As a result of the recast Markets in Financial Instruments Directive (MiFID II) pension schemes will generally have to obtain a "legal entity identifier" (LEI) by 3 January 2018 in order for the scheme's investment manager to execute trades on behalf of the scheme after that date. A LEI is a unique globally recognised 20 character code that can be used to identify a party participating in a transaction. In the UK, the issuing authority for LEIs is the London Stock Exchange. A fee of £115 plus VAT is payable to obtain a LEI. Trustees should make sure this issue has been addressed in relation to their scheme. Some investment managers may be willing to apply for a LEI on the scheme's behalf.