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LEI requirements and limited exemptions available for ASIC trade reporting

As a general rule, you must report your client’s or counterparty’s Entity Information unless your situation falls under one of these exceptions and you meet respective conditions of that exemption as set out in this article. Currently there is one Entity Information relief available for firms to rely on, depending on the client or counterparty’s location.

  1. What type of Entity Information do you need to provide?
  2. Current Exemption (Entity Information) does it apply to you?
  3. What does it entail?
  4. TRAction’s recommendations
  5. How to obtain an LEI

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    • 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).

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

    ASIC Corporations (Derivative Transaction Reporting Exemption) Instrument 2015/844 section 6 Exemption 2 (Entity Information)

     

    What does it entail?

    Relief 1

    ASIC Corporations (Derivative Transaction Reporting Exemption) Instrument 2015/844 section 6 Exemption 2 (Entity Information)

     

    Relief 2

    ASIC Corporations (Derivative Transaction Reporting Exemption) Instrument 2015/844 section 6 Exemption 2 (Entity Information)

     

    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.

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