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.

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