United States of America: Corporate Action Market Practice Guide

United States of America
Corporate Action Market Practice Guide
Prepared by the ISITC-IOA US Securities Market Practice Group
Version 8.0
April 2002
Table of Contents
1 Introduction.........................................................................................................1
1.1 ISO 15022 CORPORATE ACTION MESSAGE MARKET PRACTICE GUIDE..............................1
1.2 WHY ADOPT THE ISO STANDARD?......................................................................................1
1.3 HOW TO USE THIS DOCUMENT.............................................................................................1
1.4 CONTRIBUTORS...................................................................................................................2
2 General Overview to Corporate Action Best Practice......................................3
2.1.1 Data Source Scheme...................................................................................................3
2.1.2 Time Zones..................................................................................................................3
2.1.3 Proxy..........................................................................................................................4
2.1.4 Class Actions..............................................................................................................4
3 MT564 Corporate Action Notification................................................................5
3.1 MT564 GUIDELINES: GENERAL PRACTICES........................................................................5
3.1.1 How to Handle Reminder Notices...............................................................................5
3.1.2 How & When to Send Updated Notices......................................................................6
3.2 MT564 GUIDELINES: SEQUENCE A.....................................................................................6
3.2.1 General Information...................................................................................................6
3.2.2 Corporate Action Categories......................................................................................6
3.2.3 Rights Distributions, Rights Subscription and Rights Offers......................................6
3.2.4 How to Use Message Function (Field 23G)................................................................7
3.2.5 How to Use Status (Field 25D)...................................................................................7
3.3 MT564 GUIDELINES: SUBSEQUENCE A1 (LINKAGES).........................................................8
3.3.1 Linkage of MT564 & MT568 (Corporate Action Narrative).......................................8
3.4 MT564 GUIDELINES: SEQUENCE B....................................................................................10
3.4.1 Underlying Securities (also for Sequence E).............................................................10
3.4.2 Subsequence B1: Financial Instrument Attributes...................................................11
3.4.3 Subsequence B2: Account Information....................................................................11
3.5 MT564 GUIDELINES: SEQUENCE C....................................................................................11
3.6 MT564 GUIDELINES: SEQUENCE D...................................................................................12
3.6.1 Corporate Action Details..........................................................................................12
3.6.2 Sequence D vs. Sequence E.......................................................................................12
3.7 MT564 GUIDELINES: SEQUENCE E....................................................................................12
3.7.1 Corporate Action Options.........................................................................................12
3.7.2 Field 17B: Flag.........................................................................................................12
3.8 MT564 GUIDELINES: SUBSEQUENCE E1 (SECURITIES MOVEMENT)..................................13
3.9 MT564 GUIDELINES: SUBSEQUENCE E1A (FINANCIAL INSTRUMENT ATTRIBUTES)..........13
3.10 MT564 GUIDELINES: SUBSEQUENCE E2 (CASH MOVEMENTS)..........................................13
3.11 MT564 GUIDELINES: SEQUENCE F....................................................................................14
3.11.1 Additional Information..............................................................................................14
3.11.2 Narrative...................................................................................................................14
4 MT565 Corporate Action Instruction...............................................................15
4.1 MT565 GUIDELINES: GENERAL PRACTICES......................................................................15
5 MT566 Corporate Action Confirmation...........................................................16
6 MT567 Corporate Action Status and Processing Advice...............................17
7 MT568 Corporate Action Status and Narrative...............................................21
8 Appendices.........................................................................................................1
8.1 APPENDIX A: MT564 SEQUENCE D VS. SEQUENCE E........................................................1
8.1.1 Date information.........................................................................................................1
8.1.2 Period Information.....................................................................................................2
8.1.3 Rate Information.........................................................................................................2
i
ISITC/IOA Corporate Action Working Group
MT564 Market Practice Guide
8.1.4 Price Information........................................................................................................3
8.2 APPENDIX B: MAPPING OF FIELDS / GLOSSARY.................................................................5
8.3 APPENDIX C: MAPPING ACTION TYPES WITH OPTIONS......................................................1
8.4 APPENDIX D: ISSUES TO BE ADDRESSED....................ERROR! BOOKMARK NOT DEFINED.
8.5 APPENDIX E: MT565 MULTIPLE ACCOUNTS - SHORT AND LONG TERM SOLUTIONSERROR!
BOOKMARK NOT DEFINED.
8.5.1 The Minutes from 1/17/02............................................Error! Bookmark not defined.
8.5.2 Initial Business Justification Document.......................Error! Bookmark not defined.
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Corporate Action Working Group - Market
Practice Guide
1 Introduction
1.1 ISO 15022 Corporate Action Message Market Practice Guide

