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MiFIR LEI Requirements in United Kingdom. Under UK MiFIR, investment firms must use an LEI to identify legal-entity buyers and sellers in relevant transaction reports submitted to the Financial Conduct Authority (FCA). Under Article 26 RTS 22, the buyer identification code appears in Field 7 and the seller identification code in Field 16.
UK MiFIR transaction reporting requires firms to submit complete and accurate transaction details no later than the end of the following working day. Where the buyer or seller is a legal entity, its LEI is used for identification.
MiFIR Article 26 RTS 22 Field 7 "Buyer identification code" and Field 16 "Seller identification code" use the LEI. A missing or invalid LEI fails validation.
Investment firms supervised by Financial Conduct Authority (FCA) through FCA Markets Policy and Wholesale Supervision, plus approved reporting mechanisms acting for them.
A current LEI clears next-day reporting; a lapsed one fails it. TNV-LEI's reminders keep you compliant.
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Article 26 RTS 22 Field 7 (buyer) and Field 16 (seller).
By the end of the next working day.
An investment firm cannot execute a relevant reportable transaction on behalf of an LEI-eligible legal-entity client that does not have an LEI. A missing or incorrectly formatted LEI may also cause the transaction report to fail validation.
The executing investment firm must keep its own LEI renewed. However, FCA guidance states that firms are not required under Article 13(3) to confirm that a client or counterparty LEI has been renewed.