Companies that own or trade in shares need to get an LEI code as of the 3rd of January 2018.

Companies that own or trade in shares need to get an LEI code as of the 3rd of January 2018.

According to EU Regulation no. 600/2014, banking and financial institutions must present to their supervising authorities reports containing complete and accurate details of executed transactions.

This starts from the 3rd of January 2018.

In order to achieve this reporting, the identification of the legal entities (companies) involved in the transactions is done through the Legal Entity Identifier (LEI) code.

This code has 20 characters and is based on a global standard (ISO 17442) that uniquely and clearly identifies key information belonging to legal entities that are involved in financial transactions.

Therefore clients that have companies that trade in shares or other financial instruments should secure the LEI code on time.

To get the code you must apply to an approved licensing authority providing all company details including recent corporate certificates.

The idea behind the LEI code is to create an international database of all companies that trade in shares and financial instruments so that each banking or financial institution will have access for verification purposes.

Our law firm can assist you obtain the LEI code for your company. For more information send us an email by clicking here