ARTICLE · 16 OCTOBER 2017

In Legal Entities We Trust

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If you work within the finance sector it is likely you will have heard of a Legal Entity Identifier and that it will be needed if an entity wants to enter into a transaction relating to a financial instrument.

GuernseyWealth Management

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If you work within the finance sector it is likely you will have heard of a Legal Entity Identifier (LEI) and that it will be needed if an entity wants to enter into a transaction relating to a financial instrument. If not, "Don't panic". This advice is found on the cover of The Hitchhiker's Guide to the Galaxy. This was partly because the device "looked insanely complicated" to operate, and partly to keep intergalactic travellers from panicking. Hopefully LEIs will not be insanely complicated.

LEIs were created in response to the inability of financial institutions to identify organisations uniquely, so that their financial transactions in different national jurisdictions could be fully tracked.

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