Self-managed superannuation fund trustees will need to obtain a Legal Entity Identifier (LEI) by 30 September as another deadline extension is unlikely, APIR Systems believes.
The financial services infrastructure provider said the requirement was the latest in the financial services industry’s move to global regulatory harmony.
It was initially expected all SMSF trustees would need an LEI by 1 April, 2019 but this was later extended by the Australian Securities and Investments Commission until 1 October, 2019.
APIR chief executive, Chris Donohoe, said: “As global regulatory harmony increases, and cross border investing is facilitated, common standards and language need to be in place internationally for the system to work. The requirement for LEI registration is the latest example of this.
“From 1 October, a range of Australian financial services entities – including funds, brokers/traders as well as trustees of SMSFs – will be unable to transact non-exchange traded instruments such as contract for difference and FX if they don’t have a LEI,” he said.
“A LEI is a 20 character alpha-numeric code that enables identification of legal entities participating in certain financial transactions. Obtaining a LEI is a one-off exercise, and once a SMSF obtains an LEI, the identifier stays with it for the entirely of its existence.”
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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