Time's Up: Esma Sticks to the Schedule for Mifid II LEI Compliance
Esma’s ‘No LEI, No Trade’ policy gets real after the official end of a grace period on Mifid II’s LEI requirement, while at the same time Hong Kong regulators have introduced a new LEI mandate to boost identifier use in the region. Jamie Hyman and Wei-Shen Wong investigate market readiness and what slower uptake in the APAC region means for European firms.
[Editor’s note: This article has been edited to reflect that the July 2 grace period deadline has passed.]
Mifid II requires that nearly every company, charity, trust, and fund domiciled in a European Union country—or based elsewhere but doing business within the EU—must have an LEI. In October 2017, Pan-European regulator the European Securities and Markets Authority (Esma) issued a brief that declared ‘No LEI, No Trade,’ warning entities around the globe that they must have an LEI to be able
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