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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.

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APIR Systems, the Australian provider of identification codes for investment products, is experiencing a big increase in demand for its ‘legal entity identifiers’ (LEIs), prompted by a new September 30 deadline set by ASIC.

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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.

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