iso6166_guidelinesv5

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

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

Specific cases	Should the securities be considered as fungible in this case?
Different market places	YES, if the security is tradeable in different market places.
Rights difference between different market places in case of corporate action, payment interest/dividends	YES, if it is only a technical difference. Technical differences are already managed by depositories and clearing organization for their deliveries. NO, if the securities are lodged in different codes to distinguish the different rights between holders of the various market places.
Subsequent tranches	YES, if the securities have identical terms and may be used to settle trades in either tranches, forms or markets without any delay because of possible actions. NO, in other cases until the assimilation.
Securities issued in bearer and registered form fully exchangeable	YES
Securities issued in bearer or registered form not fully exchangeable	NO
Change of issue from bearer to registered form or from registered to bearer form at the initiative of the issuer	NO, if the holder does not have the same rights until the exchange.
Representative certificates	YES, in France SICOVAM is allowed to rematerialize French securities to be delivered in some foreign countries. SICOVAM SA is acting in substitution to the issuer and in fact replace the dematerialized securieties by a materialized form. Holders of representative certificates have the same rights than the previous one. 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 ussued. YES, if no secondary paper is issued. An NNA may assign a “Dummy” (i.e. ‘Orange of SINs) SIN for use within their local market.
Corporate actions	YES, if the securities confer to the new holders the same rights as to the previous ones (e.g. subscription of shares withe 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.
Partly paid/fulli paid/nil paid	NO, until the full payment if an additional payment is required.

1.1 Allocation of ISIN's in terms of debt instruments, issued with warrant(s) (i.e. cum or technical cum)

1.3 Partial reimbursement of capital when repayment equally to all holders at the same time

Corporate Action or other events	Definition	Consequence
3.1 Change of country domicile	Domicile of company Headquarters changes to another country	A new ISIN only if the old security was exchanged for a new one
3.2 Merger	Merger by absorption One of the company incorporates the second one which legally disappear Merger by amalgamation The two companies merge to form a new legal entity after a certain period	ISINs of shares of the former Co's must become inactive after a certain period A new ISIN has to be allocated for the stock of the new company and the former ISINs must become inactive N.B. In both cases, for bonds. a new ISIN is created only if the old certificates are exchanged for new ones.
3.3 Assimilation	Event, which makes the use of a separate ISIN superfluous. For example: full dividend rights for new shares, call of outstanding amount on partly paid shares	The ISIN of the new stock has to become inactive when old and new shares become fungible unless a re-use is planned
3.4 Redemption	Repayment of capital debt securities or redeemable shares (fully redeemed) Convertible Bonds At the end of the conversion period, when last conversion day is after the maturity	The ISIN has to become inactive after redemption date, unless the bonds are in default
3.5 Bankruptcy	Forced liquidation of a company a) Full or partial compensation or shareholders/creditors b) Discontinuation of the legal proceedings because of lack of assets	The ISIN has to become inactive after deletion of the company in the register of commerce
3.6 Change of share capital	Change of issued capital (issued stock) of a company a) Increase by issue of additional stock b) Increase by change of the nominal value c) Decrease by change of the nominal value	A new ISIN only has to be allocated for stock with different rights A new SIN is required in case of exchange of the old stocks A new ISIN is required in case of exchange of the old stocks
3.7 Liquidation	Voluntary dissolvement of a company	The ISIN has to become inactive after the deletion of the company in the register of commerce.
3.8 Change of name	Renaming of a company	1) For shares: A new ISIN is allocated for shares in case of exchange of the old certificates 2) For debt securities: If the bonds have to be exchanged for new certificates, the ISIN must be amended
3.9 Stock split	a) Exchange of old certificate b) Stamping of old certificate c) Stamping of old certificate and issue of additional new shares	A new ISIN must be allocated The same ISIN must be retained The same ISIN must be retained
3.10 Reverse split	Consolidation	A new ISIN is required in case of exchange of the old stock
3.11 Renewal of coupon	Only the coupon sheet is physically exchanges against a new one	No new ISIN will be allocated provided the certificate is not exchanged
3.12 Official Stripping	In case of Official Stripping (separate trading of registered interest and principal of securities) the issue as eligible for stripping and appoints srtip dealers	The ISIN should bear the same prefix as the underlying instrument
3.13 Unofficial Stripping	Unofficial stripping are generally issued by a Trust ot SPV (special purpose vehicle) which repackage the underlying issue without the authorisation 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 if the underlying security and the event of default of the Trust or the SPV no claim can be made by certicate holders against assets of the issuer of the underlying bond in order to recoup their principal and interest.	The ISIN should bear the prefix of the country in which the stripper is legally domiciled

2.1	Currencies:	The ISIN should bear the prefix of the issuer country in case of a single currency. In case of cross rates, the prefix should correspond to the issuer country of the fixed currency of the ratio:
	Example:	Spanish peseta	ES0T00000017

2.2	Indexes:	Referential indexes used in the financial sector and calculated by financial institutions (Stock Exchanges and others). The allocation of ISINs should occur with the prefix of the originator's country.
	Examples:	FT-SE 100 Index	GB0009950329
		IBEX 35	ES0S10000005

2.3	Interest rates:	Referential interest rates as defined by term and currency, used in the financial sector and calculated by financial institutions. The ISIN should bear the prefix of the originator's country.
	Examples:	1-Year MIBOR	ES0500000018
		PIBOR	FR0003981133
		3-Month LIBOR	GB0009950436

2.4	Commodities:	One ISIN per good and exchange, even if several exchanges exist in the same country. The different quality degrees within the same good should not be taken into account. The description should include the name of the concerned stock exchange (by means of MIC-code).
	Examples:	Aluminium Alloy	GB0009950659
		Five tons of "Navel-Navelina", 2-5 calibre, first category, washed, unwaxed and packed.	ES0SM0032018

2.5	Traded Options and Financial Futures	Each contract defined by expiration month and striking price will get an ISIN. An ISIN gets the prefix of the country of the exchange issuing the specific derivative instrument.
	Example:	All contracts traded at the LIFFE should bear the prefix "GB"

ANNA Guidelines for ISO 6166

Version 5 - December 1998