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Supervision release 4 October 2017 – 56/2017

LEI code compulsory for entities in transaction reporting of financial instruments and in EMIR reporting

Revised EU securities regulations (MiFID II, MiFIR and EMIR) will require, in the future, that legal entity customers are identified with an international LEI code (Legal Entity Identifier) in transaction reporting of financial instruments to the Financial Supervisory Authority and in EMIR reporting related to derivatives trading. In transaction reporting, private customers will be identified with a Finnish personal identification number or corresponding foreign identification number.

Legal entity customers must have an LEI code

  • in EMIR reporting related to derivatives trading from 1 November 2017 and
  • in transaction reporting (MiFID II, MiFIR) from 3 January 2018.

If an entity does not have an LEI code, it will not, in the future, be able to execute financial instrument transactions or derivative contracts. Without an LEI code, investment service providers and trading parties in derivative contracts will not be able to report entities’ securities transactions. Entities will not, in the future, be able to use an identifier other than an LEI code.

Preparation for extending the requirement to use the LEI code

Supervised entities of the FIN-FSA should prepare in good time for the extension of the requirement to use the LEI code both in terms of their systems and customer communications. The FIN-FSA will communicate on the necessity of the LEI code on its website in cooperation with the Finnish Patent and Registration Office.

Information related to the LEI code

FIN-FSA website: Requirement to use LEI code is extended in securities trading
FIN-FSA Market newsletter 3/2017: Need to use LEI code is extended

For further information, please contact:

Esa Pitkänen, Senior Policy Advisor, tel. +358 9 183 5248 or esa.pitkanen(at)fiva.fi.