LEI Codes – MiFID II Requirements And Regulatory Update

MiFID II Requirement for Legal entity Identifiers ("LEI Codes") – 3rd January 2018 Deadline

With effect from 3rd January 2018, the implementation date of MiFID II, reporting entities must identify each and every client (fund, account or natural person) using their LEI identifying code. Firms subject to MiFID II reporting obligations will not be able to trade on behalf of a client or with a counterparty, either within the EU or globally, who is eligible for a LEI code and does not have one. Firms subject to MiFID II transaction reporting obligations include investment firms, portfolio management companies providing investment advice and portfolio management on a client-by-client basis (e.g. managed accounts), legal entities and EU branches of third country investment firms.