LEIs: GLEIF publishes Entity Legal Forms Code List

Of relevance to: Any firm subject to MiFID II transaction reporting obligations
Key date: LEIs must be in place by 3 January 2018

The Global Legal Entity Identifier Foundation (GLEIF) has published its first Entity Legal Forms (ELF) Code List, showing more than 1,600 entity legal forms across over 50 jurisdictions.

These form the basis of the unique Legal Identity Identifier (LEI), required from 3 January 2018 for any firm subject to MiFID II transaction reporting obligations – otherwise they will not be able to execute a trade on behalf of a client eligible for a LEI and does not have one.

An LEI is a unique identifier for persons that are legal entities or structures including companies, charities and trusts. When an LEI code is allocated to an entity, the code is included in a global data system. This enables every legal entity or structure that is a party to a relevant financial transaction to be identified in any jurisdiction.

UK entity legal forms shown on the ELF Code List are:

  • Private Limited Company (Welsh for Limited: cyfyngedig)
  • Public Limited Company (Welsh: Cwmni Cyfyngedig Cyhoeddus )
  • Limited Liability Partnership (Welsh: Partneriaeth Atebolrwydd Cyfyngedig)
  • UK Establishment
  • European Economic Interest Grouping
  • European Public Limited-Liability Company (Societas Europaea)
  • Limited Partnership
  • Old Public Company
  • Private Limited by Guarantee
  • Private Unlimited
  • Unregistered Company

The ELF Code List has been prepared under ISO standard 20275, developed by the International Organization for Standardization. Its aim is to enable legal forms within jurisdictions to be codified and thus facilitate the classification of legal entities according to their legal form. It assigns a unique code to each entity legal form; the ELF code being an alpha-numeric code of four characters.

Further information on LEIs, including answers to frequently asked questions, can be found on the Legal Entity Identifier Regulatory Oversight Committee (LEIROC) and Global Legal Entity Identifier Foundation (GLEIF) websites.