The need for a Legal Entity Identifier (LEI) is most probably associated with reporting under EMIR (see Regulatory Roundup 52) although its use is encouraged elsewhere e.g. AIFMD Reporting (see Regulatory Roundup 59).
Some firms may have received an email from the FCA extending the use of an LEI for the purposes of COREP Reporting – a link to the narrative is provided.
Although an LEI may not be needed for the COREP Reports that a particular firm has to complete, the FCA email stems from an EBA requirement for all firms subject to reporting under the CRR to obtain a LEI; see paragraphs 3 to 6 (page 7) of EBA Recommendation 2014/01.
If you are such a firm then a reminder that an LEI for the firm (and for any group entities if applicable) must be obtained by 31 December 2014 at the latest. Once a LEI(s) has been obtained it has to be submitted to the FCA and used in COREP (and FINREP if applicable) reports from the first reporting reference date in 2015. Regulatory Roundup 52 provides details on obtaining a LEI. Submission of a firm’s LEI(s) to the Regulator is by way of the ‘Next’ button on the FCA’s email.
The FCA has a dedicated email address for any related queries: LEI.queries@fca.org.uk.
