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New compliance mandates can create ongoing operational challenges. Here’s a worry-free solution to manage the full LEI lifecycle.
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New regulations including MiFID II and Dodd-Frank continue to create change and uncertainty
Global mandates for more transparency in financial transactions are driving increased oversight
Firms must comply with LEI requirements under MiFID II, Dodd Frank, the CFTC and SEC or risk losing access to the markets
Financial regulators in the United States including the Commodity Futures Trading Commission and Securities and Exchange Commission, already require the LEI in reports, as do regulators in Canada, Europe, Australia, India and Singapore. New legislation enacted by the European Union, Markets in Financial Instruments Directive (MiFID II), goes into effect on January 3, 2018. To maintain access to European financial markets, legal entities that execute trades must secure Legal Entity Identifiers (LEIs).
Legal Entity Identifiers are unique 20-digit codes that identify each legal entity that is party to a transaction. All market participants including clients and counterparties are required to have an LEI in order to trade in a broad range of financial transactions across all asset classes, including but not limited to swaps, derivatives, stocks, bonds, futures, and all other securities and debt instruments. Each fund, sub-fund and counterparty must secure their unique LEI, store them in their reporting system and maintain the necessary procedures to recertify its LEI annually to ensure the data is accurate.