The LEI code is related to European-wide securities regulations and has been mandatory in trading in derivatives since 1 November 2017 (EMIR) and in other securities trading (MiFID II regulation) since 3 January 2018.
When does a company or entity need an LEI code?
A company or entity needs an LEI code if it intends to trade in the following investment products:
- Equities
- Notes and bonds
- Structured notes
- Derivatives
- Warrants
- Stock options
- Exchange-traded funds (ETF)
- Other exchange-traded products (e.g. ETC, ETN, certificates)
Who needs to have an LEI?
The LEI code is necessary for the following customer groups, among others:
- Companies or entities with a business ID and entered in the Trade Register
- Foundations entered in the Foundations Register
- Another unit with a business ID which needs to be identified in financial markets, such as a mutual fund or public corporation
- Foreign entities trading in securities in Finland
How an LEI code can be received?
Your company or entity needs to apply for an LEI from a local registrar in Finland or abroad. In Finland, you can apply for LEIs from the Finnish Patent and Registration Office (PRH). The LEI code is subject to a charge. The Finnish Patent and Registration Office will send your company a bill when it has issued the LEI code.
In future, the Finnish Patent and Registration Office will charge for the LEI code once a year. If your company already has an LEI, ensure that your company has paid a fee to keep the LEI valid.
The bank cannot apply for an LEI code for yourself. Instead, you must apply for it yourself. There is no need to notify the bank of the LEI code because we automatically get the related information.