Meeting Client and Counterparty Identifier Requirements Under MiFID II

7 November 2017

Meeting Client and Counterparty Identifier Requirements Under MiFID II

By Thomson Reuters Risk Management Solutions

 

Financial institutions with activities in Europe are now in the final run up to the January 3, 2018, deadline for compliance with the EU’s Markets in Financial Instruments Directive II (MiFID II). This means that they will be required to obtain a LEI (Legal Entity Identifier) in order to identify any and all clients, counterparties and issuers the firms deal with.

MiFID II and its related Markets in Financial Instruments Regulation (MiFIR) make it clear that it is not legal to trade with any entity that is unable to furnish a current LEI after the January deadline. Unlike other sets of rules around the globe that incorporate LEIs, MiFID II makes the LEI mandatory – no LEI, no trade.

There are real concerns that a lack of LEI registrations by clients in the new year could make the possibility of a widespread halt in some trading relationships and transactions quite real. Only just over 550,000 LEIs have been registered with the Global Legal Entity Identifier Foundation (GLEIF) globally – adoption has been slow and many organizations remain unclear as to which entities they need to obtain an LEI for.

Despite that the corporates appear to be laggards when it comes to LEI registration, financial institutions, including banks who have to use the LEI for reporting under MiFID II seem to be much more prepared than their clients are for the coming January 3 deadline.

Today, most organizations are focused on getting their LEI coverage as complete as possible ahead of the January 3 MiFID II deadline. Some firms are taking a trading activity-based approach.

Many of the firms spoken to for this report recognize that the LEI can be the lynchpin that brings together a whole new approach to data aggregation for risk management, client engagement, and business strategy.

Note: The present material represents a review of the article which may be accessed here.

Noua platformă pentru examinări online


Vă rugăm să accesați Platforma on-line aici și să urmați pașii menționați în Ghidul candidatului sau Ghidul angajatorului/furnizorului

Programe de pregatire profesională continuă pentru specialiști constatare daune


Specialiștii constatare daune își desfășoară activitatea profesională în domeniul asigurărilor, în conformitate cu prevederile legale în vigoare și cu respectarea cerințelor privind pregătirea profesională....Click aici pentru detalii >

PLATFORMĂ EXAMINĂRI

Vă rugăm să accesați Platforma on-line aici și să urmați pașii menționați în Ghidul ...see all

Revista de Studii Financiare

The Insurance Distributor Manual has been published

The Institute of Financial Studies and specialists in the insurance market have developed and published the Insurance Di...see all

Master de tehnici actuariale

Actiune plantare - editia a doua

ISF organizeaza vineri 29 martie 2019  a doua editie a actiunii de ecologizare a padurilor, urmand astfel sa plante...see all

ISF - Accredited Training Partner of CISI

COMUNICAT DE PRESA - CONFERINȚA EUROPEANĂ A SERVICIILOR FINANCIARE

Bucureşti 25 martie  2019   Digitalizarea, automatizarea şi inovaţia în serviciile financiare, dar ...see all

Ectranz

Manualul Distribuitorului de Asigurări

Institutul de Studii Financiare și specialiști din piața asigurărilor, au elaborat Manualul Distribuitorului de Asig...see all

IMASIG
 Newsletter ISF

Abonează-te acum pentru a primi ultimele noutăți. Suntem prezenți și pe rețelele de socializare și