Meetings and Events Kuala Lumpur

Meetings and Events

Kuala Lumpur - November 30 and December 1, 1998

Introduction
The Extraordinary General Meeting was hosted by the Kuala Lumpur Stock Exchange and attended by 15 Numbering Agencies, 24 others being represented by powers of attorney, providing a 75% majority and sufficient quorum to conduct this extraordinary general meeting. The meeting was also attended by special guests from Tunisia and Egypt.
Report from the Chairman
The Chairman of ANNA, Mr Niels Hougaard, reported on the activities of the Board since the last general meeting. The report primarily covered the activities involved for the introduction of the new GIAM II system in the first quarter of 1999.

Applications for Membership
ANNA Members unanimously endorsed the application for membership received by the Board from Sticodevam - Tunisia, and The Capital Market Authority - Egypt, bringing the total ANNA membership to 54 NNAs. A further two countries have expressed their interest for membership for 1999.
GIAM-2
Mr. Uwe Meyer made a short presentation to remind the participants that the GIAM-2 project had received a very strong support from a large majority of the GIAM members answering the GIAM-2 questionnaire. It was resolved to authorise the Board to renew the agreement with Reardon Technology Limited for 1999 and a new project funding structure for Members, Data Vendors, and End Users was agreed. Members should promote GIAM in their own countries as and when the opportunity arises.
Financial Forecasts: 1999
Mr. Georg Eisel presented financial forecasts for 1999. It was resolved to adopt the forecasts and the proposed annual membership fees in respect of ANNA and GIAM-2. It was also resolved to authorise the Board to negotiate extension of the agreement with Wertpapier-Mitteilungen in respect of the ANNA Secretariat.

Report on ISO/TC68 and TC68/SC4 meetings
Mr. Alain Duhamel reminded the participants about the ISO structure and gave information on the meeting of ISO/TC68 held in Thun (Switzerland) on Sept.30 and Oct.1, 1998.
Mr. Niels Hougaard reported on the ISO/TC68/SC4 meeting held in Madrid on Oct.14/15, 1998 and reminded the group that future revisions of ISO-6166 and ISO-10962 will need to be approved through the usual ISO balloting rules. The official minutes of this SC4 meeting will be dispatched by the Secretariat as soon as they are received.

Revision of ISO 6166
Mr. Nourredine Yous summarised the work done by ANNA-WG2 concerning the revision of the ISO 6166 standard and more especially the extension of its scope to cover financial instruments other than securities and to redefine the role of substitute numbering agencies. Explanation was also given to the guidelines update. It was resolved to agree on the revised version of ISO-6166 prepared by Working Group 2. New version will be forwarded to ISO/TC68/SC4 for being adopted as Committee Draft. It was also resolved to agree the amended guidelines as elaborated by WG2.
Role of Substitute Numbering Agencies
Since some numbering agencies do not allocate ISINs for all types of financial instruments in their area of responsibility, it was agreed that each NNA may use initially their own dummy-ISINs to serve their market needs. If an official ISIN is not allocated after a short period (approximately 10 days), ANNA will allocate an ISIN with an AA-prefix followed by the country prefix of the responsible NNA and a sequential number. The GIAM Project Office will check if GIAM-2 could provide the necessary functionality (ISIN Dummy Register).
Revision of ISO 10962
Mr. Yous gave some additional information on the revision of ISO-10962 and explained that the proposed revision is linked with some specific needs in the United States but that this should not have any incidence on the CFI codes already allocated.
It was resolved to agree on the revised version of ISO-10962 prepared by ISO/TC68/SC4/WG6. New version will be forwarded by N. Yous to ISO/TC68/SC4 for being adopted as Committee Draft.
Review scopes of Task Forces (TF) and Working Groups (WG)
Mr. Hougaard reminded the group about the differences between working groups and task forces and Mr. Meyer summarised the WGs and TFs outstanding at this time.
It was resolved to agree that each convenor of a TF of WG should review the scopes and prepare a report of past and future activities for presentation at the next General Meeting in May 1999. All ANNA Members are requested to look into possible work items for additional WGs/TFs and should also prepare a work item proposal before the next GM.

Emerging Markets representation
Answering to several questions before the vote was handled, the Board confirmed that the scope set out was just an example and could be expanded to cover the needs of emerging countries.
It was resolved to agree to create a new Task Force to look into the possible work items for a Working Group dealing with Emerging Markets matters.
The scope of this TF is:: · To define "Emerging Market"; · To define work items; · To propose a composition of the future Working Group.

Composition of the Task Force will be discussed at the next General Meeting.
The following countries have so far volunteered to participate in the new Task Force :: · Turkey (Task Force convenor); · Cyprus; · Egypt; · Tunisia; · Germany

Any other countries wishing to participate should contact Mr Osman Gunsel Topbas at gtopbas@takasbank.com.tr from the Turkish NNA who is the convenor for this new task force.
With reference to ANNA-WG1, Mr. Meyer reported a general increase in enquiries from emerging countries that have yet to introduce ISIN. The Working Group has been in contact with a number of African countries that have expressed an interest in ISIN and ANNA.
Status of the Euro introduction
Each ‘’in country’’ gave a report on the status of the Euro in their country. The status remained the same as in previous meetings.
Election and voting process at the GM
Mr. Hougaard reminded the attendees that we will have to vote at the next General Meeting since it will be the end of the three years period for the seat held by Vaerdipapircentalen. N. Hougaard took that opportunity to mention that he will stand for reelection. The ANNA members will receive a letter detailing the election process at the beginning of next year.
Miscellaneous
In accordance with Belgian law, all abstentions were treated as a NO vote. The Board will investigate the possibility of asking the ANNA members to vote either YES or NO. Moreover, in accordance with ISO procedures it seems appropriate that NNAs voting against a resolution explain reasons.
All ANNA members were reminded to check their e-mail addresses on the ANNA Web page to ensure its accuracy. Members are reminded that the ANNA Secretariat will use this as one of the methods to communicate with members.
Mr. James Taylor has been approached by the Information Industry Association to act as a liaison between them and ANNA.
Next Meeting
The next General Meeting will be held in Budapest on the 3rd & 4th May 1999.
Closure
Mr. Hougaard thanked The Kuala Lumpur Stock Exchange for their organisation and hospitality and looked forward to meeting everyone again at the next general meeting in Budapest.