The FCA has published a new webpage for firms subject to transaction reporting obligations under MiFID II and MiFIR. From 3 January 2018, firms subject to MiFID II transaction reporting obligations will need to ensure that clients eligible for a legal entity identifier (LEI) have one before executing a transaction in a financial instrument and will not be able to execute a trade on behalf of any such client who does not have one. The FCA expects that MiFID investment firms (excluding CPMI firms but including authorised credit institutions), operators of trading venues and UK branches of third country investment firms must comply with MiFID II transaction reporting obligations. Firms that are clients who are legal entities or structures, including company charities or trusts, will need to make arrangements to obtain an LEI code if they want a firm to continue to act on their instructions from 3 January 2018 onwards.