When an LEI code is allocated to you, the code is included in a global data system.
This enables every legal entity or structure that is a party to a relevant financial transaction to be identified in any jurisdiction.
If you are a client who is a legal entity or structure, including a company charity or trust, you will need to make arrangements to obtain an LEI code if you want the firm to continue to act on your instructions or make a decision to trade on your behalf from 3 January 2018 onwards.
An LEI is available from bodies accredited by the GLEIF, or bodies endorsed by the LEIROC, as an authorised Local Operating Unit for the global allocation of LEIs.
The precise fee is at the discretion of the Local Operating Unit.
To renew your LEI you must provide the Local Operating Unit with updated information so that it may verify the data held on the LEI.
The European Securities and Markets Authority (ESMA) has highlighted the importance of an LEI in their recently published briefing (PDF).
On 10 March 2018, the FCA amended the LEI validation rule in the FCA’s Market Data Processor (MDP) in accordance with the approach set by ESMA.The Legal Entity Identifier (LEI) is a global reference number that uniquely identifies every legal entity or structure that is party to a financial transaction, in any jurisdiction.LEIL will assign LEIs to any legal identity including but not limited to all intermediary institutions, banks, mutual funds, partnership companies, trusts, holdings, special purpose vehicles, asset management companies and all other institutions being parties to financial transactions.Read more From 1st May 2017, recording of Relationship Data will start in the GLEIS (Global LEI System).Accordingly, all entities desirous of obtaining LEI, need to submit data of their Direct and/or Ultimate Parent.