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We have been notified that ASIC has signed the extending relief instrument this morning, which formally extended the deadline for obtaining LEIs to 1 April 2019. The instrument also provides a few minor changes to ASIC Corporations (Derivative Transaction Reporting Exemption) Instrument 2015/844

With regard to the Exchange-Trade Derivatives (“ETD”) definition request, it is still being settled by ASIC. We will provide a further update to you once we are provided with more information.

At this stage, we suggest our clients to:

1. Continue dialogue with non-individual clients about obtaining LEIs during the temporary period, and

2. Start reporting it where the LEI is available.

What do I need to do from 1 April 2019?
You will need to report the LEI (instead of internal platform identifier) as part of your trade information for your all 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 about LEI requirements, feel free to contact us.


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