Meetings and Events

Extraordinary General Meeting

New York - 15th and 16th November 1999

Host : CUSIP Service Bureau, New York
Venue : 55, Water Street - New York

Participants present

Mr Léon Lambert, C.I.K. Secrétariat des Valeurs Mobilières
Belgium
 
Mr Danny Ooghe, Euroclear Operations Centre
Belgium
 
Mr Leandro Souza, Bolsa de Valores de Sao Paulo - Bovespa
Brazil
 
Mr Fran Daly, Canadian Depository for Securities Ltd
Canada
 
Mr Sasa Stankovic, Central Depository Agency Inc.
Croatia
 
Mr Nondas Cleanthis Metaxas,
Ms Angela Frangou, Cyprus Stock Exchange
Cyprus
 
Ms Ruth Surgova, Czech Securities Commission
Czech Republic
 
Mr Niels W. Hougaard, Vaerdipapircentralen - VP
Denmark
 
Mr Kimmo Koskinen, Finnish Central Securities Depository Ltd
Finland
 
Mr Alain Duhamel, Euroclear France
France
 
Mr Georg Eisel,
Mr Uwe Meyer, Wertpapier-Mitteilungen
Germany
 
Mr Fulvio Zugaro, Ufficio Italiano dei Cambi
Italy
 
Mr Hiroshi Nakamura, Ms Sara Beam, Tokyo Stock Exchange
Japan
 
Mr Dan Kuhnel, Cedelbank
Luxembourg
 
Ms Vigdis Diesen, Verdipapirsentralen
Norway
 
Mr Mohammad Hanif Jakhura, Central Depository Co. of Pakistan Ltd
Pakistan
 
Mr Jyrki Tapio Leppänen, Interbolsa
Portugal
 
Ms Emilia Palkova, Stredisko Cennych Papierov, A.S.
Slovekia
 
Ms Mojca Perko,
Mr Kristian Hren, KDD - Central Securities Clearing Corp.
Slovenia
 
Mr José Manuel Alonso, Comision Nacional del Mercado de Valores
Spain
 
Mr Nourredine Yous,
Ms Sara Banerjee, Telekurs Finanz
Switzerland
 
Ms Zeineb Slim, Sticodevam
Tunisia
 
Mr Terry Allison, London Stock Exchange
United Kingdom
 
Mr Jim Taylor,
Mr Scott Preiss, Cusip Service Bureau
United States
 
Mr Nelson Gaivis, Bolsa de Valores de Caracas, C.A.
Venezuela

Members represented by powers of attorney

Australian Stock Exchange
Australia
 
Bulgarian National Bank
Bulgaria
 
Estonian Central Depository for Securities Ltd
Estonia
 
Central Clearing House and Depository - KELER
Hungary
 
Indonesian Central Securities Depository
Indonesia
 
Tehran Stock Exchange Services Company
Iran
 
Korea Stock Exchange
Korea
 
Latvian Central Depository
Latvia
 
AEX - Clearing & Depository N.V.
Netherlands
 
National Depository for Securities
Poland
 
The National Securities Settlement Depository Corp.
Romania
 
Taiwan Stock Exchange
Taiwan
 
Thailand Securities Depository Co, Ltd
Thailand
 
Takasbank
Turkey

Guests

Mr Robby Goldenberg, The Tel-Aviv Stock Exchange Ltd
Israël
 
Mr James T. Leman, G.S.T.P.A.
United States
1. Opening & Welcome
 
1.1 N. Hougaard welcomed the group to New York for this Extraordinary General Meeting.
 
2. Roll call of Delegates
 
2.1 The roll call of delegates was held, with 39 out of 56 NNAs present or represented by powers of attorney. A 69 % majority was therefore represented providing a sufficient quorum to conduct this extraordinary general meeting.
 
3. Adoption of the Agenda
 
3.1 The agenda was duly adopted by the meeting and S. Banerjee (Telekurs Finanz) and D. Ooghe (Euroclear Operations Centre) were appointed as vote tellers to check the vote result on the various resolutions issued during the meeting.
 
