Getting LEI for your new firm

Since the introduction of MiFID II, the second European markets market for financial instruments, in 2018, the operation and transparency of financial markets for consumers within the EU has been strengthened.

For example, overseeing OTF-Trading systems (regulated trading facilities) results in the oversight of securities. This allocation was significant because the OTF trading platform had not been regulated in any way before. In addition, investor protection is improved, as securities service providers disclose the total cost as well as the impact on returns, and reflect the cost of the product and service differently. This means that consumers are better informed about the cost of financial services. Other points of MiFID II relate to the responsibilities of keeping records in investment advisory, or staff qualification requirements among financial portfolio Managers.

For more information, visit leiservice.com

MiFID II is complemented by the Market in Financial Instruments Regulation (MiFIR), which enables national regulatory authorities within the European Union to restrict or restrict the distribution and sale of financial instruments. Similarly, Art. 26 of the MiFIRRegulations provide that an active legal entity identifier (LEI) is required to conduct transactions in financial instruments in order to identify the reporting entity as well as its users.

No LEI - No Trade

These guidelines enable greater transparency and security for all individuals and companies trading in securities. However, it also means that trade is possible only if these individuals or companies present a valid LEI, i.e. a legal entity identifier. This applies not only to banks or brokers, but also to companies that hold securities as part of their corporate assets. Companies include legal entities (Limited, Inc., etc.) as well as freelancers and self-employed individuals.

What is the function of LEI?

LEIs uniquely represent the legal or commercially active natural individual within the financial system worldwide.  Once issued, the legal entity number can be used to legitimize "legal entity" in financial transactions or usage matters.

Securities trading companies should give the relevant LEI number to the National Supervisory Authority whenever they trade. As such, LEI acts as a unique identifier and mechanism for preventing anonymous trade.

What information is required to register for LEI?

Our platform is built on the principles of PbD (Privacy by Design) and complies with the requirements of the European Data Protection Regulation (GDPR).  Where possible, we have reduced the input required for the LEI application.  Because we have access to a variety of data sources, your company's general master data is usually sufficient for us to complete LEI registration.

Where can I apply for LEI?

Right here!  Makes applying for EuropeanLEI LEI numbers much easier and much faster. The online LEI application form requires only your company name and location. We also accept renewal or transfer of existing LEI numbers.

Conclusion for No LEI - No Trade

LEI code is usually valid for a year. To continue using the code must be renewed through a request.  It can be found on the online portal. The difference this time is that you have to choose the "Modify and Renew" option that is just not the "Register" option. Again, the authorized person will need to do so for any changes in this section. In form, after entering the LEI code, all the details are automatically displayed.

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