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From January 3, 2018, the LEI code is required for legal entities carrying out transactions with financial instruments that are traded on stock exchanges of countries in the European Economic Area.

LEI (Legal Entity Identifier) ​​is an international legal entity identifier, which is a 20-digit alphanumeric code. The LEI code is unique, it is assigned once to a specific enterprise, and this code can no longer be assigned to another enterprise. The LEI code does not replace the code issued by the Commercial Register.

What is the LEI code for?

From January 3, 2018, the LEI-code is obligatory for legal entities carrying out transactions with financial instruments that are traded on stock exchanges of countries of the European Economic Area. For-profit associations that are entitled to provide investment services (for example, banks) are obliged to indicate in the reports submitted to the supervisory institutions the LEI-code of the client, which is a legal entity that has completed securities transactions. If a legal entity does not have a LEI-code, it is not possible to fulfill the obligation to provide a report, and therefore it is not possible to execute and order such legal entities in transactions.

The LEI code is already used to identify parties involved in transactions with derivative securities outside the stock exchange. From November 1, 2017, when notifying you about transactions in derivative securities, you are allowed to use only the LEI code.

When trading with which financial instruments does the LEI code apply in connection with the entry into force of MIFID II on January 3, 2018?

  • financial instruments accepted for trading or trading on the stock exchanges of countries of the European Economic Area, as well as those for which an application to start trading has been submitted;
  • financial instruments based on financial instruments traded on the stock exchanges of countries in the European Economic Area, as well;
  • financial instruments based on an index or basket consisting of financial instruments traded on stock exchanges of countries in the European Economic Area. The requirement applies to transactions with financial instruments specified in clauses a to c, regardless of whether these transactions are carried out on the stock exchange or outside it.

Is the LEI-code issue a paid service?

The LEI code is issued for a fee, and is accompanied by an annual maintenance fee. When selecting an LEI-issuing organization, we recommend evaluating the issue procedure and expenses. The annual maintenance fee ensures the operation of the LEI code.

Does the bank have the right to request a LEI code?

The bank is obliged to demand from the client, a legal entity, all data that is necessary for the transfer of information about transactions to the supervisory organization. The LEI code also applies to such data.

What happens if the client doesn’t present the LEI code, or is it missing?

If the client — a legal entity does not provide the bank with all the data necessary for carrying out a securities transaction, in particular — the LEI code, the bank will not be able to fulfill the obligations provided by law for the preparation of the relevant report. In this case, from January 3, 2018, it is not possible to execute orders of such legal entities to conduct transactions.

Before accepting a transaction order, the bank checks for a code.

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