XS ISIN Codes
XS ISIN numbers are issued by Euroclear and Clearstream bank based in Europe. An XS ISIN is often referred to as an international ISIN code, which is distinct from ISIN codes that begin with one’s country.
144A Reg S
A common question asked is what is the difference between a 144A offering and a Reg S (Regulation S) offering?
Essentially, a 144A offering is an offering offered only to US investors, to “QIBs”, or qualified institutional buyers. These QIBs have to have a certain networth to invest.
a Reg S offering is an “offshore” offering; that is, it is outside the United States, or fancifully called “offshore”. In a Reg S offering only non-US investors can invest in the securities, and/or other restr4ictions apply.
144A and Reg S Bond for Morocco
The Kingdom of Morocco, rated BBB- (S&P – Negative Outlook) / BBB- (Fitch – Stable Outlook) has set final guidance on its US dollar-denominated benchmark 144a/Reg S bond at Treasuries plus 280bp area, plus or minus 5bp, according to a source.
ISIN Codes for Azerbaijan
The Azerbaijani State Securities Committee has submitted a new version of the bill on “Securities market” to the government, the committee chairman Rufat Aslanli said at the signing ceremony of the technical assistance of the Azerbaijani capital market modernization project on Thursday.
“One of the state priorities is to bring the capital market to a new level,” he said. “A state program was adopted to develop the Azerbaijani securities market in 2011-2020. The program gives its first results.”
According to the state program, a new law is expected to be adopted in 2012 to regulate the capital market that meets international best practice. It is planned to create an optimal system of issuing and registering the securities and introducing an International Securities Identification Number (ISIN code) in 2013.
Aslanli said that it is important to have international support and assistance while implementing such a large program. From this point of view, it is important to have the Azerbaijani capital market modernization project.
“An operator has been chosen to execute the project,” he added. “We will begin implementing the project more widely in late September.”
He added that after the crisis of 2009, the global economy is showing a positive growth. Over the last three years the average annual population growth hit one percent with economic growth of 1.6 percent per year. In this case, the capitalization of capital markets was 11.3 percent.
The lifting of Rule 506 would allow managers of private funds with aggregate assets under management of $1trn (€780bn) in 2011 to target institutional investors without a public offering.
Yet the SEC’s proposal leaves untouched some of the concerns raised in state regulators’ submissions to the SEC over verification of accredited investors, with one regulator claiming failure to detail the verification process required of fund managers would leave investors vulnerable to “scam artists”.
In a move likely to be welcomed by fund managers, the proposal stipulates only that fund managers must take “reasonable steps” to ensure investors are accredited.
SEC chair Mary Schapiro said yesterday: “Whether the steps taken are reasonable would be an objective determination based on the particular facts and circumstances of each offering and investor.”
She added that she hoped the post-publication 30-day consultation period would throw up comments especially on this aspect of the proposal.
Backed by 75% of SEC commissioners, the proposal also includes revisions required in the JOBS Act to Rule 144A, which restricts secondary trading in funds to qualified institutional buyers (QIB) – effectively, large institutional investors.
In future, the seller would be required only to have a reasonable belief that the prospective buyer was a QIB, but would not be required “to follow uniform verification methods that may be ill-suited or unnecessary to a particular offering or purchaser, given the facts and circumstances”.
Schapiro has in recent months been scathing about what she sees as an “unachievable” 90-day deadline imposed by Congress for lifting restrictions required to make regulations compliant with the JOBS Act.
Although she yesterday accepted the “narrow mandate” imposed by the JOBS Act, she hinted that the SEC would look more thoroughly at private funds’ marketing in future.
Author: Shayla Walmsley
SEBI asks bourses to synchronise listing date, approval
SEBI has asked stock exchanges to synchronise their listing dates and trading approvals with each other for fresh shares to check transfer of shares before listing
Mumbai: With an aim to check transfer of shares and other securities issued through public offers and other issues even before listing, market regulator Securities and Exchange Board of India (SEBI) has asked the stock exchanges to synchronise their listing dates and trading approvals with each other for fresh shares, reports PTI.
The move follows a directive from SEBI last month barring the activation of International Securities Identification Number (ISIN) codes of additional securities being issued through follow on public offers (FPOs), rights issue, preferential allotment and bonus issues.
