Regulatory Alerts2017-10-11
FSMA-FEBELFIN-FEB Communication: LEI as a Condition for Financial Transactions
The FSMA, FEBELFIN, and FEB issued a joint communication requiring all legal entities carrying out financial transactions in Belgium to obtain a Legal Entity Identifier (LEI) by 3 January 2018. Banks and investment firms are obligated to verify and report the LEI of their clients before executing reportable transactions, as the identifier is mandatory for compliance with MiFIR reporting requirements. Legal entities must secure an LEI from an authorized issuing organization, such as those based in Belgium or abroad, to ensure they can continue participating in financial markets after the implementation deadline.
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