Annual Report 2013 Annual Report 2015

Association of National Numbering Agencies scrl

AAnnualnnual RReporteport 22015013 Contents 3 Chairman’s Report 2015 5 Objectives and mission statements of ANNA 6 General meetings – ANNA administrative review 2015 12 ANNA Service Bureau – report for 2015 13 Securities business and state of ISIN implementation – worldwide 15 Allocation of ISIN for new financial instruments 18 Working Groups, Task Forces and Reginal Groups 22 List of members by COUNTRY as per May 2016

Appendices 26 A ISO 6166 – an outline of the standard 27 B ANNA Guidelines for ISO 6166, Version 12, August 2014 37 C Geographical division of countries among substitute agencies as per May 2016 47 D ISO 10962 – outline of the CFI-(Classification of financial Instruments-) Code

2 www.anna-web.com Chairman’s Report 2015

Dear ANNA Members and Partners, For ANNA, its members and their integral roles in the global financial marketplace – The year 2015 could be described as a year 2015 saw the Board reconfirm with our of immense turmoil in the global financial membership the strategic vision for the markets. Association, our planned evolution and future During the start of the year, we saw equities global positioning plans. struggle, oil prices continue to drop from the already declining 2014 prices and the ECB Below I summarise some of the main topics implemented historic quantitative easing that the ANNA membership and the Board of measures. The beginning of the year also Directors put focus on during the course of witnessed the Swiss National Bank stunning 2015: investors when it dropped the Swiss franc’s pegging to the euro. • Work started with the ANNA members to move away from the re-use of ISIN codes – As the year continued, the US dollar’s although this is permissible within the ISO strength (due to growing expectations of an 6166 standard; interest rate hike by the Federal Reserve), had • Further clarification of ISIN assignment negative impacts on stock valuations globally. guidelines was undertaken to assist the The ECB and Bank of Japan started to put ANNA members further in the avoidance of more money into circulation whilst the Bank of assigning duplicate ISINs to the same England considered making less money financial instrument; available. By mid-year, weak GDP data in the • Work has been undertaken to devise a UK, US and China increased worries over the ‘Strawman’ for the market to validate, to level of global growth which further increased support the industry need for a global speculation of an interest rate increase in the solution to uniquely identify OTC Derivatives US. (mandatory for regulatory reporting compliance); The major themes mid-year were: rising bond • Dialogue initiated to look at adding CFI, MIC yields, falling oil prices and a strong US dollar. and FISN to the free fields that are append- ed to the ISO 6166 standard; There remained uncertainty over Greece’s • The ANNA Board has started an assessment ability to service debt commitments and the to evaluate a technology platform that is potential for Britain to exit the European Union capable of issuing ISINs and CFI codes in also entered into investors’ decision making real-time and thus address market demands processes. Concerns with the Greek debt in the OTC Derivative space but that has bailout and further bad news about a clear sufficient flexibility to enlarge the scope of decline in projected growth in China added to coverage if needed; investor woes. China’s visibly slowing growth • Linked to the above, ANNA has been asked and a surprise RMB devaluation; all played a to start consideration of the implementation part in the reduced demand for commodities. of a Global Numbering Agent for OTC Investor confidence remained low, stock Derivative ISIN allocation. This agent would market volatility remained high and commod- have a global designation, albeit this Global ity prices fell globally. Numbering Agency (GNA) would be limited to the use of two prefixes “EZ’ and (one still The year ended as it started…with the Central to be determined ) to cover the designated Banks being the centre of attention. In De- asset class of Derivatives and OTC Deriva- cember, the Federal Reserve increased tives; interest rates for the first time in nearly a • ANNA received ISO CS approval to assume decade and equities fell in the build up to the the role of RA for the new ISO 18774 rate announcement. Central Bank policy was standard. An ANNA Task Force has been a key area of focus during 2015….one can created to assist the ANNA members with only guess what will dominate the financial the necessary planning and implementation headlines in 2016. efforts;

The ANNA Board of Directors

Chairman: Mr Dan Kuhnel Euroclear Bank Hong Kong Branch Vice Chairman: Mr Torsten Ulrich WM Datenservice Germany Executive Secretary: Mr Alan Dean London Stock Exchange United Kingdom Treasurer: Dr Tarek E. Abdel Bary MCDR Egypt Marketing Director: Mrs Zazil Miranda SD INDEVAL, S.A. DE C.V. Mexico

www.anna-web.com 3 • Working with the ANNA members/partners data quality and accuracy related matters and toward the implementation of the revised continue our dedicated efforts to ensure the ISO 10962 (CFI) standard; Association evolves and continues to meet • Providing technical and business support to the requirements of all financial standards those ANNA members that have been users. appointed as LOUs for the assignment of identifiers pursuant to the ISO 17442 (LEI) I very much look forward to continuing to standard; work with the members as the Association • Active participation in TC68 and SC4 related continues to evolve. discussions (ISO Plenary Meetings, SC4 CAG, TC68 SAG, SC4 Study Group on Yours sincerely Overlapping Identifiers, TC68 Study Group on Overlapping Identifiers etc.); Dan Kuhnel • Undertook a review of ANNA’s ISIN assign- Chairman ment guidelines for ‘Structured Products’ to meet the request of a London based Trade Association (the International Capital Markets Services Association – ICMSA); • Continued ANNA’s active promotion of the use of ISO Standards through various industry discussion forums, and industry conferences where ANNA was either a sponsor or ANNA was invited to speak as a guest delegate; • Prepared and conducted ANNA/ISO standard training workshops through dedicated forums organised the day prior to our General Meeting of the ANNA membership; • Continued to provide local market assistance to existing or new ANNA members through established ANNA Regional Groups (APAC, LATAM, EMEA); • Continued development and enhancements to ANNA’s external marketing and Public Relations strategy; • Enhanced the level of dialogue between ANNA and ESMA in respect of how ISO standards could be used to complement and meet EU regulatory requirements.

I also take this opportunity to share an overview of the new members and partners that joined ANNA in the course of 2015. We look forward to further enhancing our working cooperation with them.

• National Bank of Georgia (Georgia) – Full member • Banco Central del Uruguay (Uruguay) – Full member • Transfer of full membership from CEVAL to InterClear Central de Valores S.A. (Costa Rica) - remaining a Full member

These additions brought the composition of the Association at 2015 year-end to 91 full members and 25 partners representing 123 countries/jurisdictions worldwide.

In light of the events we have already seen since the start of 2016, it is clear the coming year will continue to present business challenges to the ANNA Board, the ANNA Service Bureau, our dedicated Working Groups and Task Forces - as we continue our focus on

4 www.anna-web.com Objectives and mission statements of ANNA

Objectives: Mission of ANNA:

1. Global promotion of ISO standards under ANNA (the “Association of National Numbering ANNA's Control Agencies”) is a global industry association, with a presence in excess of 120 countries, • Give assistance to members comprising a membership of Central Banks, • Promote National Numbering Agencies Central Securities Depositories, Data Vendors, (NNAs) involvement Regulators and Stock Exchanges. • Give assistance and support to market participants with regards to standards Mission Statement • Full ISIN coverage where no NNA exists • Support ANNA membership We are committed to providing actionable • Monitor ANNA members rights and global ID and reference data products and obligations services to global market participants, includ- • Define role of Partners and Substitute NNAs ing Regulators and the financial services • Develop marketing strategies and increase industry to uniquely identify, classify and visibility of ANNA describe entities and financial instruments.

2. Make available We proactively promote, implement and maintain standards for entities and related • International Securities Identification financial instruments and make related infor- Number (ISIN) allocation according to mation available in a uniform and accurate ISO Standard 6166 structure for the benefit of global markets and • Classification of financial instruments (CFI) the securities industry as a whole. allocation according to ISO Standard 10962 • Dissemination of ISIN and CFI through Our federated model uniquely positions us as NNAs and ANNA Service Bureau (ASB) the leading association able to offer local • Products of the ASB: ISIN_Access (Look-up market expertise to the global community. service) and ISIN_db (Daily datafeed)

3. Quality

• Develop and proactive maintenance of ISIN- and CFI-guidelines • Monthly reporting by ASB and other statisti- cal information • Ensure timeliness / accuracy / availability

4. Committed to work for the benefit of the financial industry

• ISIN- CFI- guidelines • Interaction of ANNA with the external world

www.anna-web.com 5 General meeting – ANNA administrative review 2015

Management Summary of 2015 for ANNA Minutes of ANNA Ordinary General Meeting in Dublin / Ireland For the Association of National Numbering Agencies membership, the year of 2015 might Opening and welcome: have seemed to be quite turbulent and hectic Dan Kuhnel (DK), in his capacity as the ANNA year, with the changing over of ANNA Board Chairman, welcomed all the ANNA members, members, the persistent attacks on the ISIN partners and guests to the meeting. DK and ANNA from Bloomberg and other Actors warmly thanked the members of the Irish in the market place and the changes to the Stock Exchange (ISE) for hosting this Ordinary CFI and FISN standards. General Meeting and for all of their efforts and assistance to the members that contributed to For the first AGM in Dublin, there were 48 making the organisation of this meeting a ANNA members physically present at the success. meeting and 30 additional members were represented through a Power of Attorney. Speech by Mr Simon Harris TD: This resulted in an attendance of 87.6%. Minister of State at the Departments of Finance with Special Responsibility for For the second EGM in Costa Rica, there International Banking (including IFSC) who were 30 ANNA members physically present outlined some of the noted importance of at the meeting and 38 additional members financial standards especially mentioning the were represented through a Power of Attor- LEI (Legal Entity Identifier) to which the ISE is ney. This resulted in an attendance of 75.6%. an important contributor in its function as pre-LOU (pre-Local Operating Unit). Halfway through the year we witness the growing need for an OTC derivative with He went on to outline the initiative Instrument ESMA announcing that the ISIN would be the for Stability (IFS) which is a very important mandatory identifier for all regulatory report- project for the Irish Financial Market. An IFS ing. This saw ISDA announcing their Symbol- meeting will be held in January 2016 in ogy working group on the 19th September, Dublin. which caused ANNA to have to become more proactive and engage with the Regulators and Welcome Message: ISO on how best to achieve the Regulators Mr Brian Healy, Director, Traded Markets, goal. In December, IOSCO delivered a consul- Development, Operations; of the Irish Stock tation paper, which ANNA immediately went Exchange gave a warm welcome to all ANNA to work on and produced a strategy to ensure delegates and partners, noting it was an that the ISIN would be fit for purpose. honour for the ISE to host the ANNA Ordinary General Meeting. Mr Healy gave an overview As the year turned over, ANNA was making on ISE structure. ISE owns four trading plans to become very instrumental in driving platforms (three in Ireland and one in Malta). the TC68/SC4 Study Group to ensure that the A strategic partnership exists with the ISIN would be adopted successfully for OTC Deutsche Börse Group as well as with Derivatives. Euroclear Bank.

Precis of Minutes of the Dublin / Ireland Review of Extraordinary General Meeting Ordinary General Meeting action items from Bali, November 2014: of the Association of National The main topic of the presentation focused Numbering Agencies on the developments with the ISO Central held in on June 4 & 5, 2015 Secretariat, TC68 & SC4 regarding Bloomb- erg’s FIGI initiative (Financial Instrument Global Identifier) – a parallel numbering scheme intended to compete with the ISIN.

Scott Preiss (SP) informed the delegates about the continued aggressive marketing by Bloomberg and stressed to the delegates that more aggressive arguments should be put out illustrating why the ISIN is fit for the purpose.

ANNA should prepare and send a letter to ISO urging them to support existing ISO standards. This letter should be endorsed by all ANNA members to add further weight to the proposed content. This should also be raised to the attention of local regulators due to functions NNAs hold as CSDs, stock

6 www.anna-web.com exchanges etc. In addition, NNAs should combining existing ISO standards, e.g. ISIN+ also use their influence via their local stand- MIC. ards bodies. ASB Technical Committee Chair Report incl. Financial report 2014 ASB 2014 status Nourredine Yous (NY) Resolutions related to the Financial Report started his presentation by outlining that there 2014 as well as financial documentation could potentially be new pricing (as of 2016) related to 2015 were sent to the membership and the new record structure implementation prior to the General Meeting. The ANNA by the ANNA membership. It was decided Treasurer, Mr György Dudas (GD), highlighted that the old record structure would only be in his presentation some key developments. provided in parallel with the New Record Structure until November 27, 2015. GD outlined the current status of the court case in Belgium with regards to additional Election of two Board Members and one taxation followed by an audit by the tax ASB Technical Committee Member authorities. The agreement reached is benefi- Uwe Meyer (UM), as a member of the cial for ANNA so it was also decided as a nomination committee, reminded the dele- result not to continue exploring the relocation gates of the results of the nomination process to Switzerland. A tax rate of 25% of the for the open ANNA Board seats - with three annual received benefit (i.e. revenues from ANNA members receiving sufficient nomina- ASB sales to external customers) applies, i.e. tions (Egypt, Poland and Mexico) for the two not all credits will be taxed. EUR 110,000 has seats on the ANNA Board. As both current already been rebated by the tax authorities. holders of the seats (Argentina and Hungary) did not stand for re-election, two new Board It was confirmed that no annual ANNA members had to be elected. membership fees will apply for 2015. Future “Contributions” will be made by the members As is the protocol prior to elections, each through the usual credit-/debit note proce- candidate is given an opportunity to speak dure. to the members. Mrs Zazil Miranda Gonzales (Mexico), Dr. Tarek Abdel Bary (Egypt) and Membership Guidelines Mr Slawomir Zajac (Poland) each gave a Martin Paladino (MP) began his presentation short verbal overview as to why they should by explaining the need for these Guidelines be considered for election to the Board. that led to the resolution taken in 2011 at the EGM in Jordan. All members and partners MCDR Egypt, permanently represented were asked in 2012 to acknowledge the by Dr. Tarek Abdel Bary and Indeval Mexico Guidelines by returning a signed hardcopy permanently represented by Mrs Zazil back to the ANNA Secretariat. As the Guide- Miranda Gonzales were elected for a lines are a living document, they are updated 3-years-period (until end of 1st General on a regular basis by the Board members and Meeting in 2018) and with the announced any proposed amendments are voted on by results, both thanked the delegates for their the members at the next possible GM. trust. Their mandates will be exercised unremunerated. For this General Meeting, the Board proposed one amendment with regards to the Nomina- Status and implementation of tion Committee composition. ISO Standards and ISO Registration Resolution 4 was agreed unanimously: Authority Agreements The ANNA Members approve the proposed There was an overview of the ISO 6166 amendment of the Membership Guidelines, Registration Authority Reporting requirements regarding “Nominations for ANNA Board or and the feedback received from the ISO ASB Technical Committee elections – Nomi- Central Secretariat on the 2014 report nation Committee” submitted by ANNA. ISO is requesting more details to understand the basis for calculating Applications for full membership the ISIN allocation fees from those NNAs that As a result of the transition from Partner to levy a charge, as any fees have to be on a full Member, the ANNA membership is now cost-recovery basis. at 90 full members and 26 partners representing 122 countries (UEMOA representing The RA Agreement discussions for the new several countries). ISO 18774 (FISN) standard three new clauses were imposed which required approval by the ANNA Service Bureau membership through a resolution. Also no Scott Preiss (SP) reminded members that Intellectual Property Right (IPR) would be quality matters the fact that the same figures imposed by any ANNA member. ISO seek to that are being marketed by Bloomberg re FIGI avoid a similar situation as arose with the coverage could be reached within the ASB by ISO 6166 standard.

www.anna-web.com 7 ISO 10962 (CFI – Classification of even for the fields classified as optional as Financial Instruments) this is only meant to be a technical term, i.e. The revision of the ISO 10962 standard a non-population of these fields would not underwent key revisions to include a broad- lead to a rejection of the record. But the more ened scope to include derivatives as a new content the ANNA members can provide, the category and structured products being more value the products have to the users merged into existing categories as well as and thus further advantages of buying the some other instrument category changes. ASB products could be marketed. This included a new category being introduced for collective investment schemes WG2 – ISIN Quality and Guidelines report replacing the use of the ‘EU’ group. There reminded the members that WG2 is always were two subgroups dealing with an impact available to provide any assistance required, analysis for the implementation of the revised at any time, to all ANNA members with CFI standard and a second one working on regards to ISIN allocation matters and/or developing the CFI Guidelines. Results of interpretation of the ISIN Guidelines. these two efforts were to be made available at the end of August. TF20 (Implementation of new standards) FISN is defined as being part of T2S (Target2 ISO 18773/18774 (FISN – Financial Securities) messages but according to Instrument Short Name) European Central Bank only the 35-digits The FISN DIS obtained approval in September structure is currently compulsory. Content is 2014. As received comments and modifica- not checked yet as the standard is not tions were not deemed major, it was agreed published yet. to go directly to publication which is now only pending the signature of the RA Agreement Since the FISN standard, as well as the between ANNA and ISO. revised CFI standard are both important elements of the ASB New Record Structure, TC68 SAG (Standards Advisory Group) NY proposed that the ASB TC should take The members informed that the SAG has over the tasks of TF20 and that TF20 should already made significant progress on drafting be disbanded. Minutes of the WGs and TFs a standard to define classifications of entity are uploaded to the members’ area of the legal forms that exist within jurisdictions. ANNA website and are, therefore, available These are required for the LEI record. In a for viewing and reference at any time. meeting held at the end of August, the CD (Circulated Draft) should be finalized for voting Next meeting between September and November so that a On behalf of Central de Valores de la Bolsa DIS could be issued early 2016. Nacional de Valores (Costa Rica) Mr José Rafael Brenes Vega invited the ANNA Mem- After the formal establishment of the GLEIF bership to attend the next Extraordinary in June 2014, the organisational structure incl. General Meeting and Workshop being held hiring of staff is being built. The GLEIF Board from 11th – 13th November 2015 inclusive and was working with the pre-LOUs on a Master to be hosted in San José, Costa Rica. A short Agreement, as well as on documentation for video was played highlighting the features of the Accreditation process, which LOUs are Costa Rica. Registration forms and hotel presently undergoing. information will be sent out in due course.