The ISIN is a 12-character alpha-numeric code that uniquely identifies equity, debt or other securities. The ISIN code serves the purpose of uniform identification of securities for their trading and settlement in the market.
In a circular issued on Tuesday, SEBI further widened the scope of such additional shares and said that the directive would apply to any shares or securities being issued through any means and said that such securities would remain frozen till the time final listing or trading permission is granted by the exchange.
“The stock exchanges are advised to provide the details to the depositories whenever final listing or trading permission is given to securities.
“Further, in case of issuance of equity shares by a company, listed on multiple stock exchanges, the concerned stock exchanges shall synchronise their effective dates of listing or trading approvals and intimate the same to depositories in advance,” SEBI said.
After coming across fraudulent transfer of shares being allotted through IPOs even before the actual listing of the companies, SEBI in January 2006 had allowed activation of ISINs only after the commencement of trading on the stock exchanges in case of shares of the companies.
Through its circular last month, SEBI had decided that in case of public offers for debt securities as well, the ISINs shall be activated only on the date of commencement of trading on the stock exchange.
Further, in order to curtail the transfer of additional issue of shares and securities through FPO, rights issue, preferential allotment and bonus issue of the listed company, the depositories would have to keep such securities frozen till final listing or trading permission is granted.
For this, SEBI has asked the depositories to allot such additional securities under a temporary ISIN which shall be kept frozen.
National Investor WeekBell ringing Ceremony &Launch of ISIN Service through the JSETo be held at the Jamaica Stock Exchangeon Thursday, October 4 at 9:00 a.m.Moderator: Mr. Robin Levy – General Manager JCSD and DGM JSEThe Honourable Marigold Harding- Custos Rotolorum- St. AndrewHer Worship – Mayor of Kingston, Senator Angela Brown BurkeChairman: Mr. Donovan PerkinsOther Members of the JSE & JCSD BoardsRepresentatives from our sponsors – Mrs. Annette Clayton Baker –JN Fund Manager & Mrs. Karen Pink – RBCThe Jamaica Paralympic TeamMr. Oniel Allen – Compliance OfficerMembers of the MediaDistinguished Ladies & GentlemenGood Morning and Welcome.I wish to thank you all for coming to the bell ringing ceremony which is designed to achieve three objectives, that of recognizing:(a) The National Investor Weeks of activities(b) Signaling to the market that today the Jamaica Stock Exchange has officially taken over the role as issuers of International Securities Identification Numbering (ISIN) for the local market.(c) Awarding Grants of Fifty-Thousand Dollars ($50,000) to ten (10)small entrepreneurs that have been adjudged by a panel comprised of representatives from RBC, First Global, Jamaica Business Development Corporation (JBDC) and the JSE, as those that have met the suitability criteria for these funds.National Investor Education WeekAs we celebrate our 50th year of independence and the 5th Anniversary of the National Investor Education Week, our focus continues to be that of providing a multi-dimensional approach to sharing with our fellow Jamaicans, information about the importance of the Equities market as a means of creating individual wealth for the long-term, and at the same time providing the market with the capital for businesses to expand and grow.What is an International Securities Identification Number (ISIN)?ISINs facilitate:· A Universally recognized identification for millions of unique financial instruments.· Coverage of corporate, government, municipal and international securities.· ISINs are the most popular form of identifier and are recognized by most issuers of global securities and instruments than any other identifiers.· It offers standardized descriptions for data attributes for a range of securities offered worldwide.· Provides RED Codes that identify credit default swap entities.In short, ISIN identifiers support the accurate and efficient clearance and settlement of securities, as well as processing associated with income payments made during the life cycle of an issue. This enables holders, analysts and brokers to rapidly identify and access issue-specific data. It also enables custodians and sub-custodians easy communication of securities transactions. Finally, it allows for the accurate management of transactions and analyses of historical data by Depositories. ISIN providers bring unique coverage, consistency and expertise to the global securities marketplace.Each security on the Jamaica Stock Exchange is given an ISIN and over the past years CUSIP Service Bureau has provided this service to Jamaica. CUSIP demonstrated true professionalism and was always willing to go the extra mile to facilitate us. We wish to thank them for the stellar service they provided to this market.The JSE determined however that based on the unique features of our new platform and