The Financial Conduct Authority (FCA) has today announced that Legal Entity Identifiers (LEIs) of non-EEA third country issuers will not need to be reported under UK SFTR, until at least 13 April 2022.
This comes less than a month after ISLA, ICMA, AFME, and AMAFI shared a joint letter with the FCA, that they had sent to the European Securities and Markets Authority (ESMA) and various other NCAs requesting an extension to the forbearance period for the EU SFTR regime.
Despite the additional grace period, the associations collectively feel that very large gaps still remain in LEI coverage in non-EEA jurisdictions, further supported by a joint study demonstrating the amount of missing LEIs for active ISINs.
ISLA hopes to see a similar stance from ESMA ahead of 13 April 2021, when the current forbearance period is due to end.