LEI code

Revised EU securities regulations (MiFID II, MiFIR and EMIR) require that legal entity customers are identified with an international LEI code (Legal Entity Identifier) in transaction reporting of financial instruments to the Financial Supervisory Authority and in EMIR reporting related to derivatives trading. In transaction reporting, private customers are identified with a Finnish personal identification number or corresponding foreign identification number.

Typically, such financial instruments include, for example, shares and bonds quoted on a stock exchange. The size or nature of the transaction is not significant; all transactions within the scope of the reporting requirement are reported so that the entities involved in the transaction are identifiable with an LEI code.

The transaction reporting requirement does not apply to subscription and redemption of investment fund shares, so an LEI code is not needed in this context. On the other hand, trading of listed investment fund (ETF) shares falls within the scope of transaction reporting, in which case an LEI code is needed.

If an entity has not obtained an LEI code, it cannot execute financial instrument transactions or derivative contracts. Without an LEI code, investment service providers and trading parties in derivative contracts cannot report entities’ securities transactions. Entities can no longer use an identifier other than an LEI code.

In Finland, an LEI code can be obtained from the Finnish Patent and Registration Office (PRH) by

• an entity (e.g. limited company or limited partnership) entered in the Trade Register
• a foundation entered in the Foundation Register or
• some other entity (e.g. investment fund or public law entity) that has a Business ID

Further information about obtaining an LEI code is available on the PRH website.

Further information

LEI codes can be checked at the address: http://openleis.com/

The LEI system is maintained and administered by the international Global Legal Identifier Foundation (GLEIF).