About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Australia Sees Groundswell in Demand for LEI Registrations

Subscribe to our newsletter

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.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Navigating a Complex World: Best Data Practices in Sanctions Screening

As rising geopolitical uncertainty prompts an intensification in the complexity and volume of global economic and financial sanctions, banks and financial institutions are faced with a daunting set of new compliance challenges. The risk of inadvertently engaging with sanctioned securities has never been higher and the penalties for doing so are harsh. Traditional sanctions screening...

BLOG

Beyond the Pilot: Building Infrastructure for the Agentic Era

By David Sewell, Chief Technology Officer, Synechron. The fraud transaction takes milliseconds to clear. In that window, an agentic system has already queried three databases, cross-referenced two watchlists, and pinged the identity verification layer. It works – in the demo. Then the auditor asks where the decision log is, and nobody can find it, because...

EVENT

Eagle Alpha Alternative Data Conference, Spring, New York, hosted by A-Team Group

Now in its 9th year, the Eagle Alpha Alternative Data Conference managed by A-Team Group, is the premier content forum and networking event for investment firms and hedge funds.

GUIDE

MiFID II Handbook – Second Edition

With the compliance deadline for Markets in Financial Instruments Directive II (MiFID II) just over two months away, A-Team Group has updated its MiFID II handbook to bring you the latest details on the regulation’s compliance requirements. Version 2 of the handbook, commissioned by Thomson Reuters, also includes new sections covering data sourcing and data...