Terms and Conditions
VERSION NOVEMBER 24, 2022
Nordic Legal Entity Identifier AB, org. no 556708-1699, a Swedish limited liability company ('EuroLEI') is an accredited Local Operating Unit (‘LOU’) of the Global Legal Entity Identifier System (GLEIS) and provider of LEI services to its customers (individually the 'User') in the jurisdictions set out at www.gleif.org and in jurisdictions not covered by EuroLEI's LOU accreditation by means of partnerships with selected accredited LOU’s (the ‘Services’). The User shall refer to the legal entity applying for an individual LEI on its own behalf, for an affiliate entity or when representing another entity (e.g. acting as an agent or under a power of attorney). EuroLEI is also accredited for registration of Investment Funds in GLEIS according to the ROC Policy on Fund Relationships.
GLEIS is supervised by the Global Legal Entity Identifier Foundation (GLEIF). LEIs and legal entity reference data becomes public data, which is published in the Global LEI Index hosted at www.gleif.org.
These Terms and Conditions apply to all accounts and LEIs in the EuroLEI portal.
2. SERVICE DELIVERY
EuroLEI provides the Services on EuroLEI's website www.eurolei.com, where the User creates an account. With the account, the User may register new LEIs and renew or transfer existing LEIs. To use the Services, the User must provide required legal entity reference data ('LE-RD') necessary for an LEI. In addition, EuroLEI keeps user credentials, contact and billing data related to the direct relationship with the User.
In addition to single-year products EuroLEI offers the option to purchase multi-year renewal of LEIs (‘Multi-year products‘). For subsequent years of any Multi-year product purchased EuroLEI will automatically update the LEI against changes made in the relevant local business register data.
If the entity should cease to exist, go bankrupt or similar there will be no refund, neither in full nor partly.
3. LEI APPLICABILITY AND VALIDATION
The right for an entity to apply for and receive an LEI is defined broadly in Recommendation 8 of the LOU principles, available at www.financialstabilityboard.org/publications/r_120608.pdf. In most cases the validation process of incorporated legal entities registered with a local trade register (or equivalent) will be straightforward using public sources. However, in some cases entities is not recognized to have separate legal personality. Such entities may be LEI eligible if they meet certain conditions to participate as financial counterparties required to report their transactions (under EMIR, MiFIR or similar legislation), e.g., sole proprietors, trusts, registered joint ventures that are able to enter into independent financial transactions.
4. OBLIGATIONS OF THE USER
The User, when acting for another legal entity, warrants to be duly authorised to represent the legal entity in all respects in relation to LEIs.
The User is responsible for the accuracy of the LE-Reference Data and other entity data presented to EuroLEI. In transmitting the data, the User warrants its correctness and applicability within the scope of the LEI registration process. EuroLEI reserves the right to request additional documentation or data.
The User shall provide or review the LE-Reference Data when prompted. The User is obligated to make EuroLEI aware of any changes to a registered entity that will necessitate change to the LE-Reference Data due to a legal entity event as defined in GLEIS (the ‘Legal Entity Events’), with some illustrative guiding examples presented in Appendix 1 of these Terms and Conditions, www.eurolei.com/terms-and-conditions-appendix-1. This should be done on a continuous basis and in conjunction with any review of LE-Reference Data. EuroLEI may be required by mandatory law or per internal LOU control rules to change LE-Reference Data.
For Multi-year products EuroLEI may on a yearly basis contact the User to confirm if LE-Reference Data is correct and still valid. If EuroLEI is unable to confirm that LE-Reference Data is updated and correct, EuroLEI reserves the right to wait with renewing the LEI until such a confirmation is possible. Multi-year products are paid when ordered. There is no cancellation or refunds after the order has been placed.
The User shall ensure that the LEI application is unique and is also aware that each legal entity may be issued only one (1) LEI, i.e., prohibition to request a second LEI at either EuroLEI or any other LOU. Should the validation process reveal another LEI registered (or pending) the application request will be denied.
The User, on behalf of itself and any legal entities which the User represents, its signing individuals, and any other persons, relating to any data becoming part of LE-Reference Data, hereby transfer to EuroLEI all rights needed for publication of the LE-Reference Data within the GLEIS. .
The LE-Reference Data may be challenged by a third-party. In such a case, the User is obligated to immediately and without delay support and provide EuroLEI with any requested documents, data, and other actions, so that EuroLEI in turn is able to fulfil its or its partner’s service level obligations towards GLEIF.
The User is aware that any information provided, and applications and requests lodged, to the LOU must be submitted by authorised signatories of the User and the represented legal entity, and duly dated and signed (physically or by legally effective digital confirmation), with attestation of the authorities of the individual signing the contract on behalf of the legal entity. The User is aware that GLEIF reserves the right to request the transfer of an LEI to another LOU.
The User is aware that associated LEI(s) under the User’s account may be subject to transfer to EuroLEI or other cooperating LOU in order to fulfill future maintenance.
