LEI Worldwide partners with RapidLEI to support the Financial Services Industry in the upcoming demand for Legal Entity Identifiers (LEIs)
If you are in the industry or have been following recent developments, you will know that it is being mandated in Australia and Hong Kong that Over The Counter Derivative transactions will soon need to be completed by including the use of an LEI. This comes into effect on October 1st, 2019 and as we have seen with previous deadlines, a sharp increase in the numbers of Legal Entity Identifiers is to be expected.
According to the Hong Kong Monetary Authority (HKMA), and the Securities and Futures Commission (SFC), reporting entities will have to produce an LEI in the recording of new transactions and daily valuations.
Reporting entities are expected to have a system in place by which they request LEIs from their clients. This means a large number of applications will be made, once again, at the eleventh hour.
In Australia, LEIs are not only requested, but will be required in order to identify counterparties that are legal entities within their ASIC transaction reports. Derivative Transaction Reporting exemptions in Australia will also require an LEI Code.
These changes were originally scheduled for April 2019, but the deadline has been extended to October 1st, on the condition that reasonable efforts be made to obtain the LEI in the interim.
As a Global Registration Agent, LEI Worldwide aims to support financial institutions in these regions, which is why we have partnered with RapidLEI. Using the RapidLEI automated platform, and through our strong relationship with the team, we can now deliver LEIs to our clients faster, and more cost effectively than ever.
To obtain an LEI for your organisation, client, or if you are responsible for obtaining Legal Entity Identifiers please contact our team of experienced professionals now at email@example.com
The views expressed in this blog belong to LEI Worldwide.