Author Topic: Legal Entity Identifiers: LEI - seeking advice  (Read 45 times)

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Offline Vernon Kronenberg

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Legal Entity Identifiers: LEI - seeking advice
« on: 03/12/2018, 03:41:18 PM »
As I understand it, ASIC requires all SMSFs and financial institutions that trade OTC derivatives  to have an LEI. To find out exactly what it is, ask Dr Google. I think this is part of an expanding security environment. Entities that trade in overseas ETFs (as distinct from just Aussie shares) trigger such a requirement. See also the URL below for ASIC views.
My stockbroker, who notified me of this requirement, is offering me an LEI for about $350 a year, payable annually. I have been in correspondence with Gary about this and he has offered me some information about less expensive alternatives.
Before proceeding to pay for the registration I would like to hear about whether other SMSF holders have had experience of this, what solutions they have selected and what recommendations they might offer.
https://asic.gov.au/regulatory-resources/markets/resources/markets-articles-by-asic/asic-viewpoint/