The European Securities and Markets Authority (ESMA) has published a briefing on the legal identifier (LEI) as part of its efforts to raise industry awareness and facilitate compliance with the LEI requirements under MiFID II ahead of 3 January 2018 launch. ESMA expects market participants to take all necessary steps to ensure full compliance with LEI requirements under MiFID II. Based on previous experience with reporting under the European Market Infrastructure Regulation, ESMA urges reporting entities not to delay in addressing this important matter, as advance preparation will help avoid backlogs and ensure that all market participants are ready for the new regime.
Steven Maijoor, ESMA Chair notes:
“ESMA expects all relevant trading venues and investment firms to comply with the MiFID II requirements on LEIs ahead of the implementation of the new regime on 3 January 2018.
LEIs play a key role under the new MiFID data-reporting regime as well as being essential in supporting regulators work on transparency and market surveillance. It is vital that investment firms and trading venues can make necessary efforts to obtain their LEIs in good time.
This is not a difficult process, if you make the effort now you can obtain your LEI within a short time frame, it costs a few hundred euros and will save you time and expense in the long run, while providing comfort to your clients, counterparties and regulators.”
View ESMA highlights importance of LEI for MiFID II compliance, 9 October 2017