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Legal Entity Identifier (LEI)
What is a Legal Entity Identifier ?
A Legal Entity Identifier (LEI) is a 20-character alphanumeric code, linked to key reference information: it enables legal entities participating in financial transactions to be clearly and uniquely identified throughout the world.
The LEI is a requirement coming from the revised European Union (EU) Directive regarding Markets in Financial Instruments (MiFID II) and its associated Regulation (MIFIR), as well as the European Market Infrastructure Regulation (EMIR) which obliges banks to declare to their control authority financial instruments transactions of its clients by identifying its client companies or non-profit organisations, notably by their LEI. This requirement for identification applies to purchase and selling transactions (including outside the stock exchange), transfer of securities, etc.
Do I need a LEI?
If you are the representative of a company or of a non-profit organisation that has a trading account with Keytrade Bank and are willing to continue executing transactions on financial instruments (stocks, trackers, etc) after 1st January 2018 on behalf of your company or non-profit organisation, then yes, your company / non-profit organisation needs an LEI.
The only instruments that are out of scope are funds (non-tradable on an exchange). Hence a KEYPLAN-only client (with regard to investments) is out of scope and is not required to have an LEI.
For which transactions is the LEI required ?
The LEI is required as of January 1, 2018 when selling or buying a financial instrument (except the funds that is non-tradable on an exchange, see above), transferring a financial instrument or participate to a corporate action with investment decision.
How can I get an LEI?
Apply for one via the following issuing organisation: GS1 Belgium & Luxembourg or www.xerius.be/lei (Dutch) / www.xerius.be/fr/lei (French) Once the application is approved with the issuing organisation, you will receive your LEI by email and it will then be listed in the global LEI data base (Global LEI Foundation or GLEIF). Keytrade Bank will periodically update the LEIs of its clients based on this database, hence no need for you to communicate your LEI to us. Please kindly note that it may take up to two weeks for the issuing organisation to issue and communicate your LEI.
What is the cost of an LEI?
The current cost of applying for an LEI is 89 euros for an initial registration. This cost is set by the issuing organisation, independently from Keytrade Bank, and is to be paid to this issuing organisation when you apply for the LEI. Please note that this cost may be subject to change by the issuing organisation.
Does the LEI have a expiry date?
An LEI is valid for one year. You will receive an automatic communication from the issuing organisation several weeks before the expiry date of your LEI inviting you to renew it.
Should I communicate my LEI to Keytrade Bank and if so, how?
No, Keytrade Bank will periodically update the LEI of its clients based on the global LEI data base (Global LEI Foundation or GLEIF), hence no need for you to communicate your LEI to us.
If I have an account for my company at several banks, do I need a different LEI for all those accounts?
No, the LEI is unique ID at entity level and should be used for all transactions you may have with Keytrade Bank but also other financial institutions.
What happens if my company/non-profit organisation does not have an LEI after January 2018?
From 1 January 2018, you will no longer be authorised to place an order on behalf of your company/non-profit organization without an LEI.