Considering the undeniable advantages of using a unique code from the perspective of data quality, reliability, and comparability, the ASF established the obligation for certain legal entities subject to its supervision to have a LEI issued by a Local Operating Unit ("LOU").
Under the terms of Article 2 of the Regulatory Standard, this obligation applies to:
a) To insurance and reinsurance companies with their head office in Portugal;
b) The top parent company
c) Mixed insurance holding companies subject to ASF supervision;
d) Branches of third-country insurance or reinsurance undertakings carrying on business in Portuguese territory;
e) Pension fund management companies authorized in Portugal;
f) Pension funds incorporated in Portugal;
g) Insurance, reinsurance, and ancillary insurance intermediaries registered in Portugal who carry out cross-border activities in the territory of other European Union member states.
The obligation to use the LEI is therefore established in order to comply with the legal and regulatory duties to provide information to the ASF, set out in various Regulatory Rules, both in relation to the entities subject to the reporting duty and in relation to any other entity in respect of which they must report information, and which has an LEI.
Finally, it establishes the publication on the ASF's website of a permanently updated table identifying the entities it supervises and the respective LEI communicated under the terms set out above.
The regulation came into force on the day immediately following its publication, providing for a transitional regime for the request and communication of the LEI by insurance, reinsurance and ancillary insurance intermediaries registered in Portugal who carry out cross-border activities in the territory of other European Union member states.
The Insurance Law Department of Belzuz Abogados in Portugal has extensive experience in providing legal advice to national and international insurance and reinsurance companies, intermediaries and branches of insurance or reinsurance companies from a third country which carry out their activities in Portuguese territory.
Belzuz Abogados SLP
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