Featured Product

    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).

     

    Related Links

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

    Related Articles
    News

    EBA Updates List of Validation Rules for Reporting by Banks

    EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.

    September 10, 2020 WebPage Regulatory News
    News

    EBA Responds to EC Call for Advice to Strengthen AML/CFT Framework

    EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).

    September 10, 2020 WebPage Regulatory News
    News

    NGFS Advocates Environmental Risk Analysis for Financial Sector

    NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.

    September 10, 2020 WebPage Regulatory News
    News

    MAS Issues Guidelines to Promote Senior Management Accountability

    MAS published the guidelines on individual accountability and conduct at financial institutions.

    September 10, 2020 WebPage Regulatory News
    News

    APRA Formalizes Capital Treatment and Reporting of COVID-19 Loans

    APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.

    September 09, 2020 WebPage Regulatory News
    News

    SRB Chair Discusses Path to Harmonized Liquidation Regime for Banks

    SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.

    September 09, 2020 WebPage Regulatory News
    News

    FSB Workshop Discusses Preliminary Findings of Too-Big-To-Fail Reforms

    FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.

    September 09, 2020 WebPage Regulatory News
    News

    ECB Updates List of Supervised Entities in EU in September 2020

    ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.

    September 08, 2020 WebPage Regulatory News
    News

    OSFI Identifies Focus Areas to Strengthen Third-Party Risk Management

    OSFI published the key findings of a study on third-party risk management.

    September 08, 2020 WebPage Regulatory News
    News

    FSB Extends Implementation Timeline for Framework on SFTs

    FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.

    September 07, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5796