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ARTICLE · 17 SEPTEMBER 2013

Legal Entity Identifiers Requirement For EMIR

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Following the implementation of The European Markets Infrastructure Regulation all counterparties to a derivative contract must report details of any derivative contract to a registered or recognised trade repository.

IrelandFinance and Banking
Laurence Morrissey
Laurence Morrissey
Ciaran Cotter
Ciaran Cotter
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Following the implementation of The European Markets Infrastructure Regulation (648/2012/EU) ("EMIR") all counterparties to a derivative contract must report details of any derivative contract to a registered or recognised trade repository ("TR").

As a consequence of the financial crisis, international regulators recognised the importance of a Legal Entity Identifier ("LEI") to improve transparency in financial data systems. The G-20 supported the creation of a LEI and called on the Financial Stability Board ("FSB") to co-ordinate recommendations on the LEI system. The purpose was to put in place a system that could deliver unique identifiers to all legal entities participating in financial markets across the globe. Each entity would be registered and assigned a unique code and no more than one code may be assigned to any legal entity.

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