This document has been developed, reviewed and approved by the ISITC-IOA Corporate Action Working
Group1 acting as the US National Market Practice Group representative of the Global Securities Market
Practice Group2.
The aim of this guide is to provide guidelines on the usage the ISO 15022 Corporate Action messages for
US Corporate Actions (inc Dividends and Fixed Income Payments), from notification to payment,
irrespective if the sender is a US based institution or foreign entity reporting on a US event.
The International Organization for Standardization (ISO) 3 Financial Services Securities messaging standard
150224 replaces the previous ISO standard 7775.
The guide incorporates ISO approved codes and qualifiers as well as usage rules established by SWIFT.
Regarding SWIFT usage rules, the guidelines are based on the 2001 release of the SWIFT messages.
Changes that are anticipated for the 2002 release will be noted as appropriate.
1.2 Why adopt the ISO standard?

Corporate action processing must be standardized to drive straight through processing thereby reducing risk
and operating cost. Today the process is highly manual and it is agreed the industry needs to establish a
method to support reporting of announcement information and election instructions through standardized,
electronic means.
The process began with the analysis and documentation of common data elements and defining the US best
practices. The focus was to model a generic standard as the foundation to accelerate information flows.
The key reason we chose the ISO standard for corporate actions is the existing database and the facility to
maintain, (and in the future update), the data elements, definition and business rules as they evolve with no
cost to the industry. This allows us to focus on our business strengths and knowledge and build on them.
The further benefit is this is not based on a particular geographical setting but provides shared capabilities
across markets.
Although ISO 15022 provides standards, formats and a data dictionary that enable greater opportunity for
Straight-Through-Processing of Corporate Actions the group found cases where we had philosophical
differences of opinion on how to process Corporate Actions as compared with this standard. We will
continue to work with ISO and SWIFT on such issues but, for now, this guide is designed to conform with
the existing ISO 15022 standards.
1.3 How to use this document

This guide is not intended to provide details as to how to use the ISO 15022 messages as SWIFT and ISO
have established practices and documentation that address this issue. Instead the guide aims to provide
guidelines where SWIFT and ISO documentation i) can be unclear as to the intent of a field or ii) needs
1
For more information on ISITC-IOA please refer to www.ISITC.org
2
For more information on GSMPG please refer to www.smpg.info
3
For more information on ISO please refer to www.ISO.org
4
For more information on ISO 15022 please refer to www.ISO15022.org
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further definition around US Corporate Action processing. The guide also incorporates recommendations
from the Global Securities Market Practice Group.
We should note that this document provides guidelines but does not prevent the establishment of specific
agreements established in Service Level Agreements between Account Owner and Account Servicer.
This document has been constructed as follows:
1. General Overview:
 Provides an Introduction the ISO 15022 Corporate Action messages and provides guidelines
or information that is general to all the Corporate Action message types
2. Specific Message Details:

 A general section that applies to information that can be found within any sequence within
the specific message
 Details at the sequence/field level within the specific message
1.4 Contributors
The following companies are the primary contributors to this document:
 Brown Brothers Harriman

 Capital Guardian Trust Company
 Citigroup
 The Depository Trust and Clearing Corporation
 Deutsche Bank
 Fidelity Management Research
 First Principles, Inc
 JPMorgan Investor Services
 Massachusetts Financial Services
 Mellon Financial
 Morgan Stanley
 State Street Corp
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Practice Guide
2 General Overview to Corporate Action Best Practice

The ISO 15022 Messages will replace the existing suite of ISO 7775 messages. There are a number of key
differences between these two standards:
1. The new messages are not driven by Type Event as in the case of the ISO 7775 messages (eg
MT 550 Notice of Rights) but rather Lifecycle of the Event (eg MT564 Corporate Action
Notification)
2. The new messages provide a more flexible structure in that additional formatted information (eg
Dates) can be added by the use of code words rather than by having to adjust the fundamental
tag structure of the message
The following diagram provides a high level view for the usage of the new ISO 15022 Corporate Action
Messages.
A c c o u n t S e r v ic e r A ccount O w ner
Announcem ent
Event Time Line
M T 5 6 4 - C o r p o r a te A c tio n
N o tific a tio n (E n title m e n t)
MT 568 - Corporate Action
MT 568 - Corporate Action

Market Practice not
established at this time
Narrative
Narrative
M T 5 6 7 - C o r p o ra te A c tio n M T 5 6 5 - C o r p o r a te A c tio n
S t a t u s & P r o c e s s in g A d v ic e In s t r u c tio n In s tr u c tio n
M T 5 6 6 - C o r p o ra te A c tio n
C o n fir m a tio n
Paym ent
2.1.1 Data Source Scheme

