Â鶹´«Ã½

Home   News   Features   Interviews   Magazine Archive   Symposium   Industry Awards  
Subscribe
Â鶹´«Ã½
Leading the Way

Global Â鶹´«Ã½ Finance News and Commentary
≔ Menu
Â鶹´«Ã½
Leading the Way

Global Â鶹´«Ã½ Finance News and Commentary
News by section
Subscribe
⨂ Close
  1. Home
  2. Industry news
  3. FCA updates its LEI validation rule for its market data processor
Industry news

FCA updates its LEI validation rule for its market data processor


08 March 2018 London
Reporter: Jenna Lomax

Generic business image for news article
Image: Shutterstock
The Financial Conduct Authority (FCA) has updated the second Markets In Financial Instruments Directive (MiFID II) rule, amending the legal entity identifier (LEI) rule in relation to its markets data processor (MDP).

The update comes after the European Â鶹´«Ã½ and Markets Authority (ESMA) outlined temporary rules in respect of the LEI.

In December 2017, ESMA issued a delay to the enforcement of LEI requirements for MiFID II, explaining that leading up to the deadline, it had learnt that not all investment firms would succeed in obtaining LEI codes from all their clients by 3 January 2018.

The FCA’s statement released on 2 March 2018, explained that ESMA’s approach requires the FCA to amend the LEI validation rule in its MDP.

The FCA communicated to ESMA and the industry that the change would not be possible before the implementation date of MiFID II.

The FCA said that the revision to the LEI validation rule will be implemented in the MDP on 10 March 2018.

Firms with any outstanding transaction reports where the trade date precedes the LEI registration date, will be able to resubmit it from 12 March 2018.

MiFID II, part of EU legislation, was implemented on 3 January 2018 and stated that all legal entities involved in a trade are required to include their LEIs in European trade reporting.
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Â鶹´«Ã½ Finance Times
Advertisement
Subscribe today
Knowledge base

Explore our extensive directory to find all the essential contacts you need

Visit our directory →
Glossary terms in this article
→ Trade Date

Discover definitions, explanations and related news articles in our glossary

Visit our glossary →