UK:
AIM Companies And The Legal Entity Identifier Requirement
06 December 2017
Jones Day
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The London Stock Exchange published AIM Notice 47
("Notice") on 13 October 2017 in respect of the
requirement that all AIM companies with securities admitted to
trading on AIM obtain a Legal Entity Identifier ("LEI")
code. It is noted that this requirement ensures compliance with the
obligations under MiFID II and the Market Abuse Regulation, which
require market operators, such as the London Stock Exchange, to
collate LEI codes for each issuer with securities admitted to
trading.
The LEI is a unique 20-digit, alpha-numeric code and connects to
key information enabling clear and unique identification of legal
entities participating in financial transactions.
Existing AIM companies are required to register for their LEIs
by 30 November 2017, and the Notice directs AIM companies to a help
sheet on LEIs setting out the procedure for companies to follow in
order to obtain their LEIs from the London Stock Exchange.
It is noted that the AIM application form for admission of new
securities to trading to AIM has been amended to require an LEI and
that this amended form will now be applicable to all AIM companies
and prospective applicants seeking admission to trading on AIM.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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