Association of National Numbering Agencies scrl

AAnnualnnual RReporteport 22014013 Contents 3 Chairman’s Report 2014 5 Objectives and mission statements of ANNA 6 General meetings – ANNA administrative review 2014 13 ANNA Service Bureau – report for 2014 14 Securities business and state of ISIN implementation – worldwide 16 Allocation of ISIN for new financial instruments 19 Working Groups, Task Forces and Reginal Groups 25 List of members by COUNTRY as per May 2015

Appendices 29 A ISO 6166 – an outline of the standard 30 B ANNA Guidelines for ISO 6166, Version 12, August 2014 40 C Geographical division of countries among substitute agencies as per May 2015 50 D ISO 10962 ­– outline of the CFI-(Classification of financial Instruments-) Code

2 www.anna-web.com Chairman’s Report 2014

Dear ANNA Members and Partners, Association strategy, re-evaluating the approved short, medium and long term The year 2014 has been referred to as the direction. Some modifications were made transitionary year from the Age of Recovery to and the Association strategy was presented the Age of Divergence. for validation by the members at the last EGM; Looking at the events of 2014, Central Bank - A growing number of ANNA members actions and divergence have been the under- continued to contribute to the evolution of lying themes. The view remains that these the ISO 17442 – Legal Entity Identifier (LEI) two factors are having and will continue to standard, to promote ANNA’s federated have, significant influence on the global model and the value added benefits of our financial markets and the direction they will model and the National Numbering Agencies take in the near future. (NNAs). We have seen a considerable proportion of the appointed LEI Local One key observation from 2014 was the Operating Units being taken up by the NNAs resurgence of the US dollar as one of the in their jurisdiction of responsibility. This preferred currencies in the world. The in- illustrates clearly the benefit of the synergies creased important of the Chinese Renminbi of identifier numbering; must also be noted, as it moved to #7 of the - ANNA’s continued development and appli- most actively used currencies in trade finance. cat- ion of the Membership and Partner It is very likely that the IMF will make it one of Guidelines has continued to bring a strong the basket currencies for SDRs in the very results by ensuring membership and partner near future. compliance in key areas – with clear positive impacts being realised according to feed- Oil prices on the other hand crashed from a back from the ASB operators; high of $116 per barrel to end the year around - Work linked to the revision of the ISO 10962 the $60 per barrel mark. Not good news for (CFI) standard through Working Group 6 was oil exporting countries around the world. Yet successfully completed. We expect the the stock markets continued to climb, achieve FDIS to be published in late 2015. Although new highs and the financial markets continue the Working Group decided not to keep an to see growth – so there remains a degree of RA role for the standard, the role of the optimism for what 2015 has in store. NNAs in the assignment of the CFI remains key for the future; For ANNA, its members and their integral - Within WG14, revisions of the ISO 18773 roles in the global financial marketplace – and 18774 standards where completed – 2014 saw the launch of the next stages in our and we saw the merging the two standards evolution and future global positioning strate- into a single, more comprehensive standard gy. encompassing both abbreviations and short name characteristics. ANNA remains the Below I summarise some of the main topics key candidate to be appointed as the that the ANNA membership and the Board of Registration Authority when the standard is Directors put focus on during the course of published and the ANNA Board continues to 2014: work with ISO to meet their requirements in this regard; - Most notable was the launch of the new - At the end of 2014, we reached agreement ASB 2014 and the associated upgraded on the long standing open item regarding ASB database. This included launching a ANNA’s tax status/treatment in Belgium. new ASB data record + associated elements This brings to a close a file that has been in (existing and new) which went live in No- progress for a number of years – with a vember 2014. We have already achieved successful overall outcome for the Associa- critical mass in terms of member adoption; tion; - Directly linked to the above, the ANNA - The ANNA Board again put more focus on Board undertook a review of the current aspects of visibility (both internally and

The ANNA Board of Directors

Chairman: Mr Dan Kuhnel Euroclear Bank Hong Kong Branch Vice Chairman: Mr Uwe Meyer WM Datenservice Germany Executive Secretary: Ms Emma Kalliomäki London Stock Exchange United Kingdom Treasurer: Mr György Dudás Keler Hungary Marketing Director: Mr Martín Paladino Caja de Valores Argentina

www.anna-web.com 3 externally). A key development being to introduce new concepts into the General Meetings to create more input from the members. In addition, the ANNA Board identified a number of external conferences that offered visibility opportunities in the financial services space; - Lastly, in respect of the ANNA Board com- position, Markus Heer left the ANNA Board at the end of the year. On behalf of the Association, I wish to thank him for his contributions to the Association’s objectives over the years.

I also take this opportunity to share the new members and partners that joined ANNA in the course of 2014. We look forward to further enhancing our working cooperation with them.

• Entidad de Deposito de Valores de Bolivia SA (Bolivia) – Full member • Central Depository of Armenia OJSC (Armenia) – Full member • CEVALDOM (Dominican Republic) – Full member • Central Depository & Settlement Co. Ltd (Mauritius) – Full member • Qatar Financial Markets Authority (Qatar) – Full member • Maldives Securities Depository Company (Maldives) - Partner

These additions brought the composition of the Association at 2014 year-end to 89 full members and 27 partners representing 123 countries.

I am certain that 2015 will continue to present challenges to the ANNA Board, the ANNA Service Bureau, our dedicated Working Groups and Task Forces - as we continue our focus on data quality and accuracy related matters and continue our dedicated efforts to ensure the Association evolves and continues to meet the requirements of all financial standards users.

I look forward to continuing to work with the members as the Association continues to evolve.

Yours sincerely

Dan Kuhnel

Chairman

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 2014

ANNA Annual General Meeting, outlook of the planned financial activities over Reykjavik / Iceland 22 & 23 May 2014 the coming months.

The Chairman, Mr. Dan Kuhnel, opened the Possible relocation of ANNA and meeting, welcomed the delegates and related matters thanked the Icelandic Securities Depository Ms. Emma Kalliomaki, ANNA Executive for hosting this General Meeting. Secretary, provided a summary on the history of the issues leading to considerations about Attendance consisted of 43 ANNA members a possible relocation of ANNA to another present and an additional 28 members jurisdiction. represented through a Power of Attorney. This resulted in an attendance of 84.5%; sufficient Following receipt of recommendations from to establish the necessary quorum. KPMG with 2 alternatives to move forward (dissolution & liquidation vs. migration & Ms. Guðrún Blöndal, CEO, Icelandic Securi- transfer of seat) further details were requested ties Depository Ltd. gave a warm welcome to to understand the potential impact on the all ANNA delegates and partners, as well as members. Migration and transfer was stating it was an honour to host the ANNA deemed the most appropriate way forward General Meeting. with minimal impact to members. Based on a 5 year forecast for both Belgium An informative speech on “The Development and Switzerland, including the respective and status of the Icelandic financial market” costs and taxes for each location, Zurich was was given by the Rt Hon. Bjarni Benediktsson, identified as the preferred jurisdiction. The Minister of Finance and Economic Affairs of membership unanimously agreed the resolu- Iceland. This was particularly insightful on tion to proceed with the next steps. the current status of the economic situation of the Icelandic financial market - particularly Membership matters in light of the financial crisis that significantly affected the Icelandic banks. The outlook Membership Guidelines – Update for Iceland after the crisis is very positive as Mr. Martin Paladino, ANNA Marketing Direc- Iceland is categorized by OECD as one of tor, provided an explanation for the need for the fastest growing countries. these Guidelines which were adopted in 2011. Two proposed amendments, relating to Chairman’s Report election nomination procedures and Partner- Mr. Dan Kuhnel presented an overview of the ship status, were unanimously agreed. status of action items resulting from the last General Meeting in Cancun, Mexico, as well Non-compliant NNAs - Overview as on the activities of the ANNA Board. and Actions Taken Among other items, key areas of focus for the An update on the status and actions taken Board were outlined as follows – regarding Membership and Partner non-com- pliance was presented by Ms. Emma Kallio- • Member/Partner compliance e.g. enforce- maki. This included items such as ISIN & CFI ment of Membership/Partner obligations allocation, daily delivery and annual refresh • Legal compliance matters (Belgian tax master files to ASB, data quality, attendance and relocation focused) to General Meetings, responsiveness to Board • Data quality and timeliness matters e.g. enquiries/questionnaires and Partners transi- ASB Questionnaire (Dec 2013) tion to Membership. • Strategic matters such as ANNA position- ing in the LEI space (e.g. LOUs and COU) Applications for full membership • Continued work on assessment of re-lo- An application for full membership was cation of the legal domicile of ANNA received from Entidad de Depósito de Valores de Bolivia S.A. who was an ANNA Financial Report 2013 Partner since 2008. Their application was The ANNA Treasurer, Mr. György Dudas, unanimously endorsed by the membership. provided an overview of the financial docu- ments sent to members in advance of the As a result of the transition of Bolivia from meeting and also highlighted in his presenta- Partner to full Member, the ANNA member- tion some key developments. ship reached 85 full members and 30 part- ners; representing 122 countries (UEMOA Resolutions were unanimously passed representing several countries). accepting the audited financial figures of ANNA for the financial year 2013, the auditor’s report and to give quietus to the ANNA Board. The presentation was concluded with an

6 www.anna-web.com Bloomberg´s “Financial Instrument Global For the ASB TC election, three candidates Identifier” (FIGI) received the necessary nominations for the A presentation was given on the FIGI high- two seats for election: Central Securities lighting the replication of the ISIN structure Clearing System Plc Nigeria, NSD Russia and with a possible objective that it could substi- KDD Slovenia. The three representatives gave tute the ISIN and also threaten the CFI and short verbal overviews on their reasoning for MIC standards. As the 1st and 2nd digits of standing for election. the 12-digit-code can be selected to repre- sent prefixes as used for ISIN (country codes) Following a closed ballot, NSD Russia repre- it could cause significant market confusion as sented by Ms. Elena Ulianova and KDD there is a real risk of duplicate numbers being Slovenia represented by Mr. Iztok Klemenc generated. were elected for a 3-years-period (until end of 1st General Meeting in 2017). Bloomberg is aiming to gain endorsement of the FIGI as an OMG standard where, in case As with each year, the roles of ASB TC Chair of a positive vote, FIGI could become an and Vice Chair alternate between the Opera- OMG standard by December 2014. tors and the elected ANNA representatives. Mr. Iztok Klemenc, of KDD Slovenia, has been The membership agreed OMG should be agreed as ASB TC Vice Chair for the period contacted to make them aware of the existing until the spring meeting 2015. scope and coverage of ISIN. The matter will also be raised to the SC4 Chair to follow up Status and implementation on the item raised by ANNA Chairman, Mr. of ISO Standards Dan Kuhnel at the 2014 SC4 Plenary Meeting. ISO 6166 ISIN (International Securities ANNA Service Bureau – Operators Report Identification Number) including status on (Quality and ASB 2014) ISO 6166 revision and on ISO Registration Scott Preiss, representing CUSIP Global Authority Agreements Services as one of the ASB Operators, gave a An overview and background on the revision presentation on data quality, including volume process of the ISO 6166 standard was statistics and confirmation that that CFI gaps provided by Mr. Dan Kuhnel. The membership are reducing. was advised that the new version of ISO 6166 standard was formally published by ISO in Nourredine Yous, representing SIX Financial July 2013. Adoption by ANNA and thus the Information Ltd also as an ASB Operator, NNAs is still pending but the proposal on how introduced the current status of the prepara- to move forward will be addressed by ANNA tions for the ANNA Service Bureau upgrade WG2. due for release November 2014. Changes include the introduction of ISO standards LEI ANNA has an obligation to file an annual (ISO 17442), MIC (ISO 10383) and FISN (ISO report with ISO Central Secretariat which 18774). must include several key elements such as the provision of ISO 6166 services are on a ASB Technical Committee Chairperson cost recovery basis (incl. providing an over- Report view of fees charged by all NNAs). Elena Ulianova provided a summary of the ASB main tasks and activities of the ASB With regards to the outstanding Registration Technical Committee in 2013. These included Authority Agreements for ISO 10962 (CFI) and details of the meetings held, review of the ISO 18774 (FISN) some background details results of surveys undertaken and gathering were provided on the drivers behind the new the requirements for the upgrade to ASB. template introduced by ISO in January 2014. The ANNA Board awaits the outcome of the Election of one Board Member and election work of the Advisory Group on RAs before of two ASB Technical Committee Members proceeding with the execution of the new Euroclear Bank SA was the only nominated Registration Authority Agreement template. candidate with the necessary number of nominations for the seat on the ANNA Board. ISO 10962 CFI (Classification of Financial Instruments) Mr. Dan Kuhnel, representing Euroclear Bank Ms. Emma Kalliomaki gave an overview on SA, gave a short verbal overview as to why he the current status of discussions within ISO should be considered for (re-)election to the TC68/SC4/WG6 regarding the revision of the Board. Following an open ballot, Euroclear ISO 10962 standard. Key changes include a Bank SA was reappointed for another broadened scope to include OTC derivatives 3-years-period (until end of 1st General and structured products being merged into Meeting in 2017). existing categories. There are also some category changes such as a new category

