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ARTICLE · 11 AUGUST 2017

Legal Entity Identifiers And Charities

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With the implementation of a suite of EU legislation called the Markets in Financial Instruments Directive II (known as 'MiFID II') come new transaction reporting requirements for investment firms...

United KingdomFinance and Banking
Chris Priestley
Chris Priestley
Alix Prentice
Alix Prentice
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With the implementation of a suite of EU legislation called the Markets in Financial Instruments Directive II (known as 'MiFID II') come new transaction reporting requirements for investment firms that will compel their clients, including their charity clients, to obtain a Legal Entity Identifier or 'LEI' if they intend to transact in securities after 3 January 2018. This is because one of the (many) aims of MiFID II is to compel greater transparency in financial markets, in part through identifying the underlying investor and showing who has made the investment decision.

Financial institutions will no longer be able to place orders to buy or sell investments for entities that are eligible for LEIs after 3 January 2018 if that LEI is not in place. Eligible entities are legal entities or structures including companies and trusts (which include charitable companies or trusts). Individuals acting in an independent business capacity will also need an LEI but individuals

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