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Legal Entity Identifier & MiFID II


A Legal Entity Identifier (“LEI”) is a unique identifier for legal entities or structures including companies, charities and trusts. The obligation for entities to obtain an LEI was endorsed by the G20.

An LEI is a code unique to that legal entity. When an LEI code is allocated to you, the code is included in a global data system. This enables every legal entity that is a party to a
relevant financial transaction to be identified in any jurisdiction.

MiFID II will go live on 03 January  2018 and has come about in response to the financial crisis. MiFID II is part of a number of measures that seeks to make financial markets in Europe more resilient, transparent and investor-friendly. Other measures include EMIR, which amongst other things requires the reporting of derivative trades to an authorised trade repository.

IMPORTANT INFORMATION

Why do I need an LEI?

From 3rd January 2018, MiFID II regulation requires any counterparty to provide an LEI to affected institutions, such as Investec, before entering into any derivative transaction (including FX forwards). Investec will not be able to execute your transaction without your LEI.

To ensure that there is no disruption to your trading requirements in the new-year, please obtain and advise us of your LEI by responding to this email ASAP.

How do I obtain an LEI?

An LEI is available from Local Operating Units, they are bodies authorised for the global allocation of LEIs. A list of all Local Operating Units can be found here.

What is the cost of an LEI?

A Local Operating Unit may charge a fee for allocating the LEI, the precise fee is at the discretion of the Local Operating Unit and may vary between providers. The London Stock Exchange is the UK providers of LEI’s, information including specific costs and guides on how to obtain an LEI from them can be found here

Can I renew my LEI annually?

LEIs must be renewed annually. To do this you must provide the Local Operating Unit with updated information so that it may verify the data held on the LEI. The Local Operating Unit may charge the holder an additional annual fee per LEI for this renewal process.


If you have any questions, please contact the Investec dealing desk on 0800 055 6339 (outside the UK: 0207 597 3873).