Mauritius’ Financial Regulator Joins the Association of ANNA

On December 28, the Financial Services Commission (FSC) of Mauritius announced that it became a member of the Association of National Numbering Agencies (ANNA). The FSC, the regulator of Mauritius’ non-bank financial markets which is comprised of securities exchanges, securities trading systems, clearing and settlement facilities, mutual funds and intermediaries, disclosed that its application was approved by ANNA on December 2, 2021.

As a member of ANNA, the FSC is the only recognized National Numbering Agency (NNA) for Mauritius. The FSC will continue upholding the obligations towards ANNA and will, therefore, be issuing International Securities Identification Numbers (ISINs) to businesses and firms involved in securities trading in Mauritius. The regulator announced that the ISIN issuance fee stands at $600USD for each ISIN issued, which may be subject to revision. According to the agency, only licensed clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term and settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term facilities in Mauritius will be allowed to charge a fee for each ISIN issued on behalf of the FSC.

The ISIN is designed for use in any application in the administration and trading of securities and other financial instruments. Therefore, ISINs are required for any financial instrument which is registered in Mauritius and not just for financial instruments that have been admitted to trading or are listed on the Stock Exchange of Mauritius.

Why ISINs Are Essential for Equity Shares and Other Financial Instruments?

The announcement by FSC Mauritius has brought the role of the Association of National Numbering Agencies in the financial markets to light. ANNA is an international organization with 90 full members and 27 associates across the world. The members play an important role in allocating ISINs to internationally and locally traded securities issuers in their respective nations. All those involved in trading securities domestically and internationally have to use the ISIN numbering scheme. The ISIN numbers are regarded as a de facto standard for trading securities. ISINs are used for several reasons, including clearing and settlement. For example, currently, an ISIN can be assigned to most types of securities including derivatives, currencies, commodities, T-bills, debt instruments (e.g., bonds), equity shares, units and depositary receipts, rights and warrants, stripped coupons and principals, commercial paper, among others.