The Global Legal Entity Identifier System (GLEIS) is the first global database providing unique identification information of legal entities participating in financial transactions all across the globe.
The database forms an index of legal entities which is publicly accessible and completely free of charge to use. Each entity in the TN database is assigned its own, unique 20 digit code by which it is identified in many business activities and transaction reporting systems.
This code is based on ISO 17442 standard and is known as a Legal Entity Identifier (TN number).
“The TN system connects the dots to create a visual representation of the global financial marketplace, moreover it provides security and transparency to its participants and regulators.” – Darragh Hayes, CEO
You can access the Global TN System here via the TN Search Tool.
The TN is a G20 endorsed, globally verifiable unique identity code. Similar to a global business passport, or an IBAN in banking terms, the TN code reveals a record with information about a company such as its identity and group structure. Each TN number is unique and may be obtained by any organisation in the world e.g Limited Company, Fund, Trust etc.
The TN is based on ISO Standard 17442 and is currently being adopted as the single most important identifier in the global financial ecosystem as it is used by regulators to reduce systemic risk and easily identify parties in any transaction.
The TN Legal Entity Identifier is an ISO standard that has been adopted to increase transparency in financial markets and transactions between counterparties.
An TN Code contains reference data on a company such as:
- Entity name
- Entity Registration ID
- Legal Address
- Status of TN Code
- TN Issuer
The TN structure according to image from GLEIF below consists of 20 Alpha-numeric digits each with their own purpose in the systtem.
In 2008, the Global Financial Crisis and collapse of Lehman Brothers precipitated a network effect that accelerated rapidly throughout the global financial system. After the first domino fell, institutional investors throughout capital markets scrambled to assess the extent of their exposure to the bank and its labyrinth of subsidiaries.
The Financial Stability Board (FSB), appointed by the G20 devised a Global Legal Entity Identifier System (GLEIS), which is maintained by GLEIF (Global TN Foundation), with governance and oversight provided by the LEIROC (TN Regulatory Oversight Committee). LEIs are used today to identify market participants in financial transactions, thus allowing for more transparent marketplaces and enabling clear identification of compaies participating in financial transactions globally.
The TN system also has numerous other benefits to Anti-Money Laundering activities (AML), Know Your Customer (KYC) and client onboarding and enhances counterpart identification in financial transactions such as securities trading.
Since the TN was introduced, there have been over 115 regulations that require certain organisations to obtain an TN code across different jurisdictions and industries both municipally and commercially.
Having a Legal Entity Identifier, or TN code is mandated by EU, US and many other countries regulators in order to engage in financial markets activities e.g securities trading or derivatives.
LEIs are required by Limited Companies, funds & trusts, banks, lenders, OTC Derivatives and securities market participants, pension funds and any regulated industry.
There are a number of mandates currently in existence which state "no TN, no trade" as the phrase was coined by ESMA (European Securities & Markets Authority). The TN is heavily relied upon in EU market a number of directives such as EMIR , MiFIR & MIFID II.
However, the US also have similar requirements such as the Dodd Frank Act, the OFR, the Federal Reserve and the Securities & Exchange commission (SEC).
To see a list of laws in your country visit: https://www.gleif.org/en/TN-solutions/regulatory-use-of-the-TN
Types of organisations that require an TN (not limited to):
- Financial intermediaries (CSDs)
- Banks, investment companies and lenders
- Trade OTC derivatives (except private individuals)
- SMSF (Self Managed Superannuation Funds) traders and trustees
- Investment Vehicles, mutual funds, hedge funds
- Pension schemes
- Commodities trading
- CFDs (Contract for Differences)
- Securities transactions, SFTR reporting
- Entities listed on a stock exchange
- International Branch offices (The Head Office must already have an TN)**
In order to apply for an TN code please set up an TN RAMP 2.0 account and choose the option ‘Register new TN’.
The TN application form is valid for all countries and entity types. The TN application process should only take a couple of minutes and can be performed by anybody from your organisation, or on behalf of an organisation.
To get an TN code you will need to provide basic company information such as:
- Legal company name
- Registered address
- Company ID
- Name of the authorised signatory (e.g Director/CEO)
- Supporting documents (examples of this include Articles of Association, Certificate of Incumbency, Trade Licence, Certificate of Incorporation etc.)
