BBVA – XS2515366354
Most of these types of structured products are issued as either a note or certificate (like this one – structured notes), which is treated as a type of security.
So, for ISA purposes, they would have to meet the ‘qualifying securities’ criteria. This means that they would have to meet the ‘listing’ requirement which is satisfied as long as the security itself or the shares in the issuing company are listed on a recognised stock exchange or traded on a recognised stock exchange in the EEA including the UK.
The term sheet/prospectus you provided confirms the certificates will be traded on Vienna MTF segment of the Vienna Stock Exchange (see text below). If we check the list of recognised stock exchanges (see link below) we can see that the Vienna MTF, although ‘not listed’ would still be acceptable as Austria is part of the EEA. So, on the basis of that evidence, I would say that the certificates qualify by virtue of being admitted to trading on a recognised stock exchange in the EEA.
If the issuer has, for whatever reason, restricted access of the security to exclude UK retail investors then that doesn’t affect its ISA qualifying status. So, if ISA managers are still able to purchase these securities on behalf of ISA clients, that would be fine for ISA regulation purposes (albeit I agree it’s confusing!).
Listing The Vienna MTF of the Vienna Stock Exchange.