MIFID 2 and MIFIR. LEI NUMBER Requirement for Legal Entities.

Starting from January 3, 2018 with the entry into force of MIFID 2 and MIFIR it will be mandatory for all legal entities that have or intend to have operations on financial instruments to obtain the LEGAL ENTITY IDENTIFIER CODE (LEI NUMBER).

It is a 20-digit alpha-numeric code assigned internationally and based on the ISO 17442 standard, similar to a tax identification number and necessary to financial intermediaries for the purposes of reporting transactions to ESMA (European Securities and Market Authority). This identifier code, containing key information of legal entities to which it is assigned, enables clear and unique identification of legal entities participating in financial transactions.

This is certainly an important innovation aimed at greatly enhancing transparency in the global marketplace, in view of the fact that the database of the LEI numbers is publicly available on a global level.

For more details related to the contents of this article and to request information on the LEI number assignment procedure, please send an e-mail to : segreteria@sintesinetwork.com

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