www.anna-web.com 7 introduced for collective investment schemes were hired. Recent activities included the replacing the use of the ‘EU’ group. representation ANNA at FIMA in Boston and the execution of an agreement with Mar- The DIS submission is due 30 June 2014. ketwired (a press release distribution service).

ISO 18773/18774 FISN (Financial Instrument Suggestions were made for ANNA to consider Short Name) speaking at the conferences of the World Mr. Oscar Garcia gave a presentation on the Federation of CSDs, WFIC and IOSCO to FISN structure (incl. examples), the current make ANNA known and to avoid develop- status of FISN and the progress made by ISO ments of additional parallel standards. A TC68/SC4/WG14 through bi-weekly confer- further suggestion was for an assessment of ence calls. It has been agreed by the ISO ANNA’s website to check the performance of members that ISO 18773 (Abbreviations) hits, rank on search engines, and search would be cancelled (abbreviations would be engine optimisation including consideration of maintained by the RA in an external list) and a website redesign. The Board will look into only ISO 18774 would be kept. both proposals.

DIS voting will start on June 25 for a 3 months Reports from Working Groups, Task Forces period. and Regional Groups

The membership was advised that Target 2 WG1 – Assisting Emerging Markets Securities (T2S) will start in October 2014 and Mr. Uwe Meyer advised that another Work- FISN is one of the reporting fields. shop (focusing mainly on operational and practical matters) will be organized for No- ISO 10383 MIC (Market Identifier Code) vember 2014, in advance of the Extraordinary Following the implementation of the revised General Meeting. ISO 10383 MIC standard in March 2013, a short status update was provided on the WG2 – ISIN Quality and Guidelines operational MIC and segment MIC. Concerns Mr. Oscar Garcia, as convenor of WG2, have been raised by users regarding the provided an overview of the Guideline amend- inconsistent level of granularity that the MIC is ments as well as on the potential changes being applied to as well as requests for new resulting from the new version of ISO 6166. kinds of venues. The new version of the ISIN Guidelines were unanimously approved by the membership as TC68 SAG (Standards Advisory Group) well as agreement for adoption of the new Mr. Uwe Meyer informed the members that version of the standard as of August 1, 2014. the SAG is currently working on a proposal for a new work item to define classifications of WG5 LEI entity legal forms that exist within jurisdic- Mr. Niels Hougaard, convenor of WG5, tions. These are required for the LEI record. presented the current status of discussions amongst the WG5 members. Discussions ISO 17442 LEI (Legal Entity Identification) have taken place around LEI establishment Mr. Markus Heer started his presentation by and the role of ANNA members as potential giving some background on the LEI (what is LOUs. ANNA and WG5 will support NNAs the LEI, guiding principles, overview of the who are striving to be recognised as LOUs in system, how to become an LOU and the their jurisdictions. The group will also discuss structure of the LEI). Developments include how to create the LEI and ISIN linkage within financing aspects for the GLEIF and the COU the ASB database as this is deemed an which will be run by the GLEIF. important exercise.

The success of increased adoption is heavily TF20 Implementation of new standards reliant on future regulation prescribing the LEI. Mr. Nourredine Yous as TF20 convenor Upcoming regulations will include insurance reported the steps related to FISN implemen- companies and banks. tation including the requirement to evaluate the presently implemented FISN volumes and Marketing activities the process for the exchange of FISNs Mr. Martin Paladino gave a presentation on between Substitute NAs and NNAs. ANNA’s marketing activities; outlining in the first part some historical aspects and provid- Regional Groups ing an overview of ANNA’s values. ALARG (ANNA Latin America Regional Group) More focus has been put on developing a Mr. Martin Paladino gave a presentation on public relations program with the goal to the activities of ALARG, including both increase ANNA’s visibility. Two external parties historic aspects and the latest events of the (Intermediaction and Clearview Associates) Regional Forum. ALARG has accomplished

8 www.anna-web.com one of its main objectives of having one NNA the growing importance of this information in each country of the region. The next goal is session on operational matters for existing to transition Partners to full Membership. and potential members and partners. Mrs. Tang closed her speech by wishing the APARG (Asia-Pacific Regional Group) delegates a successful meeting. Mr. Dan Kuhnel, acting as initial Regional Manager for both groups, provided an over- An industry presentation was provided by Mr. view of the progress. Focus has been placed Sarjito, Capital Market Supervisory Commis- on individual NNA needs & assistance. Focus sioner Deputy of Capital Market Supervision needs to be put on finding two convenors to (Indonesian FSA), on the topic of “Broadening coordinate regional activities. issuer and investor base of Indonesian capital market”. The overview provided the current AMERG (African and Middle East Regional status and the measures being taken by the Group) Indonesian supervisory authority to attract Mr. Uwe Meyer was pleased to announce that issuers and investors with a focus to provide AMERG members and partners agreed to a secure frame for investors in the Indonesian elect Egypt as convenor. Dr Tarek Abdel Bary capital market. kindly accepted on behalf of MCDR. Chairman’s Report Miscellaneous Mr. Dan Kuhnel presented an overview of the The members were informed of the activities status of action items resulting from the behind the domain www.isin.org. The owners General Meeting in Iceland as well as on the of this domain create misleading requests activities of the ANNA Board during Q3/4 portraying themselves as being a representa- 2014. Among other items key areas of focus tive of the issuer of the financial instrument. by the Board were: These ISINs are then sold at very high fees to the requestors. Cases have been identified in • Member/Partner compliance e.g. enforce- the UK, Netherlands and the US. ment of Membership/Partner obligations • Legal compliance matters (Belgian tax Next meeting and relocation focused Mr. Syafrudin, on behalf of KSEI (Indonesia), • Data quality and timeliness, e.g. contin- invited the ANNA Membership to attend the ued work and support of the ASB 2014 next Extraordinary General Meeting and launch Workshop in Indonesia on 19th-21st Novem- • Strategic matters such as new entrants ber 2014. into security numbering • More interactive organisation of GMs as well as Public Relation matters (PR ANNA Extraordinary General Meeting, strategy, conference sponsorship, repre- Bali / Indonesia 20 & 21 November 2014 sentation at conferences etc.)

The Chairman, Mr. Dan Kuhnel, opened the ANNA’s short, medium and long-term meeting, welcomed the delegates and strategy thanked the KSEI for hosting this Extraordi- The presentation was opened by Mr. Dan nary General Meeting. Kuhnel outlining the need to re-assess the basic assumption that most NNAs generate Attendance consisted of 26 ANNA members some added-value from their role as Registra- present and an additional 40 members tion Authority Agencies in their respective represented through a Power of Attorney. This markets. resulted in an attendance of 77.6%; sufficient to establish the necessary quorum. The need to re-assess ANNA’s strategy is driven by several factors such as the Regis- On behalf of Mr. Heri Sunaryadi, President of tration Authority (RA) role for ISIN not being KSEI, Mrs. Margeret M. Tang gave a warm guaranteed by ISO, the RA role for CFI being welcome to all ANNA delegates and partners, removed, and particularly that ISIN and ANNA expressing the honour for KSEI to host the are being faced with competitive identification ANNA Extraordinary General Meeting. schemes.

Mrs. Tang gave an overview on status and Therefore, ANNA needs to revisit its vision activities of KSEI in its function as National and members need to express their expecta- Numbering Agency for Indonesia. Since tions and empower the Board to take action becoming an ANNA member in 1994, KSEI and move towards final decisions. has allocated 1600 ISINs primarily for equi- ties, debt instruments and mutual funds. KSEI With regards to competing identification was very pleased to welcome 39 delegates at schemes a broad discussion took place on the previous day’s ANNA workshop stressing the aggressive marketing campaigns taking

www.anna-web.com 9 place where a lot of misinformation is being posal for a basis tax is being negotiated with circulated; such as: the Belgian Tax Authorities.

• “No global ID standard exists” this is Resolutions regarding the membership fee clearly wrong as the ISO 6166 standard is and 2015 budget were unanimously approved a global standard by the members. • A 12 character structure has been used to allow easier implementation which Possible relocation of ANNA and related indicates their underlying intention to matters - status replace the ISIN In light of the recent positive developments in • “Coverage is higher than that provided by discussions with the Belgian Tax Authorities, if the ISIN” statement is untrue as ISIN is formal agreement is reached, ANNA can assigned at global level where the alter- remain in Belgium as the initial considerations nate identifier is assigned a market level. for relocation will have been resolved. On this Combining ISIN with the ISO 10383 MIC basis, the relocation topic can be closed at standard provide the same level of the next General Meeting. granularity. Membership matters All NNAs will need to keep an eye on activities in their local markets and be ready to react. Local market developments in Australia Mr. John Williams gave an overview on devel- Mr. Nourredine Yous informed the member- opments at Australian Securities Exchange. ship on his recent participation on behalf of This included confirmation that the ASX code ANNA in an OMG (Object Management (ticker symbol) will be removed as part of the Group) meeting. The Financial Instrument basic number of the ISIN. This issue has led to Global Identifier is currently in the voting restrictions on ISIN assignment and reuse of process to be adopted as an OMG standard. existing ISINs. The change is a positive move Mr. Dan Kuhnel advised that the management to align with global practices. of ISO TC68 are open to the initiative by viewing it as a possible alternative to the ISIN Membership compliance – update due to ISIN licensing discussions. Ms. Emma Kalliomaki started her presentation by giving an overview on the matters the For more interaction with the members at a Board has been focusing on such as ISIN and General Meeting, break-out sessions were CFI allocation, data quality, attendance at introduced where delegates were split into 5 General Meetings as well as membership groups. Each group focussed on a different status. The Board has decided to split geo- topic area, these being: graphical responsibilities where members/ • ANNA’s visibility partners need to be contacted with regards to • Role of the ASB compliance matters. • External threats to ISIN and ANNA • How does the external world view ANNA Applications for full membership • Day to day challenges faced by ANNA Applications for full membership were re- – operational/practical ceived by the following Partners; Central Depository of Armenia OJSC; CEVALDOM The sessions proved to be extremely popular (Dominican Republic); Central Depository & resulting in many ideas and proposals. Settlement Co. Ltd (Mauritius) and Qatar Financial Markets Authority Financial forecast 2015 The ANNA Treasurer, Mr. György Dudas, All applications for membership were unani- provided an overview of the financial docu- mously endorsed by the members. ments sent to members in advance of the meeting and also highlighted in his presenta- Application for Partnership tion some of the significant aspects. Maldives Securities Depository Company applied for partnership. The application was Resolutions as well as financial documenta- unanimously endorsed by the members. tion were sent to the membership before the General Meeting. The ANNA Treasurer, As a result of the applications, the ANNA Mr. György Dudas (GD), highlighted in his membership now stands at 89 full members presentation some of the significant aspects and 27 partners; representing 123 countries including no membership fee for 2015 and (UEMOA representing several countries). changes to the expenses in comparison to budget 2014. ANNA Service Bureau – Operators Report (Quality and ASB 2014) Mr. György Dudas also outlined the current Mr. Scott Preiss gave a presentation on some status of the Belgian tax case where a pro- volume statistics as well as on the core quality

