The Federal Law on Financial Market Infrastructure ("LIMF") is the Swiss translation of the G20 conclusions drawn up in response to the 2008 economic crisis. Inspired by the European EMIR Directive, MiFID II/MiFIR and the US Dodd-Franck Act, the LIMF was adopted with a view to establishing better regulation of the derivatives market and financial market infrastructure in general. The LIMF and its Implementing Ordinance ("OIMF") include the obligation to report derivative transactions to a central repository. This obligation requires the parties to the contract to be identified by means of a Legal Entity Identifier (LEI), which is 20 alphanumeric and unique characters. Swiss and foreign (non-Swiss) entities must therefore apply to an authorized "Local Operating Unit" (LOU) to obtain an LEI. All this is orchestrated by the GLEIF (Global LEI Foundation) in Basel, which maintains the global LEI directory and serves as the authority on the subject for the entire GLEIS (Global LEI System).
Indeed, since 3 January 2018, any company or entity buying or selling a financial instrument admitted to trading must have a legal entity identifier, called LEI, in order to comply with MiFID II/MiFIR in the European Union. It is therefore essential for Swiss and foreign entities to have an LEI in order to be able to carry out transactions within the EU in the international financial industry. In this context, Geneva Compliance Group SA (GCG SA) supports its clients in their efforts to obtain an LEI number via its dedicated SwissLEI portal. Unlike the only Swiss LOU, the FSO, GCG SA offers LEI numbers to Swiss and foreign entities. The GMEI is the LOU with the largest country coverage and GCG is proud to be an official registration agent of the GMEI (Official Registration Agent) since 2018. GCG, through the GMEI, follows the standards as set out in ISO 17442.
1 - Obtaining the LEI number, representation before the LOU with or in its annual renewal 2 - Obtaining the LEI number - Enquiry with the entity - Representation of the entity by GCG to the LOU - Registration of the entity - GCG acts as a contact person - Obtaining the LEI from the LOU - Registration of the entity - Delivery of access codes to the entity - Obtaining the LEI from the LOU - Follow-up of the annual renewal - Regulatory monitoring