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 […]
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 […]
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. According to the MiFID II […]
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 […]
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. […]
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 […]
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 […]
The importance of trust in Identity in the digital Age
As digital solutions become increasingly omnipresent, the importance of implementing mechanisms to establish trust in identity in the digital age increases too. Keeping our online identities safe is one side of the coin; keeping ourselves safe as we transact with faceless customers is the other. The complexity only increases when we consider the business transactions […]
When do you need a Legal Entity Identifier?
Legal Entity Identifiers (LEIs) are now required for all companies that wish to trade on the financial markets in the UK or within the European Union. These changes occurred on 3 January 2018 when the Markets in Financial Instruments Directive and Regulation took effect. Whilst individuals are not affected by these changes, entities such as […]
History of the Legal Entity Identifier System
Prior to 2012, Legal Entity Identifiers (also known as LEI codes or numbers, or simply as LEIs) did not exist. Instead, each country used their own codes and systems to track financial transactions. The result of this is that it was nearly impossible to identify counterpart transactions within the global market. This meant that it […]