10 www.anna-web.com issues on issuer and instrument data. A few ISO 10383 MIC (Market Identifier Code) examples on specific on-going operational A short presentation was given on the current challenges were presented. His presentation status on MIC (operational MIC and segment continued with an overview of current cus- MIC). The MIC is also included as a new tomers as well as an overview on the usage of (optional) data field with the new ASB record. the ASB website. TC68 SAG (Standards Advisory Group) Mr. Nourredine Yous outlined the changes that The SAG is currently working on a proposal led to the successful and timely release of the for a new work item to identify entity legal ASB new record structure; effective since forms that exist within different jurisdictions. November 2014. This dataset is required for the LEI record. In addition, the convenor of the SAG has recent- The ASB Technical Committee will need to ly sent a letter to the ROC (Regulatory Over- decide when all NNAs should have finalized sight Committee) and the GLEIF (Global LEI the migration to the new format. It was Foundation) offering assistance in all potential proposed to have fixed release cycles so that standards related requirements of the LEI. NNAs could include these in their own internal planning. Legal Entity Identification Mr. Uwe Meyer provided some background Status and implementation of on the LEI as well as current developments; ISO Standards including the appointment of the GLEIF CEO Mr. Stephan Wolf, as of October 2014. ISO 6166 ISIN (International Securities Identification Number) Marketing activities Mr. Dan Kuhnel gave a brief update on the Mr. Martin Paladino gave a presentation on adoption of the revised ISO 6166 standard. ANNA’s marketing activities advising that more The standard was now live – with official focus has been put on developing a public adoption by the ANNA members taking place relations program with the goal to increase from 1 August, 2014. ANNA’s visibility. The Board is also more focused on gaining greater visibility for ANNA ISO 10962 CFI (Classification of Financial by participating, presenting, as well as spon- Instruments) soring industry conferences, e.g. WFIC 2015. An overview was provided by Ms. Emma Kalliomaki on the current status of ISO TC68/ A proposal was made to invite financial SC4/WG6 and revision of the standard. The market participants of countries hosting the current DIS version is in the ISO voting General Meeting to attend the workshop or process until 1 January 2015. morning sessions of General Meetings.

Although ANNA has been removed as the ISO Reports from Working Groups, Task Forces Registration Authority, the ISIN and CFI are and Regional Groups still linked within the text of the standard. ANNA and the NNAs will remain fundamental WG1 – Assisting Emerging Markets to the CFI assignment process. Laos has expressed possible interest in partnership within ANNA as a result of Mr. It was recommended that the new version of Dan Kuhnel’s participation in the Asian Bond the standard needs an implementation plan Market Forum. where a timeframe needs to be considered by ANNA. Ms. Elena Ulianova provided an update on contact with Uzbekistan. ISO 18774 FISN (Financial Instrument Another Workshop to focus on operational Short Name) and practical matters will be organized for Items were highlighted from the written November 2015, prior to the Extraordinary report that had been provided by convenor General Meeting. Mr. Oscar Garcia. A new DIS version of the ISO 18774 standard was submitted at the end WG2 – ISIN Quality and Guidelines of June and ended in late September 2014 On behalf of Mr. Oscar Garcia an overview with a positive vote. was provided on the adoption of the latest version of the ISO 6166 standard and new Currently WG14 is working on the comments ISIN guidelines as of 1 August 2014. received during the voting process and it is expected that the standard will be published WG5 (LEI) during the 1st quarter of 2015. In addition, to As there are currently no tasks for WG5 to working on the comments the WG is preparing deal with, the convenor and the ANNA Board the document outlining the Registration Proce- have agreed to place the working group into a dures for the future Registration Authority. dormant status.

www.anna-web.com 11 TF20 (Implementation of new standards) Upon publication of the FISN an implementa- tion plan will be developed.

Regional Groups

ALARG (ANNA Latin America Regional Group) ALARG has accomplished one of its main objectives of having one NNA in each country of the region and continues to work on the objective to gain full Membership of each Partner.

APARG (Asia-Pacific ANNA Regional Group) During Q2 and Q3 2014 focus continued to be placed on individual NNA needs & assistance. Efforts continue to find two convenors to take over the coordination roles.

AMERG (African and Middle East Regional Group A presentation was given by Dr. Tarek Abdel Barry convenor of the new Regional Group. Several partners have been contacted and reminded of their obligations as well as communication re-established. A prospective for new partnership is the Sudan Stock Exchange.

Appointment of nomination committee for ANNA Board and ASB TC election 2015 The Nomination Committee was appointed for the spring meeting 2015 where three seats are open for election: Argentina and Hungary for the ANNA Board as well as Turkey for the ASB Technical Committee.

Caja de Valores (Argentina) advised the members that they have decided not to stand for re-election.

Next meeting On behalf of the Irish Stock Exchange the Membership was invited to attend the next Ordinary General Meeting 4-5th June 2015 to be hosted in Dublin, Ireland.

Emma Kalliomaki ANNA Executive Secretary

12 www.anna-web.com ANNA Service Bureau – report for 2014

Status of ASB activities May 2015. There is solely an uncertainty relating to the ECB. The ASB TC members have held a couple of conference calls during the last calls. This Bloomberg Contract: An overview of the report describes the status of the relevant conditions of termination to be outlined by the topics. operators is in progress (CGS).

Pricing: The Technical Committee Members FIGI: The ASB TC members discussed the agree that a potential price increase in the potential damage that could result from the course of 2016 will be applied to all custom- FIGI marketing campaign. It is recommended ers, including the present ones. that the ANNA members be requested to publish related press releases in their respec- Migration: The parallel processing to manage tive countries. As an additional activity in this the old record structures and the NRS (New context, the operators will write a letter Record Structure) result in a big workload, outlining the benefits of the ASB that can be high costs, and it makes the support groups used by all members. at the operators’ sites more complex. Moreo- ver, neither a price increase can be applied ASB Contract Templates: It was agreed that nor can many potential customers be con- a new template for end users will be drafted tracted before the NRS coverage is very close based on the template for vendors that is to 100%. For this reason, the operators have available as an annex to the basic ASB been asked to set a deadline for supporting contract between ANNA and the operators. A the old record structures. It was agreed new Italian customer has been acquired and among the operators that the deadline for the is already using the ASB. implementation of the NRS would be Novem- ber 27, 2015. The old ISIN record will no ASB Marketing Planning: It was agreed that longer be supported after this date. the operators will make suggestions concern- ing the future marketing of ASB. While Euroclear planned to switch to the NRS in June 2015, and thus will cover 99% of the Nourredine Yous XS ISINs, we will need a solution to manage Chairman, ASB Technical Committee the Luxembourgish instruments. A letter was sent by Clearstream to both the ANNA and the ASB chairmen, informing them of Clear- stream's inability to implement the NRS before the first half of 2016.

There is no problem with the migration on the client's side. According to Scott Preiss, all customers will have implemented the NRS by

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

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

Country EquitiesDebt instruments* Warrants Investment funds TOFF** Use of ISINs no. ISINs no. ISINs no. ISINs no. ISINs no. ISINs Domestic Cross border Primary Second. Not yet Algeria 4 67 - - - X - X - - Angola - 649 ------X Argentina 569 9.514 4 24 - - X - X - Armenia 550 8 - - - x X X - - Australia 8.612 8.958 5.976 14.025 - X X - X - Austria 567 14.223 3.090 3.856 1.028 X X X - - Azerbaijan 2.003 331 - - - X - - - - Bahrain 52 221 - 50 - X X - - - Bangladesh 292 378 - 41 - - - X - - Barbados 96 4 - 3 - X X X - - Belarus 15 6 - - - - X - - - Belgium 12.215 15.135 23 3.016 - X X X X - Bolivia 62 11.144 - - - - X - - - Botswana 26 89 - - - X - - - - Brazil 6.615 683.067 50 21.552 4.869 X X X X - Bulgaria 1.378 115 3 114 - X X X - - Canada 14.209 32.086 290 52 - X X X - - Cape Verde 7 243 - - - X X X X - Chile 362 337 - 314 - - X - - - China 3.056 8.821 33 411 - - X - - - Colombia 216 96.635 - 2.747 - X X X X - Costa Rica 20 388 - 128 - X - X X - Croatia 899 164 - 173 - X X - X - Cyprus 151 102 1 - - X X X - - Czech Republic 726 245 1 52 15 X X X X - Denmark 375 2.148 172 892 - X X X - - Dominican Republic - 267 - 3 - X - X - - Ecuador - 81 ------El Salvador 101 387 - - - X - - - - Egypt 9.769 507 - - - X X X - - Estonia 6.129 167 - 100 - X X X - - Finland 505 2.995 1.046 469 - X X X - - France 1.169 1.999 40 8.128 - X - X X - Georgia 255 85 - - - X X X - - Germany 18.654 903.980 594.811 8.121 214.523 X X X - - Greece 297 517 4 112 - X X X - - Guatemala 5 27 - - - X - - - - Honduras - 160 - - - X X X - - Hong Kong 411 4.578 8 1.385 17 - - - X - Hungary 9.058 844 1.365 885 16.806 X X X - - Iceland 207 414 - 218 - X X X - - India 19.577 19.119 72 19.998 - X - X - - Indonesia 525 553 32 215 - - - - X - Iran 734 52 - 8 61 X - - - - Ireland 62 490 54 62.370 - X X X X - Israel 895 1.521 742 1.293 1.684 X X - X - Italy 11.021 26.604 4.378 5.893 59.190 X X X - - Jamaica 76 30 - - - X X X - - Japan 3.633 60.162 20 8.776 - X X - X - Jordan 268 223 - - - X - X - - Kazakhstan 101 417 - 1 - - - - X - Korea 9.274 80.421 288 21 3.741 X X X - - Kuwait 495 12 - 39 1.567 X X X X - Latvia 70 92 - 37 - X X X - - Lebanon 186 637 2 20 - X X - X - Libya 62 - - - - X - - - - Lithuania 513 236 - 26 - X X X - - Luxembourg 580 715 395 156.928 - X X X X - Macedonia 613 124 - - - X - X - - Malaysia 919 557 242 243 864 X X - X - Maldives ------x Malta 49 152 15 1.444 - X X X - - Mauritius 1.230 90 3 9 - - x - - - Mexico 781 2.661 412 6.494 - X X - X - Mongolia 323 117 ------x Montenegro 338 38 - - - X - - - - Mozambique 4 39 - - - X - - - - Morocco 93 742 - 381 - X - X - - Nepal 235 - - - - X - X - - Netherlands 229.820 2.060 *** *** - X X X - - Nicaragua 1 119 - - - X - - - - Nigeria 227 58 - 1 - X X - - - Norway 7.193 4.006 4.311 833 2.968 X X X - - Oman 260 23 - 3 - X - - X - Pakistan 748 117 - 51 - X - - - - Palestine 48 1 - - - X - - - - Panama 81 984 - 26 - X X X X - Paraguay - 356 - - - X X - - Peru 420 349 - 11 - X X X - - Poland 1.048 1.167 - 144 1.584 X X X - - Portugal 2.746 2.331 6 730 0 X X X - - Qatar 43 29 - 2 X X X - - Romania 4.308 110 - 100 866 X X X - -

