What is an LEI?
The LEI (Legal Entity Identifier) is an initiative which was started in August 2013 giving every legal entity a 20-charater alphanumeric reference code. The purpose of creating the LEI is to generate a global referenced data system to identify every legal entity or structure that is party to a financial transaction. The legal entities affected are companies, trusts, partnerships and charities and following implementation it is necessary for legal entities to register for a LEI if they are to undertake any financial transactions.
In respect of trusts, the trustees have a responsibility to register for a LEI if they have any investments under their control or before they invest funds using the trust's monies.
If the trust is not registered by 3rd January 2018 then the trustees cannot undertake financial transactions, such as buying and/or selling shares.
Gepp & Sons can help with registering your trust for the LEI or provide advice on whether the LEI is required.
If you are a trustee and wish to know more, or have any other tax or legal questions about the trust, please contact Marc Dorsett on 01245 228146 or firstname.lastname@example.org
This is not legal advice; it is intended to provide information of general interest about current legal issues