The PRA has published a letter that it has sent to firms concerning the European Banking Authority’s recommendation on the use of the Legal Entity Identifier (LEI).  The purpose of the letter is to make clear what the PRA requires of firms as a result of the EBA’s LEI recommendation.

The EBA LEI recommendation requires firms to obtain an LEI code(s) for themselves or their group by 31 December 2014 at the latest. If a firm reports as a consolidated group, the LEI recommendation requires it to obtain LEI codes for all entities within its group on which information is required under the reporting obligations of the Capital Requirements Regulation. If a firm is unable to comply with the requirements the PRA asks to be notified by 5 December 2014 at the latest.

The PRA also states that firms may wish to consider whether, in order to meet the EBA LEI recommendation, it should obtain LEIs for FCA solo-regulated entities within its group. Appendix 1 of the PRA’s letter sets out technical details about how to incorporate LEI’s into regulatory reporting submissions.

View Recommendation to obtain Legal Entity Identifier, 31 October 2014