The Legal Entity Identifier – Also Relevant to Switzerland

The Legal Entity Identifier (LEI) emerged in the wake of the Lehman Brothers bankruptcy. At the Los Cabos Summit in June 2012, the G20 members approved a system for the unique identification of financial market players (Global Legal Entity Identifier System, GLEIS) to make it easier for both the private sector and public authorities to manage and control risks in the financial market. This system allows financial institutions to identify companies that are active on the financial market by way of a globally unique identifier.

During its 4 December 2015 session, the Swiss Federal Council voted that Switzerland adopt the GLEIS. It is hoped that this internationally standardised identification number for financial market participants will improve the quality of financial data and facilitate the assessment of systemic risks.

The focus of this paper lies on following topics:
  • How did the LEI come about?
  • What is an LEI?
  • Who needs an LEI?
  • Is an LEI the same for all asset classes?
  • How do I obtain an LEI?
  • What does the LEI mean for you?

Find out more

Stefan Wüest, Patrick Frigo and Erol Baruh will be happy to answer all your questions regarding LEIs.

Your PwC contacts

Stefan Wüest
PwC | Assurance Director
stefan.wueest@ch.pwc.com
+41 58 792 59 51

Patrick Frigo
PwC | Assurance Senior Manager
patrick.frigo@ch.pwc.com
+41 58 792 22 76

Erol Baruh
PwC | Assurance Senior Manager
erol.baruh@ch.pwc.com
+41 58 792 91 62

Update on the Financial Market Infrastructure Act (FMIA) for small non-financial counterparties (NFC-)

On 1 April 2017, the Swiss regulator authorised and recognised Regis-TR S.A. and SIX Trade Repository AG as the first trade repositories accepted for purposes of fulfilling the reporting obligations under the FMIA. With this, the picture has become far clearer. Swiss companies are now able to decipher a concrete timeline of the performance obligations which apply to them.

Compliance with the law is subject to audit for financial years beginning on or after 1 January 2017. If your organisation requires assistance in establishing your compliance with the law, our experts stand ready to assist you.

Download the full report here

Contact

Stefan Wüest
Treasury Solutions – Basel / Zurich
058 792 5951
stefan.wueest@ch.pwc.com

The Financial Market Infrastructure Act (FMIA) – Impact on Swiss entities outside of the financial services sector

FinFraG1The Swiss Parliament has adopted the Financial Market Infrastructure Act (FMIA) on 19 June 2015. The Ordinance to the FMIA issued by the Federal Council was published in its definitive form on 25 November 2015. The law including the ordinance enter into force as of 1 January 2016 and regulate amongst others derivatives trading. Besides traditional financial institutions, the new law impacts Swiss entities outside the financial service sector (so called ‘non-financial counterparties’) if they are involved in derivatives trading (even a single derivative trade can trigger the corresponding obligations). The attached document is focussed on the implications of the new law on Swiss entities outside the financial service sector and gives you an overview of the main duties of FMIA for your company. For further questions we are at your disposal.

Read more here.

For further questions Stefan Wüest, Patrick Frigo, Martin Liebi and Toby Mepurathu are at your disposal.