LuxCSD's LEI service now operational 01 September 2014Luxembourg Reporter: Catherine Van de Stouwe
Image: Shutterstock
LuxCSD’s legal entity identifier (LEI) issuance service for Luxembourg-domiciled entities and investment funds is now operational and accessible through the LuxCSD website.
The LuxCSD has been endorsed by the Regulatory Oversight Committee (ROC) as a pre-local operating unit to issue LEIs. The endorsement is a prerequisite for using Luxembourg LEIs for reporting financial transactions on an international level, rather than just for domestic transactions.
As part of the European Market Infrastructure Regulation (EMIR), all EU counterparties entering into derivative trades are required to have an LEI to meet the reporting obligations.
To fulfil the new mandate, LuxCSD is in collaboration with the Depository Trust & Clearing Corporation to provide the infrastructure for the LuxCSD LEI services.
The combination of LuxCSD’s local expertise in obtaining LEIs and supporting the validation of requirements set by the ROC with the DTCC and SWIFT’s global markets entity identifier utility will provide Luxembourg with a robust model.
Patrick Georg, general manager of LuxCSD, said: “Our new mandate to run the Luxembourg LEI issuance service allows us to assist local market participants in complying with the reporting requirements for domestic and cross-border transactions under EMIR and all other reporting requirements throughout the world.”
“We will actively engage with relevant industry organisations in Luxembourg to shape the LEI service for the Luxembourg market and to convey the views of the Luxembourg market to [ROC] as well as to the Global LEI Foundation.”
NO FEE, NO RISK 100% ON RETURNSIf you invest in only one asset servicing news source this
year, make sure it is your free subscription to Asset Servicing Times
Image: Shutterstock 