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ESMA statement supports smooth implementation of LEI under MiFID II

Jaclyn Jaeger | January 2, 2018

The European Securities and Markets Authority issued a statement to support the smooth implementation of Legal Entity Identifiers requirements under the Markets in Financial Instruments Regulation.

MiFIR obliges EU investment firms to identify their clients that are legal persons with Legal Entity Identifiers (LEIs) for MiFID II transaction reporting. Trading venues equally are obliged to identify each issuer of a financial instrument traded on their systems with an LEI code when making daily data submission to the Financial Instruments Reference data System (FIRDS).

In the last few weeks, ESMA and national competent authorities (NCAs) through numerous indications learnt that not all investment firms will succeed in obtaining LEI codes from all their clients ahead of the entry-into-force of MiFIR on 3 January 2018. The same may be the case for trading venues’ non-EU issuers whose financial instruments are traded on European trading venues.

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