No LEI, No Trade. ESMA Highlights Importance of LEI for MiFID II/MiFIR Compliance
The European Securities and Markets Authority (ESMA) has published a briefing concerning the use of Legal Entity Identifiers (LEI). The intention is to raise industry awareness and facilitate conformity with LEI obligations under MiFID II, ahead of its 3 January 2018 launch. The authority is urging participants to get ahead of the curve in fulfilling all LEI requirements under this new legislation.
As Steven Maijoor, Chair of ESMA highlighted, LEIs will continue to play a key role under the new MiFID data-reporting regime, as well as being an essential element in supporting regulators work on transparency and market surveillance. It is vital that investment firms and trading venues make the necessary efforts to obtain their LEIs in good time, so as to further avoid backlogs under the new changes.
You can read the entire briefing here.
As readers will know, the XBRL LEI taxonomy allows regulators to collect LEI data in a consistent and straight-forward manner.