Legal entity identifiers
A legal entity identifier (LEI) is a 20-character code used for all entities that enter into financial transactions. This initiative is endorsed by the Group of Twenty Finance Ministers and Central Bank Governors (G20) and administered by the Global LEI System as a public good.
Each entity may only receive one LEI and this identifier must be used for all LEI reporting in each jurisdiction where the LEI is required.
For more information, see the April 5, 2018 Ontario Securities Commission (OSC) news release, "OSC provides update on Legal Entity Identifier Requirement”.
Companies that require LEIs
All companies that offer over-the-counter (OTC) derivative transactions reportable under OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting (the TR Rule) must have an LEI.
In addition, you need an LEI if you are a:
- reporting agent
- broker acting as an intermediary
- clearing member
- electronic trading venue
- clearing house connected to a trade reported under the TR Rule
Operational divisions and branches are not eligible to receive an LEI and must use the LEI of their immediate parent company to comply with the TR rule.
Natural persons are not eligible to receive an LEI.
Registering for an LEI
The Ontario Securities Commission does not issue LEIs. You must apply to a local operating unit (LOU) that has been endorsed by the Global LEI System’s Regulatory Oversight Committee or has been accredited by the Global LEI Foundation (GLEIF). See the list of accredited LOUs.
If your company does not wish to apply for an LEI themselves, you may request another do so on your behalf but must notify the LOU that the entity has given such permission.
Each LOU has its own process for issuing LEIs but generally, an applicant must supply the LOU with the:
- official name of the entity
- address of legal formation
- address of the headquarters
- name of the business registry
- entity’s ID at that business registry where it was created, if applicable