4. Report from the Chairman
 
4.1 N. Hougaard reported on the activities of the Board since the last general meeting. The report concentrated primarily on the SWIFT and GSTPA initiatives together with reports on the SIBOS conference and the ISO/TC68/SC4 meeting in Tokyo
 
5.  Applications for Membership
 
5.1 A. Duhamel reported on four new applications for ANNA membership received from the Philippines, Israel, Ukraine and Russia. Consequently, the general meeting voted on the following resolutions:
 
5.2 Resolution 1 - Application for membership from the Philippines
The ANNA members endorse the application for membership received by the Board from the Philippine Stock Exchange, Inc., acting as national numbering agency for the Philippines.
The resolution was adopted.
 
5.3 Resolution 2 - Application for membership from Israel
The ANNA members endorse the application for membership received by the Board from the Tel-Aviv Stock Exchange, acting as national numbering agency for Israel.
The resolution was adopted.
 
5.4 Resolution 3 - Application for membership from Ukraine
The ANNA members endorse the application for membership received by the Board from the National Depository of Ukraine, acting as national numbering agency for Ukraine.
The resolution was adopted.
 
5.5 Resolution 4 - Application for membership from Russia
The ANNA members endorse the application for membership received by the Board from the National Depository Center, acting as national numbering agency for Russia.
The resolution was adopted.
 
5.6 Partnership agreements have been sent out to the ‘’Union Monétaire de L’Ouest Africain - U.M.O.A.’’ for signing by each of the eight African stock exchanges concerned and to a number of interested potential new partners: Botswana, Mauritius, Ghana, Zambia and Zimbabwe.
 
6. Report on ISO/TC68/SC4 meeting in Tokyo
 
6.1 N. Hougaard reported on the revision of ISO-6166 (version 6) which will be submitted by A. Duhamel (Euroclear France) as a ‘’Draft International Standard - D.I.S.’’ to the ISO-SC4 Secretariat before the end of 1999 for balloting.
 
6.2 N. Yous encouraged all new members to use the existing ISO-6166 standard together with the ANNA Guidelines in order to be in line with existing NNAs.
 
6.3 In order to gauge the coverage of securities by the NNAs a questionnaire will be issued by the ANNA Secretariat. Responses should be two weeks of receiving the questionnaire.
 
6.4 The meeting also covered topics on the MIC codes (ISO-10383), which is needed to identify markets and the Data Dictionary (ISO-15022) with regard to corporate actions. Minutes of the meeting in Tokyo should be available by the beginning of December. Members were encouraged to use the ANNA web link to ISO in order to keep to date on ISO issues.
 
7. Report from the Convenor of TF16 - Co-operation with SWIFT
 
7.1 N. Yous recapped on the objectives of TF16, the existing role of SWIFT in the securities industry and their objective for playing a role in STP (Annex A). N. Yous explained the importance of ISIN in the STP process and the cost of mismatches as a result of incorrect identifiers.
 
7.2 The meeting heard how SWIFT would like to develop an ISIN Directory and that they intend to act as a carrier of the information rather than a vendor. SWIFT would like to receive GIAM records although this format will not be passed on. SWIFT will embed some of the information into their SWIFT messages. It was also decided that the scope of Task Force 16 is widened and the following three resolutions were put forward to the meeting:
 
7.3 Resolution 5 - Co-operation with SWIFT
SWIFT is allowed to receive the GIAM-2 daily batches and to redistribute the ISIN data to their users in their own specific messages. In order to ensure an efficient distribution service, a storage of the ISIN data is allowed during a period not exceeding two weeks starting on the date of the batch transmission from the respective NNA to SWIFT. The rights and duties of each party will be reflected in the following licences: (a) ISIN data Licence, (b) Product Licence and (c) User Licence. Where a numbering agency requires a bilateral agreement for the use of their ISIN data, an ISIN data Licence has to be signed between SWIFT and the said numbering agency as usual. A complete business case for this service has to be provided by SWIFT.
The resolution was adopted.
 
7.4 Resolution 6 - Task Force 16 scope
The Task Force is allowed to continue negotiations with SWIFT with the prospect to allow them to use the ISIN data in their entire product line (as outlined on page 6 - slide 2 and 3 of the TF16 report) and with respect to the GSTPA for the TFM. SWIFT should present to the members a full business case for the concerned product line.
The resolution was adopted.
 
7.5 Resolution 7 - Strategic Plan for ANNA
It is resolved that the scope of TF16 be expanded to include the development of a strategic business plan for ANNA, setting for ANNA’s role in global STP and the dissemination of ISIN data. This should include the future requirements and development of GIAM-2 together with organising interaction with industry groups.
The resolution was adopted.
 
