LEI deadline postponed by ASIC
ASIC has provided some relief regarding the LEI requirements scheduled to commence on 1 April 2019. The formal instrument is available here: ASIC Corporations (Amendment) Instrument 2019/169.
A relief extension applies only when the Reporting Entity meets some specific conditions. The relief is valid until 1 October 2019 if these conditions are strictly adhered to.
The Reporting Entity needs to get the LEI as soon as it can by either calling the LEI on the non-reporting counterparties’ behalf or asking the suitable counterparties to get the LEI and present it to the Reporting Entity.
The Reporting Entity must report the LEI of the other counterparty to the relevant Trade Repository for possible open derivative transactions immediately after the LEI is published and available on a public website.
The Reporting Entity must record and enforce the steps to follow any of the options above. This is because ASIC may ask the Reporting Entity to provide a written statement within a period ASIC chooses, ensuring that the above conditions are complied with.
What is an LEI?
LEIs are needed to easily identify legal counterparties (as well as those in trusts) in the transaction reports of ASIC. They are unique alphanumeric codes that have 20 digits and are used to ensure credibility. In any business transaction, they help manage an eligible entity’s identity. Based on the statistics from the Global LEI Foundation (GLEIF), more than 1,150,000 LEIs have been issued.
How do I get an LEI?
LEIs are issued by the Local Operating Units (LOU) accredited by the GLEIF and can be obtained through LEI Registration Agents. LEI Register is an LEI Registration Agent offering fast, low-cost, and convenient LEI registration services. Feel free to browse LEI prices and register your LEI for OTC reporting!
