FCA Confirms Amendment to the LEI Validation Rule Effective March 2018
On March 2, the UK’s Financial Conduct Authority (FCA) updated its webpage for firms subject to transaction reporting obligations under the revised Markets in Financial Instruments Directive.
The European Securities and Markets Authority’s (ESMA) statement on December 20, 2017, regarding transition measures (for further information please see the January 5 edition of Corporate & Financial Weekly Digest), forced a temporary change to the FCA’s legal entity identifier (LEI) validation rule in its transaction reporting system, the market data processor (MDP). Subsequently, in its response to ESMA’s statement, the FCA confirmed that this change would not take place before January 3.
On its updated webpage, the FCA confirms that the change will be implemented in the MDP on March 10. Beginning March 12, firms should (re)submit any outstanding transaction reports for which the trade date precedes the LEI registration date.
The FCA’s updated webpage is available here.
The FCA’s response is available here.