A-Team Insight Blogs

Australia Sees Groundswell in Demand for LEI Registrations

Share article

The year 2019/20 saw a doubling of LEI registrations in Australia, according to APIR Systems, a provider of essential infrastructure for the wealth management industry in Australia, including acting as an official registration agent for the issuance of LEIs.

Coming into legal force in Australia on October 1, 2019 after numerous postponements, there has been a groundswell of sign-ups over the past six months – not least because of the hardline enforcement stance taken by the Australian Securities and Investments Commission (ASIC), which has led some brokers to block fund owners and derivatives traders if they lack LEIs.

GS1 Australia, another major domestic issuer of LEIs, noted earlier this year that it too has reported a significant influx of requests, following on from a “major increase” in the last quarter of 2019.

Over 1.2 million LEIs have been issued internationally and 17,000 identifiers have been issued to date in Australia, as of end-2019. With the LEI deadline for foreign companies and trusts in Australia also coming into force in March 2020, and with limited relief provided by ASIC due to the coronavirus, stakeholders are continuing to work to the “no LEI, no trade” maxim.

APIR Systems this week launched multi-year registrations and renewals in response to the increased demand, enabling entities to be registered and renewed for three or five consecutive years – reflecting the broader growth of LEI activity in the Australian market.

CEO Chris Donohoe predicts a “reasonable proportion” of APIR’s 3000 LEI clients to renew on their multi-year arrangements, with the new offering also providing impetus for prospective clients seeking to streamline the level of administration associated with the renewal process.

“Instead of annual engagement, it will now only be every few years, which will significantly improve the client experience through reduced administration. It’s not only a cost saving, but we’ve also simplified the user experience when clients are applying and renewing an LEI, which is a requirement in the trading of certain financial instruments,” he explains.

Related content

WEBINAR

Recorded Webinar: Data Standards & Identifiers: Where are they helping and what more can be done?

Beyond regulatory compliance, what are the opportunities for leveraging standards to improve operational efficiencies? Financial institutions are starting to realise there are clear benefits in taking a strategic approach to data standardisation as they move to more data driven approaches which require good quality, accurate data for analytics and AI programmes. This webinar will review...

BLOG

Market Volatility – What’s the Impact on Profit & Loss and Independent Pricing Valuation?

By Charlie Brown, former head of Head of IPV at Lloyds Banking Group, now Head of Market & Risk Solutions at GoldenSource. The recent market volatility has emphasized the need for transparency in the processes that generate the profit and loss (P&L) and capital charges that impact bank balance sheets. In particular there is increased scrutiny...

EVENT

RegTech Summit Virtual

We’re thrilled to introduce you to our new RegTech Summit Virtual event. Yes that’s right, all the fantastic content shared by A-Team’s unique community of practitioner experts that you’ve come to know and love from our RegTech Summit live events in London is now going to be made available to you online, so you can watch or listen at your leisure – whether that’s in your office, on your commute, or from the comfort of your own home.

GUIDE

Applications of Reference Data to the Middle Office

Increasing volumes and the complexity of reference data in the post-crisis environment have left the middle office struggling to meet the requirements of the current market order. Middle office functions must therefore be robust enough to be able to deal with the spectre of globalisation, an increase in the use of esoteric security types and...