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ARTICLE · 29 DECEMBER 2017

MiFID II: LEI Obligation

ELVINGER HOSS PRUSSEN, société anonyme
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he obligation for EU investment firms to identify their clients (which are legal persons) with the Legal Entity Identifier ("LEI") is required by MiFIR.

European UnionFinance and Banking
Elvinger Hoss Prussen
Elvinger Hoss Prussen

The obligation for EU investment firms to identify their clients (which are legal persons) with the Legal Entity Identifier ("LEI") is required by MiFIR 1. This "LEI" obligation is already provided for in other EU legislation (e.g. EMIR). However, MiFID II framework extends the scope of entities covered by this requirement. For example, it will now include clients (buyer, seller) on whose behalf an investment firm executes transactions (when the client is a legal entity) and the issuers of financial instrument listed and/or traded on a trading venue.

In October 2017, the CSSF published a Press Release to remind the industry that under MiFID II, the LEI will be mandatory as of 3 January 2018.

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