A partnership between KDPW and PKO Bank Polski sets a new standard in the issuance and maintenance of LEI codes. The LEI is a unique global identifier of legal entities operating on financial markets. Legal entities are required to obtain and use LEIs under European legislation including EMIR, REMIT, MiFID II / MiFIR, CSDR and SFTR. The LEI standard has been introduced to improve the transparency and safety of financial markets.
PKO Bank Polski is the first bank in Poland to allow clients interested in Treasury product transactions to obtain LEI codes from KDPW.
“The modification of the LEI documentation and issuance procedures and the initiated partnership with PKO BP open a new chapter in the way LEI codes can be obtained and maintained. Direct access to LEIs from the biggest Polish bank facilitates the process for companies and represents one further improvement offered by KDPW in serving the financial market. The solution is open to all entities operating bank accounts or securities accounts: banks and brokers who want to be a KDPW_LEI service agent,” said Sławomir Panasiuk, Vice-President of the KDPW Management Board.
“The launch of the LEI issuance service available in electronic banking and at the bank’s branches is the first solution of its kind in Poland, addressed to all clients willing to trade in Treasury products, including hedging against fx risk (fx forward, fx swap, fx option), interest rate risk (IRS, CIRS, FRA, interest rate option) and commodity risk (commodity swap, commodity option). The client simply needs to authorise the bank to obtain an LEI for the client from KDPW when signing or annexing the electronic banking master agreement or visiting a branch. There are no other formal requirements and it takes only minutes to obtain the LEI. Importantly, all clients of the bank who actively use Treasury products pay no fee for the issuance and subsequent renewal of their LEI,” said Agnieszka Stachnio, Treasury Product Department Director of PKO Bank Polski.