[Last updated 1 March 2023]
Do we have to have one?
If you are a legal entity, rather than a human being, yes!
Who says, and where, that this is a requirement?
See below. You may want to consider drinking a bucket of coffee before reading.
The requirement in UK Law to use a Legal Entity Identifier is found in the following retained EU law commonly referred to as UK MiFir, which is applied in the UK by virtue of the European Union (Withdrawal) Act 2018:
Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (Text with EEA relevance), and specifically in Article 26 (Obligation to report transactions) thereof:
from Article 26:
1.Investment firms which execute transactions in financial instruments shall report complete and accurate details of such transactions to the competent authority as quickly as possible...
3. The reports shall, in particular, include ... a designation to identify the clients on whose behalf the investment firm has executed that transaction...
6.In reporting the designation to identify the clients as required under paragraphs 3 and 4, investment firms shall use a legal entity identifier established to identify clients that are legal persons.
ESMA shall develop by 3 January 2016 guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 to ensure that the application of legal entity identifiers within the Union complies with international standards, in particular those established by the Financial Stability Board.
How do we get one?
Searching the internet will yield results for numerous "LOU's", which can issue an LEI to you. iDealing can request one on your behalf from the London Stock Exchange for a fee. Just ask for a current quote!