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The Irish Stock Exchange (ISE) announced that it has been accredited by Global Legal Entity Identifier Foundation (GLEIF) as a provider for Legal Entity Identifier (LEI) services. The ISE operates its LEI services through ISEdirect, its online services website.
Accreditation from GLEIF is a globally recognised designation of an organisation’s commitment to LEI data quality and customer service.
ISE is only provider of LEI services in Ireland
As Ireland’s Local Operating Unit (LOU), the ISE is the only provider of LEI services in Ireland. An LOU may issue LEIs to legal entities in designated jurisdictions around the world.
LEIs distinguish legal entities to financial transactions
An LEI is designed to enable the identification and linking of parties to financial transactions in order to facilitate the management of counterparty risk. The 20-digit, alpha-numeric code, uniquely identifies legally distinct entities to financial transactions.
MiFID II requires certain investors to have LEI codes
An LEI enables banks and investment firms to identify their clients for regulatory reporting purposes. Certain investors affected by new EU legislation, the Markets in Financial Instruments Directive II (MiFID II) and MiFIR which came into effect on 3 January 2018 are required to have an LEI code.
Eligibility to get an LEI
The range of entities required to have an LEI has been defined by relevant public authorities. In general individuals are not permitted to get an LEI but in certain circumstances they may be eligible. The Regulatory Oversight Committee (ROC) has also issued this statement on individuals acting in business capacity eligibility for an LEI.
ISE provides full range of LEI services
The ISE’s LEI services on ISEdirect include the issuance of new LEI codes, renewal or update of LEI codes or the transfer of an LEI code to and from other LOUs around the world.
Brian Healy, Director of Traded Markets and Operations, ISE said:
This accreditation from GLEIF is a significant milestone for the Irish Stock Exchange and confirms the operating excellence and integrity of the ISE’s LEI services.
With the advent of MiFID II, LEI services are becoming more important not only for financial services entities and listed companies but also for SMEs and individuals who wish to trade and invest in shares, bonds and other securities.