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Shane Coman, CEO, Nexus Assurance
What happens if my LEI lapses ?
Simply renew your DORA LEI through the designated service providers, and your LEI status will be updated to ACTIVE. The renewal process ensures that your entity remains compliant with DORA regulations, maintaining transparency and regulatory recognition. Timely renewal is essential to avoid disruptions in compliance and financial reporting.
Is a LEI a one time purchase ?
The LEI code is a one time purchase yes however the LEI code status must be renewed every year in order to maintain compliance with regulations and transparency.
Do I have to use a DORA LEI for oversight ?
The implementing Technical Standard (ITS) mandates that DORA oversight must use a "valid" LEI. So while ICT firms need to procure an LEI to help regulated financial services firms oversee them, they must consciously maintain the validity of the LEI , through annual renewal.
When do I need a DORA LEI by ?
The Digital Operational Resilience Act (DORA) has come into effect as of January 2025. Financial entities and relevant ICT service providers who are operating within or serving the EU financial sector must ensure compliance, including obtaining a Legal Entity Identifier (LEI)
Frequently Asked Questions
What is DORA LEI
DORA LEI is a legal entity identifier which is needed by Information and Communication Technology (ICT) companies under the Digital Operational Resilience Act (DORA)
How do I obtain an LEI
Apply with your company number and details and you will receive a LEI. Details you will need :
- Company legal name. - Legal Address.
- Date of Incorporation. - Authorised Signatory.
- Be from an official source e.g companies registry
Scope of DORA
The Digital Operational Resilience Act (DORA) applies not only to firms based in the European Union (EU) but also to non-EU entities that provide services to EU financial institutions. This means that any third-country ICT service providers, including cloud computing, data analytics, and cybersecurity firms, must comply with DORA’s regulatory requirements if they serve EU-based financial entities. Compliance includes ensuring operational resilience, risk management, incident reporting, and security measures that align with DORA’s standards. Failure to adhere to these regulations could result in penalties, restrictions, or loss of business opportunities within the EU financial market.
Do I need an LEI ?
Yes, if you are a financial entity operating within the EU, you are required to obtain a Legal Entity Identifier (LEI) by 2025 under the Digital Operational Resilience Act (DORA). This applies to banks, investment firms, insurance companies, and other financial institutions that must comply with regulatory reporting and risk management requirements. The LEI is a globally recognized identifier that enhances transparency, security, and regulatory oversight. Failure to obtain an LEI within the required timeframe may result in non-compliance penalties or restrictions on certain financial activities.
What We Do
We provide information and services on the Legal Entity Identifier, LEI for short. We provide them to people who need them to comply with the new DORA regulations. For example an Information and Communication Technology (ICT) firm will require an LEI to stay compliant!
We make sure you and the regulator are both happy!
Why you NEED a LEI
The DORA regulation is coming into law and if you are associated with Information and Communication Technology Firms in the EU then you, and they will need to register an LEI for DORA. This applies to ICT providers outside of the EU also.
The LEI is the only global identifier that contains up to date, accurate and verifiable information on legal entities.
