Efama protects ISIN data users in Switzerland

Publication date: 16 April 2012

Tagged with: European Fund and Asset Management Association (EFAMA), International Securities Identification Numbers (ISINs), Standard & Poor's

Efama (the European Fund and Asset Management Association) recalls the EU Commission decision to protect European ISIN data users under EU competition law. 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)(case number 39.592). 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.

Efama calls on the EU Commission to continue to protect European data users and to strictly monitor the implementation of the commitments made by S&P which will start on 15 April 2012.

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. In particular, S&P does not accept globally applicable commitments. Therefore Efama, BVI, Cossiom, IPUG and SIPUG have launched a complaint in Switzerland with the relevant competition authority (Wettbewerbskommission – WEKO). The associations are confident that the new complaint will succeed and that S&P will be required to stop the illegal ISIN licensing practice in Switzerland too. Efama calls on S&P to take this chance and offer a fair solution to the Swiss market place now.