MiFID II and Legal Entity Identifiers (LEIs) - an update

The European Securities and Markets Authority (ESMA) has announced a six month relaxation of the requirement for firms, or their underlying clients, making relevant transactions to have an LEI in order to place the business. The firm which is executing the relevant business will be allowed to undertake the trade without having the client’s LEI but only if, before accepting it, it gets the necessary information from the ‘client’ and applies for an LEI on their behalf. The executing firm is then permitted to delay submitting its transaction report until the LEI has been obtained.

This will not delay the execution of the business.

If you’re not a client, to read this content you must sign up or a free guest account

Clients of threesixty are kept up to speed with the latest regulatory, industry and technical developments via our regular news and opinions articles.

As well as being updated via the articles we publish to threesixty online, clients can specify to us what type of articles they want to receive (by category) and how frequently they receive them.

To try this service, simply register your details with us and we'll give you 3 months free and unlimited access to our news and opinions.