Under the European Market Infrastructure Regulation ("EMIR") all EEA counterparties subject to reporting need to provide a pre-legal entity identifier ("LEI") pending the finalisation of a global LEI, to meet the reporting obligations. The pre-LEI are issued by Local Operating Units ("LOU") which are endorsed for the purposes thereof.
The LEI has the form of a 20-digit code that connects to key reference information, enabling the clear and unique identification of legal entities.
The LEI regulatory oversight committee ("ROC"), a committee of authorities from around the world, is the entity in charge of endorsing the LOUs for issuance of pre-LEIs.
On August 26th the ROC announced the endorsement of LuxCSD, an entity sponsored by the Central Bank of Luxembourg as a pre-LOU.
LuxCSD will therefore provide the LEI issuance service for Luxembourg-domiciled entities and investment funds via luxcsd.com so that now, entities will be able to use Luxembourg LEIs for reporting financial transactions on an international level rather than just for domestic transactions.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
