FSC Mauritius applies for ANNA membership to oversee ISIN issuance

Rick Steves

Only one entity can represent a jurisdiction as an NNA, which means that by submitting its application to ANNA, the FSC will effectively replace the CDS. The FSC will continue to uphold the obligations towards ANNA and the issuance of ISINs in Mauritius.

The Financial Services Commission of Mauritius (FSC), the country’s financial watchdog has announced it is applying for ANNA membership.

An approval would have the regulator recognized as the NNA for Mauritius, effectively making the agency an authority in regard to the issuance of ISINs in the jurisdiction.

FSC has authorized new securities exchanges, and clearing and settlement facilities

ANNA is the acronym for Association of National Numbering Agencies and the Mauritius FSC is applying for membership to be recognized as the sole National Numbering Agency (NNA) in the country.

The membership application follows the licensing of new securities exchanges and entities as clearing & settlement facilities in Mauritius, which is likely to fuel the issuance of ISINs – International Securities Identification Number.

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FSC application to ANNA in replacement of CDS

The FSC has put out a statement explaining that currently, the Central Depository & Settlement Co. Ltd (‘CDS’) is a member of ANNA and is recognized as the NNA for Mauritius.

“The CDS is responsible for codifying financial instruments issued by issuers that are registered in Mauritius and financial instruments in accordance with the ISO-6166 Standard.

“The securities for which the CDS allocates ISIN codes include those issued by global business companies registered in Mauritius. The CDS also allocates CFI Codes (Classification of financial instruments) and FISN (Financial Instrument Short Name) to securities in accordance with ISO-10962 and ISO-18774 respectively.”

Only one entity can represent a jurisdiction as an NNA, which means that by submitting its application to ANNA, the FSC will effectively replace the CDS. The FSC will continue to uphold the obligations towards ANNA and the issuance of ISINs in Mauritius.

The FSC is the integrated regulator for the non-banking financial services sector and global business in Mauritius.

The jurisdiction has grown in popularity among FX and Crypto brokers, exchanges, and overall fintech firms looking for a regulatory framework less restrictive in many ways, including limits to leveraged trading or lack thereof. Many brokers have acquired FSC licenses as they cater traders from offshore.

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