Marketing activities Precis of Minutes of the Extraordinary ANNA’s marketing activities involved histori- General Meeting cal aspects and ANNA’s values. More focus of the Association of National by the ANNA Board has been put on devel- Numbering Agencies oping a public relations program with the held in San José / Costa Rica on ultimate goal being to increase ANNA’s November 12 & 13, 2015 visibility and perception in the global marketplace. Minutes of ANNA Extraordinary General Reports from Working Groups, Task Forces Meeting in San José / Costa Rica and Regional Groups Opening and welcome: WG1 – Assisting Emerging Markets report Dan Kuhnel (DK), in his capacity as Chairman, outlined several aspects of members and welcomed all the ANNA members, partners partners rights and obligations in more detail. and invited guests. DK thanked the members Special focus is currently put on compliance of CEVAL for hosting this Extraordinary issues. ANNA members were reminded that General Meeting and for all of their combined for the New Record Structure data being efforts that contributed to making the organi- submitted, all fields should be supplied – sation of this meeting a success.

8 www.anna-web.com Welcome Message: Update on ANNA’s strategy: Mr. Orlando Soto Enriquez, Chairman of The ANNA marketing should espouse that the Board of the Stock Exchange gave a NNAs generate some added-value when warm welcome to all the ANNA delegates performing their role as Registration Authority and partners; noting it’s an honour for CEVAL Agencies for ISO Standards in their respective to host the ANNA Extraordinary General markets. Meeting. The need to re-assess ANNA’s strategy was Mr. Soto gave an overview on the status and driven by several factors such as the Regis- activities of CEVAL in its function as CSD for tration Authority (RA) role for ISIN not being Costa Rica - which is this year celebrating its guaranteed by ISO, the RA role for CFI being 40th anniversary. An application by Interclear removed, and particularly that ISIN and ANNA has been received by ANNA to replace CEVAL are currently under attack as illustrated by as ANNA member and as National Numbering Bloomberg´s (BBs) initiative to promote the Agency in Costa Rica. FIGI and to have it adopted as ISO standard (in addition to the already approved status as One of the goals of Interclear will be to OMG standard). integrate more ISO standards in the Costa Rican capital market. In the Costa Rica, One element of Bloomberg´s “self-promotion” securities market public bonds play a funda- was achieved by spreading misleading and mental role for meeting funding requirements. incomplete information especially with regards to ISIN and ANNA’s activities. Hence, Speech by Mr Carlos Arias Poveda, preventative actions needed to be taken by all Superintendent, SUGEVAL ANNA members. (Securities Market Regulator) Mr. Arias opened his speech by welcoming • Adopt or generate ANNA’s own stand- all delegates to the ANNA EGM. The current ards: members should inform the Board capital market structure provides an efficiently on needs for new standards expressed by working market to ensure liquidity. Investment their local markets. funds are an important instrument type for the • As an additional current item to be local market. One of the goals for the near monitored “Block chain” was mentioned future is the approval of the functionality of (an audit trail on Bitcoins). ISIN could play the secondary market. an important role so we should turn the potential threat into an advantage. Mem- Review of Ordinary General Meeting bers are requested to contact the Board action items Dublin, June 2015: with their views. The report by the Chairman provided a • Making ANNA visible: in case ANNA and/ status report on Action Items resulting from or ISIN are attacked we must be able to the June 2015 General Meeting in Dublin. react with facts. This included an overview of the current • A new short-term goal for ANNA is membership numbers and associated busi- deriving a solution linked to the allocation ness composition. The main topic of the of ISINs for OTC derivatives. This is report focused on the developments with mandatory as the European Regulator the ISO Central Secretariat, TC68 & SC4 ESMA appointed the ISIN to be the sole regarding Bloomberg’s FIGI initiative identifier under MIFID II regulation; (Financial Instrument Global Identifier). • ISDA (International Swaps and Derivatives Association) is looking closely whether The draft letter from ANNA to ISO was finally ANNA would be in the position to allocate circulated to the members before the General ISINs for all OTCs worldwide – on a virtual Meeting and the members were requested to real-time basis. revert to the Secretariat by November 27 should they not want to be included as Financial forecast 2016 signatory to the letter. The Board focussed A resolution related to the Financial Forecast very much on ensuring the right tone was as well as financial documentation were sent inherent in the letter. to the membership before the General Meet- ing. The ANNA Treasurer, Dr. Tarek Abdel Bary The letter was sent to ISO when the above (TA), highlighted in his presentation some of deadline is reached - but the Board made the significant aspects. particular note that the letter should not be distributed in the public domain - neither by TA outlined the latest status of the court case ANNA nor by the NNAs. The intention of the in Belgium with regards to additional taxation letter was for the NNAs to have the compiled followed by an audit by the tax authorities. arguments in their pocket in case they are The agreement reached is beneficial for contacted by the market about Bloomberg ANNA, so it was also decided as a result, activities in this space. not to continue exploring the relocation to

www.anna-web.com 9 Switzerland. A tax rate of 25% of the annual sign a 3-years-ASB agreement for a total received benefit (i.e. revenues from ASB sales amount of 675K. to external customers) applies, i.e. not all credits will be taxed. EUR 113,385.44 has SP introduced a potential opportunity for already been rebated by the tax authorities. ANNA and the NNAs by an offer of 3rd party For the years 2006 and 2007 rebates are to to build an “ISIN request routing hub“, i.e. be received. effectively a book-running system.

It was also confirmed that for 2016 no annual Status and implementation ANNA membership fees will apply. of ISO Standards Update on RA Agreements ISO (ISIN and Membership compliance FISN), the latest contract negotiated with The ANNA Board has been focusing on, ISO on the RA Agreement for ISO 18774 e.g. ISIN and CFI allocation, data quality, (FISN) ISO introduced several amendments attendance at General Meetings (one meeting that – after approval by the members at the in 2 years at a minimum) as well as member- Dublin meeting – were incorporated in the ship status (e.g. transition period between final template. Finally, the agreement was ANNA Partner and Full Member shouldn’t executed between ANNA and ISO on take more than 2 years). October 23, 2015. The Board had decided to split geographical responsibilities in case members/partners ISINs for OTC Derivatives would have to be contacted with regards to The presentation on OTC Derivatives started compliance matters. with a quote from an ISDA working group that OTCs “have not had that kind of standardized The following areas had been looked identifier, like the International Securities at by the Board. Identification Number. How this will be dealt Application for full membership was received with is one of the biggest challenges facing by Banco Central de Uruguay, where Mr the industry." Marcelo Vidoni gave a short speech introduc- ing their financial market. The application for It was logical that ANNA, ISO and ISDA membership was unanimously endorsed by cooperate in this subject matter through a the members. Study Group. ISIN and CFI are the key components for these discussions. The NNA function has been transferred by CEVAL to Interclear, the ANNA members had A specific prefix already reserved by ANNA to vote on the application for full membership for OTC derivatives (EZ) could be used. by the new legal entity. With regards to volumes the figure of 700 As a result of the applications, the ANNA billion codes required in real-time over a membership now stands at 91 full members period of 10 years was indicated in initial and 25 partners representing 123 countries talks. 22 trillion codes would be possible (UEMOA representing several countries). using an EZ prefix ISIN.

ANNA Service Bureau ANNA had started work on understanding Scott Preiss (SP) gave a presentation on the needs of the Derivatives market place and the Operator’s Report on ASB quality matters prepared a paper that would be used to work on some volume statistics as well as on the with ISO to initiate a Study Group with indus- core: quality issues on issuer and instrument try partners. data. Data quality related customer com- plaints continue to be the main concern. It was made clear that no ISIN codes should A few examples on specific on-going opera- ever be re-used and that duplicate ISINs tional challenges were presented. would not be tolerated in this new world.

The lack of quality/accuracy in the Issuer ISO 10962 (CFI – Classification of Name (Long) field is still a key area of con- Financial Instruments) cern. Some NNAs are not providing the Key changes to the CFI include a broadened complete Issuer Name that is recorded in scope (derivatives as new category and the legal offering documentation. A remaining structured products being merged into open item is for mutual/trust funds where existing categories), some category changes some NNAs are inputting the Fund Manager (new category introduced for the investment or Financial Advisor in the Issuer Name (Long) schemes replacing use of EU) but also the field and the name of the Fund in the Issue removal of the Registration Authority function. Description Field. Two sub-working groups under ISO TC68/ SC4/W6 have developed CFI User Guidelines A global data vendor “Interactive Data” will as well as an Impact Analysis outlining the

10 www.anna-web.com changes in detail. Both documents are and pull strategy (raising ANNA’s visibility). uploaded to the ANNA website (impact This would also raise Google visibility/ranking. analysis only in the login area). Reports from Working Groups, Task Forces TF20 (Implementation of new and revised and Regional Groups standards) now needs to look at the implementation plan for all NNAs to migrate to WG1 – Assisting Emerging Markets: the new version of ISO 10962 well in time before MiFiD II as CFI is an important element A report was supplied that outlines several of this regulation. Target date should be aspects of the members and partners rights September 2016. and obligations in more detail.

Study Groups TC68 and SC4 WG2 – ISIN Quality and Guidelines (Overlapping Standards and Financial Instruments Identifier) It was reported that India had recently joined Both Study Groups have been created due the group so the Asian region is also repre- to resolutions taken at this year´s ISO TC68´s sented in the group. Plenary meeting. Both have started working on their tasks through initial conference calls. TF20 (Implementation of new standards)

The expected outcome of the SG on Financial TF20 needs to look into CFI and FISN imple- Identifiers is a landscape of existing IDs for mentation as well as into the development of Financial Instruments. It was commented FISN Guidelines and the maintenance of the that Bloomberg, whose representatives are CFI Guidelines. members of both SGs, try to use the groups for research so this could be afterwards used The Board would ask Nourredine Yous for against ANNA and ISIN. confirmation on his continuing convenorship or a new convenor would be appointed. Legal Entity Identification Current LEI developments include accredita- Appointment of nomination committee for tion process of the current pre-LOUs (as ANNA Board election spring 2016 well as other organisations not having been endorsed pre-LOU before) as well as some Upcoming General Meeting two seats are up consultations on LEI for branches and individ- for election: Germany and the United King- uals. In addition, ROC is looking into so called dom for the ANNA Board. IK and GD agreed Level-2 data (direct and ultimate parent) which to assist DK in his capacity as Chairman of will be a special challenge. It is good to see the Nomination Committee for the nomination that more and more regulations impose LEI. process.

Marketing activities Miscellaneous It was explained that due to the ongoing attacks by Bloomberg on the ISIN, each The members were shown the redesigned member needs to be more active in promoting ANNA website, it was stated that input/ ANNA and ISIN in their jurisdictions. comments by all members are welcome.

To support the members, a general presenta- Next meeting tion on ANNA is available in the login area On behalf of Central Depository of Armenia, (this could also be translated into Spanish). the ANNA Membership were invited to attend Members should use this presentation in their the next Ordinary General Meeting (to be held presentations for the local markets. on 2nd and 3rd June 2016), which will be hosted in Yerevan, Armenia. A short video was The advertisements created for ANNA’s played highlighting the features of Armenia as marketing use could also be used by the a meeting location. Registration forms and NNAs in their markets, e.g. in their Newslet- hotel information will be sent out in due ters or as external advertisements in local course. market publications. Alan Dean It was suggested that online webinars on a ANNA Executive Secretary local and regional basis could be organized by ANNA. The Board will look into it. CGS could assist as they have already experience.

A marketing strategy needs to be elaborated differentiating between a push strategy (e.g. through regulator contact in the local markets)

www.anna-web.com 11 ANNA Service Bureau – report for 2015

In 2015 the ASB TC members held two New customer contract conference calls and had one physical The operators SIX FI and CGS are preparing a meeting. This report describes the status of new costumer contract that will be ready in the relevant topics. the beginning of 2016.

Some of the topics such as: Implementation of new standards, CFI and FISN - NRS user guide Due to some reorganisations of TF20 in 2015 - New Costumer contract the implementation did not start yet. - New pricing When operational, TF20 will prepare a guide - ASB Marketing strategy, lines and the list of abbreviations. were moved it to the 2016 because of the ESMA publication of MiFIR reference data complexity they represent and will be solved The representatives from the ANNA board will during the next year. contact ESMA to get some transparency. The questions which trouble the ASB TC members NRS (new record structure) migration are: At the end of the year 2015, 91 of the 116 member and partners have migrated to the - What exactly is reference data? new record structure. Among them are also - Which kind of data is the ASB able to Euroclear Banking and Clearstream Banking. deliver with some kind of restriction? Of the 25 countries that have not migrated - What will ESMA do with this data? only 4 utilise ftp files (Azerbaijan, Indonesia, Morocco and Thailand). The other 21 coun- New pricing tries utilized the ASB website to perform their The Technical Committee Members agreed ISIN maintenance. that a potential price increase in the course of In 2016 the ANNA Board and the ASB TC will 2016 will be applied to all customers, includ- have to set the final migration dead line for the ing the present ones. NNAs that still operate on the old record structure. ISIN.Org All clients, except for the ECB, have migrated We have received a legal analysis (presented to the NRS. The ECB will migrate during 2016. by Dan Kuhnel). Legally speaking is nothing wrong because they (ISIN.org) are not pre- User Guide for NRS tending to be ANNA or impersonating ANNA In 2016 the operators will prepare a user they just act as an agent. The strategy is to guide for the new record structure based address the matter from the perspective of upon the major troubles and questions that getting ANNA’s linkage to ISIN better prior- the NNAs and the clients have encountered itized in global internet search engines. during and after the migration. ASB marketing LEI A list of suggestions will be prepared by The operators will prepare an overview on the the operators during 2016 for the purpose LEI field population and in the second phase of developing the ASB marketing strategy. establish the linkage between LEI and ISINs for the possible cooperation with the GLEIF Iztok Klemenc (Global Legal Entity Identifier Foundation). Chairman ASB Technical Committee

The ASB Network

NNAs NNAs Customers Customers

Synchronization ISIN DB ISIN DB New York Zurich

Web Server Web Server New York Zurich Standard & Poor´s SIX Financial Information Ltd

12 www.anna-web.com Securities business and state of ISIN implementation – worldwide

