The decision by the European Securities and Market's Authority (ESMA) to extend the 3 January 2018 Legal Entity Identifier (LEI) deadline for six months, to support the smooth introduction of the requirements is welcomed as a necessary measure, says Chris Donohoe, Chief Executive Officer, APIR Systems.
"ESMA's statement acknowledged that it had received a number of indications that not all investment firms will succeed in obtaining LEI codes from all their clients ahead of 3 January 2018. Similarly, it said it was aware of concerns that additional time might be required to reach out to non-EU entities to obtain their LEI codes".
"This is consistent to what we have witnessed here in Australia where the impact of MiFID II is well understood by the institutional market but far less so by the domestic funds, in particular the advisers and trustees of SMSFs."
"Our partnership with the London Stock Exchange makes obtaining an LEI for Australian firms a relatively quick, easy and inexpensive process".
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