LEIs are required by legal entities (e.g. companies, trusts, funds, partnerships, sole proprietors) caught under domestic and global legislation.
Primarily in Australia, this legislation will be ASIC’s Derivative Transaction Rules (DTR), which requires all over-the-counter (OTC) derivative transactions entered into by a legal entity to be reported to a licensed trade repository. If you are entering into an OTC transaction the bank or broker, who is the counterparty to the transaction, will require you to supply a LEI to satisfy their reporting obligations.
This means that if a legal entity engages in any form of OTC transaction it must provide a valid LEI.