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If you are are a trustee or currently managing a pension scheme, you will more than likely be required to obtain a Legal Entity Identifier (LEI) in order to execute trades.
A Legal Entity Identifier (LEI) code is a 20 digit alpha-numeric code unique to each legal entity. Where applicable Pension Schemes and Funds are required to obtain and provide an LEI code under various EU regulations such as Mifid 2.
This includes pensions schemes and pension funds. The LEI requirement is also extended to all entities trading within the boundaries of financial instruments or trading stock/debt including equities, bonds, trusts all financial intermediaries, entities listed on an exchange.
This also includes investment funds, as well as their umbrella structures, transaction counterparties and holding companies.
If the entity is listed under the category “trading listed securities”, as pension schemes often are, they will be required to report an LEI.
This enables authorities and regulators to monitor and analyse vast amounts of accurate data about who is engaging in market activity. This allows for more efficient methods of preventing market abuse and reduces systemic risk.
When a pension scheme obtains an LEI Code, the LEI will be used to identify the pension schemes in various investment activities (e.g equities/bonds).
Investment managers will include the LEIs in transaction reports when executing trades on behalf of the pension scheme, fund or SSAS. The LEI will need to be included in every transaction conducted
It is worth noting that a pension schemes LEI is permanent and once it has obtained an LEI it will maintain that LEI by renewing it annually. This helps to ensure the data is consistent and up to date, as regulators rely on it for an accurate assessment of the marketplace.
Not having an LEI can result in blocked trades as most investment providers no longer accept national insurance numbers as an acceptable identifier.
If a pension scheme does not currently have an LEI where one is required, trades may be delayed until one is obtained and it may cause complications with the investment service provider
Usually investment manager or advisor will assist trustees in applying for an LEI. This is because if there is no LEI for a pension scheme the investment manager will not be able to engage in market activity or conduct trades on the trustees behalf.
Trustees of UK Pension schemes requiring ESG Templates under the direction of the PLSA are required to report a Legal Entity Identifier.
Other similar categories of legal entities which are eligible to obtain an LEI include trust funds, pension funds and charities.
You can apply for an LEI for any type of entity by clicking here or the register LEI button on the top of this page.
There has been some questions raised around this matter. There is a grey area here, where it is not clear whether a Sipp (Single Invested Personal Pensions) Pension Scheme is an actual legal entity.
However, they are listed as trading securities and fall under the scope of Mifid 2 so they are eligible to obtain LEIs, investment managers often insist on their clients providing LEIs. Sipp pension scheme trustees will often already have an LEI as they also fall under the EMIR Regulation, which also requires an LEI since 2014.
With the introduction of MiFID 2 in January 2018, small self administered schemes (SSAS) are also obligated to report an LEI, especially if intending to trade equities and bonds.
When the SSAS has obtained a Legal Entity Identifier they should provide it to their investment manager who will include it in the transaction reporting system.
According to the Financial Times “some investment managers have refused to accept their clients national insurance numbers for trades and ask instead for LEI codes under MiFID II”
Step 1: Click the Register New LEI button or here
Step 2: Complete the 5 minute application form, select ‘Other’ under entity type.
Step 3: Proceed to checkout and select your package.
Step 4: Await for the LEI to be validated.
Step 5: You will receive confirmation via email and your LEI will be publish to the LEI index.
LEI Worldwide use the payments provider STRIPE and PayPal. We also offer the ability to complete a bank transfer or swift payment in any currency including US Dollars.
A member of the LEI Worldwide team will review the submission upon completion and you will receive your LEI code within a few hours.
If you have any questions please contact info@lei-worldwide.com
To apply for your own LEI or on behalf of a legal entity, please select the option from the buttons below.
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