Mandatory requirement for LEIs to be introduced by FCA for regulatory announcements

From 01 October 2017, all issuers of securities admitted to the Main Market of the London Stock Exchange will be required to supply an Legal Entity Identifier (LEI) when filing regulatory announcements.

The FCA has announced forthcoming changes to its Disclosure Guidance and Transparency Rules (DTRs) which will require issuers whose home state is the United Kingdom to supply their LEI when filing regulatory announcements from 01 October 2017.

The new rules will also require issuers to classify the regulated information using prescribed classifications.

Who do the requirements apply to?

The FCA’s requirements will apply to issuers of securities which are admitted to trading on a regulated market and whose home state is the United Kingdom. This includes issuers with a Premium or Standard listing on the London Stock Exchange’s Main Market.

The requirements do not apply to issuers on AIM or other Multilateral Trading Facilities (MTFs) run by the London Stock Exchange.

What is an LEI?

An LEI uniquely identifies participants to financial transactions. The Global LEI System represents a coordinated international initiative by financial regulators to promote a single system for the worldwide allocation and administration of LEIs. Each LEI comprises a 20 digit alphanumeric code unique to the entity.

How does an issuer obtain an LEI?

An issuer can obtain an LEI from a Local Operating Unit (LOU). The London Stock Exchange is an LOU and has produced the LEI Quick Step User Guide for its web-based platform. For requests of ten or more LEIs, the London Stock Exchange can provide a bulk service.

How does an issuer check if it already has an LEI?

Issuers can check whether an LEI already exists using the search function on the Global Legal Entity Identifier Foundation website.

For more information on the Global LEI System, see our elexica article The Global LEI System and Other Unique Identifiers.

This document (and any information accessed through links in this document) is provided for information purposes only and does not constitute legal advice. Professional legal advice should be obtained before taking or refraining from any action as a result of the contents of this document.