in order to allow for greater internal efficiency, it would be prudent to take control of this process. With that in mind, we commenced discussion with the Association of National Numbering Agencies (ANNA) for Partnership status. The Association of National Numbering Agencies (ANNA) is an organization with roots in several territories with responsibility for issuing International Securities Identification Numbers (ISIN) as described by the ISO 6166 standard and the Classification of Financial Instruments Code as described by the ISO 10962 standard. The role of ANNA is typically assigned to the national stock exchange, central bank or financial regulator, but its functions may also be carried out by a financial data provider or clearing and custodian organization for that country.This designation, as Partner of ANNA, allows the JSE to be numbering agent for securities issued in Jamaica. I would like to thank the Financial Services Commission and the Bank of Jamaica, as our application to ANNA was dependent on an approval and an endorsement from them that we were capable of maintaining the standards required by ANNA.The Securities for which ISINs will be issued in Jamaica include debt instruments, commercial papers, equities and warrants. All ISINs will be generated and maintained by our Market Operations and Trade (MOT) Department to ensure effective and efficient services to all our stakeholders.Today, I would like to thank ANNA for approving our application and for welcoming us on board. I wish to commend the members of the JSE & JCSD team comprised of Mr. Robin Levy, Miss Riccalya Robb, Mrs. Kadyll McNaught-Hermitt, Miss Suzette McNaught and Mr. Neville Ellis and the other support staff who worked assiduously in order to ensure that the implementation process went smoothly. We wish to also thank CUSIP for assisting us with the migration process.Awarding of the GrantsAs part of the on-going events to mark this period of celebrating our 50th Anniversary of Independence, the JSE wished to show recognition to a few of the small entrepreneurs, given that this group of individuals/business owners plays an important role in the economic activities of Jamaica. Ten Grants of $50K will be awarded today to assist with start-up ventures or to existing businesses that demonstrate that they have a good plan and the need for the funds. The criteria was established and advertised. We were generally pleased with the level of details shown in the business plans that were submitted. We saw many creative ideas and projects. It really underscores the need for more attention to be placed in this segment of the market to assist with development and funding.I wish to thank all those persons who were part of the week’s events and especially you here today who have once again demonstrated your commitment to the expansion of the securities market. Your participation and support means a lot to us and as usual our doors are always open to you.I wish to take this opportunity to once again thank all our sponsors, RBC, Oppenheimer, Supreme Ventures, PanCaribbean Financial Services, First Global Financial Services, The Gleaner Company, JN Fund Managers, Barita for their support thereby enabling us to have another successful week of activities in which many more individuals are equipped with the knowledge of how to invest.Marlene Street ForrestOctober 4, 2012
Different Types of Securities Offerings
Throughout the world, there are two common types of securities offerings that companies offer investors: Equity and Debt Securities.
What is an Equity Offering? An Equity offering is most commonly conducted when a company decides to sell stock in the corporation (or membership interest for an LLC, LP, etc.). In return for the investment capital, the investor receives a form of ownership, commonly referred to as ‘equity’. Additionally, stock holders and equity owners may receive some type of dividend payment, and in many cases may even be allowed to vote on matters relating to the company. One of the most common ways for start-ups to raise capital is via an equity offering, as it appear that a large portion of the venture capital and angel world prefer to own part of a company, as opposed to owner debt.
ISIN.net can help structure your equity offering and obtain an ISIN number for your stocks.
What is a debt offering? A debt offering of securities is basically the exact opposite, or the flip side of an equity offering. In an offering of debt securities, the investor receives a ‘promise’ or a commitment from the issuer to pay some type of interest payment – perhaps yearly, bi-yearly, or as agreed to – and at a later date, pay back the principal investment to the investor. Debt securities can consists of any varying instruments, such as bonds, which is the most common, or notes, debentures and others. When the issuer begins selling the debt securities, the investor would know what the bonds or notes interest rate would be, when the maturity date is, and when interests payments will be allocated.
ISIN.net can help structure your private debt offering for bonds, notes, and much more, and obtain an ISIN number for your debt securities.