Air Liquide – FR0000053951
I’ve copied below a link which summarises the process of the loyalty bonus.
You can see that the creation of different ISIN codes (FR0000053951) is to enable a loyalty bonus, so, the question is how these impact on the ISA regulations. The regulations simply look at whether a share meets the listing/trading test. So, the Air Liquide ordinary shares (ISIN FR0000120073) are traded on Euronext Paris and Berlin open market (see links below) which are HMRC recognised stock exchanges and will qualify for ISA inclusion.
The key question is whether the new loyalty bonus shares with the new ISINs that is created (see below) remain ISA qualifying. The new ISINs do not appear to have any separate listing on Euronext Paris/Berlin Open Market (or any HMRC recognised stock exchanges) so, at face value, you would say that these shares are not ISA qualifying. If we accept, however, that the ordinary shares (ISIN FR0000120073) are ISA qualifying and the new ISIN is simply a way to differentiate the shares to reflect whether they are eligible for the preferential dividend/bonus shares I think on a higher/simplistic level, it would seem somewhat illogical and unreasonable to suggest that when the shares are held with the new ISIN, they would become non-ISA eligible.
It’s not a common scenario, so can’t provide any definitive feedback, but my initial view is that the shares held with the different ISINs are still effectively listed shares and should be treated as ISA qualifying.
factsheet-loyalty-bonus-2025.pdf
Air Liquide S.A. Equity | 850133 | FR0000120073 | Share Price