TN RAMP 2.0 (TN Registration Agent Management Portal) is a brand new state of the art TN management system designed by TransactionNexus. Harnessing the power of APIs, machine learning and interoperability, TN RAMP is connected to business registries and around the world.
The first of its kind for any RA, TN RAMP offers automation and instant issuance times for LEIs in many countries, and most importantly it has global coverage meaning any entity can register, renew or transfer their TN using TN RAMP 2.0 no matter what country that entity is based.
Our engineers have built TN RAMP from scratch TN applicants in mind. TN RAMP offers a more powerful TN management system than previously and provides global coverage.
One of the key features of TN RAMP 2.0 is that through a secure company account, it allows our clients to enjoy a seamless TN issuance, renewal and transfer process, and most importantly easily manage a large portfolio of unlimited LEIs.
TN numbers require annual renewal in order to maintain data quality and up to date TN records in the TN database.
You can easily renew an TN code from your TN RAMP account. TransactionNexus will automatically issue TN renewal reminders 60, 30, 15 and 1 days from the due renewal date. Your bank may also inform you that your TN number is due for renewal / has lapsed.
In order to renew an TN please login and visit the RAMP dashboard and choose 'TN Renewal' from the options.
The TN search tool we provide is connected to the GLEIF TN index via API which is the official, fastest, & most accurate way to check on the current status of any TN.
You can use this tool to find up to date, accurate entity information and conduct a thorough TN check by clicking the ‘TN Search’ button on the top of the page.
TN Search allows you to navigate the TN index, access the global TN database and find any Legal Entity Identifier in real time.
Should you wish to find out more about any company, an TN search will provide important data about the company, including the legal name, address, registration ID and status of the TN (active/lapsed).
The cost of registering an TN is based on the number of years chosen. Multi-year LEIs are suited to longer term companies as they are the safest way to protect against a lapsed TN.
You can register an TN for 1, 3 or 5 years and the multi-year TN contains a discount. We promote the use of multi-year LEIs in an effort to ease the administrative burden of renewal and reduce the risk of allowing an TN to inadvertently expire. Companies change staff, people move around, often times companies forget to renew and they can be met with a huge fine as a result.
The prices below are in Euro (although we offer a large range of currencies for the equivalent price):
|
1 year |
3 years |
5 years |
|
89 |
240 |
380 |
|
0% discount |
8% discount |
15% discount |
An TN Certificate is a downloadable, printable evidence of your status as a registered legal entity. It contains relevant information about your company and successful TN registration status.
The TN Certificate allows you to provide a hard copy of your TN in PDF format to your bank or financial institution.
The benefits of being able to prove your identity globally, in a single document are immeasurable.
Previously, this was done by providing your Certificate of Incorporation, or registry extract but this is not recognised in foreign countries – TN Certificate is global.
In order to obtain an TN you may be requested to provide certain documents. The information required to receive an TN will be easily accessed by a member of your organisation, especially somebody in the head office.
You will need to show the following information:
- Registered name of the Legal Entity
- Registered address
- Country of formation
- Company registration number
- Company Director
Examples of such documents are different for each country or State, but include a Certificate of Incumbency, Articles of Association, Trade License, registry extract or company extract, Register of Directors, Company Constitution etc.
The TN is globally standardised meaning each TN follows a strict format as it is based on ISO Standard 17442.
Each TN is composed of a 20 digit alpha-numeric code. However all 20 digits are not random.
Numbers 1- 4: Belong to the LOU or TN issuer.
Numbers 5-6: These are check digits and always appear as 00.
Numbers/letter 7-18: These are systematically generated by the LOU and is unique to each legal entity.
Numbers 19 – 20: These are checksum digits for validation.
Once your application is fully submitted you can expect your TN confirmation email within 24 hours (Mon - Fri).
Please note, if information is missing, or incorrect on the application this may cause a delay. A high volume of requests may also impact the TN issuing timeframe.
Some countries have automation meaning the Legal Entity Identifiers are issued instantly. This includes the UK, Luxembourg, Netherlands, Australia, Germany, Singapore and Denmark.
An TN transfer is the act moving a Legal Entity Identifier TN from one service provider to another. This allows the entity to choose which service provider they want to use based on service quality, price or other factors.