Country Equities Debt Rights CIV* Structured Listed Options Commodities Indices Swaps Use of ISINs instruments instruments and Futures no. ISINs no. ISINs no. ISINs no. ISINs no. ISINs no. ISINs no. ISINs no. ISINs no. ISINs Domestic Cross border Algeria 4 35 ------X - Angola - 649 - - - Argentina 572 10.330 54 39 ------X Armenia 1.469 10 ------X X Australia 7.210 9.829 4.345 12.158 1 - - - - X X Austria 547 6.373 3.386 3.587 3.045 11 - 237 - X X Azerbaijan 2.030 348 ------X - Bahrain 50 149 - 51 2 - - - - X X Bangladesh 312 374 - 44 - - - - - X - Barbados 96 4 - X X Belarus 16 6 ------X Belgium 12.111 14.797 19 2.996 15 - 6 62 - X X Bolivia 62 14.350 ------X Botswana 26 89 ------X - Brazil 6.728 504.729 52 22.845 - 1.708 414 29 - X X Bulgaria 1.378 115 - X X Canada 13.377 32.271 258 59 617 - - - - X X Cape Verde 8 238 ------X X Chile 317 381 194 458 - - - 11 - - X China 3.350 10.138 66 421 - - 2.636 1.975 - - X Colombia 216 96.635 - X X Costa Rica 15 379 - 128 - - - - - X - Croatia 1.112 106 2 183 - - - 11 - X X Cyprus 128 71 1 16 - - - - - X X Czech Republic 104 306 - 16 - - - - - X X Denmark 360 2.041 357 1.009 - - - 5 - X X Dominican 272 - - 6 - - - - - X - Republic Ecuador - 81 - - El Salvador 79 312 ------X - Egypt 9.847 531 ------X X Estonia 6.114 145 2 93 17 - - 1 - X X Finland 518 3.000 1.158 556 - - - - - X X France 905 1.066 184 3.944 - - 25 2.646 - X - Georgia 250 87 ------X X Germany 17.546 700.920 812.831 7.947 544.959 196.481 832 14.062 1 X X Greece 299 572 4 149 - - 1 59 - X X Guatemala 6 54 ------X - Honduras - 641 ------X - Hong Kong 405 3.444 5 1.824 1.421 45 - 42 - X X Hungary 9.647 747 - 1.031 - 17.126 - - - X X Iceland 236 496 - 223 - - - 53 - X X India 19.624 14.236 124 22.687 1.823 - - 28 - X - Indonesia 600 2.634 377 128 - - - - - X - Iran 797 101 413 17 - 68 36 94 - X - Ireland 38 557 54 68.302 - - - 28 - X X Israel 480 648 73 1.401 636 4.086 - 8 - X X Italy 10.778 23.091 5.954 4.765 576 58.229 8 97 - X X Jamaica 76 30 - X X Japan 3.662 59.083 16 10.044 - - - - - X X Jordan 317 788 86 ------X - Kazakhstan 109 - 424 3 ------X Korea 9.274 80.421 3.741 X X Kuwait 626 13 - 42 - 1.821 - - - X X Latvia 69 106 - 36 - - - - - X X Lebanon 188 733 2 24 - - - - - X X Libya 62 - - X - Lithuania 597 216 - 28 - - - - - X X Luxembourg 685 736 6.956 172.085 - - - - - X X Macedonia 582 169 ------X - Malaysia 911 26 272 311 532 1.336 - 24 - X X Maldives 6 3 ------X - Malta 48 210 15 1.554 - - - - - X X Mauritius 1.214 208 2 8 2 - - - - X X Mexico 4.463 112.060 1.281 8.769 - - - - - X X Mongolia 323 108 - - 25 ------Montenegro 329 22 ------X - Mozambique 14 41 ------X - Morocco 94 676 22 411 - - - - - X - Nepal 438 - - 6 - - - - - X - Netherlands 321.894 8.247 ** ** - - - - - X X Nicaragua 1 125 ------X - Nigeria 243 68 - 1 - - - - - X X Norway 7.325 4.036 5.164 889 208 3.010 27 137 26 X X Oman 253 24 - 8 - - - - - X - Pakistan 758 185 13 52 - - - 3 - X - Palestine 49 1 ------X - Panama 63 703 - 28 - - - - - X X Paraguay - 464 ------X Peru 426 352 2 11 1 - - - - X X Poland 1.005 951 35 166 342 1.583 6 51 - X X Portugal 2.718 2.286 102 678 4 - - 14 - X X Qatar 43 71 3 2 - - - 15 - X X Romania 4.299 104 - 103 26 728 - 10 - X X

Italic figures refer to previous years; no updated information available "*CIV Collective Investment Vehicles" **included in Equities

www.anna-web.com 13 Securities business and state of ISIN implementation – worldwide

Italic figures refer to previous years; no updated information available "*CIV Collective Investment Vehicles" **included in Equities

14 www.anna-web.com Allocation of ISIN for new financial instruments

Type Options/ Commodi- Indexes Interest Currencies Cross Comments / Reasons for non allocation of ISINs for specific types Country Futures ties Rates Rates of instruments Algeria − − − − − − These instruments do not exist in the Algerian financial market.

Angola − − − − −

Argentina − − X − X − Since the allocation of the ISINs is currently done manually, it is difficult to allocate ISINs for all specific types. More- over, there’s no requirement from the market.

Armenia − − − − − − The main reason is that specific types of instruments are not circulated in the Armenian securities market.

Australia X − − − − − ASX does not quote or trade commodities, currency or cross-rate products. We have no requests for ISINs for indices and do not monitor cross-rates.

Austria X X X X − − We allocate ISINs upon request. No request/need for Cur- rencies or Swaps at the moment.

Azerbaijan − − − − − − These types of instruments are non-existent on the securities market in Azerbaijan.

Bahrain X X X X X X

Bangladesh − − − − − − Only currencies are traded in Bangladesh by banks & money changers but there is no market practice to allocate ISINs.

Barbados − − − − −

Belarus − − − − − − We do not allocate ISINs for derived financial instruments as we have not received any requests for such allocation.

Belgium X X X X X X

Bolivia − − − − − − EDV is allocating ISINs and CFI to all the type of instruments listed in the Bolivian Stock Market.

Botswana − − − − −

Brazil X X X X X X

Bulgaria − − − − −

Canada − − − − − − These types of instruments do not trade with ISINs in Canada.

Cape Verde − − − − − − Do not exist/Not applicable.

Chile − − X − X − We have not been requested to allocate such a type of instruments as of today.

China − X X − − − ISIN was mainly used in cross border trading in China so we just need to issue ISIN for specific types within that area.

Colombia − − − − −

Costa Rica − − − − − − Instruments are not available for local market.

Croatia − − X X − − These types of instruments are not issued by the domestic security industry.

Cyprus − − X − − − The Cyprus Stock Exchange has not allocated ISINs for structured products because it has not received any requests for this specific financial instruments (structured products)

Czech Republic X − X − − Not required yet.

Denmark − − X X X X TOOFs are issued out of Sweden; Commodities are not traded in DK.

Dominican Republic − − − − − − At the moment Derived Financial Instruments do not exist on the Dominican Republic securities market.

Ecuador − − − − −

El Salvador − − − − − − These instruments are not available in our market.

Egypt − − − − − − We have no drived financial instruments yet in the Egyptian market.

Estonia X X X X X X

Euroclear − − − − − − ISINs are only allocated in accordance with the ISO 6166 standard and ANNA ISIN Guidelines, therefore, these instrument types are out of scope of the area of our ISIN allocation responsibility.

Finland − − − − − − There has not been any request for those.

France − X X X X − Euroclear France is delegating the codification of Monep options to Euronext and Matif futures are not identified under the AFC reference system and aren’t officially coded. We didn’t codify cross rates.

Georgia − − − − − − There are no such instruments in the local market.

Germany X X X X X

Greece − X X − − − Technically is feasible to allocate ISIN codes for all instruments but there is not such an interest by the local market.

Guatemala − − − − − − The derived financial instruments market does not yet exist in Guatemala.

Italic figures refer to previous years; no updated information available

www.anna-web.com 15 Allocation of ISIN for new financial instruments

Type Options/ Commodi- Indexes Interest Currencies Cross Comments / Reasons for non allocation of ISINs for specific types Country Futures ties Rates Rates of instruments Honduras − − − − − − The Honduran Securities Market is structured by debt instruments.

Hongkong X X X X X X No requests were received so far for ISIN on Commodities and Swaps.

Hungary X − − X − −

Iceland − − X − X − No demand for them plus those types are not common in our market.

India − − X − − − ISINs were not being generated for commodities. However, commodity identifiers (C-Ids) were generated for warehouse receipts for commodities. The activity of electronic warehouse receipts for commodity has since been discon- tinued by depositories.

Indonesia − − − − − − These types of instruments are not registered in KSEI.

Iran X X X − − − The other types of instruments are not used in our area.

Ireland − − X − −

Israel X − X X X − They are not traded on TASE.

Italy X X X X X − As regards swaps contracts, up to now our Agency has not been requested to issue ISIN codes by the securities industry.

Jamaica − − − − −

Japan X X X X X X The local codes (4 digits) are mainly used by the Japanese market participants.

Jordan − − − − X − Such financial instruments do not exist in the Jordanian capital market.

Kazakhstan − − − − − − According to our Rules of ISIN allocation we do not allo- catie ISINs for derived financial instruments. In our country ISINs for derived financial instruments are not used.

Korea X X X X X

Kuwait X − − − X Not offered in the Kuwait Market.

Latvia − − − − − − Such types of financial instruments are not registered at Latvian Central Depository at the moment.

Lebanon − − − − X − Not applicable in our market.

Libya − − − − − −

Lithuania − − − − − − Not existent in the market or not circulated publicity via CSD.

Luxembourg − − − − − − No demand.

Macedonia − − − − − − These types of instruments are not introduced yet on Macedonian Capital Market

Malaysia X − X − − − ISINs are allocated for instruments that are listed and traded on the Exchange or by request from the issuers.

Maldives − − − − − − No such securities issued in the market.

Malta − − − − − − No requests were made so far.

Mauritius − − − − − − Allocation will begin when the Stock Exchange of Mauritius starts trading derivatives or when an application is made to us to issue ISINS for such instruments.

Mexico − − − − − − The Derivative Mexican Market doesn´t require the ISIN, but this year we will analize if it is possible to assign the ISIN.

Mongolia − − − − − We have not got the permission to allocate, but it is being discussed.

Montenegro − − − − − − There are no such instruments yet (on the domestic market).

Morocco − − − − − − These specific types are not traded on the Casablanca Stock Exchange.

Mozambique − − − − − − We don’t have this type of securities in our market.

Nepal − − − − − − Most of the instruments are not available in Nepalese Capital market. Instruments that are available are yet to come under any regulatory bodies.

Netherlands X X X X X X

Nicaragua − − − − − − Because of the market conditions we do not allocate those instruments.

Nigeria − X − − − − Yet to be introduced into Nigerian capital market.

Norway X X X X X X

Oman − − − − − − Not available in the Omani market.

Pakistan − − − − − − These types of instruments are not allocated due to non-existance of such instrument type and/or no market demand.

Palestine − − − − − − None of those instruments are listed.

Italic figures refer to previous years; no updated information available

16 www.anna-web.com Allocation of ISIN for new financial instruments

Type Options/ Commodi- Indexes Interest Currencies Cross Comments / Reasons for non allocation of ISINs for specific types Country Futures ties Rates Rates of instruments Panama − − − − − − We do not have these financial instruments in our country.

Paraguay − − − − − − BVPASA doesn´t trade those types of instruments.

Peru − − − − X −

Poland X X X X X − There is no business demand.

Portugal X − X X X − INTERBOLSA doesn’t allocate ISIN codes to Commodities nor to Swaps because there have been no requests.

Qatar X X X X X X

Romania X − X − X − No request received yet.

Russia − − X X X − ISINs for listed options, futures and commodities are not required by the Russian finacial market yet.

Saudi Arabia − − − − X − Not listed nor registered in markets.

Serbia − − − − − − Derived financial instruments have not appeared yet on our market.

Seychelles X X X X X X

Singapore − − − − − − These ISIN codes are not used in the market.

Slovakia − − − − X − Allocation of ISIN for specific types of financial instrument is not mandatory according to the Slovak legislation. CDCP is ready to assign ISIN codes also to new investment instruments.

Slovenia − − X − − − The reason we do not allocate ISINs to specific types is because these types of instruments are not issued yet.

South Africa − − − − − − Current system constraints; We are currently in the process of developing a new system where we are able to issue ISIN’s for Derivative instruments. The implementation date for this system is planned for 2017.

Spain X X X X − X As part of the Eurozone we are no longer in charge of allocating ISIN codes for currencies.

Sri Lanka − − − − − − These instruments are currently not available and popular in our market.

Swaziland − − − − −

Sweden X − − − − − No market convention.

Switzerland X X X X X X

Syria − − − − − − Not listed at DSE yet and doesn’t currently exist.

Taiwan X X X − − − ISINs are allocated only for those derived financial instruments traded on the exchanges.

Tanzania − − − − −

Thailand X X X X X −

Tunisia − − − − − − These specific types are not traded in Tunisia.

Turkey X X X X X X

UEMOA − − − − −

Uganda − − − − − − Instruments not yet available in the market, but market has provision for such instruments when listed.

Ukraine − X − − − − No regulations for their existance, no market demands.

United Arab Emirates − − − − − − Derived financial instruments are not yet used and regu- lated in UAE markets.

United Kingdom X X X X X − Not requested.

Uruguay − − − − − − Some of these products are traded on stock exchanges without ISIN, which is the case of currencies.

USA X X X X X X

Venezuela − − − − −

Vietnam − − − − − − These instruments are currently not available in the Vietnam securities market. However, when they become available in the future and are registered at VSD, ISINs will be allocated for them.

Zambia

Zimbabwe

Italic figures refer to previous years; no updated information available

www.anna-web.com 17 Working Groups and Task Forces

Since its foundation in 1992 ANNA's tasks WG1 (Assisting Markets) have been growing constantly. In order to structure the work of all existing Task Forces, An important step for all Members and ANNA decided to categorize the existing Task Partners was the development of the Forces into two categories: Membership Guidelines by the ANNA Board that became part of the legal documents • Working Groups (WG) and through voting at the General Meeting in • Task Forces (TF) Jordan in December 2012. The document outlines several aspects of the members While WGs are permanent and looking into and partners rights and obligations in strategic matters, TFs should present their more detail. Being a living document it is results to the General Meeting in a limited constantly updated, presented to the period. membership and voted at a General Meeting. At present two Working Groups, one Task Force plus three Regional Groups are in At the General Meetings in Ireland (June 2015) operation: and Costa Rica (November 2015) we were pleased to receive applications for full membership from our ANNA Partners in Georgia and Uruguay. Applications were voted unanimously bringing membership to 91 full members.

Currently ANNA has 25 ANNA Partners:

• Algeria • Angola • Barbados • Belarus • Botswana • Cape Verde • Ecuador • El Salvador • Ghana • Honduras • Jamaica • Kenya • Maldives • Mongolia • Mozambique • Nepal • Nicaragua • Paraguay • Seychelles • Swaziland • Syria • Tanzania • Uganda • Zambia • Zimbabwe

Organizations from these countries being appointed as National Numbering Agencies are mainly Central Securities Depositories (CSDs) or Stock Exchanges. ANNA Members and Partners allocate ISINs for 123 countries.

Countries not having appointed a National Numbering Agency yet are handled by the appointed SNAs (CUSIP Global Services, National Settlement Depository Russia, WM Datenservice and SIX Financial Information Ltd) which extend ISIN coverage to all countries worldwide.

18 www.anna-web.com Further prospects for 2016 are DIFC (Dubai ANNA Working Group 2 International Financial Centre), Laos, Tajik- (ISIN Quality and Guidelines) istan and Uzbekistan. Further prospects for the future include Cambodia and Myanmar. The WG2 is focused on topics related to the guidance on ISIN allocation and also in charge A few other countries (e.g. Bahamas, Bermu- of the periodical review of the ISIN allocation da, Cayman Islands and New Zealand) have rules, which are compiled in a live document appointed NNAs but currently not being an named ISIN Uniform Guidelines. This docu- ANNA Partner or Member. ment develops and interprets the ISO 6166 ensuring its alignment. The Guidelines are Special focus has been put by the Board at constantly updated and presented to the each meeting on compliance issues that ANNA membership at General Meetings for have to be followed by all Members and their approval. The current version is dated Partners such as ISIN and CFI allocation August 2014. according to the latest version of the standards and the accompanying Guidelines, The activity of the group during 2015 generat- uploading of daily files as well as annual ed the exchange of numerous emails and two refresh master files to the ASB database and conference calls were held to address different the adherence to the terms outlined in Mem- arisen matters. There were topics addressed bership Guidelines. relating to the guidance on ISIN allocation and also to clarify specific market practices. The As a new version of the ASB record was work done contributed to move forward on established in November 2014 with a much some points in order to update. broader coverage of detailed information (e.g. FISN, LEI, MIC etc). Nearly all Partners and Among the matters discussed were: Members have now adapted to this new version. - ISIN assignment for Time Deposits & Letters of Guarantee All Partners being fully compliant and being a - Structured Products: clarification on the Partner for more than two years will be asked allocation rule to consider applying for full membership as - Treatment of funds merger this status should only be an interim status to - Fixed income issues with different denomina- get used to all operational and organizational tions aspects of NNA function and requirements resulting from ANNA membership. Nepal will Whereas some issues could be solved after apply for full membership at the GM in June discussions, the group needs further informa- in Armenia. tion and discussion on other matters to come to a final, optimal solution. WG2 will continue Finally, another Workshop focusing mainly on to resolutely work on all concerning matters practical matters related to NNA functions towards adopting uniform and clear rules for was held on November 11 in conjunction with the ISIN allocation. the Extraordinary General Meeting in Costa Rica. We were pleased to see that many Additionally, it is my pleasure to announce that Partners took this opportunity to discuss two Numbering Agencies, India and China, practical items that usually could not be have become new WG2 members. The mem- discussed during a General Meeting. ANNA bership gives you the warmest welcome. As a will keep on offering such workshops mainly result of the before mentioned the WG is in conjunction with the Extraordinary Meetings currently composed of the following Number- that will take place outside Europe. ing Agencies: Argentina, China, Euroclear, Germany, India, Italy, Luxembourg, Spain, Uwe Meyer Switzerland, UK and USA. Convenor of WG1 Lastly, I would like to remember that all ANNA members are invited to contact the WG if they have any basic question or need any assistance with regards to ISIN allocation matters.

