In order to cater for the situation where no National Numbering Agency (NNA) exists four numbering agencies (Standard & Poor´s - CUSIP Service Bureau in the US, WM Datenservice from Germany, SIX Telekurs Financial from Switzerland and National Depository Center from Russia) have been designated as Substitute Numbering Agencies (SNAs). Areas of responsibility have been divided geographically so that total coverage is achieved. Once a country has appointed a national numbering agency that agency and the substitute agency work closely together in order to ensure a smooth transition of the numbering function.
In exceptional cases where the appointed NNA could not allocate an ISIN for a specific finanical instrument the SNAs would step in.
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