* including Structured Products ** Traded Options and Financial Futures *** included in Equities Italic figures refer to previous years; no updated information received

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

Country EquitiesDebt instruments* Warrants Investment funds TOFF** Use of ISINs no. ISINs no. ISINs no. ISINs no. ISINs no. ISINs Domestic Cross border Primary Second. Not yet Russia 4.644 1.269 - 734 - X X X X - Saudi Arabia 169 35 - 3 - - - - X - Serbia 2.199 229 - - - X - X - - Seychelles 11 - - 10 620 X X X - - Singapore 622 1.219 313 45 - X X - X - Slovakia 2.005 436 - 13 - X X X - - Slovenia 670 92 - 126 - X X X - - South Africa 1.764 1.938 302 5.731 - X X X X - Spain 10.334 3.393 1.655 2.523 3.637 X X X - - Sri Lanka 302 310 5 1 - - X - - - Swaziland 7 31 - - - X - - - - Sweden 2.317 9.991 2.926 1.772 38.738 X X X - - Switzerland 40.895 85.165 141.504 5.344 3.359 X X X X - Syria 21 ------X Taiwan 2.138 1.469 14.300 977 5.275 X X - X - Tanzania 12 159 - - - X X - - - Thailand 2.464 2.000 304 5.140 - X X - X - Tunisia 455 230 - 43 - X X X - - Turkey 894 1.184 4.090 715 1.109 X X X X - UEMOA 40 52 - 20 - X X X - - Uganda 7 40 ------Ukraine 14.989 3.934 - 1.406 - X X X - - United Arab Emirates 173 12 - 21 - - - - - X United Kingdom 6.062 9.571 18.460 74.422 302.542 X X X - - Uruguay 3 161 - - - X X X X - USA 165.521 6.555.015 4.684 197.416 622.173 - X - - - Venezuela 49 219 - - - - - X - - Vietnam 1.045 623 - 3 - X X X - - Zambia 30 184 - - - X X - - - Zimbabwe 79 2 ------Clearing systems: Clearstream - 340.660 - - - X X X X - Euroclear - 340.660 - - - X X X X - Total 659.158 9.369.883 806.432 629.433 1.287.236

* including Structured Products ** Traded Options and Financial Futures *** included in Equities Italic figures refer to previous years; no updated information received

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 Algeria − − − − − − These instruments are not used yet in Algerian financial market Angola − − − − − − We don‘t have any derived financial instruments yet. Argentina − − X − X − Since the allocation of the ISINs is currently done manually, it is difficult to allocate ISINs for all specific types. Moreover, there‘s no requirement from the market. Armenia − − − − − − The main reason is that this specific type of instruments is not circu- lated in the Armenian securities market. Australia X − − − − − Austria X X X X − − We allocate ISINs upon request (no request/need for Currencies or Crossrates 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 bank & money changers but no market practice to allocate ISINs. Barbados − − − − − − No requests made. 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 − − − − − − N/A, not available in our market. Brazil X X X X X X Bulgaria − − − − − − There are no derived financial instruments on the Bulgarian capital market yet; allocation will start as soon as this type of instruments appears on the market. Canada − − − − − − These types of instruments do not trade with ISINs in Canada. Cape Verde − − − − − − Not applicable. Chile − − X − X − We have not been requested to allocate such type of instruments as of today. China X X − − − There is no request for ISINs of these specific types. Colombia − − − − − − These instruments are not cleared or settled through neither of the de- positories available in Colombia (DCV or DECEVAL), thus DECEVAL does not assign ISIN codes. Clearing and settling happen in the depositories for the subjacent securities when applicable. Costa Rica − − − − − − Instruments not available for the local market. Croatia − − X − − − These types of instruments are not issued by domestic security industry. Cyprus − − − − − − The Cyprus Stock Exchange (CSE) does not allocate ISINs for structured products because CSE has not reveived any requests for specific types of Financial Instruments re.g structured products. Czech Republic X − X − − − Not required yet. Denmark − − X X X X All Danish TOFF‘s are issued out of Sweden; Commidities are not traded in DK. Dominican Republic − − − − − − At the moment Derived Financial Instruments do not exist in the Domini- can Republic securities market. Ecuador − − − − − − We don‘t have those markets. El Salvador − − − − − − Instruments are not available in our market yet. Egypt − − − − − − We have no derived financial instruments yet. Estonia X X X X X X Euroclear − − − − − − ISINs are only allocated in accordance with the ISO 6166 standard and ANNA ISIN Guidelines - therefore the instrument types above are out of scope of the area of our responsibility Finland − − − − − − The market has not requested this yet. 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 securities on the market Germany X 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. Honduras − − − − − − There is no derivative market in Honduras. Hongkong X − X X X X No requests were received so far for ISIN on commodities Hungary X − − − − − The ISIN order does not oblige the issuers to identify the instruments with an ISIN not marked on the left. Iceland − − X − X X No demand for them plus those types are not common in our market. India − − X − − − Commodity identifiers (C-Ids) were earlier generated for warehouse receipts for commodities. This has now been discontinued and is in the process of being phased out; At present, ISINs are allocated to securities that trade in demat form and where a need has been felt for allocation of ISINs, especially for the purpose of clearing and settlement. No re- quest has been received from market participants viz. stock exchanges for allocation of ISINs for exchange traded futures and options. Further, several of the aforementioned instruments come under the purview of the banking regulator and the commodities market regulator and they have not desired allocation of ISINs for instruments under their purview. Indonesia − − − − − − We only create ISINs for the financial instrumenst listed in KSEI Iran X X X − − − The other types of instruments are not used in our area. Ireland − − X − − − Israel X − X X X − Italy X X X X X − Euro cross-reates are not under our competence. Jamaica − − − − − − Derived financial instruments are currently not available on the JSE. Japan − − − − X X The local codes (4 digits) are mainly used by the Japanese market participants.

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 Jordan − − − − X − Apart from currencies, such issues do not exist in the Jordanian Capital Market Kazakhstan − − − − − − According to our Rules of ISIN allocation we do not allocate ISINs for derived financial instruments. Korea X X X X X X Kuwait X − − − X − Not offered in the Kuwaiti Market Latvia − − − − − − Such types of financial instruments are not registered at the Latvian Central Depository at the moment. Lebanon − − − − X − With the exception of Currencies these types of instruments do not exist in the country. Libya − − − − − − The Libyan Stock Market is only dealing with ordinary shares. Lithuania − − − − − − Not existent in the market or not circulated publicaly via CSD. Luxembourg − − − − − − No market demand Macedonia − − − − − − These types of instruments are not introduced yet on the 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 instruments introduced in the country. Malta − − − − − − No requests were made so far. Mauritius − − − − − − Allocation will begin as soon as the Stock Exchange of Mauritius starts trading derivatives. Mexico − − − − − − The Derivate Mexican Market doesn‘t require the ISIN. Mongolia − − − − − − Some of the instruments are not available in the market and for others, we are working on to allocate ISINs. Montenegro − − − − − − We don‘t have those type of financial instruments Morocco − − − − − − These types of instruments do not exist on the securities market in Morocco. Mozambique − − − − − − Instruments not existing yet in the market Nepal − − − − − − Most of the instruments are not available in Nepalese market. Instru- ments which are available are yet to come under regulatory bodies. Some of the instruments which are available are also not open for trade in the market. Netherlands X X X X X X Nicaragua − − − − − − No allocation due to market conditions. Allocation will start as soon as the market will demand it. Nigeria − − − − − − Not existing yet Norway X X X X X X Oman − − − − − − Not available in the Omani market. Pakistan − − − − − − Due to non-existance of such instrument type and/or due to no market demand. Palestine − − − − − − None of these instruments listed Panama − − − − − − We do not have these financial instruments in our country Paraguay − − − − − − We do not trade any of those instruments. Peru − − − − X − Derived financial instruments are not traded at the BVL. In the case of currencies, we have allocated an ISIN code only for our national cur- rency (Nuevos Soles). Poland X X X X X X Portugal X − X X X − INTERBOLSA doesn‘t allocate ISIN codes to Commodities nor to Cross Rates 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 X ISINs for TOFFs and commodities have not yet been requested by the Russian market. Once we receive the request from the market we will start allocation. Saudi Arabia − − − − X − Serbia − − − − − − Derived financial instruments have not yet appeared on our market. Seychelles X X X X X X Singapore − − − − − − ISIN code not used in the market. Slovakia − − − − X − Allocation of ISIN for specific types of finacial instruments is not manda- tory according to Slovak legislation. Slovenia − − X − − − The reason for not allocating ISINs is because these types of instru- ments are not issued yet. South Africa − − − − − − Current system constraints. Spain X X X X − − As part of the Eurozone we are no longer in charge of assigning ISIN codes for currencies and cross rates. Sri Lanka − − − − − − Products are not avavilable in Sri Lanka. Swaziland − − − − − − We need technical assistance on issuing ISIN codes Sweden X − − − − − No market convention. Switzerland X X X X X X Syria − − − − − − We only have equity securites in Damascus Securities Exchange Taiwan X − X − − − ISINs are allocated only for those derived financial instruments traded on the exchange. Tanzania − − − − − − Thailand X X X X X − No cross rates derivatives products available in the exchange and no request for the issuance of ISIN upon cross rates derivatives products. Tunisia − − − − − − These specific types are not traded in Tunisia. Turkey X X X X X X UEMOA − − − − − − These instruments do no exist in our juristiction. Uganda − − − − − − Not listed on the Stock Exchange Ukraine − X − − − − No market demands United Arab Emirates − − − − − − DERIVRD FINANCIAL INSTRUMENTS are not yet used and regulated in UAE markets. Allocating ISINs for Commodities is under process but the other menioned instruments are not licened in UAE markets yet.

Italic figures refer to previous years; no updated information available

www.anna-web.com 17 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 United Kingdom X X X X X X 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 − − − − − − These instruments are not negociated in our market. Vietnam − − − − − − VSD only allocates ISINs for financial instruments which are registered at VSD. Allocation will start as soon as they are registered. Zambia We only have equities, debts and depository receipts; Allocation will start as and when the instruments are introduced in the market. Zimbabwe Because we do not offer other products Number of allocating 31 24 39 25 34 20 countries

Italic figures refer to previous years; no updated information available

18 www.anna-web.com 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 Mem- Forces into two categories: bership Guidelines by the ANNA Board that became part of the legal documents through • Working Groups (WG) and voting at the General Meeting in Jordan in • Task Forces (TF) December 2012. The document outlines several aspects of the members and partners While WGs are permanent and looking into rights and obligations in more detail. Being a strategic matters, TFs should present their living document it is constantly updated, results to the General Meeting in a limited presented to the membership and voted at a period. General Meeting.

