- The legal entity identifier and its interaction with MiFID II and MiFIR
- What is an LEI?
- Which obligations require entities to register for LEIs?
- What are the effects of MiFIR and how far do the LEI requirements extend?
- How do the requirements to obtain an LEI affect charities and trusts?
- How do the requirements apply to transactions involving instruments within a deceased’s estate?
- What is the process for obtaining an LEI?
- What are the deadlines or time limits involved in obtaining an LEI?
- Are there any other points of which practitioners should be aware?
Private Client analysis: Louise Bralsford, associate at Farrer & Co, explains the need for a legal entity identifier (LEI) and its interaction with the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the new Markets in Financial Investments Regulation (Regulation (EU) 600/2014) (MiFIR). She highlights that, if clients are unable to provide firms with an LEI, then firms may no longer be able to provide financial services to them, and they will need to review the position from a compliance perspective.
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