Mandatory use of legal entity identifier (LEI) under MiFID II/MiFIR and EMIR
With reference to the upcoming entry into force of Directive 2014/65/EU (MiFID II) and Regulation (EU) No 600/2014 (MiFIR), the European Securities and Market Authority (ESMA) released a statement providing information to the various entities required to use a Legal Entity Identifier (LEI).
In this context the CSSF would like to remind that, under the new EMIR reporting requirements1, the LEI will be mandatory as of 1 November 2017 to identify the counterparty in a derivative transaction (i.e. reporting counterparty ID) and that, in order to accept the EMIR reports, trade repositories will check the LEI of the reporting counterparty with the GLEIF database.
1 Commission Delegated Regulation (EU) 2017/104 and Commission Implementing Regulation (EU) 2017/105.