MEDIA RELEASE: APIR Systems (APIR) is now offering multi-year registrations and renewals in response to the increased demand in Legal Entity Identifiers (LEI).
The enhanced functionality provides the ability for entities to be registered and renewed for three or five consecutive years reflecting the broader growth of LEI activity in the Australian market. APIR is a provider of essential infrastructure for the wealth management industry in Australia, including acting as an official registration agent for the issuance of LEIs.
APIR’s pricing for the multi-year renewals provides clients with a saving of 9% for the three year and 17% for the five year from the annual charge of $121.
APIR Systems chief executive, Chris Donohoe, said he expects a reasonable proportion of APIR’s 3000 LEI clients to renew on the multi-year arrangements, with the new offering also providing impetus for prospective clients seeking to streamline the level of administration associated with the renewal process.
“Instead of annual engagement, it will now only be every few years, which will significantly improve the client experience through reduced administration. It’s not only a cost saving, but we’ve also simplified the user experience when clients are applying and renewing an LEI, which is a requirement in the trading of certain financial instruments,” Mr Donohoe said.
APIR has consistently recorded strong growth in LEI registrations over recent years, with 2019/20 seeing a doubling of LEI registrations. Despite the uncertainty created by COVID-19, recent LEI registrations have been extremely strong, which is consistent with the increase in trading activity on the ASX.