Individual trustee/Corporate trustee

Only corporate trustees of a trust or corporate trustees of Self-Managed Superannuation Funds (SMSF) are required to obtain LEIs. See ASIC’s Technical Guidance for details around LEI eligibility, noting that in accordance with the ROC statement, individuals acting in a business capacity, as would be the case when acting for a Trust or SMSF, are eligible to obtain LEIs.

Here’s a summary of some potential combinations:

    Scenario 1: Trust/SMSF with corporate trustee

For corporate trustees, the reporting rules require them to obtain and report the LEI as part of trade information.

    Scenario 2: Trust/SMSF with individual trustee

For individual trustees, the reporting requirements will remain unchanged as they were defined as non-reporting counterparties in the ASIC Rules 2024. For a new transaction report, if the entity has an LEI, that LEI must be reported or otherwise, the counterparty will need a client code or designated business identifier (DBN) as an interim measure until an LEI is obtained/available. A ‘DBN’ may be an ABN, AVID or BIC code and a ‘client code’ is in the format and structure of the reporting entity’s or execution agent’s LEI.

    Scenario 3: Trust/SMSF with joint individual trustees

For joint individual trustees, the reporting requirements will remain unchanged as they were defined as non-reporting counterparties in the ASIC Rules 2024. The same position would apply as above in Scenario 2 – i.e. use the LEI if there is already one, or otherwise until one is available/obtained, use a client code or DBN.