October 04, 2017

The Finnish Financial Supervisory Authority FIN-FSA published a notification informing supervised entities about the deadline for the requirement of using a Legal Entity Identifier (LEI) code in transaction reporting. The revised EU securities regulations—such as the second Markets in Financial Instruments Directive and Regulation (MiFID II and MiFIR) and EMIR—will require that legal entity customers are identified with an international LEI code in transaction reporting. Legal entity customers must have an LEI code in EMIR reporting related to derivatives trading of financial instruments from November 01, 2017 and in transaction reporting of financial instruments to the Financial Supervisory Authority from January 03, 2018.

The size or nature of the transaction is not significant; all transactions within the scope of the reporting requirement will be reported so that the entities involved in the transaction are identifiable with an LEI code.The transaction reporting requirement will not apply to subscription and redemption of investment fund shares; therefore, an LEI code will not be needed in this context. However, trading of listed investment fund shares will fall within the scope of transaction reporting, in which case an LEI code will be needed.

If an entity does not obtain an LEI code, it will not, in the future, be able to execute financial instrument transactions or derivative contracts. Without an LEI code, investment service providers and trading parties in derivative contracts will not be able to report securities transactions of entities. Entities will not, in the future, be able to use an identifier other than an LEI code. LEI codes are global and they can be obtained from authorized Local Operating Units in many countries. In Finland, LEI codes are issued and administered by the Finnish Patent and Registration Office (PRH).

 

Related Links

Keywords: Europe, Finland, Securities, LEI Code, MiFID II, MiFIR, EMIR, LEI, Transaction Reporting, FIN-FSA

Related Articles
News

BoE, FCA, and MAS Announce Collaboration on Cyber Security

MAS and UK financial authorities (BoE and FCA) announced that they will work together to strengthen cyber security in their financial sectors.

June 13, 2019 WebPage Regulatory News
News

CBIRC Advisory Committee Holds Meeting, Discusses Regulatory Issues

The first meeting of the International Advisory Committee (IAC) of CBIRC was held in Shanghai from June 11 to 12, 2019.

June 13, 2019 WebPage Regulatory News
News

APRA Response to Proposal on Revisions to Capital Framework for Banks

APRA published a paper in response to the first round of consultation on proposed changes to the capital framework for authorized deposit-taking institutions.

June 12, 2019 WebPage Regulatory News
News

APRA Finalizes Schedule on Scope of Variable Remuneration Under BEAR

APRA has released a response letter and the final wording of the schedule in relation to how the Banking Executive Accountability Regime (BEAR) applies to variable remuneration arrangements for medium and small authorized deposit-taking institutions (ADIs).

June 12, 2019 WebPage Regulatory News
News

EC Publishes Fourth Progress Report on Reduction of NPLs in EU Banks

EC published the fourth progress report on the reduction of non-performing loans (NPLs) in banks in EU.

June 12, 2019 WebPage Regulatory News
News

FASB Adds Taxonomy Entry Points in Relation to 2019 DEI Taxonomy

FASB has incorporated additional entry points for the 2019 GAAP [Generally Accepted Accounting Principles] Financial Reporting Taxonomy and the 2019 SEC Reporting Taxonomy, in connection with the issuance of the 2019 Document and Entity Information (DEI) Taxonomy by SEC.

June 11, 2019 WebPage Regulatory News
News

EC Publishes Draft Equivalence Decisions for Credit Rating Agencies

EC is requesting feedback on the draft implementing decisions on recognition of legal and supervisory systems of Hong Kong, Japan, Mexico, and U.S. as equivalent to the requirements of Regulation (EC) No 1060/2009 on credit rating agencies.

June 11, 2019 WebPage Regulatory News
News

BaFin Consults on AFS Recommendation to Increase CCyB for Banks

BaFin is requesting feedback on increasing the domestic countercyclical capital buffer (CCyB) to 0.25%, with effect from July 01, 2019, pursuant to Article 92(3) of Capital Requirements Regulation (CRR).

June 11, 2019 WebPage Regulatory News
News

MAS Revises Capital Adequacy Requirements for Banks in Singapore

MAS issued amendments to the Notice 637 on risk-based capital adequacy requirements for banks incorporated in Singapore.

June 10, 2019 WebPage Regulatory News
News

PRA on Modification by Consent of Definition of Capital Rules in CRR 2

PRA announced its decision to offer a modification by consent of the Rules 7.1 and 7.5 of the Definition of Capital Part of the PRA Rulebook.

June 10, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3238