At present three Working Groups, one Task At the General Meetings in Iceland (June Force plus three Regional Groups are in 2014) and Bali (November 2014) we were operation: pleased to receive applications for full mem- bership from our ANNA Partners in Armenia, Bolivia, Dominican Republic, Mauritius and Qatar. Applications were voted unanimously bringing membership to 89 full members.

In addition, an application for Partnership was received for the November meeting by the Maldives.

Currently ANNA has 27 ANNA Partners:

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

www.anna-web.com 19 appointed SNAs (CUSIP Global Services, ANNA Working Group 2 National Settlement Depository Russia, WM (ISIN Quality and Guidelines) Datenservice and SIX Financial Information) which extend ISIN coverage to all countries The WG2 is focused on topics related to the worldwide. guidance on ISIN allocation and also in charge of the periodical review of the ISIN allocation Further prospects for 2015 or later are rules, which are compiled in a live document Cambodia, Gibraltar, Laos, Myanmar and named ISIN Uniform Guidelines. The Guide- Sudan. lines are constantly updated and presented to the ANNA membership at General Meetings. A few other countries (e.g. Cayman Islands or Bermuda) have appointed NNAs but are During 2014, the WG2 held several conference currently neither ANNA Partner nor Member. calls to address different matters related to ISIN allocation. The work done contributed to the At each meeting the Board has put special preparation of a new version of the ISIN Guide- focus on compliance issues that have to be lines, the 12th one, which was approved by the followed by all Members and Partners such as ANNA membership during the General Meeting ISIN and CFI allocation according to the latest held in Reykjavik in May 2014. This new version version of the standards and the accompany- was a revision of the previous one from 2011 ing Guidelines, uploading of daily files as well and came into force in August along with the as annual refresh master files to the ASB latest ISO 6166 edition to which it is linked. database and the adherence to the terms outlined in Membership Guidelines. Among others, this new edition of the ISIN Guidelines, available on the ANNA website, As a new version of the ASB record was has included following novelties: established in November 2014 with a much broader coverage of detailed information (e.g. - Rewording of the point 2.2 from “Special FISN, LEI, MIC etc.) all Partners and Members cases relating to assignment rules” to “Guid- are currently adapting to this new version. ance relating to allocation rules” - Incorporation of two new instruments: All Partners being fully compliant and being a “carbon & credit emissions” and “stock Partner for more than two years will be asked dividends” into Section 3: “Financial instru- to consider applying for full membership as ments other than securities” this status should only be an interim status to - Elimination of the “domestic & international” get used to all operational and organizational differentiation in the Debt issues (point 2.2.2) aspects of the NNA function and requirements - Amendment of the item referring to “Deposi- resulting from the ANNA membership. tary receipts” by distinguishing the equity and debt cases (point 2.2.14) Finally, another Workshop focusing mainly on - Inclusion of allocation rules for “structured practical matters related to the NNA functions products” and “combined instruments” was held on November 19 in conjunction with - Removal of Bank loans from “Section 8: the Extraordinary General Meeting in Bali. We Financial instruments out of scope of ISO 6166” were pleased to see that many Partners took this opportunity to discuss practical items that Whereas some of the preceding points (the first usually could not be discussed during a two) are a consequence of the ordinary activity General Meeting. ANNA will keep on offering and allow to cover the market needs, the last such workshops mainly in conjunction with four ones come directly from the necessary the Extraordinary Meetings that will take place alignment between the Guidelines and the last outside of Europe. edition of the ISIN standard (ISO 6166) pub- lished in 2013. Uwe Meyer WG1 Convenor Additionally, the WG2 dealt with other topics relating to guidance on ISIN allocation and specific market practices, trying to find the best possible solutions in order to adopt uniform and clear rules.

Lastly, I would like to give a reminder that all ANNA members are invited to contact the WG if they have any basic questions or need any assistance with regards to ISIN allocation matters.

Óscar García WG2 Convenor

20 www.anna-web.com WG5 (Legal Entity Identifier - LEI) As of 31 March, 25 entities were recognized as pre-LOUs WG5 was created October 2013. The mission ■ 23 of them are operational statement is ■ 16 pre-LOUs are European based ■ So far, 11 ANNA members have been ➢ “The ANNA LEI Working Group will appointed as pre-LOUs – all operational establish procedures that members of ■ Some regulators have decided to act as ANNA can follow to ensure the pre-LOUs themselves without consider- implementation of LEI in accordance ing the consequences and the impact. with the rules and regulations pub- ■ There is a “wait and see” attitude in lished by the FSB and the ROC. several countries ➢ The group will create a basis for ■ ROC established GLEIF which has members of ANNA to become a LOU, presented the business model or to assist a LOU in its area of ■ COU will be formed as a legal entity jurisdiction. responsible for establishing a central database for LEIs. Running costs are ➢ The group will furthermore establish expected to be very high. the necessary foundation for ANNA ■ The GLEIF has announced the annual members’ contributions to establish- fee for assigned LEIs ($ 20 per LEI per ing a COU, and will work together with year) and an additional fee for estab- the ROC to support the LEI implemen- lishing the COU ($ 10 per LEI per year) tation project and to share its experi- ■ On top of these fees additional fees are ence.” charged by the LOU ■ ROC has established a pre-LOU forum The WG was to focus on: and invited to regular meetings. ➢ Establishment of a basis for ANNA and its members enabling the mem- Niels Hougaard bers to serve their own area of juris- WG5 Convenor diction ➢ Seeking contact with regulators, the ROC ➢ Investigating the possibilities of ANNA becoming COU ➢ Creating a model for updating LEIs on ASB

Due to latest developments the decision was reported at the Bali meeting to put the WG’s work on hold.

A reason for putting WG5 on hold was last year’s establishment of the GLEIF (Global LEI Foundation) by the ROC This entity has been commissioned to establish the COU as the LEI reference database. Therefore, it became clear for already appointed pre-LOUs (at least those which are ANNA members) that the possibilities for influencing the process were limited - if not impossible.

Moreover, the WG realised that becoming a pre-LOU is a local political issue/decision which neither ANNA nor WG5 in any way could influence.

Finally, it seems that the regulatory decision to extend the LEI beyond derivatives has been stopped even though regulators on a regular basis confirm that it is still the intention to expand the LEI to all institutions and legal persons playing a role in the financial industry.

However, the status on the LEI implementa- tion is the following:

www.anna-web.com 21 ANNA Task Force 20 (Implementation of new standards)

TF 20 dealt essentially with the FISN in the past. No activities have taken place during the last reporting period, due to two reasons.

First, the implementation of the new version of ISO 18774 is pending; An implementation of the previous version of the standard at the NNA’s sites does not make sense anymore. It is much more appropriate to implement the new version as soon as possible.

Second, many NNAs still need to implement the NRS (New Record Structure) to be able to feed the ASB once the new ISO 18774 has been implemented at their site.

Nourredine Yous TF20 Convenor

22 www.anna-web.com Regional Group Reports 2014 representatives attended the meeting. The main agenda items included the ASB New ANNA Latin American Regional Group Release, Relocation and Membership Compli- (ALARG) ance. Standardization was also covered in the meeting (LEI, New ISO 6166 version, MIC). Caja de Valores S.A., as ALARG’s Regional Manager, is very pleased to share with the The last ANNA meeting that was organized in ANNA Membership a summary of the ANNA Latin America was the one held in November related matters occurred during 2014 in the 2013 in Cancun, Mexico. This was a very fruit- Latin American region. ful forum for the regional NNAs and all the ANNA community. That’s why we are very Communication between Caja de Valores S.A. happy to have once more the opportunity of and the Regional NNAs has been continuous, welcoming the ANNA family in a General mostly focused on the ASB New Release, and Meeting to be held in Costa Rica, in Novem- also resolving diverse questions with refer- ber 2015. On this occasion the meeting will ence to ISIN and CFI allocation. be hosted by Central de Valores, the Costa Rican NNA. A workshop will also be organized During 2014 two NNAs became ANNA Full prior to the meeting sessions. Members: Entidad de Depósito de Valores (Bolivia) and CEVALDOM (Dominican Repub- As one of the most important objectives of lic NNA). Caja de Valores S.A. provided ALARG (to have full coverage of NNAs in the assistance to both entities in the transition Region) was reached during 2012, the new process. aim is to encourage those NNAs with a Partner status to become ANNA Full Mem- The ACSDA General Assembly which took bers. Hopefully all Latin American NNAs will place on April in Santiago de Chile, gave us soon play an active role within the Associa- the possibility of giving a presentation on tion. ANNA & LEI, and also to interact with other regional NNAs. Eliana Sanchez ALARG Convenor The ALARG 2014 Annual Meeting was held in Lima, Peru in October, and 11 regional

ANNA African and Middle East Regional • Contacted Palestine, Tunisia and South Group (AMERG) Africa to ask them to submit their master files in the new record structure and • Contacted the Libyan and the Syrian NNA attend the next ANNA GM in Dublin in to get update on their current situation because they hadn’t attended four and if they could attend an ANNA meeting consecutive ANNA meetings. or give a PoA (Libya). • Notified all AMERG members about the • Rearranged dates and coordinated with new ISO version of the CFI, and encour- members to allow members to attend age those members who don’t allocate AMIDA GM and ANNA GM. yet to start the CFI allocation.

• Invited the Sudan Stock Exchange to Dr. Tarek Abdel Bary become a member in ANNA and have a AMERG Convenor meeting to provide them with all informa- tion about ANNA and how to become a member.

www.anna-web.com 23 Regional Group Reports 2014 Discussions amongst the participating mem- bers remain largely ad hoc through the course APARG Report of 2014. Action items and assistance from APARG members therefore are initiated at the The Asia-Pacific Regional Groups (APARG) request of the convenor or APARG partici- were formed via an approved membership pants when needed. resolution which was endorsed at the ANNA AGM of June 2013 held in Rome Italy. Due to Focus was put on the following subjects the large number of members and partners during the course of 2014: that are located in the Asia Pacific region, it was determined that two groups should be • Letters from ANNA Chairman to support formed, namely APARG East and APARG specific ISIN assignment matters in West This would allow for more effective certain jurisdictions; management of the discussion items and any • ASB 2014 release (preparation) arising actions. • Joint meeting with Philippine Stock Exchange and Regulator (coordinated by The objective behind the formation of the two ANNA) to address ISIN assignment groups was in part, to mirror the success of coverage and plans in the short to medi- the Latin American Regional Group by estab- um term; lishing an information sharing forum in the • ISIN assignment coverage and accessibil- APAC region. The main purpose was to ity matters; establish a regional interface where ANNA • ANNA Member and partner compliance related information and experiences can be matters; shared amongst the members and partners • Presented ANNA overview at ASEAN+3 – in the spirit of mutual cooperation. Asian Bond Market Forum; • Main discussion topics arising at ANNA AGMs and EGMs

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 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 Exchange 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

