From 3 January 2018 onwards a legal entity identifier will be necessary for reportable transactions pursuant to Article 26 of the Markets in Financial Instruments Regulation.
Investment firms subject to the reporting obligation for such transactions, as well as branches located inside the European Economic Area (EEA) whose head office is based in a third country, must then ensure before executing the transaction that their clients have an active LEI in order to be able to correctly identify them in the reports. Otherwise, the institution cannot execute the reportable transactions. The customers are therefore required to apply for an LEI.
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