Polish CSD Ready to Assign LEIs

The Polish CSD KDPW has obtained a prefix necessary to assign identifiers – future LEI – to legal entities.

According to the provisions of regulations delegated under EMIR, a relevant identifier is necessary in order to report derivative trades to a trade repository.

The Regulatory Oversight Committee (ROC) Secretariat will identify codes assigned by KDPW in the global LEI (pre-LEI) system. The KDPW prefix (2594) has been requested by the Polish Financial Supervision Authority, which acts as a sponsoring authority in the process of ROC’s authorization of a local unit as an LOU (pre-LOU) within the global LEI system.

According to the approved timeline of work, the assignment of pre-LEI (LEI) is scheduled to become operational prior to the effective date of the obligation to report derivatives to a trade repository.

Under EMIR, all legal entities, which trade in derivatives will be required to report trades to trade repositories. In order to enable the identification of counterparties to derivatives trades, beneficiaries of derivatives trades, central counterparties, clearing members and brokers of derivatives trades, they need to be assigned a relevant unique identifier. The LEI will be such a unique identifier.

The assignment of LEI will be supported by the Central Operating Unit (COU) to be appointed in the future in order to ensure uniform global LEI assignment standards. Local units (pre-LOU), familiar with the local market structure and legal system, are responsible for the registration of interested entities and the assignment of pre-LEI. This will ensure correct implementation of the data of locally registered entities in the global registration system. KDPW will be a pre-LOU.

As a member of the), KDPW acts as an ISIN Numbering Agency. This means that KDPW membership of the Association of National Numbering Agencies (ANNA) means it is the only institution on the Polish market authorized to assign unique global identifiers to financial instruments in public trading.