The purpose of this briefing is to highlight the ability of The International Stock Exchange in obtaining Legal Entity Identifiers for entities subject to MiFID II requirements.

Legal Entity Identifiers

The Legal Entity Identifier (LEI) is a 20-digit, alpha-numeric code for legal entities or structures, including companies, charities and trusts, that enables clear and unique identification of such legal entities participating in financial transactions.

The LEI is a code unique to that legal entity or structure for its entire life. When an LEI code is allocated, the code is included in a global data system. This enables every legal entity or structure that is a party to a relevant financial transaction to be identified in any jurisdiction.

LEIs, like other identifiers, are needed by firms to fulfil their reporting obligations under financial regulations and directives. LEIs are also key for matching and aggregating market data, both for transparency and regulatory purposes.


The Markets in Financial Instruments Directive (MiFID) is the EU legislation that regulates firms who provide services to clients linked to financial instruments (shares, bonds, units in collective investment schemes and derivatives), and the venues where those instruments are traded.

MiFID applied in the UK from November 2007, and was revised by MiFID II, which took effect in January 2018, to improve the functioning of financial markets in light of the financial crisis and to strengthen investor protection.

From 3 January 2018, all entities within the EU which are subject to MiFID II and its associated regulations (and transaction reporting obligations) or non-EU entities wishing to transact with such entities must have an LEI. MiFID II therefore requires that all security issuers wishing to transact with a UK (or other EU situate) broker must be identified by an LEI, which all TISE listed securities issuers may therefore benefit from.

Obtaining an LEI

An LEI is available from bodies accredited by the Global Legal Entity Identifier Foundation (GLEIF), or bodies endorsed by The Legal Entity Identifier Regulatory Oversight Committee (LEIROC,) as an authorised Local Operating Unit for the global allocation of LEIs.

The London Stock Exchange (LSE) is endorsed by LEIROC as an authorised Local Operating Unit for the global allocation of LEIs.

The International Stock Exchange

The International Stock Exchange (TISE) is able to assist with obtaining LEIs from the LSE for Members of TISE and also non-members, either for their own entities or those of their clients.

The cost for obtaining an LEI from TISE is an initial set up fee of £155, together with an annual renewal fee of £95.

There is no requirement for a pre-existing relationship with TISE to be able to benefit from its administrative service offering to obtain, renew and maintain LEIs.

TISE commenced operations on 27 October 1998 and is licensed to operate as an investment exchange under the Protection of Investors (Bailiwick of Guernsey) Law 1987 and is regulated and supervised by the Guernsey Financial Services Commission.

TISE is designated by the UK Inland Revenue as a recognised stock exchange under Section 1005 of the UK Income and Corporation Taxes Act 2007.

In addition, TISE is an Affiliate Member of the International Organisation of Securities Commissions (IOSCO), an Affiliate Member of the World Federation of Exchanges (WFE) and is officially recognised by the Australian Securities Exchange and the German Federal Financial Supervisory Authority, BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht).