Listed companies soon to have LEI Codes
A proposed amendment to the Danish executive order on the issuer's duty of disclosure will entail that all issuers of listed securities must have an LEI Code when submitting information to the Danish FSA from 1 January 2017.
What is an LEI Code?
The Legal Entity Identifier (LEI) is a unique 20-character identification code that identifies distinct legal entities in the global financial markets. In popular terms, the LEI Code is an international counterpart to the Danish Company Registration (CVR) Number issued to all Danish enterprises, as the LEI Code is a global and unique identification code.
The LEI Code will (probably) become mandatory from 1 January 2017
On 29 August 2016 the Danish FSA's draft executive order on the amendment to Executive Order no 1258 of 9 November 2015 on the issuer's duty of disclosure went out for consultation.The amendment will entail a requirement from 1 January 2017 that all Danish issuers of listed securities must have LEI Codes. At the same time it will be a requirement that issuers use the LEI Code when submitting information to the Danish FSA.
It will probably also mean that other parties subject to a duty of disclosure will also have to use LEI Codes when submitting information to the Danish FSA, for instance executives or their related parties reporting transactions under the Market Abuse Regulation.