A piece of new regulation could leave advisers who manage investments within a client's trust unable to trade certain financial instruments after the New Year deadline.
The incoming requirement for legal entities and structures to have a Legal Entity Identifier (LEI) - if they trade in certain financial instruments - is a part of the European Markets in Financial Instruments Directive (MiFID II) coming into effect on 3 January 2018. Shares, corporate bonds, structured products, exchange traded instruments and venture capital trusts, are some, but not all, of the financial instruments subject to the regulation under MiFID II. LEIs, which have existed since 2012 but have not been compulsory, are 20-digit alpha-numeric codes used within a global data ...
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