The primary usage of LEIs is for banks’ regulatory reporting of clients' securities- and derivatives transactions to financial supervisory authorities. The reporting is a legal consequence of the introduction of two main financial EU regulations, the European Market Infrastructure Regulation (EMIR) and the Markets in Financial Instruments Direct II (MiFID II/MiFIR).
Most often, clients of NordLEI has been encouraged by their bank to apply for an LEI, as this is a prerequisite for banks to fullfil the regulatory reporting obligation of all such applicable transactions that their clients have entered.