Oscar García Convenor of WG2

www.anna-web.com 19 Regional Group Reports 2015 The ALARG 2015 Annual Meeting was held in San Jose, Costa Rica in November,10 mem- ANNA Latin American Regional Group bers and 2 partners attended the meeting. (ALARG) The main agenda items included: overview of ISIN and CFI assignment, election of Regional SD Indeval as ALARG’s member is very Manager, analyse the case of new members pleased to share with the ANNA Membership in ALARG, new Strategy and new Version of a summary of the ANNA related matters CFI and FISN implementation. occurred during 2015 in the Latin American region. During 2015, ANNA´s Extraordinary General Meeting and workshop was organized in Latin Communication between Caja de Valores S.A. America and was the one held in November in and the Regional NNAs has been continuous, San Jose, Costa Rica, hosted by InterClear mostly focused on the new strategy and also Central de Valores, S.A.. This was a very resolving various questions with reference to fruitful forum for the regional NNAs and all the ISIN and CFI allocation. ANNA community, with important topics discussed during the meetings. In June 2015, the General Meeting was in Dublin, Ireland where we had elections for two One of the most important objectives of seats in the Board, México and Egypt won. ALARG is to have full coverage of all NNAs in The region is so happy to have again a the Region. This is reached during 2016 and representative in that position. The transition 2017 when some Partners will become full between old Board members and new ones ANNA Members. took place in Amsterdam, where the Board thanked Caja de Valores for all the effort for To accomplish the implementation of the new more than 9 years. CFI structure and FISN in April 2017, we will support all our members during the process. During 2015, one NNA became a full Mem- ber, Banco Central de Uruguay where Caja de Zazil Miranda Gonzalez Valores S.A. provided assistance in the ALARG Convenor transition process.

ANNA African and Middle East Regional • No meetings or conferance calls with Group (AMERG) the group in the last six month.

• Inviting AMERG members to attend • Provide support and assistance for ANNA GM or give Power of Attorney AMERG members (PoA), reminding them by the attendee compliance. Dr. Tarek Abdelbary AMERG Convenor • Discussion with Sudan Stock Exchange to become a member in ANNA.

20 www.anna-web.com Regional Group Reports 2015 Discussions amongst the participating members continued to remain largely ad hoc APARG Report through the course of 2015. Action items and assistance from APARG members, therefore, The Asia-Pacific Regional Groups were are initiated at the request of the convenor or formed via an approved membership resolu- APARG participants when needed. tion, passed at the ANNA AGM of June 2013 which was held in Rome Italy. Focus was put on the following subjects during the course of 2015: Due to the large number of members and partners that are located in the Asia Pacific • Implementation of the new ASB Record region, it was determined that two groups Structure launched in November 2014; should be formed, namely APARG East and • Continued coordination with members of APARG West This allows for more effective the Philippine Stock Exchange and management of relevant discussion items and Philippine Regulator (the SEC) to address any arising actions to be addressed. assuming PH ISIN assignment coverage in the local market; The objective behind the formation of the two • ANNA Member and partner compliance groups was - in part - to mirror the success of matters; the Latin American Regional Group (ALARG) • Working with members of the ASEAN+3 by establishing an information sharing forum Asian Bond Market Forum; continued for ANNA matters across the APAC region. support given to Laos towards adopting The main purpose was to establish a regional ISINs in their local market; interface where ANNA related information and • Main discussion topics arising at ANNA experiences can be shared amongst the GMs and EGMs; members and partners – in the spirit of mutual • Efforts continue to have one or two cooperation. individuals assume the convenorship roles.

The organisation of the two groups is as follows:

APARG EAST

Organisation ANNA Membership Status Central Depository Bangladesh Ltd Full Member Securities and Exchange Board of India Full Member Securities Board of Nepal Partner Member Central Depository Company of Pakistan Ltd. Full Member Colombo Stock Exchange, Sri Lanka Full Member Thailand Securities Depository Co. Ltd. Full Member Vietnam Securities Depository Full Member

APARG WEST

Organisation ANNA Membership Status Australian Stock Exchenge Full Member China Securities Regulatory Commission Full Member Hong Kong Exchanges and Clearing Full Member KSEI – Indonesian Central Securities Depository Full Member Tokyo Stock Exchange Full Member Korea Exchange Full Member Bursa Malaysia Full Member Mongolian Securities Clearing House and Central Partner Member Depository Company Singapore Exchange Limited Full Member Taiwan Stock Exchange Corp. Full Member

Thank you

Dan Kuhnel APARG Regional Groups Convenor

www.anna-web.com 21 List of members by COUNTRY as per May 2016

Caja de Valores S.A. Euroclear Bank S.A./N.V. InterClear Central de Valores S.A. Dr Martín Paladino c/o Euroclear Bank Hong Kong Branch Mr Gustavo Monge Cerfas 25 de Mayo 362 – 1er Subsuelo Mr Dan Kuhnel Chief Executive Officer C1002ABH – Buenos Aires Director - Primary Markets & Int'l Fixed On Prospero Fernandez Highway ARGENTINA Income securities 03-6155 Forum I, Santa Ana Telephone: (54) 11 43 17 89 52 20/F Central Plaza San José 18 Harbour Road Telefax: (54) 11 43 17 89 59 COSTA RICA Wanchai Telephone: (506) 2204-4848 E-Mail: [email protected] HONG KONG Telefax: (506) 2204-4827 Telephone: +852 3966 5623 E-Mail: [email protected] Central Depository of Armenia OJSC Telefax: +852 3966 5500 Ms Nvard Karapetyan E-Mail: [email protected] UEMOA c/o Bourse Régionale des Depository System Servicing Dept. Valeurs Mobilières - Afrique de l'Ouest Specialist Entidad de Depósito de Valores de Regional Stock Exchange - West Africa 5b Mher Mkrtchyan Bolivia S.A. Mr Edoh Kossi Amenounve 0010 Yerevan Ms Isabel Pantoja Barroso CEO ARMENIA General Manager 01 BP 3802 Abidjan 01 18, Telephone: +374 10 543 321 ext. 127 Avenida 20 de Octubre y Campos Nº 2665 Rue Joseph Anoma (Rue des Banques) [email protected] Edificio Torre Azul, Piso 12 Abidjan La Paz CÔTE D'IVOIRE Australian Securities Exchange BOLIVIA Telephone: +225 20 32 66 85/86 Telephone: (591-2) 2110690 / 2145109 / Telefax: +225 20 32 66 84 Ms Katie McDermott 2145110 E-Mail: brvm@brvm.org General Manager, Post Trade & Telefax: (591-2) 2110685 Issuer Services Opeations E-Mail: [email protected] Central Depository and Clearing Exchange Centre Company Inc. of Croatia 20 Bridge Street BM&F – BOVESPA S.A. Mrs Vesna Živković Sydney, NSW 2000 Mr Nelson Barroso Ortega President of Management Board AUSTRALIA Issuer Relations Superintendent Heinzelova 62 A Telephone: (612) 9227 0161 Praça Antonio Prado, 28; 2º floor 10000 Zagreb E-Mail: [email protected] 01010-901 Sao Paulo CROATIA BRAZIL Telephone: (385) 1 46 07 330 Oesterreichische Kontrollbank AG Telephone: (55) 11 2565 6063 Telefax: (385) 1 46 77 696 Mr Gerald Kraft Telefax: (55) 11 2565 7061 E-Mail: [email protected] Strauchgasse 1-3 E-Mail: [email protected] 1010 Vienna Cyprus Stock Exchange Central Depository AD Mr Nondas Cl. Metaxas AUSTRIA Mr Julian Dinkov Director General - CEO Telephone: (43) 1 531 27 2245 Head of Administrative Department Lordou Vironos Avenue N° 71-73 Telefax: (43) 1 531 27 4030 6, Tri Ushi Str. 1096 Nicosia E-Mail: [email protected] 1000 Sofia CYPRUS BULGARIA Telephone: (357) 22712526 National Depository Center Telephone: (359) 2 939 1988 Telefax: (357) 22 570 308 Mr Araz Aliyer Telefax: (359) 2 400 12 56 E-Mail: [email protected] CEO E-Mail: [email protected] 19, Bul-bul Avenue Central Securities Depository Baku AZ 1000 The Canadian Depository for Securities Ltd. Ms Helena Cacká REPUBLIC OF AZERBAIJAN Mrs Margaret Reid CEO Telephone: +99 412 4935058 Senior Manager, Issuer Services Rybná 14 Telefax: +99 412 598 35 50 85, Richmond Street West 110 05 Praha 1 E-Mail: [email protected] Toronto, Ontario M5H 2C9 CZECH REPUBLIC CANADA Telephone: (420) 221 832 803 Telephone: (1) 416 365-3853 Telefax: (420) 224 814 193 Bahrain Bourse B.S.C (c) Telefax: (1) 416 365 7691 E-Mail: [email protected] Mr Abdulla Jaffar Abdin E-Mail: [email protected] Head of Settlement & Central Depository VP Securities Services P.O. Box 3203 Depósito Central de Valores Mr Niels W. Hougaard Manama Mr Claudio Garin Senior Product Manager KINGDOM OF BAHRAIN Gerente de Operaciones y Servicios P.O. Box 4040 Telephone: (973) 17 108844 Huerfanos 770, piso 22 2300 Copenhagen S Telefax: (973) 17 228061 Santiago DENMARK E-Mail: Abdulla.abdin@bahrainbourse. CHILE Telephone: (45) 43 58 8785 com.bh Telephone: (56) 2 393 9068 Telefax: (45) 43 71 20 03 Telefax: (56) 2 393 9315 E-Mail: [email protected] Central Depository Bangladesh Ltd. E-Mail: [email protected] Mr M H Samad CEVALDOM China Securities Regulatory Commission Mr Freddy Rossi Managing Director & CEO Mrs Juan DU General Manager BSRS Bhaban (18th Floor) Deputy Section Chief Av. Gustavo Mejía Ricart No.54 12 Kawran Bazar 1019 Room Torre Solazar Business Center Dhaha 1215 Focus Place Tower A Piso 18, Ensanche Naco BANGLADESH 19 Jin Rong Street Santo Domingo Telephone: + 8802 9137405 Xi Cheng District DOMINICAN REPUBLIC Telefax: + 8802 812 4630 Beijing 100033 Telephone: (1 809) 227 0100 E-Mail: [email protected] P.R. CHINA Telefax: (1 809) 562 2479 Telephone: (86) 10 88060197 E-Mail: [email protected] SIX Financial Information Belgium Telefax: (86) 10 88060574 S.A./N.V. E-Mail: [email protected] MISR for Clearing, Depository acting as numbering agency on behalf of & Registry (MCDR) Euronext Brussels as official National DECEVAL S.A. Dr. Tarek E. Abdel Bary Mr Jorge Hernán Jaramillo Ossa Managing Director Numbering Agency Presidencia 70, El Gomhoria St. Mr Wil Kampert Calle 24 A No. 59 – 42 P.O. Box 1536 – Attaba Director Client Support Europe Piso 3 Oficina 501 Cairo 29 Boulevard Louis Schmidt/Schmidtlaan Bogotá EGYPT 1040 Brussels COLOMBIA Telephone: +201222116115 BELGIUM Telephone: (571) 4193737 Ext. 1742 Telefax: +20225971523 Telephone: (32) 2 790 05 15 Telefax: (571) 4193737 Ext. 1130 - 1150 E-Mail: [email protected] E-Mail: [email protected] E-Mail: [email protected]

22 www.anna-web.com Eesti Väärtpaberikseskus (Estonian CSD) KELER – Central Clearing House and Tokyo Stock Exchange Ms Hele Reinlo Depository (Budapest) Ltd. Mr Hideaki Odaka Registry specialist Mr György Dudás 2-1, Nihombashi - Kabuto-Cho Tartu Mnt. 2, 14 Floor ANNA representative of KELER Chuo-Ku/Tokyo 103-8220 10145 Tallinn Rákóczi út 70-72 JAPAN 1074 Budapest ESTONIA Telephone: +81 50 3377 8926 HUNGARY Telephone: (372) 640 8857 E-Mail: [email protected] Telephone: (36) 1 483 6116 E-Mail: [email protected] Telefax: (36) 1 342 3575 E-Mail: [email protected] Securities Depository Center of Jordan Euroclear Finland Mr Khalil Naser Ms Anu Saarinen Nasdaq CSD Iceland hf Chief Executive Officer Director, Product Management Mrs Guðrún Blöndal P.O. Box 212465 Urho Kekosen Katu 5 C CEO Amman 11121 P.O. Box 1110 Laugaveg 182 JORDAN 00101 Helsinki Reykjavik 105 Telephone: (962) 6 567 2550 FINLAND ICELAND Telefax: (962) 6 567 2622 Telephone: (358) 20 770 6288 Telephone: (354) 540 55 01 E-Mail: [email protected] E-Mail: [email protected] Telefax: (354) 540 55 19 E-Mail: [email protected] Central Securities Depository JSC Euroclear France Securities and Exchange Board Republic of Kazakhstan (KACD) Mrs Sylvie Fournier of India - SEBI Mr Bakhytzhan Kapyshev Operations Mr Manoj Kumar President 66 rue de la Victoire Chief General Manager Micro-district "Samal"-1 75009 Paris Plot No C4-A, "G” Block, Bandra Kurla House 28 FRANCE Complex 050051 Almaty Telephone: (33) 1 55 34 58 24 Bandra (East) REPUBLIC OF KAZAKHSTAN Telefax: (33) 1 55 34 58 67 Mumbai 400 051 Telephone: (7) 727 3909549 E-Mail: [email protected] INDIA Telefax: (7) 727 3909549 ext 115 Telephone: (91) 22 26 44 92 60 E-Mail: [email protected] National Bank of Georgia (NBG) E-Mail: [email protected] Mr Otar Nadaraia PT Kustodian Sentral Efek Indonesia Korea Exchange - KRX Member of the Board of the National Bank Mr Chiho CHOI of Georgia, Vice-Governor (KSEI - Indonesian CSD) Mr Syafruddin Bond Listing Team Sanapiro Str, 2 Head of Research and Business 33 Yeouido-dong, Yeongdeungpo-gu Tbilisi 0114 Development Division Seoul 150 - 977 GEORGIA Indonesia Stock Exchange Building KOREA Telephone: +995 322 406 104 Tower 1, 5th Floor Telephone: (822) 3774 8680 Telefax: +995 322 406 577 Jl. Jend.Sudirman Kav. 52-53 E-Mail: [email protected] E-Mail: [email protected] Jakarta 12190 INDONESIA Kuwait Clearing Company WM Datenservice Telephone: (62) 21 529 91041 Mr Othman Al-Issa Mr Torsten Ulrich Telefax: (62) 21 529 91052 General Manager Managing Director E-Mail: [email protected] P.O. Box 22077 Duesseldorfer Strasse 16 Safat – 13081 Kuwait 60329 Frankfurt am Main Tehran Securities Exchange Technology KUWAIT GERMANY Management Company Telephone: (965) 2246 7866/7 Telephone: (49) 69 27 32 242 Mr Morteza Analoui Manager of Company Telefax: (965) 2246 9457 Telefax: (49) 69 27 32 7242 No 2, 6th St; Sarafraz St; Beheshti Ave E-Mail: [email protected] E-Mail: [email protected] Tehran IRAN Hellenic Exchanges S.A. – Athens Stock Latvian Central Depository Telephone: (98) 21 8430 1311 Mr Raitis Vancans Exchange S.A. Telefax: (98) 21 88748120 Deputy Chairman of the Management Ms Dimitra Tsampourianou E-Mail: [email protected] Head of New Listings Department Board 110 Athinon Avenue The Irish Stock Exchange Valnu Iela 1 104 42 Athens Mr James Ferguson Riga, LV 1050 GREECE Head of Operations LATVIA Telephone: (30) 210 33 66 446 28 Anglesea Street Telephone: (371) 67 212 431 Telefax: (30) 210 33 66 670 Dublin 2 Telefax: (371) 67 229 411 E-Mail: [email protected] IRELAND E-Mail: [email protected] Telephone: (353) 1 617 4200 Telefax: (353) 1 677 6045 Bolsa de Valores Nacional, S.A. Midclear S.A.L. E-Mail: [email protected] Mr Rolando San Román Mr Fouad El Khoury Chairman General Manager Tel Aviv Stock Exchange Aresco Center, 15th Floor 7a. Ave. 5-10, Zona 4 Mr Shlomo Friedman Centro Financiero, Torre 2 Nivel 9 Head of Trading Methods Unit Justinien Street - Hamra 01004 Guatemala City Ahuzat Bayit Street 2 P.O.B. 11-7971 GUATEMALA Tel Aviv 6525216 Beirut Telephone: +502-2332-2921 ISRAEL LEBANON Telefax: +502-2332-1721 Telephone: (972) 3 567 76 87 Telephone: (961) 1 759205 E-Mail: [email protected] Telefax: (972) 3 560 70 78 Telefax: (961) 1 759207 E-Mail: [email protected] E-Mail: [email protected] Hong Kong Exchanges and Clearing Ltd Mr Henry Law Banca d´Italia Libyan Stock Market Mr Mario Palazzo Head of Corporate Communications Dr Ahmad Karoud (Mr) Head of Securities Database Division 12/F, One International Finance Centre Managing Director Centro Donato Menichella Benghazi - Islamic Building Center 1 Harbour View Street – Central Largo Guido Carli 1 Hong Kong 00044 Frascati Alshatea Street Hai Aljazeera (Juliana) HONG KONG ITALY LIBYA Telephone: (852) 2522 11 22 Telephone: (39) 06 479 24041 Telephone: (218) 21 336 5050 Telefax: (852) 2868 4084 Telefax: (39) 06 479 28542 Telefax: (218) 21 336 5025 E-Mail: [email protected] E-Mail: [email protected] E-Mail: [email protected]

