The International Stock Exchange (TISE), which is headquartered in Guernsey, has launched a new service to assist local financial services firms with obtaining a Legal Entity Identifier (LEI).
An LEI is a unique 20-character alphanumeric identification code designed for regulators to identify all legal entities that are engaging in financial transactions.
Some entities have already been required to have an LEI but the scope is set to widen significantly. From 3 January 2018, all entities within the EU, including the UK, which are subject to the Market in Financial Instruments Directive II (MiFID II) and its associated regulations – or non-EU entities wishing to transact with such entities – must have an LEI. If they do not, then they will not be able to trade.
TISE is now able to act as an easily accessible conduit through which local firms are able to obtain LEIs for their own entities or those of their clients from the London Stock Exchange (LSE).
TISE Chief Executive Fiona Le Poidevin said: "We are delighted to be able to offer this new service to assist local financial services firms with obtaining LEIs for their own entities and also those of their clients.
"This service is open to both existing Members of the Exchange and also non-Member firms with whom we don't have a pre-existing relationship.
"We believe that the offering of an administrative hub for obtaining, renewing and maintaining single or multiple LEIs with the LSE from within the Crown Dependencies could be attractive to local financial services firms.
"The breadth of those entities requiring an LEI is going to be significantly increasing and so we believe that providing a service from the Crown Dependencies will be attractive for our financial services firms."
TISE will charge an initial set-up fee of £155 for each LEI request and each LEI will have an annual renewal fee of £95.
Those interested in more information or submitting an application, can visit the TISE's LEI Service webpage.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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