Legal Entity Identifier News & Views

LEI Switzerland

As of 06/12/2017 the Global Legal Entity Identifier Foundation (GLEIF) has officially accredited LEI-Switzerland to issue the Legal Entity Identifier (LEI). The Swiss LOU, managed by the Swiss Federal Statistical Office (SFO), will only cover legal entities governed by Swiss Law. For entities located outside Switzerland, apart from those belonging to a Swiss group of companies, they will have to source their LEIs from another LEI issuers. For further information click here.

Significant Branches

The European Banking Authority (EBA) has issued a final report on “Guidelines on supervision of significant branches”. CRD IV (Article 116 or under Article 51(3) of Directive 2013/36/EU) already sets out the notion of a ‘significant’ branch. This report introduces ‘significant-plus’ branches which are branches that are considered significant under Article 51 of Directive 2013/36/EU and perform critical functions that is assessed either as important for the institution or the group or as important for the financial stability of the host Member State. For further information click here.

The Regulatory Oversight Committee (ROC) for the LEI has defined through a policy document on “Including data on international/foreign branches in the Global LEI System” that the GLEIS will allow LEIs to be issued to lead international branches and only one LEI would be issued per host jurisdiction, amounting to a “one country-one LEI” rule. Does this mean that some significant and significant-plus branches could be without LEIs?

LOU Updates

APIR Systems now acts as a Registration Agent for the London Stock Exchange (LSE) rather than a LEI issuing organisation (Local Operating Unit). The GLEIF defines a Registration Agent as "a third party service provider that assists the LEI issuing organisation with the performance of its duties in the Global LEI System". As requirements have become more complex APIR has decided to partner with the LSE and they will now send details of the registrant to the LSE for validation, approval and issuing of the LEI.

The Saudi Credit Bureau (SACB / Moa'rif) has now become an accredited LEI issuing organisation, bringing the number of accredited LOUs to 13. For further information click here.

LSE issues 2 LEI notices

The London Stock Exchange published two notices on 13 October 2017 which: (i) remind existing issuers whose securities are traded on the Main Market that they must register an LEI immediately if they missed the 1 October 2017 deadline; and (ii) confirm that issuers whose securities are traded on AIM or another MTF (multilateral trading facility) operated by the LSE must also register for an LEI by 30 November 2017. For further information click here and here

ESMA LEI Briefing

The European Securities and Markets Authority (ESMA) has published a Briefing on the Legal Entity Identifier (LEl) as part of its efforts to raise industry awareness and facilitate compliance with the LEI requirements under MiFID ll ahead of its 3 January 2018 launch. For further information click here.

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