It was drafted as a result of a resolution adopted in 1963 at a meeting of members of the International Union for Conservation of Nature (IUCN). The act covers 35,000 different species. The law is not required by each country, rather each country can choose to follow the laws to receive financial compensation. All member states of the United Nations are party to the treaty, with the exception of Andorra, Democratic People's Republic of Korea, Federated States of Micronesia, Haiti, Kiribati, Marshall Islands, Nauru, South Sudan, Timor-Leste, Tonga, Turkmenistan, and Tuvalu. UN observer the Holy See is also not a member. The Faroe Islands, an autonomous country in the Kingdom of Denmark, is also treated as a non-Party to CITES (both the Danish mainland and Greenland are part of CITES).