Self-managed superannuation fund trustees will need to obtain a Legal Entity Identifier (LEI) by 30 September as another deadline extension is unlikely, APIR Systems believes.
The financial services infrastructure provider said the requirement was the latest in the financial services industry’s move to global regulatory harmony.
It was initially expected all SMSF trustees would need an LEI by 1 April, 2019 but this was later extended by the Australian Securities and Investments Commission until 1 October, 2019.
APIR chief executive, Chris Donohoe, said: “As global regulatory harmony increases, and cross border investing is facilitated, common standards and language need to be in place internationally for the system to work. The requirement for LEI registration is the latest example of this.
“From 1 October, a range of Australian financial services entities – including funds, brokers/traders as well as trustees of SMSFs – will be unable to transact non-exchange traded instruments such as contract for difference and FX if they don’t have a LEI,” he said.
“A LEI is a 20 character alpha-numeric code that enables identification of legal entities participating in certain financial transactions. Obtaining a LEI is a one-off exercise, and once a SMSF obtains an LEI, the identifier stays with it for the entirely of its existence.”