7.6 N. Yous reminded TF16 members that their participation was vital if the March deadline was to be met. The GIAM Project Manager will be asked to participate as and when required by TF16. All technical enhancement recommendations to GIAM will also be sent to J. Taylor as Technical Director of ANNA.
 
8. Financial forecast for 2000
 
8.1The financial forecast for 2000 was presented by G. Eisel and the general meeting voted on the following resolution:
 
8.2 Resolution 8 - Financial forecast 2000
The ANNA members approve the financial forecast issued by the treasurer for both ANNA and GIAM.
The resolution was adopted.
 
8.3 U. Meyer gave a report on GIAM financials and a detailed breakdown on project costs . A review of GIAM costs is being carried out together with a Service Level agreement, which is being prepared by the GIAM Project Manager.
 
9. Presentation on GIAM-2 - status report by each member
 
9.1 Each NNA’s representative gave a brief verbal report on the status vis-a-vis GIAM-2 and U. Meyer distributed a GIAM status questionnaire at the meeting. It was also requested that the status of CFI allocation together with the requirement for bilateral agreements should be included in the response.
 
10. Presentation on G.S.T.P.A. made by James T. Leman
 
10.1 J. Leman of Salomon Smith Barney who is an Executive Member of GSTPA gave a presentation on STP to the meeting. A full copy of the GSTPA presentation is enclosed to the minutes.
 
10.2 NNAs wishing to know more about GSTPA should look at the GSTPA WebPages under www.gstpa.org for the latest information.
 
11. Designation of the Nomination Committee
 
11.1 N. Hougaard (VP - Denmark), D. Kuhnel (Cedelbank - Luxembourg) and J. Leppanen (Interbolsa - Portugal) will form the Nomination Committee for the two vacant board positions at the next general meeting. The committee will contact NNAs in February with the voting procedure.
 
12. Report on the 3rd FIBV Global Emerging Markets Conference
 
12.1 In the absence of O. Topbas, no verbal report was made on this FIBV conference. However, the official written report of this event will be distributed by A. Duhamel as soon as it is made available by FIBV.
 
13. Report from Working Groups (WGs) and Task Forces (TFs)
 
13.1 ANNA-WG1 - Assisting Markets
U. Meyer reported on the work of WG1 and the potential new members to ANNA. He also reconfirmed that Euroclear France is no longer acting as a substitute numbering agency and that Wertpapier-Mitteilungen has taken over France’s role in this area.
 
13.2 ANNA-WG2 - ISIN Quality and Guidelines
N. Yous reported on the work of WG2 and stated that no meetings has taken place in the last six months. NNAs were reminded that they could contact the group if they had ISIN problems. A. Duhamel volunteered to collate all queries for the group.
 
13.3 ANNA-WG7 - Emerging ANNA Members
O. Topbas submitted a written report on the work of the Emerging ANNA Members Working Group. This is a relatively new working group and new members interested in taking part are encouraged to contact O. Topbas at Takasbank.
 
13.4 ANNA-TF12 - Non-ISIN information on GIAM
It was decided that TF12 should be disbanded at this time.
 
14. ANNA legal requirements to comply with Belgian law
 
14.1 A. Duhamel reported that the latest version of the ANNA articles of incorporation will need to be registered with the Belgian authorities. A. Duhamel will be assisted by L. Lambert (CIK-SVM - Belgium) to cater for such a registration and will report back to the members on the legal procedure to be followed.
 
15. Renewal of Tytgat & Arcelin as external auditors
 
15.1 The meeting unanimously agreed to renew the contract with Tytgat & Arcelin as external auditors for a period of three years. U. Meyer to confirm with the auditors if their report can be sent in the international accounting standard format.
 
16. Miscellaneous
 
16.1 N. Yous reported that work on three new standards namely: (a) Short Descriptions, (b) Abbreviations and (c) Delivery and Appearance Code had been started by Working Group 6 of ISO/SC4. It was anticipated that the group’s objectives should be reached by Q1-2001.
 
17. Next meeting
 
17.1 The next meeting of the Association will be an Ordinary General Meeting which will be hosted by the Cyprus Stock Exchange on May 11 & 12, 2000.
 
18. Closure
 
18.1 N. Hougaard thanked the CUSIP Service Bureau for their organisation and hospitality and looked forward to meeting everyone again at the next general meeting in Cyprus.