London, UK (AGENCIES) November 10, 2021 — Mr. George Matharu, President of Elite Capital & Co. Limited, announced today that Elite Capital & Co. has obtained the 20-character alpha-numeric Legal Entity Identifier code which is granted to parties involved in global financial transactions.
“Elite Capital & Co.’s 20-character alpha-numeric Legal Entity Identifier Code 254900NNN237BBHG7S26 was issued by Bloomberg Finance L.P. (Bloomberg), the accredited issuer appointed by the Global Legal Entity Identifier Foundation (GLEIF)” Mr. George Matharu said.
The Legal Entity Identifier (LEI) initiative is designed to create a global reference data system that uniquely identifies every legal entity or structure, in any jurisdiction, that is party to a financial transaction.
Endorsed by the G20, the establishment of a Global LEI System (GLEIS) is critical to improving measurement and monitoring of systemic risk. Global, standardised LEIs will enable regulators and organisations to more effectively measure and manage counterparty exposure while also resolving long-standing issues on entity identification across the globe. To aid global allocation of LEIs, Local Operating Units (LOUs) have been formed and must be sponsored by local regulators to assign and maintain LEIs to firms on a cost recovery basis.
The use of the LEI has been mandated by the European Securities and Markets Authority (ESMA) for the reporting of derivative transactions to Trade Repositories under European Market Infrastructure Regulation (EMIR). Under MiFID II and Market Abuse Regulation (MAR), market operators are required to collate an LEI for each issuer with securities admitted to trading. All investment firms subject to MiFID II will be required to retain a valid LEI. Firms subject to the MiFID II transaction reporting obligations will not be able to execute a trade on behalf of a client who is eligible for an LEI and does not have one.
List of the G20 Countries (alphabetical order)
– South Korea
– Saudi Arabia
– South Africa
– United Kingdom
– United States
– European Union
“On the 5th of November 2021, Elite Capital Co.’s data was published on the Global Legal Entity Identifier Foundation (GLEIF) system under the LEI Code 254900NNN237BBHG7S26” Mr. George Matharu said.
Bloomberg Finance LP is an accredited issuer of the Legal Entity Identifier (LEI). As a Local Operating Unit (LOU) of the Global Legal Entity Identifier System, the company is responsible for the registration and administration of LEI records for over 200 countries.
The LEI is designed to uniquely identify legal entities that are participants in financial transactions, thereby helping to create greater transparency in the marketplace. The standard for this identifier and its associated reference data has been established in ISO 17442. It has been accepted for global use and has become a reporting requirement for several market regulators and authorities. Bloomberg also provides a free public database of all LEI data that it manages, giving users access to a valuable set of information when researching entity identification, risk, and exposure.
Bloomberg, the global business and financial information and news leader, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The company’s strength – delivering data, news and analytics through innovative technology, quickly and accurately – is at the core of the Bloomberg Professional service, which provides real-time financial information to subscribers globally.
Mr. George Matharu concluded his statement by saying “The significant expansion of Elite Capital in the global finance market is a natural result of the concerted efforts of the Board of Directors and our team working within the United Kingdom and in other countries, led by Dr. Faisal Khazaal, Chairman of Elite Capital & Co. Limited”.
Elite Capital & Co. – Contact Details –
Elite Capital & Co. Limited
33 St. James Square
Telephone: +44 (0) 203 709 5060
SWIFT Code: ELCTGB21
Dr. Faisal Khazaal
الدكتور فيصل خزعل