Dan Kuhnel APARG Regional Manager

24 www.anna-web.com List of members by COUNTRY as per May 2015

Caja de Valores S.A. Euroclear Bank S.A./N.V. Central de Valores de la BNV S.A. Ms Eliana Sánchez, Ms Rosana Verdi, Euroclear Bank Hong Kong Branch Mr José Rafael Brenes Vega Mr Juan Carlos Mariano, Dr Martín Mr Dan Kuhnel General Manager Paladino Director - Primary Markets & Int‘l Fixed P.O. Box 1736 25 de Mayo 362 – 1er Subsuelo Income securities 1000 San José C1002ABH – Buenos Aires 20/F Central Plaza COSTA RICA ARGENTINA 18 Harbour Road Telephone: (506) 22044910 Wanchai Telephone: (54) 11 43 17 89 52 Telefax: (506) 22044983 HONG KONG Telefax: (54) 11 43 17 89 99 E-Mail: [email protected] Telephone: +852 3966 5623 E-Mail: [email protected] Telefax: +852 3966 5500 UEMOA c/o Bourse Régionale des E-Mail: [email protected] Central Depository of Armenia OJSC Valeurs Mobilières - Afrique de l‘Ouest Regional Stock Exchange - West Africa Ms Nvard Karapetyan Entidad de Depósito de Valores de Mr Edoh Kossi Amenounve Depository System Servicing Dept. Bolivia S.A. CEO Specialist Ms Isabel Pantoja Barroso 01 BP 3802 Abidjan 01 18, 5b Mher Mkrtchyan General Manager Rue Joseph Anoma (Rue des Banques) 0010 Yerevan Avenida 20 de Octubre y Campos Nº 2665 Abidjan Edificio Torre Azul, Piso 12 ARMENIA CÔTE D‘IVOIRE La Paz Telephone: +374 10 543 321 ext. 127 Telephone: +225 20 32 66 85/86 BOLIVIA [email protected] Telefax: +225 20 32 66 84 Telephone: (591-2) 2110690 / 2145109 / E-Mail: brvm@brvm.org Australian Securities Exchange 2145110 Telefax: (591-2) 2110685 Mr John Williams Central Depository and Clearing E-Mail: [email protected] General Manager, Listings Operations Company Inc. of Croatia Exchange Centre BM&F – BOVESPA S.A. Mrs Vesna Živković 20 Bridge Street Mr Nelson Barroso Ortega President of Management Board Sydney, NSW 2000 Issuer Relations Manager Heinzelova 62 A AUSTRALIA Rua XV de Novembro, 275 – 6th Floor 10000 Zagreb Telephone: (612) 9227 0463 01013-001 Sao Paulo-Sp CROATIA E-Mail: [email protected] BRAZIL Telephone: (385) 1 46 07 330 Telephone: (55) 11 2565 6063 Telefax: (385) 1 46 77 696 Oesterreichische Kontrollbank AG Telefax: (55) 11 2565 7061 E-Mail: [email protected] Mr Gerald Kraft E-Mail: [email protected] Strauchgasse 1-3 Cyprus Stock Exchange 1010 Vienna Central Depository AD Mr Nondas Cl. Metaxas AUSTRIA Mr Julian Dinkov Director General - CEO Telephone: (43) 1 531 27 2245 Head of Finance and Administration Lordou Vironos Avenue N° 71-73 Telefax: (43) 1 531 27 4030 Directorate 1096 Nicosia E-Mail: [email protected] 6, Tri Ushi Str. CYPRUS 1301 Sofia Telephone: (357) 22712526 Telefax: (357) 22 570 308 National Depository Center BULGARIA Telephone: (359) 2 939 1988 E-Mail: [email protected] Mr Araz Aliyer Telefax: (359) 2 939 1998 CEO E-Mail: [email protected] Central Securities Depository 19, Bul-bul Avenue Ms Helena Cacká Baku AZ 1000 The Canadian Depository for Securities Ltd. CEO REPUBLIC OF AZERBAIJAN Mrs Margaret Reid Rybná 14 Telephone: +99 412 493 4530 Senior Manager, Issuer Services 110 05 Praha 1 Telefax: +99 412 598 35 50 85, Richmond Street West CZECH REPUBLIC E-Mail: [email protected] Toronto, Ontario M5H 2C9 Telephone: (420) 221 832 803 CANADA Telefax: (420) 224 814 193 Bahrain Bourse B.S.C (c) Telephone: (1) 416 365-3853 E-Mail: [email protected] Mr Abdulla Jaffar Abdin Telefax: (1) 416 365 7691 Head of Settlement & Central Depository e-mail: [email protected] VP Securities Services P.O. Box 3203 Mr Niels W. Hougaard Manama Depósito Central de Valores Senior Product Manager KINGDOM OF BAHRAIN Mr Claudio Garin P.O. Box 4040 Telephone: (973) 17 108844 Gerente de Operaciones y Servicios 2300 Copenhagen S Telefax: (973) 17 228061 Huerfanos 770, piso 22 DENMARK Santiago E-Mail: Abdulla.abdin@bahrainbourse. Telephone: (45) 43 58 8785 CHILE com.bh Telefax: (45) 43 71 20 03 Telephone: (56) 2 393 9068 E-Mail: [email protected] Telefax: (56) 2 393 9015 Central Depository Bangladesh Ltd. E-Mail: [email protected] Mr M H Samad CEVALDOM Mr Freddy Rossi Managing Director & CEO China Securities Regulatory Commission General Manager BSRS Bhaban (18th Floor) Mrs Juan DU 12 Kawran Bazar Deputy Section Chief Av. Gustavo Mejía Ricart No.54 Dhaha 1215 1019 Room Torre Solazar Business Center BANGLADESH Focus Place Tower A Piso 18, Ensanche Naco Santo Domingo Telephone: + 8802 9137756 19 Jin Rong Street DOMINICAN REPUBLIC Telefax: + 8802 812 4630 Xi Cheng District Telephone: (1 809) 227 0100 E-Mail: [email protected] Beijing 100033 P.R. CHINA Telefax: (1 809) 562 2479 E-Mail: [email protected] SIX Financial Information Belgium Telephone: (86) 10 88060197 S.A./N.V. Telefax: (86) 10 88060574 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. Mr Nader Ismail Numbering Agency Mr Jorge Hernán Jaramillo Ossa Information Systems Auditor Mr Wil Kampert Presidencia 70, El Gomhoria St. Director Data Operations Benelux Carrera 10 No. 72-33 piso 5 P.O. Box 1536 – Attaba 29 Boulevard Louis Schmidt/Schmidtlaan Bogotá Cairo 1040 Brussels COLOMBIA EGYPT BELGIUM Telephone: (571) 37 65 460 Ext. 1742 Telephone: (20)1006603454 Telephone: (32) 2 790 05 15 Telefax: (571) 3459949 Telefax: (20) 225971656 E-Mail: [email protected] E-Mail: [email protected] E-Mail: [email protected]

www.anna-web.com 25 Eesti Väärtpaberikseskus (Estonian CSD) Securities and Exchange Board Central Securities Depository JSC Ms Hele Reinlo of India - SEBI Republic of Kazakhstan (KACD) Registry specialist Ms Maninder Cheema Mr Bakhytzhan Kapyshev Tartu Mnt. 2, 14 Floor Deputy General Manager, Market President 10145 Tallinn Regulation Department - Division of Policy Micro-district „Samal“-1 ESTONIA Plot No C4-A, „G” Block, Bandra Kurla House 28 Telephone: (372) 640 8857 Complex 050051 Almaty E-Mail: [email protected] Bandra (East) REPUBLIC OF KAZAKHSTAN Mumbai 400 051 Telephone: (7) 727 3909549 Euroclear Finland INDIA Telefax: (7) 727 3909549 ext 115 Ms Anu Saarinen Telephone: (91) 22 26 44 97 54 E-Mail: [email protected] Director, Product Management Telefax: (91) 22 26 44 90 31 Urho Kekosen Katu 5 C E-Mail: [email protected] Korea Exchange - KRX P.O. Box 1110 Mr Jung Min Suh 00101 Helsinki PT Kustodian Sentral Efek Indonesia Associate Bond Listing Team FINLAND (KSEI - Indonesian CSD) 33 Yeouido-dong, Yeongdeungpo-gu Telephone: (358) 20 770 6288 Seoul 150 - 977 E-Mail: [email protected] Mr Syafruddin Head of Research and Business KOREA Telephone: (822) 3774 8684 Euroclear France Development Division Indonesia Stock Exchange Building Telefax: (822) 6234 2102 Mrs Sylvie Fournier E-Mail: [email protected] Operations Tower 1, 5th Floor Jl. Jend.Sudirman Kav. 52-53 66 rue de la Victoire Kuwait Clearing Company Jakarta 12190 75009 Paris Mr Othman Al-Issa INDONESIA FRANCE General Manager Telephone: (62) 21 529 91041 Telephone: (33) 1 55 34 58 24 P.O. Box 22077 Telefax: (62) 21 529 91052 Telefax: (33) 1 55 34 58 67 Safat – 13081 Kuwait E-Mail: [email protected] E-Mail: [email protected] KUWAIT Telephone: (965) 2246 7866/7 WM Datenservice Tehran Securities Exchange Technology Telefax: (965) 2246 9457 Duesseldorfer Strasse 16 Management Company E-Mail: [email protected] 60329 Frankfurt am Main Mr Abbas Ahmadi GERMANY No 2, 6th St; Sarafraz St; Beheshti Ave Latvian Central Depository Telephone: (49) 69 27 32 226 Tehran Mr Raitis Vancans Telefax: (49) 69 27 32 7226 IRAN Deputy Chairman of the Management E-Mail: [email protected] Telephone: (98) 21 8430 1393 Board Telefax: (98) 21 88748120 Valnu Iela 1 Hellenic Exchanges S.A E-Mail: [email protected] Riga, LV 1050 Ms Dimitra Tsampourianou LATVIA Head of Issuer Support and Listing Dept. The Irish Stock Exchange Telephone: (371) 67 212 431 110 Athinon Avenue Mr James Ferguson Telefax: (371) 67 229 411 104 42 Athens Head of Operations E-Mail: GREECE 28 Anglesea Street [email protected] Telephone: (30) 210 33 66 446 Dublin 2 Telefax: (30) 210 33 66 670 IRELAND Midclear S.A.L. E-Mail: [email protected] Telephone: (353) 1 617 4200 Mr Fouad El Khoury Chairman Bolsa de Valores Nacional, S.A. Telefax: (353) 1 677 6045 Mr Rolando San Román E-Mail: [email protected] Aresco Center, 15th Floor General Manager Justinien Street - Hamra 7a. Ave. 5-10, Zona 4 Tel Aviv Stock Exchange P.O.B. 11-7971 Centro Financiero, Torre 2 Nivel 9 Mr Shlomo Friedman Beirut 01004 Guatemala City Head of Trading Methods Unit LEBANON GUATEMALA Ahuzat Bayit Street 2 Telephone: (961) 1 74 95 94 Telephone: +502-2332-2921 Tel Aviv 6525216 Telefax: (961) 1 347 910 Telefax: +502-2332-1721 ISRAEL E-Mail: [email protected] E-Mail: [email protected] Telephone: (972) 3 567 76 87 Telefax: (972) 3 560 70 78 Libyan Stock Market Hong Kong Exchanges and Clearing Ltd E-Mail: [email protected] Dr Ahmad Karoud (Mr) Mr Henry Law Managing Director Head of Corporate Communications Banca d´Italia Benghazi - Islamic Building Center 12/F, One International Finance Centre Mr Mario Palazzo Alshatea Street Hai Aljazeera (Juliana) 1 Harbour View Street – Central Head of Securities Database Division LIBYA Telephone: (218) 21 336 5050 Hong Kong Centro Donato Menichella Telefax: (218) 21 336 5025 HONG KONG Largo Guido Carli 1 E-Mail: [email protected] Telephone: (852) 2522 11 22 00044 Frascati Telefax: (852) 2868 4084 ITALY Central Securities Depository of E-Mail: [email protected] Telephone: (39) 06 479 24041 Lithuania – Lietuvos centrinis vertybiniu Telefax: (39) 06 479 28542 popieriu depozitoriumas, AB KELER – Central Clearing House and E-Mail: [email protected] Depository (Budapest) Ltd. Mr Mindaugas Bakas Mr György Dudás President Tokyo Stock Exchange CEO Lvovo g. 25 Mr Hideaki Odaka Rákóczi út 70-72 09320 Vilnius 2-1, Nihombashi - Kabuto-Cho 1074 Budapest LITHUANIA HUNGARY Chuo-Ku/Tokyo 103-8220 Telephone: (3705) 263 85 13 Telephone: (36) 1 483 6116 JAPAN Telefax: (3705) 2721676 Telefax: (36) 1 342 3575 Telephone: +81 50 3377 8926 E-Mail: mindaugas.bakas@nasdaqomx. E-Mail: [email protected] E-Mail: [email protected] com

