Legal Entity Identifier (LEI) South AfricaHow to get a Legal Entity Identifier in South AfricaIf you are transacting in the global financial system, you will more than likely be required to obtain a Legal Entity Identifier (LEI).
Whether your company is registered in South Africa or registered in an offshore destination such as Seychelles or Mauritius, you can obtain an LEI quite easily regardless of the location. Applying for an LEI number is simple, and can be completed in a matter of minutes regardless of the entity type. Having an LEI is recommended especially within South Africa due to mandates for trade reporting obligations such as the Financial Markets Act 2018. "We are connected to the local companies registry, so apply before 6pm (ZA Time) and receive your LEI confirmation within two hours!" |
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Legal Entity Identifiers in South Africa
There are currently 1,600+ Legal Entity Identifiers registered in South Africa. This accounts for 0.1% of all LEIs globally which is a growing number due to its large manufacturing sector and agricultural exports.
A Legal Entity Identifier (LEI) is a 20 digit code that is unique to a legal entity and provides basic information about the entity such as name, address and entity type e.g Limited Company.
We explore the LEI concept further in our recent post What is the Legal Entity Identifier?
A Legal Entity Identifier (LEI) is a 20 digit code that is unique to a legal entity and provides basic information about the entity such as name, address and entity type e.g Limited Company.
We explore the LEI concept further in our recent post What is the Legal Entity Identifier?
Who needs an LEI in South Africa?
The Mifid II directive was introduced for European entities that trade in securities. The use of the LEI is similarly required by South African entities when they are trading and reporting and also if conducting activities within the US, EU or UK. The financial markets in South Africa are regulated by the Financial Markets Act 2018.
In South Africa, Legal Entity Identifiers are used primarily by OTC Derivatives Providers to report transactions to their Trade Repository. This was mandated in the Conduct Standard 3 in 2018.
New regulations are also being implemented around the reporting processes of SFTs (Securities Financing Transactions), which is expected to be in place for non EU, third countries by April 2021. The proposed new rules include a requirement for SFT’s counterparties to report details of any SFT they have engaged in a transaction with.
A lot of international business is done in the jurisdiction of South Africa and there are a number of regulations which may require you to obtain an LEI. You can see a full list of regulations by country here: LEI Regulations
LEI codes are required for legal entities that fall into the following classifications. Entities that:
In South Africa, Legal Entity Identifiers are used primarily by OTC Derivatives Providers to report transactions to their Trade Repository. This was mandated in the Conduct Standard 3 in 2018.
New regulations are also being implemented around the reporting processes of SFTs (Securities Financing Transactions), which is expected to be in place for non EU, third countries by April 2021. The proposed new rules include a requirement for SFT’s counterparties to report details of any SFT they have engaged in a transaction with.
A lot of international business is done in the jurisdiction of South Africa and there are a number of regulations which may require you to obtain an LEI. You can see a full list of regulations by country here: LEI Regulations
LEI codes are required for legal entities that fall into the following classifications. Entities that:
- Trade OTC derivatives (except private individuals)
- SMSF (Self Managed Superannuation Funds) traders and trustees
- Commodities
- CFDs (Contract for Differences)
- Securities, SFTR reporting
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If you currently own or are responsible for a South African company or investment firm registered there, you may not need an LEI by law yet. If you are engaged in international activity it is a good idea to have an LEI before you need one as it is quickly being adopted as a global standard and there are already over 1.5 million LEIs registered globally.
If you are in financial services you will be required to legally register your entity for an LEI in order to fulfil your reporting obligations. To find out more information about this category of requiring an LEI please see our post discussing Who Needs an LEI? |
Cape Town, ZA
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Speak to our team of experienced professionals to find out more information about the LEI requirements in South Africa: info@lei-worldwide.com
How to get a Legal Entity Identifier​ in South Africa
Obtaining a Legal Entity Identifier code is a simple process. The LEI application form only takes a few minutes and any representative of the company may apply on behalf of the entity.
1. Click on the 'Register New LEI' button here or visit the homepage of this website. To begin, fill out your contact details as the applicant. This information will be used to contact you in case any additional information is required.
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2. Next, begin filling out the details of the entity which requires an LEI. This will include information such as the address, name of Director or person legally responsible for the entity such as CEO, or Owner.
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3. The next section 'Level 2 Data' gives you the opportunity to report parent company information.
For example, if your company is a branch of a larger organisation, or is owned by another company you may have that information appear on the LEI record. However, this is not a legal obligation. If you wish to report a legal parent company, please note that you will be requested to provide evidence of this relationship by way of Consolidated Accounts (i.e an annual report).
You may only report parent information if the parent company consolidates the accounts and the subsidiary is listed there.
For example, if your company is a branch of a larger organisation, or is owned by another company you may have that information appear on the LEI record. However, this is not a legal obligation. If you wish to report a legal parent company, please note that you will be requested to provide evidence of this relationship by way of Consolidated Accounts (i.e an annual report).
You may only report parent information if the parent company consolidates the accounts and the subsidiary is listed there.
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4. The final section allows you to upload documentation relevant to your application. When an LEI application is submitted, the data is cross matched with what is on the relevant local companies registry.
If however the company cannot be found, or the data does not match the registry, we may request that you provide supporting documentation. Some good examples include a document from ZA, a Certificate of Incumbency, Register of Directors, or a registry extract.
A registered company in South Africa for example may with to provide their local registry form as it confirms important company information.
If however the company cannot be found, or the data does not match the registry, we may request that you provide supporting documentation. Some good examples include a document from ZA, a Certificate of Incumbency, Register of Directors, or a registry extract.
A registered company in South Africa for example may with to provide their local registry form as it confirms important company information.
Once the application is submitted, simply choose your preferred payment method and complete the application. LEI Worldwide use our payments provider STRIPE and PayPal. We also offer the ability to complete a bank transfer or swift payment in any currency including Euro and South African Rand.
A member of the LEI Worldwide team will review the submission upon completion and you will receive your LEI code within a few hours.
If you have any questions please contact info@lei-worldwide.com
A member of the LEI Worldwide team will review the submission upon completion and you will receive your LEI code within a few hours.
If you have any questions please contact info@lei-worldwide.com
To apply for your own LEI or on behalf of a legal entity, please select the option from the buttons below.
