Transparency, risk management and risk assessment are becoming increasingly important on financial markets. Since 2018, the legislator has therefore imposed an additional obligation of better identification on all legal entities. LEI, or Legal Entity Identifier, means that all legal entities worldwide are identified by a unique alphanumeric code.* This happens when they perform transactions in financial instruments.
"}},{"componentType":"sectionTitle","title":"Fast detection of system risks"},{"componentType":"paragraph","richBody":{"value":"The advantage? Thanks to the global identification of all contractual parties, system risks can be detected early. The Global Legal Entity Identifier Foundation, or GLEIF contributes by making the global LEI Index available. This way, the parties involved can consult all LEI data free of charge.
In 2013, the LEI was introduced for all legal entities which trade in derivative financial instruments, so-called derivatives**. Since 1 January 2018, all legal entities which perform transactions in some other financial instruments must also apply for the LEI code***.
This concerns transactions and listed financial instruments (purchases, sales and transfers) such as shares, bonds, warrants and trackers (listed index funds). Even if they are traded outside the exchange, or if they are an underlying product of an unlisted financial instrument. Financial institutions which perform these transactions for their customers are subject to the MiFID II reporting obligation which requires the LEI code****.
An example? Structured notes which might not be listed, but have underlying shares which are listed – for example from the telecommunications industry or the BEL 20 Index.
"}},{"componentType":"sectionTitle","title":"Legal Entity Identifier for your company"},{"componentType":"paragraph","richBody":{"value":"Is your company a legal entity (Ltd., plc, etc.)? Do you wish to invest in or sell an existing investment since/after 1 January 2018? If so, you must apply for an LEI. Without an LEI, you will not be able to carry out any transactions since 2018, at least with regard to the above-mentioned financial instruments.
How do you apply for an LEI? For the time being, it is possible via a Local Operating Unit (LOU). Belgium has no recognised LOU. However a single Registration Agent is active: GSI Belgium & Luxembourg. Any Belgian company can apply for an LEI* via this organisation's website.
The costs for applying for an LEI differ for each LOU. The best thing to do is to compare the possibilities. Be aware that the LOUs in the Netherlands and France only serve companies in their own countries. They are therefore not an option for Belgian companies.
The costs vary between 69 and 89 euros for the first registration, with an additional fee of 17 to 19 euros for the GLEIF. Each renewal costs between 37 and 70 euros.
"}},{"componentType":"highlight","title":"You can apply for an LEI as a Belgian company via these sites","richBody":{"value":"Do you want to be ready to continue your securities activities? Register your LEI code as soon as possible...
Once you have a validly registered LEI code, pass it on to your ING contact person. He or she will register your codes in ING's database, allowing you to carry out transactions impacted since January 2018.
"}},{"componentType":"sectionTitle","title":"More info?"},{"componentType":"paragraph","richBody":{"value":"Do you want to know more about the Legal Entity Identifier (LEI)?
"},"textLinks":[{"url":"https://www.ing.be/en/business/services/contact-us","text":"Contact us"}]},{"componentType":"paragraph","richBody":{"value":"Are you interested in investing? It is possible to match your investments to the needs of your company.
"},"textLinks":[{"url":"/en/business/save-and-invest","text":"See the range of investment options"}]}]},"complementaryZone":{"flexComponents":[{"componentType":"sectionTitle","title":"Also interesting!"},{"componentType":"cards","cards":[{"componentType":"articleCard","cardType":"article","cardSize":"medium","title":"Financial News video (FR)","body":"Video | Have central bank rates peaked?","image":{"transformBaseUrl":"https://assets.ing.com/transform/33bc6d87-89c9-41d2-8628-a939e09bfd95/financialnews-1920","type":"image","width":1920,"original":"https://assets.ing.com/m/5ee91c2266803723/original/financialnews-1920.jpg","extension":"jpg"},"date":"2023-09-27","link":{"url":"/fr/particuliers/actus/economie-et-marches-financiers/video-news-financieres"}}]}]}}}