ISIN Extension Proposal Moves through ISO Process

WASHINGTON, DC - The International Organization for Standardization (ISO) has approved most of the suggested technical ISIN changes outlined by working group 1 (WG1) in the draft standard submitted to ISO in December, officials tell Inside Reference Data.

The proposed changes include that ISIN codes will be expanded to cover structured products, contracts for difference and bank loans. "None of these things were changed by the ISO when reviewing the draft," says WG1 chair Bill Nichols.

The draft standard also included changes relating to the role of the registration authority, the Association of National Numbering Agencies, and how future changes to the standard should be made, but some of these parts were removed from being required to being optional when ISO reviewed the draft, according to Nichols.

"ISO appears to be reviewing most standards that have a registration authority associated with them. We're still trying to understand exactly how this impacts the ISIN standard," says Nichols.

The technical update is at the draft international standard stage and is still expected to take another six to eight months to move through the ISO process. The next step is for the ISO to launch a ballot, to be open for five months. If the standard receives enough votes, it becomes a new standard and reaches the final draft international standard phase.