Few areas of investment firms’ activities or operations will remain untouched by the Markets in Financial Instruments Directive (MIFID2) and its attendant regulation (MiFIR) (together MiFID II).
Once MIFID II comes into operation on January 3, 20181 , your service provider will be required to identify you or your Funds under the MiFID II transaction reporting requirements through the use of a unique Legal Entity Identifier (LEI)2. This is a 20-character alphanumeric code developed by the International Organization for Standardization (ISO), based on ISO 17442, which will connect to a reference database so that legal entities participating in reportable transactions can be clearly identified.
If you do not have an LEI, we strongly encourage that you either (i) apply for an LEI as soon as possible, and/or (ii) take steps to ensure that each of the Funds on whose behalf you instruct trades with us obtains an LEI.
The list of LEI issuers can be found at:
Once the application is submitted, an LEI is normally issued within 24 to 48 hours of receipt.
For further information, please visit:
Additional queries may be raised via your Relationship Manager.
This content is part of BNY Mellon’s Focus on Regulation Readiness, a dedicated section on bnymellon.com that showcases trending, timely and relevant regulatory and policy related content. BNY Mellon understands the new regulatory realities and has the expertise to help you keep pace, maintain compliance and get ahead.
1. Financial Conduct Authority Website: https://www.fca.org.uk/markets/mifid-ii/applications-notifications
2. Financial Conduct Authority Website: https://www.fca.org.uk/markets/mifid-ii/legal-entity-identifier-lei-update