Austria (AT)

Jurisdiction Overview

415 *LEI: Is the use of an annually updated Legal Entity Identifier (LEI, developed under the guidance of the Financial Stability Board, FSB) mandatory for some financial market operators and/or asset classes? Yes, but only for trading in "Over the Counter" (OTC) derivatives.
 Data Date: 2019


In their answer to question 10 regarding trade repositories on page 84 of the Q&A of the ESMA (European Securities and Market Authority) on the Implementation of the Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR), ESMA clarifies the mandatory use of an updated LEI: "An LEI issued by, and duly renewed and maintained according to the terms of, any of the endorsed pre-LOUs (Local Operating Units) of the Global Legal Entity Identifier System" (ESMA 2017a: 84). Elexica clarifies that this regulation is applicable among EU member states, but not in European Economic Area (EEA) countries: "However, the provisions of EMIR do not have direct effect in Norway, Iceland and Liechtenstein and need to be transposed into national law by virtue of the obligations of those countries under the treaty establishing the EEA." However, ESMA's LEI briefing note (ESMA 2017b: 4), notes that "operators of trading venues and systematic internalisers are not expected to ensure that the LEI pertaining to the issuer of the financial instrument has been renewed." Even when “contractual obligations can be envisaged between the Local Operating Units (LOUs) and the entity registering for an LEI" (FSB 2019: 13), it is not clear whether legal entities fulfil this contractual obligation.
While Austria's Ministry of Finance suggests in their answer to the TJN-Survey (2017) that other mandatory uses of an updated LEI beyond the OTC derivatives trading might be applicable in Austria as per EU-wide regulations, analyses of those regulations did not support this claim.

TJN Survey-2017