Comment
Author: Admin | 2025-04-28
Individual trustee/Corporate trusteeOnly corporate trustees of a trust or corporate trustees of Self-Managed Superannuation Funds (SMSF) are required to obtain LEIs. See ASIC’s Technical Guidance for details around LEI eligibility, noting that in accordance with the ROC statement, individuals acting in a business capacity, as would be the case when acting for a Trust or SMSF, are eligible to obtain LEIs.Here’s a summary of some potential combinations: Scenario 1: Trust/SMSF with corporate trusteeFor corporate trustees, the reporting rules require them to obtain and report the LEI as part of trade information. Scenario 2: Trust/SMSF with individual trusteeFor individual trustees, the reporting requirements will remain unchanged as they were defined as non-reporting counterparties in the ASIC Rules 2024. For a new transaction report, if the entity has an LEI, that LEI must be reported or otherwise, the counterparty will need a client code or designated business identifier (DBN) as an interim measure until an LEI is obtained/available. A ‘DBN’ may be an ABN, AVID or BIC code and a ‘client code’ is in the format and structure of the reporting entity’s or execution agent’s LEI. Scenario 3: Trust/SMSF with joint individual trusteesFor joint individual trustees, the reporting requirements will remain unchanged as they were defined as non-reporting counterparties in the ASIC Rules 2024. The same position would apply as above in Scenario 2 – i.e. use the LEI if there is already one, or otherwise until one is available/obtained, use a client code or DBN.
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