Open Platform: Identity Crisis
What we mean by the term “legal entity” (LE) depends on who is asking the question. If it’s the Internal Revenue Service (IRS), an LE is anything that files a tax return, and the taxpayer identification number works admirably as a legal entity identifier (LEI), although that means there are no LEIs for foreign entities. If the Depository Trust and Clearing Corp. (DTCC) is asking the question, it means anyone who has a clearing account at the DTCC, although there is no LEI for many beneficial
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