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LEI is nigh

The PRA has published a “final warning” regarding the imminent  LEI deadline:

  • The PRA’s LEI “recommendation” requires a firm/group to obtain an LEI code/codes by 31 December 2014 at the latest
  • The PRA requests that any inability to comply by the year end should be notified to them by Friday 5 December 2014. Notification may be made by emailing both one’s usual supervisory contact and the PRA’s Regulatory Data Group at regulatorydataqueries@bankofengland.co.uk
  • Firms should refer to EBA/REC/2014/01 for details on where to obtain LEIs from, and to which entities the requirement applies
  • Note that firms which report on a consolidated basis will have to obtain LEIs for all relevant group entities, including a holding company under CRR

The letter includes an appendix with instructions for the consistent use of LEIs for reporting and states that the PRA does not expect an LEI to be reported where one has been obtained by the counterparty.

The LEI regime is of vital importance for both risk management and regulatory compliance. The FCA has already indicated that it expects to receive all relevant LEIs by year end. Given the relative ease and low cost of compliance and the clear benefits for both regulator and regulated, enforcement is likely to be swift.

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