The Global Securities Market Practice Group Market requested that SWIFT provide functionality (under the
Data Source Scheme) to enable ‘fast track’ usage of new code words. To this end SWIFT has provided the
code word /SMPG/ that can be used to support GSMPG approved code words, which should be registered
with ISO, but the code words will not be validated on the SWIFT Network until formally added in a
subsequent November release.
2.1.2 Time Zones

The SWIFT recommendation is that times within a message should be expressed in the time zone of the
sender and the time zone does not need to be explicitly stated eg Response Deadline Date/Time. Market
participants are encouraged to ensure that the identification of this time zone is clearly stated in their service
level agreements. Further, in cases where adherence to a deadline or other time is critical, it is
recommended that the time zone be specified in the text of the message eg Company meeting time.
2.1.3 Proxy
This document does not address Proxy voting messaging largely due to the fact that most US participants
use a Proxy Service for US meetings.
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2.1.4 Class Actions
Class Actions are usually unsolicited events and are not discussed within this document, as the general
practice is not to send out notifications.
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3 MT564 Corporate Action Notification
3.1 MT564 Guidelines: General Practices

This section details guidelines for the MT564 that are not necessarily sequence specific and should be
treated as general guidelines.
The MT564 provides Corporate Action announcement 5, position and entitlement information from the
Account Servicer to the Account Owner and replaces (total or in part) the prior ISO 7775 messages: MT 550
(Notice of Rights); MT 551 (Notice of Event); and MT 552 (Notice of Offer or Privilege).
MT 564 CA Notification
Seq'ce Description Status The table provides an overview

A General Information Mandatory of the MT564 structure
A1 Linkages Optional
B Underlying Securities Mandatory
B1 Financial Instrument Attributes Optional
The table is for illustration and
B2 Account Information Mandatory does not specify all repetitive
C Intermediate Securities Optional sequencing or all Tags (eg
D Corporate Action Details Optional Start/End of Block)
E Corporate Action Options Optional
E1 Security Movements Optional
E1a Financial Instrument Attributes Optional
Repetitive Sequence
E2 Cash Movements Optional
F Additional Information Optional
3.1.1 How to Handle Reminder Notices

The MT564 should be used as a reminder notice, where an instruction for mandatory with options or
voluntary actions has not been received.
1. Sending of reminder notices (RMDR) are determined by Service Level Agreements.

2. Reminder notices should not be sent to communicate changes to the event offer nor should they
be used solely to report changes in position. The Replacement (REPL) message function should
used in such cases.
3. However, changes to the Balance 6 field may occur within a Reminder notice. If a Reminder
notice is to be sent, utilize tag 23G qualifier RMDR in Sequence A. If qualifier RMDR is used,
then subsequence A1 Linkages is mandatory and must contain tag 20C Reference with the
qualifier PREV for the reference of the previously sent notification.
4. When multiple accounts were listed on the original message and an unelected balance remains
on one or multiple accounts, the remaining accounts with unelected balances must be specified.
In 2002 additional codes words will be added for Tag 93a Balance to specify uninstructed
balance (UNBA) and instructed balance (INBA).
5
Announcement and Notification are used interchangeably within this document
6
Balance may change if position changed from previous message
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3.1.2 How & When to Send Updated Notices
1. Generating replacement messages for changes of position are determined by the Service Level
Agreement.
2. Changes to the event offer should be communicated with a replacement (REPL) message, a
replacement (REPE) with entitlement message, or a withdrawal message depending on the
reason for the updated notification.
3. It is assumed that the Account Servicer will generate updated notices once the internal system(s)
detects a change in the corporate action event information.
3.2 MT564 Guidelines: Sequence A
3.2.1 General Information

Tag: 20C – Reference
Qualifier SEME
Tag Presence: Mandatory
Best Practice: Every unique message must have a unique sender’s reference
Qualifier CORP
Best Practice: Every unique Corporate Action/Event must have a unique Corporate Action reference
throughout the Lifecycle of the Event
3.2.2 Corporate Action Categories

There are three categories of corporate action events: 1) Mandatory, 2) Voluntary and 3) Mandatory with
Choice. The appropriate CAMV qualifier should be used when announcing corporate action events.
 MAND: should be used when announcing an event where the investor has no option or ability to take
action or influence the timing of the event. Example: Stock Split
 VOLU: should be used for events where the investor has the option to have his holdings affected.
Example: Purchase Offer
 CHOS: should be used for an event that will change the investor’s holdings but the investor may
express a choice about the way in which his holdings will be affected. Example: Merger with
Elections.
A list of Corporate Action Event Types, by MAND/VOLU/CHOS, can be found in Appendix C
3.2.3 Rights Distributions, Rights Subscription and Rights Offers

