The International Stock Exchange (TISE) has launched a service to assist local financial services firms with obtaining a Legal Entity Identifier (LEI).
An LEI is a unique 20-character alphanumeric identification code designed for regulators to globally identify all legal entities engaging in financial transactions.
Some entities have already been required to have an LEI. However, from 3 January 2018, all entities within the EU that are subject to the Market in Financial Instruments Directive II (MiFID II) and its associated regulations – or non-EU entities wishing to transact with such entities – must have an LEI. If they do not, they will not be able to trade.
TISE can now act as a conduit through which local firms can obtain LEIs for their own entities or those of their clients from the London Stock Exchange.
Fiona Le Poidevin, CEO of The International Stock Exchange Group, commented: “The breadth of entities requiring an LEI is going to be significantly increasing, so we believe providing a service from the Crown Dependencies will be attractive for our financial services firms.
“The service is open to existing members of the Exchange and also non-member firms with whom we don’t have a pre-existing relationship.”
TISE will charge an initial set-up fee of £155 for each LEI request and each LEI will have an annual renewal fee of £95.
• For more information or to submit an application, visit the TISE’s LEI Service webpage here