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ESMA provides temporary delay on client reporting codes under MiFID II

The European Securities and Markets Authority has said EU investment firms can continue to trade with clients that lack a code that is required under rules known as MiFID II that take effect Jan. 3, 2018.

Under MiFID II — the second Markets in Financial Instruments Directive — and the Markets in Financial Instruments Regulation, or MiFIR, regime, investment firms must identify clients that are "legal persons" with a legal entity identifier, to enable transaction reporting, as must trading venues for issuers of financial instruments traded on their systems when making daily data submissions.

But not all investment firms will be able to obtain the codes for all their clients by the MiFID II/MiFIR implementation date, prompting ESMA to allow for a six-month temporary period under which firms will be able to provide services to clients as long as they obtain the documentation necessary to obtain a code for the client.

The U.K. Financial Conduct Authority said the same day that it recognized the ESMA measures and would make the requisite change to accommodate the directive, although not by Jan. 3, 2018. The U.K. regulator will give a final date of implementation after consulting with executing firms and approved reporting mechanisms.