Q&As

What is a legal entity identifier (LEI) and does my law firm need one?

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Published on: 15 August 2017
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What is a legal entity identifier?

A legal entity identifier (LEI) is 20-character code that is unique to the entity it is allocated to. Once issued, a LEI stays with the entity throughout its existence. LEIs are registered on a global registry operated by the Global Legal Entity Identifier Foundation (GLEIF) and can be used in financial transactions to enable all entities participating in those transactions to be identified. According to GLEIF, the roll-out of LEIs has a number of Financial stability objectives, including transparency, Risk management in investment firms and containment of Market abuse and financial fraud, as well as improving the quality of financial data overall.

MiFID II and LEIs

Although LEIs have been around for some years, their use has not been compulsory in many circumstances. This will change with effect from 3 January 2018 when the Markets in Financial Instruments Directive II (Directive 2014/65/EU) (MiFID II) comes into force. One of the many changes being brought in by MiFID II is a change to

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Jurisdiction(s):
United Kingdom
Key definition:
Financial stability definition
What does Financial stability mean?

Under the Banking Act 2009 (2009 c 1) Pt 7, one of the objectives of the bank of england shall be to protect and enhance the stability of financial systems of the United Kingdom.

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