On December 2, the UK Financial Conduct Authority (FCA) updated its website on the revised Markets in Financial Instruments Directive (MiFID II) to include a new section on transaction reporting and legal entity identifiers (LEI Update) under MiFID II. The LEI Update sets out the function and purpose of an LEI, and clarifies that from January 3, 2018, firms subject to MiFID II transaction reporting will be unable to execute trades in financial instruments on behalf of clients that are eligible for an LEI, but who do not have an LEI. The LEI Update details how to obtain an LEI and also reminds firms that LEIs must be renewed on an annual basis.

The LEI Update can be found here.