www.anna-web.com 23 Central Securities Depository Maroclear S.A. Bolsa de Valores de Lima of Lithuania Ms Fathia Bennis Mr Francis Stenning Mr Mindaugas Bakas CEO General Manager President Route d’El Jadida Pasaje Acuña 106 - AP 1538 29 Konstitucijos ave. 18 Cité Laia Lima 100 08105 Vilnius Casablanca 20000 PERU LITHUANIA MOROCCO Telephone: (51) 1 619 3333 ext. 2047 Telephone: +370 5 2531463 Telephone: (212) 5 22 239 000 E-Mail: [email protected] Telefax: +370 5 2721676 Telefax: (212) 5 22 99 44 64 E-Mail: [email protected] E-Mail: [email protected] National Depository for Securities Dr Iwona Sroka (Mrs) Clearstream Banking S.A. Euroclear Nederland President & CEO Mrs Ioulia Petti Mr Michel Laureys 4, Ksiazeca Street Vice President-Core Product Management Head of Asset Servicing and Client 00-498 Warsaw 42, Avenue JF Kennedy Services POLAND 1855 Luxembourg Euroclear Belgium and Euroclear Telephone : (48) 22 53 79 353 LUXEMBOURG Netherlands Telephone: +352.243.39223 Herengracht 459 - 469 Telefax : (48) 22 62 73 112 Telefax: +352.243.639223 1017 BS Amsterdam E-Mail: [email protected] E-Mail: [email protected] THE NETHERLANDS Telephone: +322 337 5591 Interbolsa Centralen depozitar za hartii od vrednost E-Mail: [email protected] Mr Jyrki Leppänen AD Skopje – Central Securities Avenida da Boavista, 3433 Depository AD Skopje Central Securities Clearing System Ltd 4100-138 Porto Mrs Elena Jakimovska Petrovska Mr Kyari Bukar PORTUGAL CEO Managing Director / CEO Telephone: (351) 22 615 84 00 Kuzman Josifivski Pitu 1 2/4 Customs Street, Off Marina E-Mail: [email protected] 1000 Skopje Lagos REPUBLIC OF MACEDONIA NIGERIA Qatar Financial Markets Authority Telephone: (389) 2 3299 806 Telephone: (234) 8034 048 080 Mr Sami Boujelben Telefax: (389) 2 3227781 E-Mail: bukar.kyari @cscsnigeriaplc.com Chief Advisor - CEO Office E-Mail: [email protected] Al Wehda Street (West Bay) Verdipapirsentralen (VPS) ASA Doha Bursa Malaysia Ms Vigdis Diesen QATAR Ms Hui Yin Wong Executive Vice President, Telephone: (974) 44289977 Senior Manager, Exchange Market Data Head of Operations Telefax: (974) 44289925 8th Floor, Exchange Square P.O. Box 4 E-Mail: [email protected] Bukit Kewangan 0051 Oslo 50200 Kuala Lumpur NORWAY Depozitarul Central S.A. (Romanian MALAYSIA Telephone: (47) 22 63 53 00 Central Depository) Telephone: (603) 2034 7648 Telefax: (47) 22 63 52 00 Ms. Silvia Buicanescu Telefax: (603) 2026 3699 E-Mail: [email protected] CEO E-Mail: [email protected] IBC Modern building Muscat Depository & Securities 34-36 Carol I Blvd. 3 rd, 8th, 9th floors Malta Stock Exchange Registration Co. 020922 Bucharest II Ms Stephanie Galea Mr Abdulla A. Suliman Al-Nabhani Manager - Compliance General Manager ROMANIA Garrison Chapel P.O. Box 952 - PC. 112 Telephone: (40) 21 408.58.26 Castille Place Ruwi Telefax: (40) 21 408.58.14 Valletta CMR01 SULTANATE OF OMAN E-Mail: MALTA Telephone: (968) 24 82 22 01 [email protected] Telephone: (356) 21244051 Telefax: (968) 24 82 22 31 Telefax: (356) 25696316 E-Mail: [email protected] National Settlement Depository (NSD), E-Mail: [email protected] a part of the Moscow Exchange Group Central Depository Co. Dr Eddie Astanin (Mr) Central Depository & Settlement Co. Ltd of Pakistan Ltd. Chairman of the Executive Board Mr Vipin Mahabirsingh Mr Aftab Diwan – Chief Operating Officer 12, Spartakovskaya Str Managing Director CDC House 105066 Moscow 4th Floor, One Cathedral Square 99-B, Block B, S.M.C.H.S. RUSSIA Jules Koenig Street Main Shahra-e-Faisal Telephone: (7095) 232 5573 Port Louis Karachi - 74400 Telefax: (7095) 956 09 38 MAURITIUS PAKISTAN E-Mail: [email protected] Telephone: (230) 2113507 Telephone: (9221) 34326032 Telefax: (230) 2116880 Telefax: (9221) 34326034 Saudi Stock Exchange (SSE) E-Mail: [email protected] E-Mail: [email protected] Mr Abdullah AlQahtani Chief Officer, S.D. Indeval, SA de C.V. Palestine Exchange (PEX) Depository and Operations Mrs Zazil Miranda Mr Khaled Hamdan 6897 King Fahd Road-Al Olaya Vice President - International Business Manager Clearing, Depository Unit No:15 Paseo de la Reforma N°255 - 3 Piso & Settlement Center (CDS) Riyadh 12211-3388 Col. Cuauhtemoc Amman St. SAUDI ARABIA México 06500 D.F. P.O. Box 128 Telephone: (966)11 2189560 MEXICO Nablus Telefax: (966)11 2189323 Telephone: +52 55 53 42 96 79 PALESTINE E-Mail: abdullah.qahtani@tadawul.com.sa Telefax: +52 55 53 42 97 07 Telephone: (970) 923 909 76 E-Mail: [email protected] Telefax: (970) 923 909 98 E-Mail: [email protected] Central Securities Depository and Central Depository Agency Clearing House of Montenegro Bolsa de Valores de Panamá, S.A. of Serbia Mr Miomir Jovanovic Ms Myrna E. Palomo Dr Ana Jovanovic Deputy CEO Deputy General Manager CEO Novaska Miloseva bb P.O. Box 0823-00963 Trg Nikole Pasica No 5 81000 Podgorica Panamá 7 Belgrade MONTENEGRO REPUBLIC OF PANAMA REPUBLIC OF SERBIA Telephone: (382) 69 320 623 Telephone: (507) 269 1966 Telephone: (381) 11 3331 380 Telefax: (382) 20 230 053 Telefax: (507) 269 2457 Telefax: (381) 11 3331 381 E-Mail: [email protected] E-Mail: [email protected] E-Mail: [email protected]

24 www.anna-web.com Singapore Exchange Ltd. Taiwan Stock Exchange CUSIP Global Services Mr Parasuraman Krishnamoorthy Nurani Corporation Mr Scott Preiss Vice President Ms Rebecca Chen Managing Director, Global Head-CGS 2 Shenton Way # 19-00 Senior Vice President of 55 Water Street, 45th Floor SGX Centre 1 Trading Dept. New York/N.Y. 10041 Singapore 068804 10/F – 7, Xinyi Road, Section 5 UNITED STATES OF AMERICA SINGAPORE Taipei 11049 Telephone: (1) 212 438 6560 Telephone: (65) 6236 8915 REPUBLIC OF CHINA (TAIWAN) E-Mail: [email protected] E-Mail: [email protected] Telephone: (886) 2 8101 3021 Telefax: (886) 2 8101 3683 Bolsa de Valores de Caracas, C.A. Centrálny depozitár cenných E-Mail: [email protected] Mr Enrique Rosal Market and Listed Companies Manager papierov SR, a.s. Avenida Sorocaima entre Central Securities Depository SR, Inc. Thailand Securities Depository Co, Ltd. avenidas Venezuela y Tamanaco Ms Dagmar Kopuncová Ms Pataravasee Suvarnsorn VP Post Trade Development Dept. Edificio Atrium, Piso 1, Urbanización El Head of the Section of International Rosal Relations and Media Communication The Stock Exchange of Thailand Building 93 Ratchadaphisek Road; Dindaeng Apartado de Correos 62724-A Ul. 29. Augusta 1/A Caracas 1060-A 814 80 Bratislava 1 Bangkok 10400 THAILAND VENEZUELA SLOVAK REPUBLIC Telephone: (58) 212 905 5703 Telephone: (421) 2 5939 5125 Telephone: (66) 2 009 9540 E-Mail: [email protected] Telefax: (58) 212 905 5721 Telefax: (421) 2 5296 8755 E-Mail: [email protected] E-Mail: [email protected] Tunisie Clearing Vietnam Securities Depository Mr Maher Zouari KDD – Central Securities Mr Van Thanh DUONG Chief Executive Officer Clearing Corp. Chief Executive Officer 5 Rue du Yen, Les jardins du lac II Mr Iztok Klemenc No 15 Doan Tran Nghiep Street Les Berges du Lac Hai Ba Trung District Tivolska Cesta 48 1053 Tunis 1542 Ljubljana 10000 Hanoi TUNISIA VIETNAM SLOVENIA Telephone: (216) 71 193 593 Telephone: (386) 5614 88 27 Telephone: (84) 43 9747 118 Telefax: (216) 71 193 620 / (216) 71 193 621 Telefax: (84) 43 9747 128 Telefax: (386) 5614 88 59 E-Mail: [email protected] E-Mail: [email protected] E-Mail: [email protected] Takasbank - İstanbul Takas ANNA Secretariat – c/o JSE Ltd ve Saklama Bankası A.Ş WM Datenservice Mr Chris Grove Mrs Zeynep Şahin Mr Uwe Meyer Head: Market Services Manager, International Markets Depart- Duesseldorfer Strasse 16 One Exchange Square ment 60329 Frankfurt am Main 2 Gwen Lane Merkez Mah. Merkez Cad. N° 6 GERMANY Sandown, 2196 Sisli 34381 – Istanbul Telephone : (49) 69 27 32 226 SOUTH AFRICA TURKEY Telefax: (49) 69 27 32 7226 Telephone : (27) 11 520 7350 Telephone: (90) 212 315 2187 E-Mail: [email protected] Telefax : (27) 11 520 8592 Telefax: (90) 212 315 2214 E-Mail : [email protected] E-Mail: [email protected]

Comisión Nacional del National Depository of Ukraine – Mercado de Valores (CNMV) Public Joint-Stock Company Mrs Cristina Ribó Sörensen Ms Olga Dolgopolova Deputy Director Head of Numbering Division Secondary Markets Department 17/8, Nyzhniy Val Str. C/ Edison, 4 Kyiv, 04071 28006 Madrid UKRAINE SPAIN Telephone: +38 (044) 591-04-11 Telephone: (34) 91 585 1639 Telefax: +38 (044) 482-52-04 Telefax: (34) 91 585 4106 E-Mail: [email protected] E-Mail: [email protected] Securities & Commodities Colombo Stock Exchange Authority – ESCA Mr Nalin Fonseka Dr. Obaid Alzaabi (Mr) Manager Acting CEO # 4-01 West Block P.O. Box 33733 World Trade Center Hamdan Street Abu Dhabi Echelon SQ UNITED ARAB EMIRATES Colombo 00100 Telephone: (971) 2 612 0140/142 SRI LANKA Telefax: (971) 2 627 3332 Telephone: (94) 11 23 56 430 E-Mail: [email protected] Telefax: (94) 11 24 40 396 E-Mail: [email protected] London Stock Exchange Mr Alan Dean Euroclear Sweden AB Head of SEDOL Masterfile & LEI Ms Annette Nyström Operations, Information Services Tax & Transaction Manager 10 Paternoster Square Box 191 London EC4M 7LS 101 23 Stockholm UNITED KINGDOM SWEDEN Telephone: (+44) 207 797 1406 Telephone: (46) 8 402 91 12 Telefax: (+44) 207 920 4564 Telefax: (46) 8 20 46 91 E-Mail: [email protected] E-Mail: [email protected] Banco Central del Uruguay SIX Financial Information Ltd Mr Jorge Xavier Mr Nourredine Yous Payments Systems Manager Executive Director Diagonal Fabini 777 Postfach 1521 CP 11100 8021 Zurich Montevideo SWITZERLAND URUGUAY Telephone: (41) 58 399 5450 Telephone: +598-219672401 E-Mail: [email protected] E-Mail: [email protected]

www.anna-web.com 25 Appendix A: ISO 6166 – an outline of the standard

Securities - International securities identifi - Who issues the ISIN cation numbering system (ISIN) In the case of securities, other than debt securities, where a NNA recognised by ANNA oper- Introduction ates, this organisation issues the ISIN for secu- The standard provides a uniform structure for a rities whose issuer is registered or domiciled in number, known as the ISIN, that uniquely iden- the country where the NNA operates. For debt tifies securities. It details organisations, known securities the NNA who issues the ISIN is as National Numbering Agencies (NNA’s) that either one of the international securities clear- are responsible for issuing the ISIN in each ing organisations or the responsible NNA in country. In those countries where no NNA is in accordance with ISO 6166. operation, three NNA’s have agreed, on a regional basis, to act as Substitute Numbering Agency (SNA). Details of these are included in ISIN structure Appendix C. The following NNAs are desig- Ȟ Ȟ C ountry code nated as SNA: 2 digits – CUSIP Global Services for the Americas a lphabetical – Wertpapier-Mitteilungen (Germany) for Eastern Europe, Asia-Pacific and Africa Ȟ Ȟ Ȟ Ȟ Ȟ Ȟ Ȟ Ȟ Ȟ NSIN* – National Settlement Depository NSD (Russia) 9 digits for countries of AECSD (Association of a lpha-numerical Eurasian Central Securities Depositories) provided agreement has been given by the Ȟ Check digit Supervizory Authorities of respective coun- 1 digit numerical tries – SIX Financial Information (Switzerland) for remaining countries *National Securities Identification Number

ISIN ISIN consists of a total of 12 characters as follows:

The first two digits are reserved for the alpha-2 country code as issued in accordance with the international standard ISO 3166 of the country where the issuer of securities, other than debt securities, is legally registered or where it has its legal domicile. For debt securities, the relevant country is the one of the ISIN – allocating NNA. In the case of depository receipts, such as ADRs, the country code is the one of the organisation who issued the receipt instead of the one who issued the underlying security.

