From 3 January 2018, an LEI (Legal Entity Identifier) code is required for a legal entity that deals with securities registered with the Estonian Central Register of Securities (ECRS) or the stock exchange. Holding shares in a private limited company or a limited liability company in the ECRS does not require an LEI code, but for transactional purposes an LEI code must be obtained. An investment service provider can require submission of an LEI code. If the client does not do so, the service provider cannot comply with the legal reporting obligation and must decline the transaction.
The LEI code is a worldwide identifier for a legal entity, but it does not replace the Estonian Commercial Register code. The LEI code will allow identification for monitoring purposes of legal entities involved in global financial markets. The LEI code must be applied for by an authorized LEI operator for a fee and will involve an annual maintenance fee for updating the code. No LEI operators are operating in Estonia today, but the necessary information on operators is available on the website of the Financial Supervision Authority.