All legal entities that carry out or plan to carry out transactions with financial instruments or derivatives are required to obtain the Legal Entity Identifier - the LEI code - before the end of 2017.
As a result of regulatory changes, the requirement for business communications sent to competent institutions to identify legal entities by means of LEI codes will enter into force as of 3 January 2018. The regulation does not provide for the use of another unique identifier for a legal entity, such as a registration number, so all legal entities that conduct transactions with financial instruments and derivatives will need the LEI code.
LEI (Legal Entity Identifier) is the identifier of a legal entity that corresponds to the ISO 17442 - a unique code that allows identifying the legal entities operating in the global financial market.
Should the legal entity have no LEI code after 3 January 2018, service providers who must report to the competent institutions on transactions involving financial instruments and derivatives (banks, brokerage societies, etc.) in accordance with the EC Regulation No. 600/2014 on the financial instruments market will not be able to provide the said services to the entity concerned.
It should be noted that the requirement to identify a legal entity via the LEI code also refers to cases where a legal entity wishes to alienate financial instruments or derivatives acquired prior to the entry into force of the new requirements.
The experts of L2B Management LLC offer assistance to their clients in obtaining the LEI code. All persons concerned are asked to contact L2B Management LLC using the details on the home page, and existing customers are offered to communicate directly with the company's representatives!
Please begin the process of obtaining your LEI in a timely fashion instead of postponing it for later!
18 June, 2020
18 June, 2020