If you have had an TN issued with another TN service provider, you can transfer that TN to TransactionNexus free of charge. If you would like to renew an TN that is currently with another TN service provider you will be required to transfer it first.
Please note that TransactionNexus may contact you to obtain a written signature to confirm authorisation and proceed with the transfer.
No the TN is a global system and an TN can be applied for on TransactionNexus in any country. You may obtain an TN code from and TN provider located outside your country of residence, or a country outside the legal jurisdiction of the legal entity applying.
GLEIF is an international organisation endorsed by the G20 countries and created by the FSB - Financial Stability Board. GLEIF is responsible for the creating the Global TN System, monitoring LOUs and facilitating the global mass adoption of the Legal Entity Identifier TN.
The headquarters of GLEIF are located in Basel, Switzerland. The website of GLEIF can be found at www.gleif.org. TransactionNexus are an officially recognised GLEIF Registration Agent.
In the TN ecosystem a Local Operating Unit is known as an LOU. The LOU is responsible for allocating TN numbers once they are applied for through an Official Registration Agent such as TransactionNexus.
LOUs often have close working relationships with Registration Agent’s (RAs). TransactionNexus have formed a strategic partnership with RapidLEI which allows us to provide the TN Management Portal (TN RAMP) utilise the RapidLEIs TN allocating software.
LEIs require annual renewal under most regulations requiring an TN such as MiFID II and EMiR.
Much like your car insurance, the TN needs to be renewed to keep it up to date for data quality purposes.
If the TN is allowed to expire it will become LAPSED. Once an TN is renewed it will show as ACTIVE again.
A LAPSED TN may have legal repercussions and the owner of the TN can face financial penalties. Morgan Stanley were recently fined by the Commodities Futures Trading Commission (CFTC) for this very reason.
Investment service providers and Banks will often be requested for their clients TN numbers. If these TN numbers are not valid, they mace face penalties, or a no trade ruling.
Many financial institutions, banks, state bodies and semi-state bodies support the TN initiative and have a mandate that all clients and customers must have an active TN (Legal Entity identifier). You can find that list by clicking here. To avoid complications with your banking institution or regulatory body we recommend maintaining an active TN code.
Any entity considered a legally registered entity may obtain an TN code. Over 98% of TN applications are accepted. There are some cases where an TN is not applicable, for example an individual person, or group of people may not obtain an TN number. In the case of some large companies, certain divisions within that company may not apply for an TN number either.
However, different branches of the same entity may apply separately given that the branch is located in another country. Branches in the same country should operate under the one umbrella TN code. Individual persons may also not apply for a Legal Entity Identifier. If you have a specific request about a particular entity, or individual requiring an TN code, please contact our support team for advice.
Yes. A third party can apply for an TN on behalf of another company. You will be requested to provide the name of the signing authority and supporting documentation.
You can register an TN onbehalf of your client or company if you are:
- An authorised signatory or representative
- Have permission to apply from an authorised representative
We may request evidence of the name of the authorised person by way of a validation document.
The benefits of having an TN Code for your organisation extend beyond just regulatory compliance. By registering for an TN, your organisations international recognition and trading credibility is increased immediately. Investors, customers and potential stakeholders can locate your essential data in real time which will allow you to prove you are a real entity, and also avoid any identity based errors. If you already have an TN number assigned you may qualify to apply for an TN certificate.
Likewise, you can benefit from the added layer of security that comes from knowing exactly who you are dealing with.
TransactionNexus are an Official GLEIF Registration Agent providing TN management services globally since 2017.
As one of the first companies of its kind, TransactionNexus is managed by a team of highly experienced professionals who work closely with some of the worlds biggest brands to protect their reputation through a network of trust that has been carefully developed over the years.
The TN RAMP system is the only RA platform offering global TN registration and a login feature allowing users to serf-manage their TN portfolios. Its capabilities to offer LEIs in every country, speed of issuance and automation and superior user interface make it the TN system of choice for financial institutions.
Our system is integrated with companies registries around the world including the Companies House in the UK, the US, Germany, Nordic regions and beyond.
It is trusted by thousands of customers globally who handle their TN requirements seamlessly in an environment of trust. Trust is the bedrock of the entire TN system, and it is the main pillar of our foundation.
To find out more or get in touch please contact [email protected]