The next nine digits are taken up by the local number of the security concerned. Where the national number consists of fewer than nine characters, zeros are inserted in front of the number so that the full nine spaces are used.

The final space is a check digit computed according to the modulus 10 “Double-Add- Double” formula.

2624 www.anna-web.comwww.anna-web.com Appendix A: ISO 6166 – an outline of the standard Appendix B: ANNA Guidelines for ISO 6166, Version 12, August 2014

Securities - International securities identifi - Who issues the ISIN 1. INTRODUCTION cation numbering system (ISIN) In the case of securities, other than debt securities, where a NNA recognised by ANNA oper- The ISO 6166 standard describes the structure of the ISIN codes and which organizations are Introduction ates, this organisation issues the ISIN for secu- allowed to allocate ISIN codes to which securities. The standard provides a uniform structure for a rities whose issuer is registered or domiciled in number, known as the ISIN, that uniquely iden- the country where the NNA operates. For debt The aim of the guidelines is to obtain a uniform process among the various National Numbering tifies securities. It details organisations, known securities the NNA who issues the ISIN is Agencies for the allocation of ISIN codes. as National Numbering Agencies (NNA’s) that either one of the international securities clear- are responsible for issuing the ISIN in each ing organisations or the responsible NNA in In line with the ISIN Quality Management concept, as defined by the Association of National country. In those countries where no NNA is in accordance with ISO 6166. Numbering Agencies (ANNA, registration authority for ISO 6166), we encourage the use of the operation, three NNA’s have agreed, on a list of Operational Contacts - as indicated on ANNA web for the majority of NNAs - to ensure regional basis, to act as Substitute Numbering timely and proper allocation of ISIN codes. Agency (SNA). Details of these are included in ISIN structure Appendix C. The following NNAs are desig- Ȟ Ȟ C ountry code This document is a live document which shall be reviewed periodically. nated as SNA: 2 digits – CUSIP Global Services for the Americas a lphabetical 1.1 Identification of a financial instrument – Wertpapier-Mitteilungen (Germany) for Eastern Europe, Asia-Pacific and Africa Ȟ Ȟ Ȟ Ȟ Ȟ Ȟ Ȟ Ȟ Ȟ NSIN* The allocation of an ISIN represents the identification of a financial instrument rather than the – National Settlement Depository NSD (Russia) 9 digits market a financial instrument trades on (except for options, futures and commodities). Fungible for countries of AECSD (Association of a lpha-numerical securities will be identified by one ISIN. Eurasian Central Securities Depositories) provided agreement has been given by the Ȟ Check digit Supervizory Authorities of respective coun- 1 digit numerical 1.2 General definition of fungibility tries – SIX Financial Information (Switzerland) for Set of goods which are equivalent, substitutable, and interchangeable and which are not remaining countries *National Securities Identification Number individualized.

ISIN Since securities can be individualized by numbers or through a registered form, we will use the ISIN consists of a total of 12 characters as following definition: follows: Fungibility within the securities industry means that a security ranks pari passu in all respects The first two digits are reserved for the alpha-2 with a different version of the same security and can be exchanged into the other form and vice country code as issued in accordance with the versa at any time. international standard ISO 3166 of the country where the issuer of securities, other than debt securities, is legally registered or where it has 1.3 Rights potentially attached to fungible securities its legal domicile. For debt securities, the relevant country is the one of the ISIN – allocating • Right to sell NNA. In the case of depository receipts, such • Right to vote as ADRs, the country code is the one of the • Right to receive a payment (coupon, redemption) on the same date organisation who issued the receipt instead of • Right to participate in a corporate action in the same way the one • Right for any holder to hold any form who issued the underlying security.

The final space is a check digit computed according to the modulus 10 “Double-Add- Double” formula.

24 www.anna-web.com www.anna-web.com 27 Appendix B: ANNA Guidelines for ISO 6166, Version 12, August 2014

2. EXCEPTIONS 2.1 Specific cases relating Should the securities be considered as fungible in this case? to fungibility 2.1.1 Different market places YES, if the security is tradeable in different market places.

2.1.2 Rights difference YES, if it is only a technical difference. between different Technical differences are already managed by depositories and market places in case of clearing organization for their deliveries. corporate action, NO, if the securities are lodged in different codes to distinguish the payment interest/ different rights between holders of the various market places. dividends 2.1.3 Subsequent tranches YES, if the securities have identical terms and may be used to settle trades in either tranches, forms or markets without any delay because of possible actions. NO, in other cases until the assimilation. 2.1.4 Securities issued in YES, if the securities are fully exchangeable bearer and/or registered form NO, if the securities are not fully exchangeable 2.1.5 Change of issue from NO, if the holder does not have the same rights until the exchange. bearer to registered form or from registered to bearer form at the initiative of the issuer 2.1.6 Representative YES, in France Euroclear France is allowed to rematerialize French certificates securities to be delivered in some foreign countries. Euroclear France acts in substitution to the issuer and in fact replaces the dematerialized securities by a materialized form. Holders of representative certificates have the same rights as the previous ones.

Where share certificates are issued, two general rules will apply:

NO, if dematerialized (i.e. German, Swiss, Dutch certificates) or materialized (i.e. IDR, ADR) secondary paper is issued. YES, if no secondary paper is issued. An NNA may assign a „Dum- my“ (i.e. „Q“ range of ISINs) ISIN for use within their local market. 2.1.7 Corporate actions YES, if the securities confer to the new holders the same rights as to the previous ones (e.g. subscription of shares with the same rights as the old shares). NO, if the new shares are not fully exchangeable or if an exchange or a future assimilation is required. Another code permits a distinction between the old and the new securities and the rights attached to those. 2.1.8 Partly paid/fully NO, until the full payment if an additional payment is required. paid/nil paid

28 www.anna-web.com Appendix B: ANNA Guidelines for ISO 6166, Version 12, August 2014

2.2 Guidance relating to allocation rules

2.2.1 Allocation of ISINs in Debt instruments cum and ex warrant(s) must be registered separa- terms of debt instru- tely by the depository bank. Accordingly, the financial instruments ments, issued with should get at least 3 ISINs: warrant(s) (i.e. cum or - 1 for the debt instrument cum warrant(s) technical cum) - 1 for the debt instrument ex warrant(s) - 1 for each warrant N.B.: If several kinds of warrants are attached, the number of ISINs assigned increases accordingly. Moreover, all the above ISINs have the same prefix as the one used for the related debt instruments as stipulated in ISO 6166. 2.2.2 Debt issues where lf tranches are not fungible, then two ISINs should be assigned. tranches are deposited Criteria of non-fungibility: transfer restrictions in more than one (I)CSD

2.2.3 Partial reimbursement of There is no need to allocate new ISINs, even if the payment effects a capital when repayment change of denomination amount. equally to all holders at the same time 2.2.4 Issues with different Shares denominations If different categories of shares were issued, then each value should receive its own ISIN. If certificates consist of multiple of shares, only one ISIN should be assigned.

Bonds Only one ISIN for different denominations if fungible. 2.2.5 Taxable/Non-taxable Tax considerations may not affect the allocation rules of ISINs, if the securities securities are fungible. 2.2.6 ISINs for rights ISINs should be allocated for rights (according to ISO 6166).

2.2.7 Issues with 2 or more Tranches with different issue prices get different ISINs upon issuance, tranches but have to be assimilated after the first coupon payment. 2.2.8 Warrants issued by When such branches have no separate legal entity the ISIN-prefix will foreign branches of be the one of the headquarters country. If the branch is a separate le- banks gal entity (i.e. within a specific local market), the country of the branch should be considered for the allocation and the prefix accordingly (e.g. warrants issued by foreign bank branches). 2.2.9 European financial and Financial and referential instruments issued in the European Union referential instruments but not relating to a specific EU country jurisdiction would be allocated an ISIN with an EU-prefix by WM Datenservice. Examples - Financial instrument: EFSF medium term notes EU000A1G0A57 - Referential instrument: Euribor 3 months EU0009652783 2.2 Guidance relating to allocation rules continued

2.2.10 Preferred shares Preferred shares issued in unit form (that are being treated as debt) will be assigned the relevant ISIN by the NNA located in the issuer’s country of incorporation and set up as equity. Preferred shares issued in nominal form (that are being treated as debt) will be assigned an XS ISIN (if being held directly with the ICSDs) and set up as bond. Preferred shares that are being treated as equity will be assigned the relevant ISIN by the NNA located in the issuer’s country of incorporation and set up as equity. 2.2.11 RegS/144A debt issues The RegS and/or 144A portion is deposited with a US CSD (only), it will bear the US prefix. The RegS and/or 144A portion is deposited with Euroclear Bank / Clearstream Banking, it will bear an XS-ISIN.

www.anna-web.com 29 Appendix B: ANNA Guidelines for ISO 6166, Version 12, August 2014

In case of a bifurcated structure or split note, a minimum of 2 and maximum of 4 unique ISINs will be allocated by the relevant numbering agency in accordance with the place of deposit as described in Annex A entitled “ISIN allocation rules for debt instruments issued under rule 144A and Regulation S” which forms an integral part of these guidelines. 2.2.12 RegS/144A for war- When RegS/144A rules apply to warrants they will exceptionally bear rants a US prefix without reference to the country of the issuer, as this is normally the case for instruments referenced under the category „Rights“. 2.2.13 Common investment For funds, the issuer country means the country where the fund is funds registered. If this information is missing or not available at the time of the ISIN allocation, tax implications (i.e. country where tax is paid) would apply as the reference country for allocation of the ISIN.

2.2.14 Depositary receipts Equity rule applies where the depositary bank issues the depositary representing an equity receipt representing equity. Allocation rule is Alpha-2 country code of instrument the country where the depositary bank issuing the depositary receipt is legally registered or, in the absence of registration, has their legal Depositary receipts domicile. representing a debt instrument The rules applicable to the underlying debt instruments also apply to this instrument type. 2.2.15 Structured Products4 Allocation rule relating to Structured Products is “Alpha-2 country code of the country where the issuer is legally registered or, in the absence of registration, has their legal domicile”. However, current market practice being applied in major markets is based on Primary Place of Deposit: 2.2.16 Combined instruments3 The allocation rule for these instruments is “Alpha-2 country code of the country of the issuer”.

2.3 Country specific assignment practices – refer to point 7 ‘Numbering Agencies not in line with Guidelines’ 2.3.1 Australia Delisted instruments - A temporary ISIN can be allocated in cases where a security is de-listed from the ASX (Australian Stock Ex- change).

Re-use of ISIN for warrants – ISIN codes for Australian warrants con- tain the ASX code for the issuer and characteristics of the instrument type. Re-use can occur after at least 45 business days. 2.3.2 Russia Separate ISIN allocation for new issue of equity shares, with same rights, until they are merged with the principal shares. New shares circulate separately from principal shares for several months and are not fungible during this time. The new shares can be cancelled by the Regulator during this period. Upon confirmation from the regulator, the new shares will rank pari passu and the ISIN for the new shares will be made inactive. 2.3.3 USA Allocate ISIN codes to bank loans.

2.3.4 Italy Different tranches of Italian debt securities subject to pro rata tempo- ris taxation under the provisions of Legislative Decree 239 of 1 April 1996 (LD 239/96) are only fungible, and can only bear the same ISIN, if the issue price, redemption price, issue date and redemption date to be used for tax purposes are identical (e.g. through application of Article 11 (2) of LD 239/96). 2.3.5 Hong Kong For all securities products (except debt securities) traded on the Stock Exchange of Hong Kong in multiple currencies, securities traded in different currencies should receive its own ISIN.

30 www.anna-web.com Appendix B: ANNA Guidelines for ISO 6166, Version 12, August 2014

3. FINANCIAL INSTRUMENTS OTHER THAN SECURITIES Financial Instruments Example 3.1 Currencies The ISIN should bear the prefix of Euro EU0009656420 the issuer country in case of single currency. For cross rates, the prefix USD US9117941131 should correspond to the issuer country of the fixed currency of the ratio. 3.2 Indices Stock exchange indices: The FTSE 100 Index GB0001383545 allocation of ISINs should occur with the prefix of the domicile of the IBEX 35 ES0SI0000005 exchange. Other referential indices: The allo- S&P500 Index US78378X1072 cation of ISINs should occur with the prefix of the country of the calculating agent. 3.3 Interest rates Referential interest rates as defined 1-Year MIBOR ES0S00000018 by term and currency, used in the financial sector and calculated by 12-Month LlBOR GB00B5M93442 financial institutions. The ISIN should bear the prefix of the originator‘s country. 3.4 Commodities One ISIN per good and domicile Lampante Olive Oil ES0SM0032042 of the exchange, even if several exchanges exist in the same country. The different quality degrees within the same good should not be taken into account. 3.5 Options Each contract defined by expiration MEFF ES0A00482836 date, option type, strike price, cur- OPC 06 2012 VTA TEF 16,00 rency and underlying instrument will get an ISIN. LIFFE GB00DBYV2Y13 The ISIN gets the prefix of the count- PEARSON ry of the exchange or MTF issuing or CALL OPTION 15/06/12 GBX100 registering and clearing the specific derivative instrument. 3.6 Futures Each contract defined by expiration MEFF ES0B00017433 date, currency and underlying instru- FUT 12 2011 BBVA ment will get an ISIN. The ISIN gets the prefix of the country of the ex- TURQUOISE GB00D62FXB42 change or MTF issuing or registering GAZPROM ADR FUT 15/07/11 USD and clearing the specific derivative instrument. 3.7 Contracts for Each CfD defined by standardized Differences contract specifications and traded (CfDs)¹ on an organised exchange or market place will get an ISIN. The ISIN gets the prefix of the country of the exchange issuing the specific CfD. 3.8. Carbon credits Types of carbon instruments: & emissions -European Union Allowances, commonly referred to as EUA, are issued specifically for the European Trading System (ETS) and in accordance with the Kyoto Protocol compliance regime. The ISIN assigned for each EUA gets the EU prefix. -Certified Emission Reduction, commonly referred to as CER, are issued as part of the Clean Development

www.anna-web.com 31 Appendix B: ANNA Guidelines for ISO 6166, Version 12, August 2014

Financial Instruments Example Mechanism (CDM) projects and in accordance with the Kyoto Protocol compliance regime. Projects are typically hosted in developing countries. The ISIN gets the prefix of the country where the project is hosted. -Voluntary Emission Reduction or Verified Emission Reduction, commonly referred to as VER, are issued outside of the Kyoto Proto- col compliance regime. VER credits are based on carbon off set projects. Generally, VER‘s are not liquid credits and do not have a transpa- rent and clear market for exchange. The ISIN gets the prefix of the country where the project is hosted. 3.9. Stock dividends Stock dividends are eligible for ISIN allocation when referenced as underlying of derivatives contracts (e.g. futures, options). The ISIN gets the prefix of the country where the company is registered or, in absence of registration, has its legal domicile.

32 www.anna-web.com Appendix B: ANNA Guidelines for ISO 6166, Version 12, August 2014

4. CONSEQUENCES OF CORPORATE ACTIONS Event and Definition ISIN rules for paperless ISIN rules for physical securities certificates

4.1 Change of country No change of ISIN for securities A new ISIN only if the old secu- domicile already existing. rity is exchanged for a new one. Domicile of company changes to another country

4.2 Merger Merger by absorption: ISINs of shares of the former ISINs of shares of the former One of the companies incor- companies must become inacti- companies must become inacti- porates the other(s) which ve after a certain period. ve after a certain period. legally disappear(s)

Merger by amalgamation: A new ISIN has to be allocated A new ISIN has to be allocated The two companies merge for the stock of the new com- for the stock of the new com- to form a new legal entity pany and the former ISINs must pany and the former ISINs must after a certain period become inactive. become inactive.

N.B. In both above cases, for bonds, a new ISIN is created only if the old certificates are exchanged for new ones.

