An 11th-Hour Reprieve For Legal Entity Identifier Compliance

Law360, New York (January 5, 2018, 11:23 AM EST) -- The U.K.'s Financial Conduct Authority (FCA) recently commented that firms subject to the revised EU Market in Financial Instruments package (MIFID II) transaction reporting obligations will soon be unable to execute a trade on behalf of a client who is eligible for a legal entity identifier (LEI) and does not have one. In line with this view, the European Securities and Markets Authority (ESMA) also warned that investment firms should not provide a service on behalf of a client who is eligible for the LEI, prior...
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