If not, “Don’t panic”. This advice is found on the cover of The Hitchhiker’s Guide to the Galaxy. This was partly because the device “looked insanely complicated” to operate, and partly to keep intergalactic travellers from panicking. Hopefully LEIs will not be insanely complicated.

LEIs were created in response to the inability of financial institutions to identify organisations uniquely, so that their financial transactions in different national jurisdictions could be fully tracked.

The Society of Trust and Estate Practitioners (STEP) has prepared the following helpful summary:

“The Global Legal Entity Identification Foundation (GLEIF) has designed a system where every ‘legal entity’ will need to register and obtain a unique identification number – a Legal Entity Identifier (LEI) – before it can trade on financial markets in the UK after 3 January 2018. Investors who are deemed to be legal entities [are required] to obtain an LEI, which is a 20-character alphanumeric reference code that is unique to the legal entity. Legal entities include trusts (but not bare trusts), companies (public and private), pension funds (but not self-invested personal pensions), charities and unincorporated bodies that are parties to financial transactions.”

Alison MacKrill’s full article can be found using the link below.

Read More

Share
Twitter LinkedIn Email Save as PDF
More Publications
30 Jul 2021 |

Fighting international fraud

First published in New Law Journal, July 2021. Appleby partners Anthony William and Jared Dann an...

Contributors: Jared Dann, Claire Corkish
20 May 2021 |

The Gender Pay Gap Debate – a response to comments on social media

As a lawyer the majority of articles we write are about a particular case or a legal issue – which...

4 May 2021 |

New Private Investment Funds in Guernsey

In December 2020, the Guernsey Financial Services Commission (Commission) published a consultation p...

Contributors: Oratile Jonas
16 Mar 2021 |

Guernsey Structures - The Cannabis Investment Conundrum

Jurisdictions around the world have adopted different positions in relation to the legality of the c...

12 Mar 2021 |

Material adverse change clauses in light of the Covid-19 pandemic

Experts from each of our key global offices provide jurisdiction specific advice and answer question...

8 Mar 2021 |

Appleby Celebrates International Women’s Day

International Women’s Day is celebrated annually in support of gender equality and equal participa...

23 Feb 2021 |

Fit and Proper in the Channel Islands – A Regulatory Enforcement Update

It is sometimes easy to forget with all that has happened over the last 12 months that there was a w...

27 Jan 2021 |

Levies, registration and all that jazz

Regulatory markets evolve at various speeds and the data protection regime is one example of a marke...

6 Jan 2021 |

Executors navigating the “perfect (company) storm”

Corporate governance has become one of the most hotly debated topics in recent years. Whether it be ...

Contributors: Paula Fry