Nasdaq CSD Iceland hf Securities Depository Center of Jordan Clearstream Banking Mrs Guðrún Blöndal Mr Khalil Naser Mrs Ioulia Petti CEO Acting Chief Executive Officer Vice President-Core Product Management Laugaveg 182 P.O. Box 212465 42, Avenue JF Kennedy Reykjavik 105 Amman 11121 1855 Luxembourg ICELAND JORDAN LUXEMBOURG Telephone: (354) 540 55 01 Telephone: (962) 6 567 2550 Telephone: +352.243.39223 Telefax: (354) 540 55 19 Telefax: (962) 6 567 2622 Telefax: +352.243.639223 E-Mail: [email protected] E-Mail: [email protected] E-Mail: [email protected]

26 www.anna-web.com Centralen depozitar za hartii od Central Securities Clearing System Ltd Interbolsa vrednost AD Skopje - Mr Kyari Bukar Mr Jyrki Leppänen Central Securities Depository AD Managing Director / CEO Avenida da Boavista, 3433 Skopje 2/4 Customs Street, Off Marina 4100-138 Porto Mrs Elena Jakimovska Petrovska Lagos PORTUGAL CEO NIGERIA Telephone: (351) 22 615 84 00 Kuzman Josifivski Pitu 1 Telephone: (234) 8034 048 080 Telefax: (351) 22 610 30 29 1000 Skopje E-Mail: bukar.kyari @cscsnigeriaplc.com E-Mail: [email protected] REPUBLIC OF MACEDONIA Telephone: (389) 2 3299 806 Verdipapirsentralen (VPS) ASA Qatar Financial Markets Authority Telefax: (389) 2 3227781 Mr Sami Boujelben E-Mail: [email protected] Ms Vigdis Diesen Head of Client Services Chief Advisor - CEO Office Al Wehda Street (West Bay) P.O. Box 4 Bursa Malaysia Doha 0051 Oslo Ms Hui Yin Wong QATAR NORWAY Senior Manager, Exchange Market Data Telephone: (974) 44289977 Telephone: (47) 22 63 52 86 8th Floor, Exchange Square Telefax: (974) 44289925 Bukit Kewangan Telefax: (47) 22 63 52 00 E-Mail: [email protected] 50200 Kuala Lumpur E-Mail: [email protected] MALAYSIA Depozitarul Central S.A. (Romanian Telephone: (603) 2034 7648 Muscat Depository & Securities Central Depository) Telefax: (603) 2026 3699 Registration Co. Ms. Silvia Buicanescu E-Mail: [email protected] Mr Abdulla A. Suliman Al-Nabhani Acting CEO Malta Stock Exchange General Manager IBC Modern building

P.O. Box 952 - PC. 112 34-36 Carol I Blvd. 3 rd, 8th, 9th floors Ms Stephanie Galea Ruwi Manager - Compliance 020922 Bucharest II SULTANATE OF OMAN Garrison Chapel ROMANIA Castille Place Telephone: (968) 24 82 22 22 Telephone: (40) 21 408.59.26 Valletta CMR01 Telefax: (968) 24 81 74 91 Telefax: (40) 21 408.58.14 MALTA E-Mail: [email protected] E-Mail: [email protected] Telephone: (356) 21244051 Telefax: (356) 25696316 Central Depository Co. National Settlement Depository E-Mail: [email protected] of Pakistan Ltd. (MICEX Group) Mr Aftab Diwan – Chief Operating Officer Dr Eddie Astanin (Mr) Central Depository & Settlement Co. Ltd CDC House Chairman of the Executive Board Mr Vipin Mahabirsingh 99-B, Block B, S.M.C.H.S. 12, Spartakovskaya Str Managing Director Main Shahra-e-Faisal 107066 Moscow 4th Floor, One Cathedral Square Karachi - 74400 RUSSIA Jules Koenig Street PAKISTAN Telephone: (7095) 232 5573 Port Louis Telephone: (9221) 34326032 Telefax: (7095) 956 09 38 MAURITIUS Telefax: (9221) 34326034 E-Mail: [email protected] Telephone: (230) 2113507 E-Mail: [email protected] Telefax: (230) 2116880 Saudi Stock Exchange - Tadawul E-Mail: [email protected] Mr Ayed Al-Ayed Palestine Exchange (PEX) Head of Research and Development Dept. Mr Khaled Hamdan S.D. Indeval, SA de C.V. P.O. Box 60612 Mr Arturo Navarro Plascencia Manager Clearing, Depository Riyadh 11555 Chief Operation Officer - Capital and & Settlement Center (CDS) SAUDI ARABIA International Market Amman St. Telephone: (966) 1 218 9121 Paseo de la Reforma N°255 - 3 Piso P.O. Box 128 Telefax: (966) 1 218 9133 Col. Cuauhtemoc Nablus E-Mail: [email protected] México 06500 D.F. PALESTINE MEXICO Telephone: (970) 923 909 76 Central Securities Depository and Telephone: (5255) 53 42 96 70 Telefax: (970) 923 909 98 Clearing House of Serbia Telefax: (5255) 57 26 67 83 E-Mail: [email protected] Dr Ana Jovanovic E-Mail: [email protected] CEO Bolsa de Valores de Panamá, S.A. Trg Nikole Pasica No 5 Central Depository Agency of Montenegro Ms Myrna E. Palomo Belgrade Mr Miomir Jovanovic Deputy General Manager REPUBLIC OF SERBIA Deputy CEO P.O. Box 0823-00963 Telephone: (381) 11 3331 380 Novaska Miloseva bb Panamá 7 Telefax: (381) 11 3331 381 81000 Podgorica E-Mail: [email protected] MONTENEGRO REPUBLIC OF PANAMA Telephone: (382) 69 320 623 Telephone: (507) 269 1966 Singapore Exchange Ltd. Telefax: (382) 20 230 053 Telefax: (507) 269 2457 Mr Kok Leong Lai E-Mail: [email protected] E-Mail: [email protected] Vice President 2 Shenton Way # 19-00 Maroclear S.A. Bolsa de Valores de Lima Ms Fathia Bennis Mr Francis Stenning SGX Centre 1 CEO General Manager Singapore 068804 SINGAPORE Route d’El Jadida Pasaje Acuña 106 - AP 1538 Telephone: (65) 6236 8344 18 Cité Laia Lima 100 Telefax: (65) 6535 2644 Casablanca 20000 PERU E-Mail: [email protected] MOROCCO Telephone: (51) 1 619 3333 Telephone: (212) 5 22 239 000 Telefax: (51) 1 619 3350 Centrálny depozitár cenných papierov Telefax: (212) 5 22 99 44 64 E-Mail: [email protected] E-Mail: [email protected] SR, a.s. Central Securities Depository SR, Inc. National Depository for Securities Euroclear Nederland Ms Dagmar Kopuncová Dr Iwona Sroka (Mrs) Mr Stuart Horgan Head of the Section of International Senior Mgr. ENL Asset Servicing President & CEO Relations and Media Communication and Change Mgr. ESES 4, Ksiazeca Street Ul. 29. Augusta 1/A Herengracht 459 - 469 00-498 Warsaw 814 80 Bratislava 1 1017 BS Amsterdam POLAND SLOVAK REPUBLIC THE NETHERLANDS Telephone : (48) 22 53 79 353 Telephone: (421) 2 5939 5125 Telephone: (31) 20 552 1452 Telefax : (48) 22 62 73 112 Telefax: (421) 2 5296 8755 E-Mail: [email protected] E-Mail: [email protected] E-Mail: [email protected]

