London Stock Exchange has entered in a partnership with APIR Systems, who will act as a registered agent in Australia and South East Asia to support the issuance and maintenance of Legal Entity Identifiers (LEI).
The process of acquiring an LEI has recently become more complex, with level 2 data requirements requesting mandatory information on an entities parent-child hierarchy. This partnership means APIR Systems can ensure that its clients are able to obtain an LEI, the required global standard providing improved transparency of financial transactions that cross jurisdictional borders, in order to remain compliant.
APIR Systems will continue to assist clients with understanding their LEI requirements but will now send details to London Stock Exchange for validation and approval.
There are still a large number of LEIs that need to be acquired before the go-live of the Markets in Financial Instruments Directive (MiFID II) reporting regime on 3 January 2018. Industry estimates suggest more than 250,000 entities are still without the required LEIs. The European Securities and Markets Authority (ESMA) has stated that firms should not trade with counterparties that do not have an LEI as they will not be able to submit valid transaction reports.