The Insurance and Pension Funds Supervisory Authority (ASF) has submitted for public consultation a Draft Regulatory Standard on the use of the legal entity identifier (LEI), which incorporates into ASF's regulatory framework the ESRB (European Systemic Risk Board) Recommendation and the EIOPA (European Insurance and Occupational Pensions Authority) Guidelines.
The Draft Regulatory Standard foresees, among others, the obligation to have an LEI, issued by a Local Operating Unit accredited to issue these codes, applied to the following entities:
- Insurance and reinsurance undertakings with head offices in Portugal;
- The ultimate parent undertaking and all undertakings, with the exception of non-European Economic Area (EEA) undertakings and non-regulated undertakings, included within a group within the meaning of Article 252(c) of the RJASR, where the ASF is the group supervisor;
- Mixed insurance holding companies subject to ASF supervision;
- Branches of insurance or reinsurance undertakings from a third country carrying on business in Portuguese territory;
- Insurance, reinsurance and ancillary insurance intermediaries registered in Portugal carrying out cross-border activities in the territory of other Member States; and
- Pension fund management companies authorised in Portugal and pension funds incorporated in Portugal.
In addition, it also provides for the use of the LEI in the fulfilment of the legal and regulatory duties to provide information to the ASF, thus accommodating the ESRB's recommendation.
Comments on the draft regulatory standard should be submitted in writing until May 12th 2023 to the following email address: consultaspublicas@asf.com.pt.
