19. October 2017
Based on the pan-European regulation MiFID II, all legal persons who wish to carry out securities transactions beyond 3 January 2018 must implement the LEI code. As of today, LHV Pank offers its clients a convenient LEI code management service.
Starting next year, companies possessing the right to provide investment services (such as LHV Pank) are required to use the LEI code when informing regulatory agencies of transactions performed with securities belonging to a client who is a legal entity. The LEI is a global Legal Entity Identifier, consisting of a 20-digit alphanumeric code. If a legal person does not have the LEI code, it will not be possible to comply with the reporting obligation. Accordingly, starting from 3 January, the provider of investment services will not be able to fill the transaction orders of legal persons who do not possess the LEI code.
As of today, LHV Pank offers its clients a convenient LEI code management service: LHV applies for the LEI on behalf of the client from an approved body and renews it once a year. LHV itself does not issue LEI codes. The service fee for initial registration of the LEI code via LHV for one year is 120 € and the annual renewal fee is 80 €. VAT will be added. More information about the service is available at: www.lhv.ee/en/lei.
Legal persons can also apply for the LEI code by themselves from separately approved authorities, information on which can be found on the Global Legal Entity Identifier Foundation homepage. There are a number of different service providers that you can freely choose among.
LHV clients can enter the LEI, obtained elsewhere, in the internet bank: INFORMATION AND SETTINGS>Data>LEI code
Questions and answers concerning the LEI code can be read here.
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