When do you need a Legal Entity Identifier?
Whilst there is no regulation equivalent to the MiFID II within the US market, its use is becoming more widespread. The Dodd-Frank Act has accellerated the adoption of universal LEIs within the US and further changes that mandate more widespread adoption of LEIs are expected in the future. The CFCT, NAIC, FED and SEC now … Continued
Transferring an LEI code to American LEI
Companies apply for an LEI through a service provider, like American LEI. They need to do this because companies can’t apply for or update details within the LEI database, which is managed by the Global Legal Entity Identifier Foundation – GLEIF. Instead, a service provider (LOU – Local Operating Unit) is assigned to each LEI … Continued
Legal Entity Indentifiers: Renewing your LEI number
Every LEI is issued for a period of 1 year and needs to be renewed annually. It is extremely important to distinguish between renewing an LEI code and changing the data associated with an LEI. Changing the data means updating data in the GLEIF database. Be sure to update your company details with your service … Continued
Why use an official registration agent when applying for an LEI code?
If you are looking for, applying for or renewing an LEI code, you’ll find various web pages offering fast and secure LEI registration services. Most of these websites collect data using online forms and, in the case of official registration agents and Local Operating Units, this data is used to register or renew your LEI … Continued
LEI registration in other countries
LEI registration process varies between different countries and jurisdictions as not all countries have a local LEI issuer (LOU – Local Operating Unit) and most of the LOUs can issue LEIs only to specific regions. Therefore, the GLEIF has introduced the concept of Registration Agents (RA), where most of the RA-s are directly connected to … Continued
Global Legal Entity Identifier system
What is a Legal Entity Identifier and why do companies need it? A Legal Entity Identifier code or LEI number is a unique global identification number for a company that is issued by a GLEIF accredited Local Operating Unit. Financial institutions and regulators use LEIs to identify participants in financial markets. The MiFID II directive … Continued
The business benefits of LEI adoption
LEIs are quickly being adopted by jurisdictions around the world. The unique 20-digit codes are now mandatory for many companies operating within Europe, North America, Australia, and Asia. While registering for an LEI may be compulsory for your company, the widespread adoption of LEIs comes with a host of benefits for financial services businesses. Promoting … Continued
What are the MiFID II and EMIR and why do they matter?
The MiFID is the Markets in Financial Instruments Directive and has been in force across the EU since late 2007. The MiFID sets out: Conduct requirements for businesses and investment firms; Authorisation requirements for regulated markets; Regulatory reporting to avoid market abuse; Trade transparency obligations for shares; and Rules regarding the admission of financial instruments to trading. … Continued
How do you report a parent-subsidiary relationship?
Since 1 May 2017 entities have been required to disclose direct and ultimate parent company relationships when they apply for a Legal Entity Identifier (an LEI) or when they renew their existing LEI code. Any entity applying for, or renewing, an LEI is required to disclose certain information regarding their parent companies to the Local Operating … Continued
Regulatory Use of Legal Entity Identifiers. The LEI Regulatory Oversight Committee (LEI ROC)
The potential regulatory benefits associated with a global framework for financial transactions was recognised as early as 20 years prior to the 2008 financial crisis. Prior to the implementation of the Global LEI System, each country was responsible for implementing their own framework to track financial transactions. The ad hoc nature of the previous system … Continued