RegTech Intelligence 
London Stock Exchange Group has announced the release of the Interim Entity Identifier (IEI).
On June 6th, the FCA confirmed its sponsorship of London Stock Exchange as a pre-Local Operating Unit (LOU). LSE will be the only UK based pre-LOU and will allocate a pre-Legal Entity Identifier (LEI) called Interim Entity Identifier (IEI) to legal entities using the agreed principles outlined by the LEI Regulatory Oversight Committee (ROC).
According to the LSE’s FAQ, the reference data to be associated with the IEI aligns closely with the ISO standard and remains comparatively sparse. Unlike the German GEI, the IEI contains no additional fields for information on entities’ sector or jurisdictional court nor does it contain the CICI’s information on its expiry date.
The entities eligible to receive an IEI are “Any Entity with a legal personality or structure that is organised under the laws of any jurisdiction, excluding natural persons, is eligible for an LEI/Pre-LEI/IEI, regardless of regulatory requirements.” They go on to provide explicit instructions to fund managers wishing to bulk register their entities.
These registration allowances may prove to be controversial as funds and branches are currently in a grey area in the LEI’s Regulatory Oversight Council’s deliberations over the final standards for the global LEI system.
In any event, with EMIR trade reporting due to begin in September, for which an interim identifier is required, this is timely news.