4.3 Assimilation The ISIN of the new stock has The ISIN of the new stock has Event which makes the use to become inactive when old to become inactive when old of an existing separate ISIN and new shares become fungib- and new shares become fungib- superfluous. For example: le unless a re-use is planned. le unless a re-use is planned. full dividend rights for new shares, call of outstanding amount on partly paid shares

4.4 Redemption The ISIN has to become inactive The ISIN has to become inactive Repayment of capital debt after redemption date, unless after redemption date, unless securities or redeemable the bonds are in default. the bonds are in default. shares (fully redeemed) N.B. For convertible bonds, at N.B. For convertible bonds, at the end of the conversion peri- the end of the conversion period, when last conversion day is od, when last conversion day is after the maturity. after the maturity.

4.5 Bankruptcy Forced liquidation of a company

- Full or partial compensati- The ISIN has to become inactive The ISIN has to become inactive on of shareholders/creditors after deletion of the company in after deletion of the company in the register of commerce. the register of commerce.

- Discontinuation of the legal The ISIN has to become inactive The ISIN has to become inactive proceedings because of after deletion of the company in after deletion of the company in lack of assets the register of commerce. the register of commerce.

4.6 Event and Definition ISIN rules for paperless ISIN rules for physical securities certificates

4.6 Change of share capital Change of issued capital (issued stock) of a company

- Increase by issue of A new ISIN has only to be allo- A new ISIN has only to be allo- additional stocks cated for stocks with different cated for stocks with different rights. rights.

www.anna-web.com 33 Appendix B: ANNA Guidelines for ISO 6166, Version 12, August 2014

Event and Definition ISIN rules for paperless ISIN rules for physical securities certificates

- Increase by change of The ISIN code remains un- A new ISIN is required in case of nominal value changed exchange of the old certificates

- Decrease by change of The ISIN code remains un- A new ISIN is required in case of nominal value changed exchange of the old certificates

4.7 Liquidation The ISIN has to become inactive The ISIN has to become inactive Voluntary dissolution of a after deletion of the company in after deletion of the company in company the register of commerce. the register of commerce.

4.8 Change of name For shares: For shares: Renaming of a company The ISIN code remains un- A new ISIN is allocated for sha- changed except for those ones res in case of exchange of the where CUSIP Global Services is old certificates. the relevant NNA. For debt securities: For debt securities: If the bonds have to be ex- The ISIN code remains un- changed for new certificates, changed except for those ones the ISIN must be changed. where CUSIP Global Services is the relevant NNA

4.9 Stock split The ISIN code is changed only if A new ISIN is required in case of Subdivision necessary for technical reasons exchange of the old certificates

4.10 Reverse split The ISIN code is changed only if A new ISIN is required in case of Consolidation necessary for technical reasons. exchange of the old certificates

4.11 Renewal of coupons Not applicable. No new ISIN will be allocated in such a case provided that the certificate does not need to be exchanged.

4.12 Official stripping The rules applicable to the un- The rules applicable to the un- Separate trading of registe- derlying debt instruments also derlying debt instruments also red interest and principal of apply to official stripping. apply to official stripping. securities.

In case of official stripping, the issuer designates the underlying issue as eligible for stripping and appoints strip dealers.

4.13 Unofficial stripping Alpha-2 country code of the Alpha-2 country code of the Unofficial stripping is country of the entity that strips country of the entity that strips generally issued by a Trust the issue. the issue. or SPV (special purpose vehicle) which repackages the underlying issue without the authorization of the issuer. In this case, evidence of ownership is in the form of a certificate issued by the Trust or the SPV. The certificates are not the primary obligation of the issuer of the underlying security and in the event of default of the Trust or the SPV no claim can be made by certificate holders against assets of the issuer of the underlying bond in order to recoup their principal and interest.

34 www.anna-web.com Appendix B: ANNA Guidelines for ISO 6166, Version 12, August 2014

Event and Definition ISIN rules for paperless ISIN rules for physical securities certificates 4.14 Change of Primary place No change of ISIN for paperless/ For physical certificates, a new of deposit ² immobilised securities ISIN only if the old security is Place of deposit is changed exchanged for a new one. from one (I)CSD to another (I)CSD 4.15 Change of Issuer No change of ISIN for securities A new ISIN only if the old securi- There is a transfer of se- already existing. ty is exchanged for a new one. curities from one issuer to another.

5. SUBSTITUTE NUMBERING AGENCIES (SNAs)

If a NNA - for whatever reason - does not allocate an ISIN for a certain financial instrument, the designated Substitute Agency would allocate an ISIN with prefix XA, XB, XC or XD (XA used by CUSIP Global Services, XB by NSD Russia, XC by WM Datenservice Germany and XD by SIX Telekurs) according to their geographical responsibilities and based on their own basic number.

In the event an SNA does not deal with a request it should take the responsibility to coordinate the distribution of such a request with other SNA.

6. RE-USE OF ISIN CODES

As a general rule, ISINs should never be re-used. Where this is unavoidable, such a re-use shall not occur before expiration of a 10-Years-period following the inactivation of the ISIN (e.g. after the maturity date of bonds, or bankruptcy date of the issuer in case of shares for instance). This rule applies to all kinds of financial instruments, except for options, futures and other short term money market instruments for which the re-use may occur one year after the expiration date.

7. NUMBERING AGENCIES NOT IN LINE WITH THE GUIDELINES

The Letter of Understanding will govern all ISIN allocations. Should this not be possible for certain events, the long term goal should be to come in line with the guidelines as soon as practical.

8. FINANCIAL INSTRUMENTS OUT OF SCOPE OF ISO 6166

Examples such as: - Bills for discount - Credit facilities (overdraft, revolving) - Documentary credits - Depository Interest (DI) and CREST Depository Interest (CDI) - Collection items, etc…

9. FOOTNOTES

1 Contracts for differences:

A CfD (Contract for Difference) is an agreement between a buyer and a seller to exchange the difference in value of a particular instrument from the moment in which the contract is opened until it is closed. That difference is determined by reference to an ‘underlying’ - a share, index, FX rate or commodity - and the period over which the CfD is held.

A CfD is a derivative instrument that allows investors to speculate on the price movements of an underlying without the need for ownership of it.

www.anna-web.com 35 Appendix B: ANNA Guidelines for ISO 6166, Version 12, August 2014

2 Primary Place of Deposit:

The primary place of deposit is the (International) Central Securities Depository which physically holds the securities in custody or, for dematerialized securities, which hosts primary issuance and supports settlement of the security.

3 Combined Instruments:

Packages of different financial instruments issued and/or traded as one single unit. They can be separated during their life cycle and be traded individually.

4 Structured products:

Structured instruments can be divided into:

Structured instruments (capital protection) Capital protected structured instruments offer investors exposure to chosen underlying in various approaches and by a large variety of asymmetric pay-off profiles. There are one or more reference entities underlying in the product. Redemption is made at least in the amount of conditional capital protection at maturity, provided that no credit event of the reference entity has occurred. Conditional capital protection only applies to the nominal and not to the pur- chase price. The general functioning of a capital guaranteed structured instrument is as follows: the notional amount is split into a zero bond, that will deliver the capital guarantee at maturity, and the difference between the zero bond’s value (=present value of the guarantee level at maturity) and the notional amount is used for structuring he performance component with options which deliver the agreed pay-off profile of the structured instrument.

Structured instruments (without capital protection) A structured instrument without capital protection is a short-term note linked to an underlying stock. The security offers a steady stream of income due to the payment of a coupon rate. The redemption at the end of the term is determined on the basis of the performance and final fixing of the underlying: a redemption at the nominal value is guaranteed as long as the underlying has not touched its barrier during the relevant barrier monitoring. If the underlying has touched its barrier but is again above the strike price at final fixing, the nominal price is also repaid. Nevertheless, if the underlying has touched its barrier during barrier monitoring and closes below the strike price at final fixing, the underlying is delivered or cash compensation paid, provided that no credit event of the reference entity has occurred. Depending on the characteristics of the product, either a coupon or a discount to the underlying can apply. A coupon is paid out regardless of performance of the underlying, provided that no credit event of the reference entity has occurred.

Structured instruments (Participation) The construction is generally based on a Low Exercise Price Option LEPO (base value less discount future dividends) or a direct investment in the Underlying or a LEPO combines with other options, which guarantee the desired disbursement profile.

Structured instruments (Entitlements : Mini-Future Certificates / Constant Leverage Certificates) MINI Futures combine the structure of open-end certificates with leverage option. MINI Futures have no fixed term. The leverage is therefore available without a term restriction. The price of a MINI Future always corresponds to its intrinsic value, i.e. the capital outlay, plus the bid-ask spread. The financing costs associated with building up the leverage effect are offset against the capital outlay on a daily basis, thereby eliminating the need for a premium. Investors have to pay only financing costs they actually utilize. In contrast to options, factors like volatility, have no influence at all on the price of MINI Futures.

For further information please consult http://www.eusipa.org/categorisation

36 www.anna-web.com Appendix C: International Securities Identification Numbers (ISIN) Geographical division of countries among substitute agencies as per May 2016 Countries which have a national numbering agency are in bold.

Substitute Agencies CUSIP Wertpapier- SIX NSD Entity (Short name in English) Alpha-2 Global Mitteilungen Financial Official Name in English Code Services Information Remarks Afghanistan AF X The transitional Islamic State of Afghanistan

Åland Islands AX X

Albania AL X People’s Socialist Republic of Albania

Algeria DZ X People’s Democratic Republic of Algeria

American Samoa AS X

Andorra AD X

Angola AO X Includes Cabinda Landana People’s Republic of Angola

Anguilla AI X

Antarctica AQ X The territory of 60 south latitude

Antigua and Barbuda AG X Includes Redonda Previous entry: Barbuda

Argentina AR X Argentine Republic

Armenia AM X

Aruba AW X

Australia AU X Includes Lord Howe Island, Mac- Commonwealth of Australia quarie Islands, Ashmore and Cartier Islands

Austria AT X Republic of Austria

Azerbaijan AZ X

Bahamas BS X Turks and Caicos not included Commonwealth of the Bahamas

Bahrain BH X State of Bahrain

Bangladesh BD X People’s Republic of Bangladesh

Barbados BB X

Belarus BY X

Belgium BE X Kingdom of Belgium

Belize BZ X

Benin BJ X Previous entry: Dahomey DY Republic of Benin Numbering by Cote d’Ivoire

Bermuda BM X

Bhutan BT X Kingdom of Bhutan

Bolivia BO X Plurinational State of Bolivia

Bosnia and Herzegovina BA X

Bonaire, Sint Eustatius and Saba BQ X

www.anna-web.com 37 Substitute Agencies CUSIP Wertpapier- SIX NSD Entity (Short name in English) Alpha-2 Global Mitteilungen Financial Official Name in English Code Services Information Remarks Botswana BW X Republic of Botswana

Bouvet Islands BV X Also called Bouvetoya Numbering Agency is Norway

Brazil BR X Includes Rocas, Fernando de No- Federative Republic of Brazil ronha Archipelago, Trinidad, Ilhas Martim Vaz and San Pedro e Sao Paulo

British Indian Ocean Territory IO X Chagos Archipelago

Brunei Darussalam BN X

Bulgaria BG X Republic of Bulgaria

Burkina Faso BF X Previous entry: Upper Volta Num- bering by Cote d’Ivoire

Burundi BI X Republic of Burundi

Cambodia KH X

Cameroon CM X Previous entry: Cameroon, United Republic of Cameroon Republic of

Canada CA X

Cape Verde CV X Previous entry: Cape Verde Is- Republic of Cape Verde lands. Includes Boa Vista, Brava, Fogo, Maio Sal, Santo Antao, Sao Nicolau, Sao Tiago and Sao Vice- nte

Cayman Islands KY X Includes Grand Cayman, Cayman Brac and Little Cayman

Central African Republic CF X

Chad TD X Republic of Chad

Chile CL X Includes Easter Island, Juan Republic of Chile Fernandez Islands, San Felix and Sala y Gomez

China CN X See also Taiwan, Province of Chi- People’s Republic of China na

Christmas Island CX X Australian Christmas Island

Cocos (Keeling) Islands CC X

Colombia CO X Includes San Andres y Providen- Republic of Columbia cia, Malpelo Islands, Roncador Bk., Serrana Bk. and Serranilia Bk.

Comoros KM X Previous entry: Comoro Isl. In- The Union of Comoros cludes Anjouan, Grande Comore Moheli and other Islands

Congo CD X The Democratic Republic of

Congo CG X People’s Republic of the Congo

Cook Islands CK X

Costa Rica CR X Includes Cocos Islands Republic of Costa Rica

38 www.anna-web.com Substitute Agencies CUSIP Wertpapier- SIX NSD Entity (Short name in English) Alpha-2 Global Mitteilungen Financial Official Name in English Code Services Information Remarks

Cote d’Ivoire CI X Previous entry: Ivory Coast Republic of Cote d’Ivoire

Croatia HR X

Cuba CU X Republic of Cuba

Curaçao CW X

Cyprus CY X Republic of Cyprus

Czech Republic CZ X

Denmark DK X Kingdom of Denmark

Djibouti Republic of Djibouti DJ X Previous entry: French Afars and Issas AI AFI

Dominica DM X Commonwealth of Dominica

Dominican Republic DO X

Ecuador EC X Includes Galapagos Islands Republic of Ecuador (Archipelago Colon)

Egypt EG X Arab Republic of Egypt

El Salvador SV X Republic of El Salvador

Equatorial Guinea GQ X Includes Rio Muni, Bioko, Republic of Equatorial Guinea Annobon Corisco, Elobey Chico and Elobey Grande;

Eritrea ER X State of Eritrea

Estonia EE X

Ethiopia ET X People’s Democratic Republic of Ethiopia

Falkland Islands (Malvinas) FK X Includes West Falkland and East Falkland, South Georgia and South Sandwich Islands

Faroe Islands FO X

Fiji Republic of Fiji FJ X Includes Viti Levu and Rotuma Islands

Finland FI X Republic of Finland

France FR X French Republic

French Guiana GF X Department of Guiana

French Polynesia PF X Includes Society Archipelago, Tuamotu Archipelago, Marquezas Islands, Gambier Islands, Austral Islands and Clipperton Islands

www.anna-web.com 39 Substitute Agencies CUSIP Wertpapier- SIX NSD Entity (Short name in English) Alpha-2 Global Mitteilungen Financial Official Name in English Code Services Information Remarks French Southern Territories TF X Includes Kerguelen Islands, Amsterdam, St. Paul, Crozet Island (ile des Apotres, ile aux Cochons, ile de la Possesion, ile des Pinqouins, ile d l’Est)

Gabon GA X Gabonese Republic

Gambia GM X Republic of Gambia

Georgia GE X

Germany, Federal Republic of DE – XX –

Ghana GH X Republic of Ghana

Gibraltar GI X

Greece GR X Includes Aegean Islands, Hellenic Republic Ionian Islands, Dodecanese Islands, Crete and Mount Athos autonomous area

Greenland GL X NNA via Denmark

Grenada GD X Includes Southern Grenadine Islands

Guadeloupe GP X Includes Grande Terre, Basse Terre, Marie Galante, Les Saintes, Iles de la Petite Terre, Désirade, Saint Barthélémy and Northern St. Martin

Guam GU X

Guatemala GT X Republic of Guatemala

Guernsey GG X ISIN allocation by GB

Guinea GN X Republic of Guinea

Guinea-Bissau GW X Numbering by Cote d’Ivoire Republic of Guinea-Bissau

Guyana GY X Republic of Guyana

Haiti HT X Republic of Haiti

Heard and McDonald Islands HM X

Holy See VA X (Vatican City State)

Honduras HN X Includes Swan Islands Republic of Honduras

Hong Kong HK X Also called Hisiangkang and Xianggang

Hungary HU X

Iceland IS X Republic of Iceland

40 www.anna-web.com Substitute Agencies CUSIP Wertpapier- SIX NSD Entity (Short name in English) Alpha-2 Global Mitteilungen Financial Official Name in English Code Services Information Remarks India IN X Includes Amindivis, Republic of India Laccadives, Minicoy, Andaman Islands, Nicobar Islands and Sikkim

Indonesia ID X Republic of Indonesia

Iran IR X Previous entry: Iran Islamic Republic of Iran

Iraq IQ X Republic of Iraq

Ireland IE X

Isle of Man IM x ISIN allocation by GB

Israel IL X State of Israel

Italy IT X Italian Republic

Jamaica JM X Includes Morant Cays and Pedro Cays

Japan JP X

Jersey JE X ISIN allocation by GB

Jordan JO X Hashemite Kingdom of Jordan

Kazakhstan KZ X

Kenya KE X Republic of Kenya

Kiribati KI X Includes Fanning Islands, Wash- ington Island and Christmas Island in the Line Islands, Ocean Islands, Phoenix Island (Birnie, Gardner, Hull, McKean, Phoenix Sydney, Canton and Enderbury)

