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TSM is widely understood to be Ineligible for ISA wrappers. Yet so many new and old ISA managers have had issues with this ADR recently.
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VEON demonstrates why dynamic and ongoing monitoring is required in order to stay compliant with ISA rules.
On an Unrecognised Exchange. Qualifed via the 2013 ISA Amendment rule changes. Initially supported by an EEA Exchange Listing.
ZIVO failed to meet US listing standards and was delisted to the Over The Counter (OTC) exchange.
CRTO is another ADR that platforms fail to identify as having no Qualifying underlying security that can supports the ADRs eligibility.
LEGN is another ADR that platforms fail to identify as having no Qualifying underlying security that can supports the ADRs eligibility
Easy to assume ABN AMRO is a standard Ordinary stock on a major European Exchange, right? A little digging shows it is not.
What is ISA Verify, how does it work and why do I need it?
Oppl maps every HMRC ISA rule to every asset and dynamically monitors for changes. When we say 'every' we mean 'every'. No more managing rules and data feeds in your own back office. Other vendors struggle to accurately serve specific data points directly relevant to ISA Eligibility. We focus entirely on the data points that matter and track them so you don't have to. HMRC rule changes? No problem. We monitor for those and adapt accordingly.
Integrating with Oppl's ISA Verify is easy and painless. We have a simple API. If you wish to cut development time to zero and get operations up and running instantly we have an Excel solution that is ready to go out of the box.
We're a small but specialist company. Our team has built and operated brokerages of all sizes. We've deep experience from startups such as Freetrade and Stake and from large scale advisor platforms such as Transact. We've ran Operations, Compliance, Marketing and built Development teams. We live to solve problems in the brokerage space. We're Venture Capital funded and have been successfully operating since 2021.
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Don't burden your Ops team with heavy data lifting and complex Compliance monitoring.
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As an ADR we need to look through TSM and assess the underlying asset that supports (if any) this Depository Receipt
Oppl scans all Depository Receipt Program Managers to determine the underlying Parent asset
In this instance it is Symbol 2330 on Taiwan
Taiwan is not a 'Recognised Exchange' by HMRC rules.
Post-2013 ISA rule amendments introduced a potential overriding criteria if we can establish
this stock (the Parent not the ADR) 'trades on an EEA exchange'
Oppl scans all exchange listings and determines there is no EEA listing of the Parent asset
As such the ADR is Ineligible as the Parent is Ineligible
Bloomberg Article Fidelity Error AJBell Error XTB Error IBKR ErrorAs an ADR we need to look through VEON ADR and assess the underlying asset that supports (if any) this Depository Receipt
Oppl scans all Depository Receipt Program Managers to determine the underlying Parent asset
In this instance it is Symbol VEON under ISIN BMG9349W1038 on Euronext
Euronext is a 'Recognised Exchange' by HMRC rules. So the asset is Eligible for ISA inclusion
UNTIL November 2024 when the Parent asset delisted from Euronext
Delisting DetailsWithout this Listing VEON ADR potentially becomes Ineligible unless a 'EEA listing' can be found.
'There is no 'EEA listing' of the Parental asset and only the ADR remains on Nasdaq
This asset becomes Ineligible for ISA wrappers once the Parent stock delists
Trading212 Error IBKR Error HL Error
GDRs - like ADRs - require a look through to any Parent asset that supports the Depository Receipt
In this instance it happens to be BD0453BXPH04 listed in Bangladesh
This is not a Recognised Exchange under HMRC rules
No EEA exchange listing of BD0453BXPH04 can be identified to comply with the 'trades on an EEA exchange' rule
The GDR is therefore Ineligible as the Parent is Ineligible
AJBell ErrorStans listed on the Unrecognised, Tier 3, Canadian Exchange
HRE.H DataIt initially Qualified for ISA inclusion on the basis of various German Open Market (Freiverkehr) Listings
German Open Markets - along with other junior markets like AIM - qualify on the basis of the 2013 ISA Amendments
HRE.H had no other qualifiying listings and was dependant on the German Open Markets for it's continued Eligibility
Oppl monitors all relevant data points and exchange listings for any change
Once German Open Markets started to Suspend or Delist Stans (HRE.H) became Ineligible
German Markets stopped trading Stans in the middle of 2021
Some platforms either didn't spot the change or took 3 years to notice it. See below.
German Market Suspended Transact ErrorZIVO was delisted from Nasdaq to OTC early 2024
Delisting NoticeSince OTC is an Unrecognised Exchange by HMRC rules it could only continiue to Qualify if there was
an EEA Exchange on which it continued to trade. This is most often German Open (Freiverkehr) markets - but can be any EEA Exchange
No EEA listings were activeily trading. The asset is and was therefore Ineligible.
Quite a few platforms did not spot this Exchange change and continued to offer ZIVO within their ISAs.
HL ErrorCRTO has no underlying Ordinary stock that would be Qualifying in it's own right and could support the ADRs eligibility
Criteo Investor Relations URLCriteo's own website lists no other Exchange than the ADRs on Nasdaq.
Whilst there are Ordinary shares they do not trade and would not be Qualifying in their own right.
AJBell ErrorLEGN has no underlying Ordinary stock that would be Qualifying in it's own right and could support the ADRs eligibility
Legend Biotech IR URLLegend Biotech's own website lists no other Exchange than the ADRs on Nasdaq.
SEC filings show no listed Ordinary stock, only ADRs
SEC Filing Fidelity ErrorABN AMRO is - according to Euronext - a Depositary Receipt
Euronext DataABN have a complicated Corporate structure
ABN Investor RelationsWithout a supporting Parent listing - which ABN does not have according to anything within the Investor Relations dection of ABNs own website - ABN can not be held in an ISA
Fidelity Error ii.co.uk Error Saxo Error