ESMA highlights importance of LEI

ESMA has published a briefing highlighting the importance of the LEI in an attempt to ensure market participants have done what they need to to comply with the LEI requirements under MiFID 2 by 3 January 2018. Its EMIR experience suggests reporting entities are likely to leave it to the last minute, which would cause backlogs. All legal entities participating in financial transactions need an LEI, which ESMA stresses is easy and cheap to get.