Korea, Democratic People’s KP X Republic of Korea

Korea KR X Republic of Korea

Kuwait KW X State of Kuwait

Kyrgyzstan KG X

Lao People’s Democratic LA X Republic

Latvia LV X

Lebanon LB X Lebanese Republic

Lesotho LS X Kingdom of Lesotho

Liberia LR X Republic of Liberia

Libya LY X

Liechtenstein LI X ISIN allocation by CH Principality of Liechtenstein

www.anna-web.com 41 Substitute Agencies CUSIP Wertpapier- SIX NSD Entity (Short name in English) Alpha-2 Global Mitteilungen Financial Official Name in English Code Services Information Remarks Lithuania LT X Luxembourg LU X Grand Duchy of Luxembourg Macao MO X Previous entry: Macao. Also called Ao-men Macedonia MK X Madagascar MG X Democratic Republic of Madagascar Malawi MW X Republic of Malawi Malaysia MY X Includes Peninsular Malaysia, Sabah and Sarawak Maldives MV X Republic of Maldives Mali ML X Numbering by Cote d’Ivoire Republic of Mali Malta MT X Republic of Malta Marshall Islands MH X Previously part of entry Pacific Republic of Marshall Islands Islands Martinique MQ X Department of Martinique Mauritania MR X Islamic Republic of Mauritania Mauritius MU X Includes Rodriques, Agalega Island and Cargados Carajos Mayotte YT X Mexico MX X United Mexican States Micronesia FM X Caroline Islands except the Federated States of Micronesia Palau Islands Group (Republic of Palau). Includes Yap, Truk, Ponape, Kosrae. Previously part of the Pacific Islands entry Moldova MD X Republic of Moldova Monaco MC X Numbering Agency is France Principality of Monaco Mongolia MN X Mongolian People’s Republic Montenegro ME X Montserrat MS X Morocco MA X Kingdom of Morocco Mozambique MZ X People’s Republic of Mozambique Myanmar MM X Previous entry: Burma Namibia NA X Republic of Namibia Nauru NR X Republic of Nauru

42 www.anna-web.com Substitute Agencies CUSIP Wertpapier- SIX NSD Entity (Short name in English) Alpha-2 Global Mitteilungen Financial Official Name in English Code Services Information Remarks Nepal NP X Federal Democratic Republic of Nepal Netherlands NL X Includes Bonaire, Saba, Kingdom of Netherlands St. Eustatius New Caledonia NC X Includes Isle of Pines, Loyalty Islands, Huon Islands, Belep Archipelago, Chesterfield Islands and Walpole New Zealand NZ X Includes Antipodes Islands, Auckland Islands, Bounty Islands, Campell Island, Kermadec Islands, Chatham Islands and Snares Islands Nicaragua NI X Republic of Nicaragua Niger NE X Numbering by Cote d’Ivoire Republic of Niger Nigeria NG X Federal Republic of Nigeria Niue NU X Norfolk Island NF X Northern Mariana Islands MP X Includes Mariana Islands Mariana Islands except Guam. Previously part Commonwealth of the Northern of the entry Pacific Islands Norway NO X Kingdom of Norway Oman OM X Includes Kuria Muria Islands Sultanate of Oman Pakistan PK X Islamic Republic of Pakistan Palau PW X Previously part of the entry Republic of Palau Pacific Islands Palestine PS X State of Palestine Panama PA X Republic of Panama Papua New Guinea PG X Includes Bismarck Independent State of Archipelago, Louisiade Archipela- Papua New Ginea go, Admiralty Islands, ’Entrecasteaux Islands, North- ern Solomon Islands (Bougainville, Buka etc.), Trobriand Islands, New Britain, New Ireland, Woodlark and associated Islands Paraguay PY X Republic of Paraguay Peru PE X Republic of Peru Philippines PH X Republic of Philippines Pitcairn PN X Includes Henderson, Ducie and Oeno. Previous entry: Pitcairn Island Poland PL X Republic of Poland

www.anna-web.com 43 Substitute Agencies CUSIP Wertpapier- SIX NSD Entity (Short name in English) Alpha-2 Global Mitteilungen Financial Official Name in English Code Services Information Remarks Portugal PT X Portuguese Republic

Puerto Rico PR X

Qatar QA X State of Qatar

Réunion RE X Includes Ile Europa, Bassas Department of Réunion da India, Juan de Nova, Ile Glorieuse and Ile Tromelin

Romania RO X

Russian Federation RU X -XX-

Rwanda RW X Rwandese Republic

Saint Barthélemy BL X

St. Helena SH X Includes Ascension, Gough Island, Inaccessible, Nightin- gale Islands and Tristan da Cunha

St. Kitts and Nevis KN X Previous entry: St. Kitts-Nevis-Anguilla

Saint Lucia LC X Previous entry: St. Lucia

Saint Martin MF X

St. Pierre and Miquelon PM X Territorial entity of St. Pierre and Miquelon

Saint Vincent and the Grenadines VC X Includes Northern Grenadine Island

Samoa WS X Previous entry: Western Samoa Independent State of Western Samoa

San Marino SM X Republic of San Marino

Sao Tome and Principe Democratic ST X Republic of Sao Tome and Prinicipe

Saudi Arabia SA X Kingdom of Saudi Arabia

Senegal Republic of Senegal SN X Numbering by Cote d’Ivoire

Serbia RS X

Seychelles SC X Includes Alphonse, Bijoutier, Republic of Seychelles St. François Islands, St. Pierre Islet, Cosmoledo Island, Amirantes, Aldabra, Farquhar and Desroches

Sierra Leone SL X Republic of Sierra Leone

Singapore SG X Republic of Singapore

Sint Maarten SX X (Dutch part)

Slovakia SK X

Slovenia SI X

44 www.anna-web.com Substitute Agencies CUSIP Wertpapier- SIX NSD Entity (Short name in English) Alpha-2 Global Mitteilungen Financial Official Name in English Code Services Information Remarks Solomon Islands SB X Includes Southern Solomon Islands primarily Guadalcanal, Malaita, San Cristobal, Santa Isabel, Choiseul

Somalia SO X Federal Republic of Somalia

South Africa ZA X Includes Walvis Bay, Marion Republic of South Africa Island and Prince Edward Island

South Georgia GS X and the South Sandwich Iskands

South Sudan SS X Republic of South Sudan

Spain ES X Kingdom of Spain

Sri Lanka LK X Democratic Socialist Republic of Sri Lanka

Sudan SD X Republic of the Sudan

Suriname SR X Republic of Surinam

Svalbard and Jan Mayen SJ X Includes Bear Islands. Islands (Bjornoy) NNA via Norway

Swaziland SZ X Kingdom of Swaziland

Sweden SE X Kingdom of Sweden

Switzerland CH – XX – Swiss Confederation

Syrian Arab Republic SY X

Taiwan TW X Includes Penghu (Pescadores) Republic of China Islands

Tajikistan TJ X

Tanzania TZ X Includes Zanzibar and Pemba United Republic of

Thailand TH X Kingdom of Thailand

Timor-Leste TL X

Togo TG X Numbering by Cote d’Ivoire Togolese Republic

Tokelau TK X Previous entry: Tokelau Island

Tonga TO X Kingdom of Tonga

Trinidad and Tobago TT X Republic of Trinidad and Tobago

Tunisia TN X Republic of Tunisia

Turkey TR X Republic of Turkey

Turkmenistan TM X

Turks and Caicos Islands TC X

www.anna-web.com 45 Substitute Agencies CUSIP Wertpapier- SIX NSD Entity (Short name in English) Alpha-2 Global Mitteilungen Financial Official Name in English Code Services Information Remarks

Tuvalu TV X Includes Funafuti, Nanumanga, Nui Nanomea, Nurakita, Niutao, Nukufetau, Nukulaelae and Vaitupu

Uganda UG X Republic of Uganda

Ukraine UA X

United Arab Emirates AE X

United Kingdom GB X Includes Orkney, Shetland United Kingdom of Great Britain Islands and Northern Ireland

United States US – XX – United States of America

United States Minor Outlying UM X Includes Baker Islands, Jarvis Islands, Johnston Atoll, Kingman Reef, Midway Islands, Palmyra Islands and Wake Island. Previously partially covered by the United States Miscellaneous Pacific Islands (PU)

Uruguay UY X Eastern Republic of Uruguay

Uzbekistan UZ X Substitute Numbering Agency is Russia

Vanuatu VU X Republic of Vanuatu

Vatican City State (Holy See) VA X

Venezuela VE X Bolivarian Republic of Venezuela

Viet Nam VN X Previous entries: Democratic Socialist Republic of Vietnam Republic of Vietnam (VD) and Republic Vietnam

Virgin Islands (British) VG X Includes Anegada, Jost Van Dyke Tortola and Virgin Gorda. Previous entry: British Virgin Islands

Virgin Islands (U.S.) VI X Includes Saint Croix, Saint Virgin Islands of the United John, Saint Thomas. States Previous entry: United States Virgin Islands

Wallis and Futuna Islands WF X Includes Iles Wallis (Uvea) and Ile de Hoorn (Futuna, Alofi)

Western Sahara EH X Previous entry: Spanish Sahara

Yemen, Republic of YE X

Zambia ZM X Republic of Zambia

Zimbabwe ZW X Republic of Zimbabwe

46 www.anna-web.com Appendix D: ISO 10962 – outline of CFI-(Classification of financial instruments-) Code

Following a failed ISO revision process in After successful voting by the ISO members 2011, the CFI has undergone significant the new version of ISO 10962 was published review resulting in ISO TC68/SC4/WG6 in September 2015. ISO TC68/SC4/WG6 submitting a revised DIS in June 2014. prepared an impact analysis to assist the market with implementation and adoption, A key focus of the revision process was to such as creation of user guidelines. As ANNA give consideration to the results of an ISO plays an important role in the allocation of Study Group where the following topics were CFIs for instruments that bear an ISIN, Task raised – Force 20 will work on the implementation plan. Additionally, an ISO Advisory Group has • Scope of asset classes / contract styles been established to further discuss and make • Level of granularity recommendations on improved accessibility • Structure e.g. hierarchy, code list, text and address the long term structure and string management of ISO 10962. These factors are • Inclusion of entity classification critical to the evolution and usability of the • Existing use / purpose standard to ensure it remains aligned with the • Semantics - common definitions / needs of the industry/ user community. glossary • Addressing DIS and FDIS comments The structure of the revised CFI code remains aligned with the original version of the stand- In addition to the above, there was also ard. The CFI consists of six alphabetical agreement that the 2011 FDIS version of CFI characters with an embedded hierarchy – had inconsistencies with the use of mutually non-exclusive terms and omission or inaccu- First character - Category rate representation of data. These elements Indicates the highest level of classification require a detailed review in order to progress. and differentiates between categories such as equities, collective investment vehicles, debt There was unanimous agreement that a instruments and many more. The proposed category classifying derivatives needed to be categories are – introduced and that this would require input from participants with the right level of Equities Non-listed and com- knowledge and experience. ISO TC68/SC4/ plex listed options WG6 has been fortunate to have received Collective invest- Spot active and on-going participation from a large ment vehicles number of national and liaison members, Debt instruments Forwards ensuring that representation and input has Entitlement (rights) Strategies been achieved from a broad user base. Listed options Financing In moving forward with proposed changes to Futures Referential instruments the standards, WG6 has remained committed Swaps Others (miscellaneous) to minimising the impact on existing user communities; avoiding unnecessary granular- Those Categories in bold are new ity; ensuring classification provides global representation, as well as resolving any inaccura- Second character – Groups cies and clarifying definitions. Indicates specific groups within each category; for example, Equities are broken down into The standard continues to provide a uniform common/ordinary shares, preferred shares, and consistent method to classify financial convertible etc. The category of Debt is instruments. The latest developments in- broken down into groups such as bonds, crease the efficiency, reliability, data consist- convertible bonds, medium-term notes, ency and transparency of financial services money market instruments etc. transactions for both market and reference data across a broader user community. Last four characters – Attributes Indicates the most relevant attributes applica- As the revised scope of the standard extends ble to each Group. Whereas voting rights, beyond exchanged traded/listed instruments ownership/transfer/sales restrictions, payment to OTC derivatives, it was determined by ISO status and form are useful information in TC68/SC4/WG6 that the user communities of Equities, these features do not exist for CFI operate under differing market practices. Options, which have other attributes such as On this basis, it was approved that the formal option style, underlying assets, delivery, role of a Registration Authority be removed standardized/non-standardized or trigger. from the standard with the introduction of clear text within the CFI allocation clause to support the continued relationship between ISIN (ISO 6166) and CFI assignment.

www.anna-web.com 47 Appendix D: ISO 10962 – outline of CFI-(Classification of financial instruments-)Code

CFI introduction (as of May 2016) Country CFI allocation since Planned for Argentina 2003 Algeria 2006 Angola – We look forward to start to allocate the CFI after the exchange is operating. Armenia June 2010 Australia – Planned for 2017 Austria 1999 Azerbaijan April 2008 Bahrain November 2010 Bangladesh 2010 Barbados April 2010 Belarus December 2008 Belgium 2001 Bolivia September 2012 Botswana – We have yet to design our new numbering programme which will provide for all the requisites set out by ANNA Brazil 1997 Bulgaria 1997 Canada 2008 For a limited number of securities. Cape Verde – Chile 2005 China – July 2016 Colombia June 2010 Costa Rica 2006 Croatia 2004 Cyprus December 2007 Czech Republic June 2010 Denmark 2001 Dominican Republic November 2011 Egypt April 2005 Ecuador August 2010 El Salvador January 2012 Estonia 2000 Finland 2000 France April 2005 Georgia 2010 Germany 1997 Greece November 2003 Guatemala October 2010 Honduras April 2011 Hong Kong 2005 Hungary September 2003 Iceland Januar 2005 India November 2011 Indonesia 2001 Iran 2009 Ireland December 2007 Israel December 2005 Italy 2001

*Italic figures refer to previous years; no updated information available

48 www.anna-web.com Appendix D: ISO 10962 – outline of CFI-(Classification of financial instruments-)Code

CFI introduction (as of May 2016) Country CFI allocation since Planned for Jamaica 2013 Japan January 2007 Jordan January 2007 Kazakhstan November 2010 Kenya 2004 Korea December 2001 Kuwait 2008 Latvia 1997 Lebanon April 2013 Libya 2008 Lithuania 2002 Luxembourg March 2007 Macedonia February 2007 Malaysia – Maldives – During 2016 Malta December 2006 Mauritius December 2004 Mexico December 2011 Mongolia May 2010 Montenegro November 2007 Morocco – The CFI codification project has started, we believe that the allocation of the CFI code will start in Q2 2016 Mozambique November 2014 Nepal January 2014 Netherlands December 2008 Nicaragua – Nigeria 2014 Norway 1999 Oman January 2015 Pakistan March 2013 Palestine April 2010 Panama 2005 Paraguay May 2010 Peru 2014 Poland 1997 Portugal 1997 Romania 2007 Qatar 2013 Russia June 2003 Saudi Arabia – Start not determined yet. Seychelles August 2013 Serbia November 2001 Singapore – Work in progress as part of the SGX securities post trade modernisation initiative Slovakia 2003 Slovenia June 2005 South Africa March 2008 Spain 1997 Sri Lanka June 2011

*Italic figures refer to previous years; no updated information available

www.anna-web.com 49 Appendix D: ISO 10962 – outline of CFI-(Classification of financial instruments-)Code

CFI introduction (as of May 2016) Country CFI allocation since Planned for Sweden Only by request Euroclear Sweden has started a project and in the upcoming requirement work we will take this issue into account. Swaziland – 2015* Switzerland 2001 Syria ??? Not defined Taiwan 2004 Tanzania May 2011 Thailand – Discussions with relevant parties initiated Tunisia We issue upon request Turkey October 1999 UEMOA – We plan to implement the CFI-code by the end of 2015* Uganda 2004 Ukraine 1999 United Arab Emirates May 2011 United Kingdom 2003 Uruguay January 2013 USA 1996 Venezuela 2004 Vietnam January 2009 Zambia – Zimbabwe 2003/2004 International Clearing Sys- tems: Clearstream March 2007 Euroclear 2008

*Italic figures refer to previous years; no updated information available

50 www.anna-web.com