The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Efama Applauds EU Commission Decision to Protect European ISIN Data Users

Share article

Efama (the European Fund and Asset Management Association) applauds the EU Commission decision to protect European ISIN data users to the extent possible under EU competition law. Efama stresses that this decision is a major victory for the European financial services industry which will save approximately $100 million per annum in ISIN license fees going forward.

This response comes as the EU Commission published the public version of the decision of 15.11.2011 on Standard & Poor’s (S&P) commitments to terminate the case with respect to its unlawful licensing behaviour towards end users of International Securities Identification Numbers (ISINs).

The Association is also pleased that the EU wide market test in May and June 2011 resulted in further improvements in the final commitments agreed between the EU Commission and S&P. In particular, the definition of license free usage of ISINs has been expanded to cover now all uses of US ISINs by end users in the ordinary course of their business. Efama calls on the EU Commission to continue to protect European data users and to strictly monitor the implementation of the commitments which will start in a few months.

Efama deplores that S&P has failed to cooperate voluntarily with the financial services industry in the EU in the past and still does not want to address valid user concerns. For example, S&P does not accept globally applicable commitments. Therefore Efama, AFG, BVI, Cossiom, IPUG and SIPUG will continue their fight and will launch a complaint in Switzerland shortly. The associations are confident that the new complaint will succeed too and that S&P will be required to stop the illegal ISIN licensing practice in Switzerland. Efama calls on S&P to take this chance and offer a fair solution to the market place now.

Related content

WEBINAR

Upcoming Webinar: Data Standards – progress and case studies

Date: 10 November 2020 Time: 10:00am ET / 3:00pm London / 4:00pm CET Global data standards and identifiers are essential to business growth, market stability and cost reduction – but they can be challenging to implement, while a lack of consistency across jurisdictions has presented obstacles to global take-up. However, with regulators starting to sit...

BLOG

ISO Standardises Process of Embedding LEIs in Digital Certificates

ISO has defined a standard approach for Certification Authorities to embed Legal Entity Identifiers (LEIs) within digital certificates. The move to simplify LEI integration paves the way for all digital certificates to be linked by a universal identifier to verified and regularly updated entity reference data, in a freely accessible repository, and also can contain the...

EVENT

RegTech Summit Virtual

Regtech Summit Virtual will explore how business and operating models have adapted post COVID and how RegTech can provide agile and enhanced compliance for managing an evolving risk and compliance landscape. As the dust settles, we will look at the outlook for the global RegTech industry, where Regulators are focusing as they get back to business, and deep dive into global regulatory priorities for the rest of the year and into 2021.

GUIDE

Entity Data Management Handbook – Sixth Edition

High-profile and punitive penalties handed out to large financial institutions for non-compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations have catapulted entity data management up the business agenda. So, too, have industry and government reports on the staggering sums of money laundered on a global basis. Less apparent, but equally important, are...