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    FIN-FSA to Require Use of LEI Code for Transaction Reporting

    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).

     

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

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