KDPW and PKO Bank Polski partner for LEI initiative
05 September 2018 Warsaw
Image: Shutterstock
The Central Securities Depository of Poland (KDPW) and PKO Bank Polski have partnered for a new standard in the issuance and maintenance of legal entity identifier (LEI) codes.
The LEI is a unique global identifier of legal entities operating on financial markets.
Legal entities are required to obtain and use LEIs under European legislation and have been introduced to improve the transparency and safety of financial markets.
PKO Bank Polski is the first bank in Poland to allow clients interested in treasury product transactions to obtain LEI codes from KDPW.
KDPW is the only Polish institution accredited to issue LEI codes in the global LEI system.
Issuance of LEIs is a part of an integrated portfolio of services offered by KDPW to support the operation and development of the Polish financial market.
KDPW manages a database of over 15,000 LEIs held by companies in Poland and other countries.
S?awomir Panasiuk, vice-president of the KDPW management board, said: “The modification of the LEI documentation and issuance procedures and the initiated partnership with PKO BP open a new chapter in the way LEI codes can be obtained and maintained.”
He added: “Direct access to LEIs from the biggest Polish bank facilitates the process for companies and represents one further improvement offered by KDPW in serving the financial market. The solution is open to all entities operating bank accounts or securities accounts: banks and brokers who want to be a KDPW LEI service agent.”
Agnieszka Stachnio, treasury product department director of PKO Bank Polski, said: “The launch of the LEI issuance service available in electronic banking and at the bank’s branches is the first solution of its kind in Poland, addressed to all clients willing to trade in Treasury products.
She added: “The client simply needs to authorise the bank to obtain an LEI for the client from KDPW when signing or annexing the electronic banking master agreement or visiting a branch. There are no other formal requirements and it takes only minutes to obtain the LEI.”
“Importantly, all clients of the bank who actively use treasury products pay no fee for the issuance and subsequent renewal of their LEI.”
The LEI is a unique global identifier of legal entities operating on financial markets.
Legal entities are required to obtain and use LEIs under European legislation and have been introduced to improve the transparency and safety of financial markets.
PKO Bank Polski is the first bank in Poland to allow clients interested in treasury product transactions to obtain LEI codes from KDPW.
KDPW is the only Polish institution accredited to issue LEI codes in the global LEI system.
Issuance of LEIs is a part of an integrated portfolio of services offered by KDPW to support the operation and development of the Polish financial market.
KDPW manages a database of over 15,000 LEIs held by companies in Poland and other countries.
S?awomir Panasiuk, vice-president of the KDPW management board, said: “The modification of the LEI documentation and issuance procedures and the initiated partnership with PKO BP open a new chapter in the way LEI codes can be obtained and maintained.”
He added: “Direct access to LEIs from the biggest Polish bank facilitates the process for companies and represents one further improvement offered by KDPW in serving the financial market. The solution is open to all entities operating bank accounts or securities accounts: banks and brokers who want to be a KDPW LEI service agent.”
Agnieszka Stachnio, treasury product department director of PKO Bank Polski, said: “The launch of the LEI issuance service available in electronic banking and at the bank’s branches is the first solution of its kind in Poland, addressed to all clients willing to trade in Treasury products.
She added: “The client simply needs to authorise the bank to obtain an LEI for the client from KDPW when signing or annexing the electronic banking master agreement or visiting a branch. There are no other formal requirements and it takes only minutes to obtain the LEI.”
“Importantly, all clients of the bank who actively use treasury products pay no fee for the issuance and subsequent renewal of their LEI.”
NO FEE, NO RISK
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
.jpg)