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Polish CSD KDPW to assign LEIs

04 September 2013  |  2060 views  |  0 Source: KDPW

On 19 August 2013, KDPW has been assigned a prefix (2594) necessary to assign identifiers - future LEI - to legal entities. According to the provisions of regulations delegated under EMIR, a relevant identifier is necessary in order to report derivative trades to a trade repository.

The prefix has been assigned by the ROC Secretariat (Regulatory Oversight Committee Secretariat) and will identify codes assigned by KDPW in the global LEI (pre-LEI) system. The KDPW prefix has been requested by the Polish Financial Supervision Authority, which acts as a sponsoring authority in the process of ROC's authorisation of a local unit as an LOU (pre-LOU) within the global LEI system.

According to the approved timeline of work, the assignment of pre-LEI (LEI) is scheduled to become operational prior to the effective date of the obligation to report derivatives to a trade repository.

Under EMIR, all legal entities which trade in derivatives will be required to report trades to trade repositories. In order to enable the identification of counterparties to derivatives trades, beneficiaries of derivatives trades, central counterparties, clearing members and brokers of derivatives trades, they need to be assigned a relevant unique identifier. The LEI will be such a unique identifier. ESMA expects that in practice the LEI will be in broad use at the effective date of the reporting obligation. Until the GLEI system takes final shape (including the appointment of COU), an LEI is used as a pre-LEI.

The assignment of LEI will be supported by the Central Operating Unit (COU) to be appointed in the future in order to ensure uniform global LEI assignment standards. Local units (pre-LOU), familiar with the local market structure and legal system, are responsible for the registration of interested entities and the assignment of pre-LEI. This will ensure correct implementation of the data of locally registered entities in the global registration system. KDPW will be a pre-LOU.

As a member of the Association of National Numbering Agencies (ANNA), KDPW acts as an ISIN Numbering Agency. This means that KDPW is the only institution on the Polish market authorised to assign unique global identifiers to financial instruments in public trading. The expertise, experience and necessary system resources position KDPW as an authority competent to assign LEI (pre-LEI).

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