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The 1 October 2018 LEI deadline is fast approaching!

Since the publication of this article, the LEI deadline has been extended to the 1 April 2019. We have since posted a new article on the topic which you can read here.

Those with Australian trade reporting obligations have a fast approaching ASIC LEI deadline similar to those in Europe where the maxim is “No LEI, No Trade”.  We are not anticipating that ASIC will be extending this deadline.  Therefore, from 1 October 2018, you will need to report one of the following as part of their trade information:

  1. a LEI or interim entity identifier; or
  2. if no LEI or interim entity identifier is available, a Designated Business Identifier issued by Avox Limited; or
  3. if no Designated Business Identifier is available, a Business Identifier Code (BIC code),

for your clients which are non-reporting counterparties to a trade and are not individuals (Non-Individual Client). A non-reporting counterparty as defined in the ASIC Derivative Transaction Rules (Reporting) 2013 is any party to an OTC derivative transaction that is not required to report. In the case of individual clients, reporting requirements will remain unchanged and only a client code assigned by the Reporting Entity needs to be reported.

What is an LEI?
LEIs are required for the purpose of identifying counterparties that are legal entities (including those in trusts) in ASIC transaction reports.LEIs are a unique 20 digit alphanumeric code which offers standard credibility and aids in managing the identity of an eligible entity in any business transaction. According to the Global LEI Foundation (GLEIF) over 1,150,000 LEIs have been issued.
How to obtain an LEI
LEIs are issued by Local Operating Units (LOU) accredited by the GLEIF. A list of all Local Operating Units can be found on the GLEIF website.If you have any questions around your transaction reporting or LEI requirements, feel free to contact us and we would be pleased to assist you.