The International Stock Exchange (TISE), formerly the Channel Islands Securities Exchange, has launched a service to assist local financial services firms with achieving compliance with new EU-wide identification requirements.
Under the EU's Markets in Financial Instruments Directive II (MiFID II), which takes effect from January 3, 2018, financial services firms wishing to operate in EU member states must obtain a unique 20-character alphanumeric identification code, known as a Legal Entity Identifier (LEI).
TISE says it is now able to act as an "accessible conduit" through which local firms are able to obtain LEIs for their own entities or those of their clients from the London Stock Exchange (LSE).
Fiona Le Poidevin, CEO of TISE, said: "We are delighted to be able to offer this new service to assist local financial services firms with obtaining LEIs for their own entities and also those of their clients. This service is open to both existing members of the Exchange and also non-member firms with whom we don't have a pre-existing relationship... We believe that the offering of an administrative hub for obtaining, renewing, and maintaining single or multiple LEIs with the LSE from within the Crown Dependencies could be attractive to local financial services firms."
TISE says it will charge an initial set-up fee of GBP155 (USD207) for each LEI request and each LEI will have an annual renewal fee of GBP95.
By Courtesy of Lowtax.net