There are 3 forms of LEI relief available for firms to rely on, depending on the client or counterparty’s location.   

As a general rule, you must report your client’s or counterparty’s LEI unless your situation falls under one of these exceptions and you meet respective conditions of that exemption as set out in this article.

Relief 1 – where your client is an Australian entity or a foreign entity acting through its Australian branch

Upon the expiry of previous conditional relief from having to report LEIs, some new exemptions were granted by ASIC which took effect from 1 October 2019.

Relief 2 & 3 where your client is a foreign entity that transacts from outside Australia

Relief 3 will only kick in once relief 2 expires on 31 March 2020.

TRAction’s recommendations

  1. Continue dialogue with your clients about obtaining their LEI
  2. Start reporting the LEI where it is available
  3. Document procedures and evidence to support compliance with the above conditions

How to obtain an LEI

LEIs are issued by Local Operating Units accredited by the Global Legal Entity Identifier Foundation (GLEIF). A list of all Local Operating Units can be found on the GLEIF website.

Please feel free to contact us if you have any questions about LEI requirements.


Relief 1, 2 and 3 can be found in s6(1), s6(1A) and s6(1B) respectively at ASIC Corporations (Derivatives Transaction Reporting Exemption) Instrument 2015/844.

If you have any questions, please contract us.

Angela Yang

Angela works in our Sydney office. At TRAction, she provides regulatory support to our clients, monitors changes in the worldwide regulatory environment relating to trade and transaction reporting, assists with business development and client onboarding as well as development of PR and marketing strategies. Angela has several years of experience working in legal and compliance for financial services companies. She previously practiced in a leading boutique financial services law firm in Sydney as a solicitor with a focus on licensing, compliance, AML/CTF and M&A. Angela has a double degree in Actuarial Studies and Law from the Australian National University and is admitted as a solicitor in Australia.