Also in the Matter of the LEI
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From January 3, 2018, the revision of the European financial markets comes into force. It will have far-reaching effects on all entities operating in the financial market or holding securities.
Based on the experiences gained from the financial market crash in 2008, a new regulation by the name of MiFID II has been implemented in order to take account of the new challenges with regard to security and transparency of the business dealings.
All participants of securities trade-with the exception of private individuals-are affected by MiFID II.
The most important requirement put on entities consists in the identification of all trading participants. This includes deposit holder, custodian banks, securities trading firms, etc.
For this purpose the Legal Entity Identifier (LEI) has been determined by the European Securities and Markets Authority (ESMA) as a binding identification number.