LEI Introductory Factsheet & FAQ (Downloadable)
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Download our basic introduction and FAQ sheet, which provides brief history and background information on the LEI, some current use cases and future speculations. Feel free to share with colleagues and post on your channels.
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What is MiFID II?
Markets in Financial Instruments Directive 2
MiFID is EU regulation that provides legislation governing legal entities who provide financial services, in particular those who work within the boundaries of financial instruments. MiFID originally came into effect in 2007.
According to the FCA (Financial Conduct Authority), “MiFID is the framework of European legislation for:
Currently new changes have been implemented, and will become legally binding to the effected entities come January 3rd 2018. This revised version of MiFID is known as MiFID 2 and is accompanied by the new MiFIR (Markets In Financial Instruments Regulation).
These revised versions came about as a result of the Global financial market crash and its main objective is to increase competition and transparency on an international scale.
What is MiFIR?
Markets in Financial Instruments Regulation
Where MiFID acts as more of a guideline with differentiations based on jurisdiction etc, MIFIR is a strict regulation and will need to be implemented as it is written.
For example all reports/application waivers will need to be congruent and formatted correctly, this increases consistency on an international scale and helps level the playing field.
An example is the introduction of new MTF’s & OTF’s which will act as regulated trading platforms for legal entities acting in accordance with MiFIR. The introduction of new regulations helps avoid potential risks and formation of disorderly markets.
The scope has been widened and now more organisations will find themselves under the governing umbrella than ever before.
What is an LOU?
Local Operating Unit
Local Operating Units, also known as LOU's or LEI issuers have been accredited to issue LEI numbers (compliant to LEI standards) to legal entities seeking the LEI Code. Originally, the LEI Regulatory Oversight Committee (LEI ROC) was the organisation that supplied accreditation to LEI issuers - these are known as pre-LOU's. If you would like to find out more about LOU's and how to get an LEI number, please contact us.
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