implied or statutory, regarding India LEI services including, without limitation, any warranty of merchantability, fitness for a particular purpose, title, security, accuracy and non-infringement. India LEI does not warrant that the LEI will meet the Registrant’s requirements; nor that the information provided or obtained through India LEI or its online platform is entirely accurate, reliable or correct.

The Registrant understands and agrees that India LEI will not be liable to the Registrant or any third party for any loss of profits, use, goodwill, or data or for any incidental, indirect, special, consequential or exemplary damages, however arising, that result from the use of or inability to use the LEI services.

India LEI will bear no liability for any failure or delay due to matters beyond India LEI’s reasonable control. India LEI’s maximum liability is limited to the amount that is equal to the one-year Subscription fee paid by the Registrant.

India LEI bears no liability if the Registrant’s LEI status changes following action by the GLEIF data challenge facility. The GLEIF data challenge facility offers any user of LEI data with the opportunity to substantiate doubts regarding the referential integrity between LEI records, or the accuracy and completeness of the related reference data. The Registrant acknowledges that Registrant’s LEI status may be challenged by any user of LEI data. 

6. TERMINATION OF THE CONTRACT

The contractual relationship between India LEI and the Registrant are valid for the period as set forth in the Subscription selected by the Registrant. In the event the Registrant withdraws the authorisation given to the India LEI to provide LEI renewal and update services, the Contract between the India LEI and Registrant shall be deemed terminated.

India LEI may terminate this Contract at any time with notice to the Registrant. The termination of the Contract by India LEI does not affect the status of the Registrant’s LEI(s).

7. FINAL CONDITIONS

The Registrant agrees that all public reference data captured and received by India LEI as part of any registration and due diligence processes will instantly be published and searchable on GLEIF’s databases, as applicable.

A document outlining the current Terms and Conditions can always be found on India LEI’s websites. These Terms and Conditions may be updated at any time. Any significant changes will be communicated to the Registrant.

The Registrant is obligated to use India LEI services in good faith, and India LEI acts accordingly. Resolution of any dispute between the Registrant and India LEI should first be attempted by way of negotiation.

The relationship between the Registrant and India LEI is regulated by Estonian law.  In circumstances where no agreement can be made, disputes will be heard by the Harju County Court.