The Markets in Financial Instruments Directive “MiFID II” is one of the most impacting changes taking place within the Financial Industry and everyone is thinking of what to do with the fast approaching deadline of 3rd of January 2018. There has been a lot of Operational challenges on the back of the introduction of MiFID II which are impacting small, medium and large size Financial Institutions.
MiFID II is being introduced as a EU directive as well as a regulation which means it comes as a high cost for the market to implement however with challenges and costs comes opportunities as the MiFID will help to reshape how transactions are carried out especially OTC Derivatives as it will make them more Efficient, Secure and most importantly Transparent.
The Role of LEIs within MiFID II
Legal Entity Identifiers (LEI) are the alphanumeric identification codes that can provide accurate data of all the legal entities who are engaged in financial transactions. Through an LEI search you can get several pieces of information such as business names, addresses, registration dates and further LEI reference data fields.
LEIs will have an even more important role for legal entities subject to MiFID II reporting as the LEI number will be required to transact which means the request for new LEIs to be created will significantly increase in the lead to the 3rd of January rollout, but it also means that the financial institution who the client wants to transact will need to search and verify the LEI number provided.
How to search for an LEI
A number of 3rd party data providers including KYC-Lookup offer an easy to use interface where you are able to verify a LEI by searching under the name or the LEI number itself. The LEI search results show all the LEI reference data and the codes that are directly published by LEI issuer and so the information you get from the search results are 100% authentic as KYC-Lookup do not change or manipulate any data. The data shown on KYCLookup.com gets reconciliated against the GLEIF database multiple times throughout the month bringing you the most up to date LEI data, if you were to find any inconsistencies in the data you may challenge by clicking on the direct link to the GLEIF website provided in each LEI profile you find in KYCLookup.com, once on the GLEIF website you are able to submit your challenge.
Do you have a legal entity or LEI to search?
Why not contact us and find out how we can help you or if you’re ready to search for an LEI simply click here.