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Small Businesses

HM Treasury written question – answered on 11th December 2017.

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Photo of Michelle Donelan Michelle Donelan Conservative, Chippenham

To ask Mr Chancellor of the Exchequer, Energy and Industrial Strategy, if he will exempt small businesses from paying the Legal Entity Identifier.

Photo of Steve Barclay Steve Barclay The Economic Secretary to the Treasury

The European Union’s updated Markets in Financial Instruments Directive (MiFID II), which will apply from 3 January 2018, introduces strengthened transaction reporting requirements on financial services firms. Under this new transaction reporting regime, financial services firms with transaction reporting obligations must identify their clients which are legal persons by using a Legal Entity Identifier. The use of a unique identifier improves the effectiveness of surveillance for possible instances of market abuse. National authorities cannot exempt small businesses from these EU requirements.

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