Under MiFID, there is a requirement for every ‘legal entity’ to be identified with an Legal Entity Identifiers (LEI) reference in a transaction report. This includes a broad range of legal entities, including trusts and charities.

The process of obtaining an LEI is governed by the Global Legal Entity Identifier Foundation (GLEIF) and validation of each legal entity must be carried out in accordance with the principles of the Global LEI System.

Certain investors who are deemed to be Legal Entities must obtain a LEI in order to continue to receive investment services in line with the European legislation, the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).

More information on the legislative background can be found on the Financial Conduct Authority’s website.