www.anna-web.com 27 Appendix A: ISO 6166 – an outline of the standard

KDD – Central Securities Clearing Corp. Tunisie Clearing Vietnam Securities Depository Mr Iztok Klemenc Mr Maher Zouari Ms Hoang Lan Huong Phuong Securities - International securities identifi - Who issues the ISIN Tivolska Cesta 48 Chief Executive Officer Chairwoman cation numbering system (ISIN) In the case of securities, other than debt secu- 1542 Ljubljana 5 Rue du Yen, Les jardins du lac II No 15 Doan Tran Nghiep Street rities, where a NNA recognised by ANNA oper- SLOVENIA Hai Ba Trung District Les Berges du Lac 10000 Hanoi Introduction ates, this organisation issues the ISIN for secu- Telephone: (386) 5614 88 27 1053 Tunis Telefax: (386) 5614 88 59 VIET NAM The standard provides a uniform structure for a rities whose issuer is registered or domiciled in TUNISIA E-Mail: [email protected] Telephone: (84) 43 9747 116 Telephone: (216) 71 193 593 Telefax: (84) 43 9747 126 number, known as the ISIN, that uniquely iden- the country where the NNA operates. For debt E-Mail: [email protected] tifies securities. It details organisations, known securities the NNA who issues the ISIN is JSE Ltd Telefax: (216) 71 193 620 / (216) 71 193 621 E-Mail: [email protected] as National Numbering Agencies (NNA’s) that either one of the international securities clear- Mr Chris Grove ANNA Secretariat – c/o WM Datenservice Head: Market Services Mr Uwe Meyer are responsible for issuing the ISIN in each ing organisations or the responsible NNA in Takasbank - Ìstanbul Takas One Exchange Square Duesseldorfer Strasse 16 country. In those countries where no NNA is in accordance with ISO 6166. ve Saklama Bankası A.Ş 2 Gwen Lane 60329 Frankfurt am Main operation, three NNA’s have agreed, on a Sandown, 2196 Mrs Zeynep Şahin GERMANY SOUTH AFRICA Manager, International Markets Department Telephone : (49) 69 27 32 226 regional basis, to act as Substitute Numbering Telephone : (27) 11 520 7350 Merkez Mah. Merkez Cad. N° 6 Telefax: (49) 69 27 32 7226 Agency (SNA). Details of these are included in ISIN structure Telefax : (27) 11 520 8592 Sisli 34381 – Istanbul E-Mail: [email protected] E-Mail : [email protected] Appendix C. The following NNAs are desig- Ȟ Ȟ C ountry code TURKEY nated as SNA: 2 digits Telephone: (90) 212 315 2187 Comisión Nacional del Telefax: (90) 212 315 2214 – CUSIP Global Services for the Americas a lphabetical Mercado de Valores (CNMV) E-Mail: [email protected] – Wertpapier-Mitteilungen (Germany) for Mr José M. Alonso Subdirector de Sistemas de Información Eastern Europe, Asia-Pacific and Africa Ȟ Ȟ Ȟ Ȟ Ȟ Ȟ Ȟ Ȟ Ȟ NSIN* C/ Edison, 4 National Depository of Ukraine – – National Settlement Depository NSD (Russia) 9 digits 28006 Madrid Public Joint-Stock Company for countries of AECSD (Association of a lpha-numerical SPAIN Ms Olga Dolgopolova Telephone: (34) 91 585 1537 Board Member; Head of Numbering Eurasian Central Securities Depositories) pro- Telefax: (34) 91 585 1630 Department vided agreement has been given by the Ȟ Check digit E-Mail: [email protected] 17/8, Nyzhniy Val Str. Supervizory Authorities of respective coun- 1 digit numerical Kyiv, 04071 tries Colombo Stock Exchange UKRAINE Mr Nalin Fonseka Telephone: +38 (044) 591-04-11 – SIX Financial Information (Switzerland) for Manager Telefax: +38 (044) 482-52-07 remaining countries *National Securities Identification Number # 4-01 West Block E-Mail: [email protected] World Trade Center Echelon SQ ISIN Colombo 00100 Securities & Commodities Authority – ISIN consists of a total of 12 characters as SRI LANKA ESCA follows: Telephone: (94) 11 23 56 430 Mr Abdullah Salem Al-Turifi Telefax: (94) 11 24 40 396 CEO E-Mail: [email protected] P.O. Box 33733 The first two digits are reserved for the alpha-2 Hamdan Street country code as issued in accordance with the Euroclear Sweden AB Abu Dhabi international standard ISO 3166 of the country Ms Annette Nyström UNITED ARAB EMIRATES Manager Operations – Telephone: (971) 2 612 0140 where the issuer of securities, other than debt Account & Asset Services Telefax: (971) 2 627 4600 securities, is legally registered or where it has Box 191 E-Mail: [email protected] its legal domicile. For debt securities, the rele- 101 23 Stockholm SWEDEN vant country is the one of the ISIN – allocating London Stock Exchange Telephone: (46) 8 402 91 12 NNA. In the case of depository receipts, such Mrs Emma Kalliomäki Telefax: (46) 8 20 46 91 as ADRs, the country code is the one of the E-Mail: [email protected] Head of SEDOL Masterfile 10 Paternoster Square organisation who issued the receipt instead of SIX Financial Information Ltd London EC4M 7LS the one Mr Nourredine Yous UNITED KINGDOM who issued the underlying security. Executive Director Telephone: (+44) 207 797 4156 Postfach 1521 Telefax: (+44) 207 920 4564 8021 Zurich E-Mail: [email protected] The next nine digits are taken up by the local SWITZERLAND number of the security concerned. Where the Telephone: (41) 58 399 5450 CUSIP Global Services national number consists of fewer than nine Telefax: (41) 58 499 5450 Mr Jim Taylor E-Mail: [email protected] characters, zeros are inserted in front of the Vice President & Managing Director CGS 55 Water Street, 45th Floor number so that the full nine spaces are used. Taiwan Stock Exchange Corporation Ms Rebecca Chen New York/N.Y. 10041 Senior Vice President of UNITED STATES OF AMERICA The final space is a check digit computed Trading Dept. Telephone: (1) 212 438 1175 according to the modulus 10 “Double-Add- 10/F – 7, Xinyi Road, Section 5 Telefax: (1) 212 438 6581 Double” formula. Taipei 11049 E-Mail: [email protected] REPUBLIC OF CHINA (TAIWAN) Telephone: (886) 2 8101 3021 Bolsa de Valores de Caracas, C.A. Telefax: (886) 2 8101 3683 Mr Enrique Rosal E-Mail: [email protected] Market and Listed Companies Manager Avenida Sorocaima entre Thailand Securities Depository Co, Ltd. avenidas Venezuela y Tamanaco Ms Pataravasee Suvarnsorn Edificio Atrium, Piso 1, VP Post Trade Development Dept. Urbanización El Rosal The Stock Exchange of Thailand Building 62, Rachadapisek Road, Klongtoey Apartado de Correos 62724-A Bangkok 10110 Caracas 1060-A THAILAND VENEZUELA Telephone: (66) 2229 2993 Telephone: (58) 212 905 5703 Telefax: (66) 2 359 1259 Telefax: (58) 212 905 5721 E-Mail: [email protected]@set.or.th E-Mail: [email protected]

28 www.anna-web.com 24 www.anna-web.com AChairman’sppendix A :Report ISO 61 620146 – 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 secu- rities, 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) pro- vided 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 rele- vant 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.

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

1. INTRODUCTION

The ISO 6166 standard describes the structure of the ISIN codes and which organizations are allowed to allocate ISIN codes to which securities.

The aim of the guidelines is to obtain a uniform process among the various National Numbering Agencies for the allocation of ISIN codes.

In line with the ISIN Quality Management concept, as defined by the Association of National Numbering Agencies (ANNA, registration authority for ISO 6166), we encourage the use of the list of Operational Contacts - as indicated on ANNA web for the majority of NNAs - to ensure timely and proper allocation of ISIN codes.

This document is a live document which shall be reviewed periodically.

1.1 Identification of a financial instrument

The allocation of an ISIN represents the identification of a financial instrument rather than the market a financial instrument trades on (except for options, futures and commodities). Fungible securities will be identified by one ISIN.

1.2 General definition of fungibility

Set of goods which are equivalent, substitutable, and interchangeable and which are not individualized.

Since securities can be individualized by numbers or through a registered form, we will use the following definition:

Fungibility within the securities industry means that a security ranks pari passu in all respects with a different version of the same security and can be exchanged into the other form and vice versa at any time.

1.3 Rights potentially attached to fungible securities

Right to sell Right to vote Right to receive a payment (coupon, redemption) on the same date Right to participate in a corporate action in the same way Right for any holder to hold any form

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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 be- cause 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 dematerial- ized 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

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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 bran- ch 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 alloca- ted 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 incorpora- tion 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.

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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 numbe- ring 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 tra- ded in different currencies should receive its own ISIN.

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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 calcula- ting 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 quali- ty 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 ex- change issuing the specific CfD. 3.8. Carbon credits Types of carbon instruments: & emissions -European Union Allowances, com- monly 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, com- monly referred to as CER, are issued as part of the Clean Development

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Financial Instruments Example Mechanism (CDM) projects and in accordance with the Kyoto Protocol compliance regime. Projects are typically hosted in developing coun- tries. 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 pro- jects. 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 count- ry where the project is hosted. 3.9. Stock dividends Stock dividends are eligible for ISIN allocation when referenced as under- lying of derivatives contracts (e.g. futures, options). The ISIN gets the prefix of the coun- try where the company is registered or, in absence of registration, has its legal domicile.

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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 chan- ges 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 peri- od, 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.

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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 cer- tificate holders against assets of the issuer of the underlying bond in order to recoup their principal and interest.

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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.

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2 Primary Place of Deposit:

The primary place of deposit is the (International) Central Securities Depository which physical- ly holds the securities in custody or, for dematerialized securities, which hosts primary issu- ance 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 under- lying 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

www.anna-web.com 39 Appendix C: International Securities Identification Numbers (ISIN) Geographical division of countries among substitute agencies as per May 2015 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

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 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

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

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

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 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

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 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

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 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

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 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

46 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 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

www.anna-web.com 47 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

48 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

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

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

Following a failed ISO revision process in Whilst the user community awaits the out- 2011, the CFI has undergone significant come of the DIS ballot (ending in January review resulting in ISO TC68/SC4/WG6 2015) work will continue by ISO TC68/SC4/ submitting a revised DIS in June 2014. WG6 to assist the market with implementation and adoption, such as creation of user A key focus of the revision process was to guidelines. Additionally, an ISO Advisory give consideration to the results of an ISO Group will be established to further discuss Study Group where the following topics were and make recommendations on improved raised – accessibility and address the long term structure and management of ISO 10962. • Scope of asset classes / contract styles These factors are critical to the evolution and • Level of granularity usability of the standard to ensure it remains • Structure e.g. hierarchy, code list, text aligned with the needs of the industry/ user string community. • Inclusion of entity classification • Existing use / purpose The structure of the revised CFI code remains • Semantics - common definitions / aligned with the original version of the stand- glossary ard. The CFI consists of six alphabetical • Addressing DIS and FDIS comments characters with an embedded hierarchy –

In addition to the above, there was also agreement that the 2011 FDIS version of CFI First character - Category had inconsistencies with the use of mutually Indicates the highest level of classification non-exclusive terms and omission or inaccu- and differentiates between categories such as rate representation of data. These elements equities, collective investment vehicles, debt require a detailed review in order to progress. instruments and many more. The proposed categories are – There was unanimous agreement that a category classifying derivatives needed to be Equities Non-listed and com- introduced and that this would require input plex listed options from participants with the right level of knowledge and experience. ISO TC68/SC4/ Collective investment Spot WG6 has been fortunate to have received vehicles active and on-going participation from a large Debt instruments Forwards number of national and liaison members, Entitlement (rights) Strategies ensuring that representation and input has been achieved from a broad user base. Listed options Financing Futures Referential instruments In moving forward with proposed changes to Swaps Others (miscellaneous) the standards, WG6 has remained committed to minimising the impact on existing user Those Categories in bold are new communities; avoiding unnecessary granular- ity; ensuring classification provides global rep- Second character – Groups resentation, as well as resolving any inaccura- Indicates specific groups within each catego- cies and clarifying definitions. ry; for example, Equities are broken down into common/ordinary shares, preferred shares, The standard continues to provide a uniform convertible etc. The category of Debt is and consistent method to classify financial broken down into groups such as bonds, instruments. The latest developments in- convertible bonds, medium-term notes, crease the efficiency, reliability, data consist- money market instruments etc. ency and transparency of financial services transactions for both market and reference Last four characters – Attributes data across a broader user community. Indicates the most relevant attributes applica- ble to each Group. Whereas voting rights, As the revised scope of the standard extends ownership/transfer/sales restrictions, payment beyond exchanged traded/listed instruments status and form are useful information in to OTC derivatives, it was determined by ISO Equities, these features do not exist for TC68/SC4/WG6 that the user communities of Options, which have other attributes such as CFI operate under differing market practices. option style, underlying assets, delivery, On this basis, it was approved that the formal standardized/non-standardized or trigger. role of a Registration Authority be removed 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.

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

CFI introduction (as of May 2015) 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 – Discussions progressing with regulator 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 Cape Verde – Chile 2005 China – September 2015 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 June 2008 Iran 2009 Ireland December 2007 Israel December 2005 Italy 2001 Jamaica 2013

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CFI introduction (as of May 2015) Country CFI allocation since Planned for 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 – Hope to start by June 2015 Malta December 2006 Mauritius December 2004 Mexico December 2011 Mongolia May 2010 Montenegro November 2007 Morocco – We have already implemented the basics for the CFI codification but the start date have not yet been defi- ned. Mozambique November 2014 Nepal January 2014 Netherlands December 2008 Nicaragua – We do not know yet. 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 – Seychelles August 2013 Serbia November 2001 Singapore – Work in progress. Slovakia 2003 Slovenia June 2005 South Africa March 2008 Spain 1997 Sri Lanka June 2011 Sweden 2008 Only by request. Swaziland – 2015

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

CFI introduction (as of May 2015) Country CFI allocation since Planned for Switzerland 2001 Syria – Not defined Taiwan 2004 Tanzania May 2011 Thailand – Discussions with relevant parties initiated Tunisia – Turkey October 1999 UEMOA – We plan to implement the CFI-code by the end of 2015 Uganda 2010 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 Systems: Clearstream March 2007 Euroclear 2008

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