LEI requirements and limited exemptions available for ASIC trade reporting

What type of Entity Information do you need to provide?

The requirement for Entity Information uses a waterfall approach, if the first is not available, then use the next on the list, in the following order:

1. Legal Entity Identifier (LEI) or interim entity identifier;
2. An AVOX (an international business entity identifier issued by Avox Limited); and
3. a BIC (Business Identifier Code).

It is important to note that ASIC is shifting toward an LEI-only policy and has made a proposal to permanently remove AVID and BIC identifiers in Consultation Paper 334.

Current Exemption (Entity Information) does it apply to you?

What does it entail?

Relief 1

Relief 2

You can also find the above information on ASIC’s FAQ question 6.

TRAction’s recommendations

1. Communicate to your clients about obtaining their Entity Information or apply for it on their behalf.
2. Start reporting the Entity Information where it is available and make sure your reporting is updated when it does become 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 Entity Information requirements.