Within the worldwide LEI system accuracy in issuing and registering LEI’s is of great importance. For example it must be prevented that more than one LEI can be registered for one entity. This is a potential risk since Local Operating Units (LOU’s) in different countries can issue LEI’s parallel. A worldwide automated verification system has not yet been realized.
Worldwide it has been agreed upon that all parties that use LEI’s must be able to report a possible irregularity in a LEI or its registered data. Subsequently it is the responsibility of the LOU to verify the reported irregularity and to act accordingly. In the Netherlands the Chamber of Commerce makes it possible to submit a challenge for verifying a LEI and/or its registered data. This option applies for example for:
- the entity that uses the LEI;
- a LOU in another country;
- users of LEI databases, such as banks and trade repositories
- entities that are opposing parties in transactions with entities mentioned at 1.
In case of irregularities
If in your opinion there are irregularities in a LEI or its registered data, please send an e-mail to LEI@kvk.nl. Your e-mail should contain at least:
- the name of the applicant and the entity where he/she is employed;
- the LEI and/or its registration for which the challenge is submitted and/or its Chamber of Commerce number;
- the possible irregularity or other motive of report.
We will inform you whether your challenge will be taken in consideration and the time needed for verification.