The International Stock Exchange, based in Guernsey, can now help local financial service firms secure a globally recognised identification code, known as a Legal Entity Identifier (LEI) that take on new importance from today (Thursday).
An LEI is a unique 20-character alphanumeric identification code designed for regulators to globally identify all legal entities that are engaging in financial transactions.
Some entities have already been required to have an LEI but the scope is set to widen significantly.
From today, all entities within the EU, including the UK, which are subject to the Market in Financial Instruments Directive II (MiFID II) and its associated regulations – or non-EU entities wishing to transact with such entities – must have an LEI. If they do not, then they will not be able to trade.
Fiona Le Poidevin, CEO of The International Stock Exchange Group, said: “We are delighted to be able to offer this new service to assist local financial services firms with obtaining LEIs for their own entities and also those of their clients.”
“This service is open to both existing Members of the Exchange and also non-Member firms with whom we don’t have a pre-existing relationship. We believe that the offering of an administrative hub for obtaining, renewing and maintaining single or multiple LEIs with the LSE from within the Crown Dependencies could be attractive to local financial services firms.”
TISE is now able to act as an easily accessible conduit through which local firms are able to obtain LEIs for their own entities or those of their clients from the London Stock Exchange (LSE).
You can find out more about them here: http://www.tisegroup.com/lei-service/