What is LEI code and how it is issued

 

The Legal Entity Identifier (LEI) is a 20 digit alphanumerical code used while reporting transactions, allowing the clear and unique identification of legal Entities participating in the financial markets.

It is issued by certified Local Operating Units (LOUs) according to ISO17442 standard. The supervising authority, Legal Entity Identifier Regulatory Oversight Committee (LEIROC - www.leiroc.org), which has been established according to the recommendations of the Financial Stability Board, coordinates and supervises the issuance of LEI codes. In order for any organization to be certified as a LOU, a recommendation by a LEIROC member and the adoption of LEIROC's specific principles and technical commendations are required. The LEI Issuance is tracked by the Global Legal Entity Identifier Foundation (GLEIF).

LEI data are public. The certified LOU is required to be able to search for the relevant code of every concerned entity according to various criteria. Additionally, involved Legal Entities should access the public database www.p-lei.org, which gathers data from all the LOU and disseminates them free of charge, in order to certify that they do not already hold a LEI code prior to proceeding with a LEI issuance request.

Who should obtain a LEI code

 

Up to now, the provision for the usage of LEI concerns:

  • Trade Reporting, as required by EMIR. The obligated entities are the legal entities dealing in derivative products and their clearing members.
  • The European Banking Authority and consequently the Bank of Greece, have requested by an official letter that all supervised entities, namely the Credit Institutions and their subsidiaries, should obtain a LEI code
  • The Credit and Insurance Committee of Bank of Greece has asked from insurance and reinsurance entities which have their registered office in Greece or are located in a country outside the EU and operate in Greece to have a LEI code (Government Gazette B 3497 / 29.12.2014 )
  • In application of Regulation (EU)No 909/2014 of the European Parliament and of the Council, all participants-members of the Athens Exchange Group companies (ATHEXGROUP), i.e. ATHEX Members, ATHEXClear Members and ATHEXCSD Members, are required to issue and use the Legal Entity Identifier (LEI) code. The above obligation also concerns issuers of securities

 

1.Description of ΑΧΙAlei service for issuing LEI codes

The Athens Exchange Group through the AxiaLei service provides the obligated legal entities (Members and their clients) with the ability to obtain a LEI code under the assisted registration procedure. The service is provided by Hellenic Central Securities Depository SA (ATHEXCSD) of the Athens Stock Exchange Group, in cooperation with the L.S.E. Group through the Unavista platform.

2. With the ΑΧΙΑlei service, ATHEXCSD undertakes  the following:

I. Issue a LEI code, which includes the following:

  • The receipt of the application (AIT051E) of the obligated legal entity.
  • The receipt and the initial check of the required legalization documents
  • The levy (by the obligated) of the LEI fee and the issuance of the corresponding accounting document.
  • Upload all necessary information into the Unavista platform on behalf and upon authorization of the applicant.
  • The tracking of the LEI issue process.
  • The receipt and the notification to the obligated entity of the issued LEI. 

ΙΙ. Annual LEI code renewal, which includes the following:

  • Informing the obligated entity annually, one month prior to the anniversary date of the issue, of the need to renew the Code.
  • The Receipt of the application (ΑΙΤ053Ε) and checking of any additional required, legalization documents.
  • The levy (by the obligated) of the fee for the annual maintenance of the LEI and the issuance of the corresponding accounting document.
  • Upload all necessary information into the Unavista platform on behalf and upon authorization of the applicant.
  • The tracking of the renewal of the LEI issue process.

III. Transfer of the maintenance of the LEI code under ATHEXCSD administration, which includes the following:

  • The receipt of the application (AIT052E) and checking of the required legalization documents.
  • Upload information into the Unavista platform on behalf and upon authorization of the applicant.
  • The tracking of the transfer of the LEI issue process.

LSE/Unavista:

  • Gathers the applications and accompanying documents from ATHEXCSD.
  • Verifies the data uploaded in the platform against the submitted documentation, or, where appropriate, through the competent public authorities. Moreover, it checks whether a LEI code has already been issued by another LOU for the same legal entity.  In case of a problem, it rejects the request and informs ATHEXCSD.
  • Issues the LEI code within 5 days and registers it at Unavista's LEI base.

3. Procedure of issuing a  LEI code through the ΑXΙΑlei service:

 

To use the ΑXΙΑlei service, a legal entity is required to:

  • Send the following to axialei@athexgroup.gr :
  • Application ΑΙΤ51Ε «Application for the Issuance of Legal Entity Identifier", properly filled-in (submitted in DOC and PDF or JPG format for the scanned copy of the original -signed and sealed- application)
  • The following accompanied documents (in PDF or JPG format)
    • Copy of the Official Government Gazette with respect to the representation of the legal entity or a certified copy of the Board of Director's relevant record.
    • Certificate of the legal entity' record in the General Electronic Commercial Registry.
    • In case the legal entity participates as an entity in a group of companies, documents justifying the association of legal entities are also provided.

4. Fee payment for the LEI issuance (according to the instructions below).

Within 2 days from the submission of the above documents, the original documents should be mailed by post to:

HELLENIC CENTRAL SECURITY DEPOSITORY S.A. (ATHEXCSD)
ATHINON AVE. 110, 10442 Athens, Greece
Attn: Investor Services Desk - ΑΧΙΑlei service

AXIAlei Fees and payment instructions

 

  • LEI issuance request:

o   €138,00 (plus VAT) or €171,12 (incl. VAT 24%) Per LEI .

o   Paid by the requesting Legal Entity.

o   Invoiced by ATHEXCSD and collected on the submission of the application/request.

 

  • Annual LEI renewal subscription

o   €84,00 (plus VAT) or €104,16 (incl. VAT 24%) Per LEI .

o   Paid by the requesting Legal Entity.

o   Invoiced by ATHEXCSD and collected annually on the anniversary month of LEI code issuance.

 

Note: The service is subject to VAT 24% for domestic legal entities only. Legal entities registered in VAT Exchange Information System as EU Member States residents pay the AXIAlei fees without VAT. Also according to Law 3733/2009 (Article 14), foreign legal entities which carry out transactions outside the intra-Community transport of goods are exempt from VAT

Fees should be deposited into the following ATHEXCSD's Bank Account:

IBAN: GR38 0140 1010 1010 0200 2063 823
Bank: ALPHA BANK
BIC: CRBAGRAAXXX
Reason: LEI - Legal Entity Name

For more information, please contact the Investor Services Desk.
 

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