Tag Archives: Legal Entity Identifier

LEIs and UK trusts: time to apply for another ID number

Trustees of UK trusts holding a UK managed investment portfolio will soon need to apply for a Legal Entity Identifier (LEI) number from the London Stock Exchange.

The EU legislation known as the Markets in Financial Instruments Directive (MiFID) affects firms who provide services to legal entity end users which involve financial instruments, such as shares, bonds and collective investments.  Its latest incarnation, MiFID II, comes into effect on 3 January 2018.  It places upon them new transaction reporting obligations, meaning that they cannot execute a trade in a financial instrument on behalf of any client for whom they do not have an LEI. 
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