EMIR & LEI Information
According to the regulations of MiFID II / MiFIR, which came into force on 3 January 2018, we are now obliged to report our clients’ transactions to the responsible supervisory authority. As part of this reporting, corporate clients must be identified with the so-called Legal Entity Identifier (LEI). Without a LEI, our partner Interactive Brokers (IB) can no longer execute reportable securities transactions for the corporate clients of LYNX. Below you will find answers to frequently asked questions about the Legal Entity Identifier.
What is a Legal Entity Identifier (LEI)
The Legal Entity Identifier – LEI for short – is a 20-digit code used to identify participants in the financial market. The individual LEI is a reaction to the 2008 financial crisis and serves to ensure security and transparency. From now on, transactions must be reported to the responsible supervisory authority and can be clearly assigned via the LEI. Without the LEI, IB can no longer execute reportable securities transactions for you.
Cleared clients will be able to delegate their EMIR trade repository reporting obligations to Interactive Brokers (IB). In addition, IB will facilitate the issuance of Legal Entity Identifiers to clients who are in scope of the regulations and do not currently have a LEI.
Accessing your EMIR & LEI Information
- Log in into your Client Portal
- In the menu at the top right corner, select Welcome and then Settings. Within the column Account Configuration, select EMIR & LEI Information.
- Select one of the options below and click Continue:
I do not have a LEI but would like IBKR to apply for a LEI and to do EMIR reporting on my behalf
- Enter the Legal Entity Reference Data and click Continue.
- After filling out the Legal Entity Reference Data sign the letter of authorization by typing your name and clicking Continue.
I have already obtained a LEI and wish to provide this
- Enter the Legal Entity Reference Data.
- Select whether to delegate your EMIR reporting to IBKR.
- Select counterparty type and click Continue.
I do not have a LEI and do not want IBKR to apply for a LEI on my behalf as the account holder is not subject to EMIR
- Click Continue to confirm that you have chosen not to provide LEI or to apply for LEI.
I do not have a LEI but would like a third party provider to apply for a LEI
A LEI can also be requested from authorized issuing offices. You can find examples of issuing organisations under the following link: Get a LEI: Find LEI Issuing Organizations
We cannot offer you any assistance with applying for a LEI from other organisations.
FAQ
Who needs to apply for a LEI?
All participants in the financial market are subject to the reporting obligation. This means that all independent legal entities in the financial market require a LEI. This also includes foundations.
Private individuals and legally dependent parts of companies do not require a LEI.
What customers will not be eligible to report through IB?
- Individual and joint accounts as they are not subject to reporting requirements
- Execution only customers
- Advisor master accounts
- Referrers
- Money/Wealth Managers
- SIPP Administrators
- Employee Trak master accounts
- Fund Administrator accounts
How does the application for a LEI work and what are the costs?
You can apply for the LEI via the system of our service partner Interactive Brokers (IB) or via a third-party provider.
Fees are charged for applying for the LEI with IB. The amount of the fees can be found in your local branch’s List of Prices and Services.
What happens if you do not provide a LEI?
Without a LEI, LYNX can no longer execute reportable securities transactions for its corporate clients.
Where can I get more information about the LEI?
General information on the LEI code can be found on the website of the LEI ROC (www.leiroc.org) or the GLEIF (www.gleif.org).
Where can I find more information on EMIR Reporting?
You can find more information on EMIR Reporting on the following page: EMIR Reporting.