LEI Under MiFID II
MiFID II is the regulation that turned the LEI from a niche requirement into a precondition for market access across the EU, including Belgium.
The "no LEI, no trade" rule
Since 3 January 2018, MiFID II has applied a simple principle: an investment firm may not execute a reportable transaction on behalf of a client that lacks a valid LEI. In practice, without an LEI the transaction simply doesn't go through.
Who it applies to
The requirement affects legal entities trading in financial instruments — shares, bonds, fund units and other reportable instruments. The LEI is needed so that these transactions can be reported correctly to regulators.
Supervision in Belgium
In Belgium, compliance with MiFID II is supervised by the FSMA (the Financial Services and Markets Authority).
See also Who needs an LEI? and LEI under EMIR.