The Australian Securities and Investment Commission (ASIC) has signalled its intention to harmonise regulations with internationally accepted standards. The Legal Entity Identifier (LEI) is one element of those standards and, although not currently mandatory in Australia, it is now highly recommended for any legal entity or fund that holds global derivative positions.Â Indeed they will be mandatory for certain transactions and compliance reporting from next year.
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Aleks VickovichWealth editor
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APIR-issued codes take in APIRs as well as Superannuation Product Identifier Number (SPINs) and legal entity identifier (LEIs). They are used by end users, such as platforms, financial planners, managed funds, separately managed accounts (SMAs) and superannuation funds as well as regulatory bodies such as the ATO, to identify assets and enable execution and portfolio valuations. They were introduced in Australia in the mid-1990s and have been issued by APIR since that time.
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COVID period sparks SMSF interest in OTC derivatives09 September, 2020
A surge in applications for Legal Entity Identifiers in recent months suggests that greater numbers of investors, including SMSFs, are looking to trade in non-exchange-traded instruments such as CFDs and foreign exchange, says an LEI issuer.
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30 September LEI deadline looms for SMSFs10 September, 2019
With no further extension of relief by the Australian Securities and Investments Commission (ASIC) in sight, the 30 September deadline for legal entities, including self-managed superannuation funds (SMSFs), to obtain a Legal Entity Identifier (LEI) is fast approaching.
The new world of securities product identifiers10 June, 2019
APIR Systems, the Australian provider of identification codes for investment products, is experiencing a big increase in demand for its âlegal entity identifiersâ (LEIs), prompted by a new September 30 deadline set by ASIC.
Asian Region Funds Passport…what is it? And where is at?28 August, 2018
Traditionally standard identifiers have been used by the wealth management industry to improve efficiencies in transaction processing, reporting and information flows. In some jurisdictions such as Australia identifiers also play an important role in the compliance framework.