5. PRICING AND INVOICING
The fees for Services are published in the fee schedule on the pricing page www.eurolei.com/support-pricing and will be payable immediately after the User has registered an order. The paying entity (the 'Payer') – which may differ from the User – shall issue payment by card or credit transfer in order not to delay the LEI issuance or renewal. Payment may be made in the chosen currency in the checkout. For the avoidance of doubt, full payment is defined as net amount remitted to EuroLEI after any taxes, sender's bank fees, FX commissions, and interbank service charges. EuroLEI will keep an unpaid order open until payment is received or it expires after non-payment. EuroLEI will not process an LEI issuance or renewal item until full payment is received. In case of EuroLEI not having received full payment according to the order confirmation in a prompt manner, EuroLEI reserves the right to remove the order.
EuroLEI will apply VAT as deemed appropriate, in line with Swedish VAT rules for the provision of services within Sweden, to EU member states and to the rest of the world. EuroLEI will rely on the VAT number and billing data for the paying entity (the 'Payer') that the User has registered, which may differ from the User. EuroLEI will not provide any additional tax certificates, VAT enquiries or similar.
In case of the Payer being registered in an EU member state, EuroLEI will make reasonable efforts to validate that the EU VAT number exists and is valid. In case the User cannot provide an EU VAT number at the time of registration, EuroLEI will withhold and collect full Swedish VAT upon payment, at present 25 %. In case the User can provide a valid EU VAT number the Payer will be responsible to declare VAT locally according to the so-called ‘reversed charge’ principle. The order confirmation and receipt will contain all EU VAT information that is needed.
All order confirmations and receipts will be sent by EuroLEI as PDF documents via email. Receipts will contain the billing data and billing recipient that the User has registered at the time of registration using EuroLEI's internet portal or in the bulk file process. The User accepts, on behalf of itself, any legal entities which the User represents including the registered billing recipient, the use of electronic transmission of order confirmations and receipts.
All fees and charges specified in the fee schedule may periodically be subject to review by EuroLEI, at which point EuroLEI may increase or amend any such fee. For an active User, the new fees shall apply for the upcoming term, if or when the LEI is renewed.
6. OBLIGATIONS OF EUROLEI
EuroLEI validates the legal entity reference data provided by the User. This includes verifying that the applying entity exists as a legal entity by using publicly available sources, e.g., business register information, public home pages and official documents.
If necessary, EuroLEI will notify the User in case of any incomplete applications or seek further information to verify the validity of the entity, when publicly available sources do not suffice. When notified, the User must provide the requested information to EuroLEI.
EuroLEI will make reasonable efforts to ensure that no previous LEI has been issued by another LOU for the same entity.
The User or a registered legal entity has the right to request the transfer of its LEI to another LOU (specifically designated by it), and/or allow another LOU to request such transfer on its behalf. In case of such transfer no fees will be assessed by EuroLEI to effectuate the transfer. .
Upon completion of LEI validation of Legal Entity Events the LE-Reference Data is updated within the agreed time for challenge processing as per current SLA between GLEIF and the LOU.
If the LE-Reference Data is challenged by a third-party, EuroLEI will inform the User and validate the challenge. The challenge may be accepted and published, or rejected.
7. PUBLIC INFORMATION
The User acknowledges that all public and private-source reference data captured and received by EuroLEI or EuroLEI’s partner as part of the validation process will if included in the LE-Reference Data instantly be published and searchable on EuroLEI's, and GLEIF's websites as applicable.
If a representative of a registered legal entity finds erroneous or fraudulent information on EuroLEI's publicly available data, please contact firstname.lastname@example.org to initiate an enquiry.
8. TERM & TERMINATION
The agreement governed by these Terms and Conditions shall remain in effect until either User or EuroLEI is dissolved or otherwise ceases to operate (either completely or, in EuroLEI’s case, as an LOU). Notice of termination shall be submitted in writing by the terminating party and shall be effective upon receipt by the non-terminating party.
Subject to notice of termination submitted by either party, termination shall be possible in the event of a transfer of the LEI (of the User, or the legal entity represented by the User) to a different LOU or to GLEIF. The termination shall take effect on the date of completed transfer and be limited to agreement regarding the specific transferred LEI.
Subject to notice of termination submitted by EuroLEI, termination with immediate effect is possible in the event of, (i) the User abandoning its status as legal entity with an LEI, or (ii) an annulment of the LEI due to non-compliance of the User with requirements in the course of renewal issuance.
Subject to notice of termination submitted by either party, termination with immediate effect is possible in the event of (i) severe or repeated violation of contractual duties, for which no cure is possible, or cure has been refused despite a reasonable cure period, or (ii) if the Master Agreement of EuroLEI with GLEIF is terminated (without any liability of EuroLEI for any damages caused by such termination).
These Terms and Conditions may be revised by EuroLEI at any time. Changes will be communicated to the User on login on EuroLEI website. The User of EuroLEI's services is legally obliged to always comply with the current Terms and Conditions.
These Terms and Conditions, together with any appendices hereto, shall be deemed executed in the English language. In case of any difference in meaning between the English language original version and any translation thereof, the English language original version shall be applicable. Any notices under these Terms and Conditions shall be made in the language of English.
The services provided by EuroLEI are governed by the laws of Sweden and any legal proceedings will be exclusively undertaken in the courts of Sweden.