“A LEI is a 20-character alphanumeric code that enables identification of legal entities participating in certain financial transactions,” Mr Donohoe said.

“Obtaining a LEI is a one-off exercise and once an SMSF obtains a LEI, the identifier stays with it for the entirety of its existence.”

Mr Donohoe said APIR has seen a spike in applications for LEIs as the 1 October deadline approaches.

“Although ASIC has extended relief on this deadline in the past, we don’t believe that another extension is likely,” he said.

He added that the LEI requirement was an example of rules in one jurisdiction having an impact on other major financial services markets as the regulatory system became increasingly standardised.

“In recent years, we have witnessed an evolution in the way coding systems are used in the financial services industry — once seen as a useful way to categorise and monitor financial products, they are now an integral part of the compliance system,” Mr Donohoe said.

“As global regulatory harmony increases, and cross-border investing is facilitated, common standards and language need to be in place internationally for the system to work. The requirement for LEI registration is the latest example of this.”