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If you are transacting in the global financial system, you will more than likely be required to obtain a Legal Entity Identifier (LEI).
Whether your company is based in Malta or is registered there from an offshore destination in the EU, you can obtain an LEI quite easily regardless of the location.
Applying for an LEI number is simple, and can be completed in a matter of minutes regardless of the entity type. Having an LEI is recommended especially within the Malta due to EU mandates for reporting obligations in the countries that regularly trade within Malta.
A Legal Entity Identifier (LEI) is a 20 digit code that is unique to a legal entity and provides basic information about the entity such as name, address and entity type e.g Limited Company.
We explore the LEI concept further in our recent post What is the Legal Entity Identifier?
The Mifid (Markets in Financial Instruments) II directive was introduced for European entities that trade in securities along with EMIR (European Market Infrastructure Regulation). These regulations stipulate that EU, including Maltese registered businesses will be required to report an LEI when trading abroad. The use of the LEI is required by Maltese entities when they are trading within the EU, USA or further afield. The LEI is a mandatory requirement in the Malta as it is technically within the EU, but it is becoming increasingly more popular in an ever changing world of financial compliance and is being adopted by entities that do not require it also.
In December 2017, The Malta Stock Exchange issued a circular advising market participants to obtain their LEI before the “No LEI, No Trade” ruling came into effect in January 2018. For more information please see here.
Likewise, in 2016 the The Malta Financial Services Authority (MFSA) issued a circular on the LEI which can be found here.
LEI codes are required for legal entities that fall into the following classifications. Entities that:
Obtaining a Legal Entity Identifier code is a simple process. The LEI application form only takes a few minutes and any representative of the company may apply on behalf of the entity.
Step 1: Click on the ‘Register New LEI’ button here or visit the homepage of this website. To begin, fill out your contact details as the applicant. This information will be used to contact you in case any additional information is required.
Step 3: The next section ‘Level 2 Data’ gives you the opportunity to report parent company information.
For example, if your company is a branch of a larger organisation, or is owned by another company you may have that information appear on the LEI record. However, this is not a legal obligation. If you wish to report a legal parent company, please note that you will be requested to provide evidence of this relationship by way of Consolidated Accounts (i.e an annual report).
You may only report parent information if the parent company consolidates the accounts and the subsidiary is listed there.
Step 4: The final section allows you to upload documentation relevant to your application.
When an LEI application is submitted, the data is cross matched with what is on the relevant local companies registry.
If however the company cannot be found, or the data does not match the registry, we may request that you provide supporting documentation. Some good examples include a document from ASIC, a Certificate of Incumbency, Register of Directors, or a registry extract.
A registered company in Malta for example may with to provide their Trade License or Commercial License as it confirms important company information.
Once the application is submitted, simply choose your preferred payment method and complete the application. LEI Worldwide use our payments provider STRIPE and PayPal. We also offer the ability to complete a bank transfer or swift payment in any currency including Euro and 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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