Rights distributions should be announced as a mandatory corporate action using the RHDI CAEV qualifier.
Rights offers involving the distributed rights should be announced as a voluntary corporate action using the
RHTS CAEV qualifier. The two announcements7 should refer to each other via the linkage subsequence
A1.
7
This differs from some other markets and may be 1 message instead of 2. Also Rights Subscription may be termed
Call Installment.
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3.2.4 How to Use Message Function (Field 23G)
These should be the guidelines but it will be at the discretion of the sending party what announcement types
will be supported.
 NEWM: New Message/Event – Must be only used when sending the first notification to a specific
party.
 REPC: Guidelines are not being issued on usage as this Function will be removed from the standards in
Standards Release 2002
 REPE: Replace with Entitlement – Must be used when reporting resulting entitlements (sequences E1
or E2). If it is necessary to also report a change in terms then REPL must be used even if this coincides
with an entitlement message.
 REPL: Replacement – Must be used to report changes in the terms of the event. Instructions received
on voluntary of Mandatory with Options will stand.
 RMDR: Reminder – Must only be used when advising of missing instructions. There should not be any
changes to the terms of the event.
 WITH: Withdrawal – Must be used when an event at the CORP number level. This may be due to a
duplication of the event (on internal processing systems) or the cancellation of the event in the market.
All pending instructions associated the CORP number will be cancelled.
 CANC: Cancellation - Must only be used to cancel a particular message. The message could have been
sent in error eg to an account that did not hold a position. The cancellation of the message will also
imply the cancellation of previously sent linked messages.
3.2.5 How to Use Status (Field 25D)

These should be the guidelines but it will be at the discretion of the sending party when the detail is
complete or preliminary.
 PREC: Preliminary Announcement Confirmed - Will be used when sending preliminary notifications
where the information is confirmed. This should be sent when there is some information available but
not enough for either the client to make an investment decision or understand when responses are
required, etc.
 PREU: Preliminary Announcement Unconfirmed - Will be used when sending preliminary notifications
where the information is unconfirmed. This should be sent when there is some information available
but not enough for either the client to make an investment decision or understand when responses are
required, etc.
 COMP: Complete - Will be used for all other notifications types. A message should be considered
complete if the sender has all of the information required to make an educated investment decision.
3.3 MT564 Guidelines: Subsequence A1 (Linkages)
3.3.1 Linkage of MT564 & MT568 (Corporate Action Narrative)

The following rules address the generation of the MT568 and the linkage to the MT564.
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3.3.1.1 When narrative overflow will occur when the MT564 is generated
Generate a MT564 and utilize the Optional Subsequence A1 Linkages in the MT564 to forward link the
notification a MT568.
3.3.1.2 How to use the Linkage between MT564 and MT568

These are some scenarios and the proposed usage of the linkage section:
A – Only MT564 generated with all event details and accounts referenced.
B – MT564 and 1 MT568 generated. All accounts referenced on the MT564.
C – MT564 and 2+ MT568 generated. All accounts referenced on the MT564.
D – MT564 and MT568 generated. Due to the extensive amount of accounts necessary to
generate more than one MT564 and MT568.
A – Only MT564 generated with all event details and accounts.
MT First Notification Issued Revised Notification #1 Revised Notification #2
20C::CORP//00RRB01234523659 20C::CORP//00RRB01234523659 20C::CORP//00RRB01234523659

20C::SEME//200109060000001 20C::SEME//200109080000003 20C::SEME//200109230050001
MT564 23G::NEWM 23G::REPL 23G::REPL
A1 Linkage will not be used. 22F::LINK//AFTE 22F::LINK//AFTE
13A:: LINK//564 13A::LINK//564
20C::PREV//200109060000001 20C::PREV//200109080000003
Note: Cancellation notices would work in the same manner. Only the function of the message would
change to :23G::WITH.
If there were new accounts added when we are sending out the revised notification these can be added to the
same message even though we did not previously notify on them.
B – MT564 and 1 MT568 generated. All accounts referenced on the MT564.

23G::NEWM 23G::REPL 23G::REPL
22F::LINK//WITH 22F::LINK//AFTE 22F::LINK//AFTE
MT564 13A:: LINK//568 13A:: LINK//564 13A:: LINK//564
20C::CORP//00RRB01234523659 20C::PREV//200109060000001 20C::PREV//200109080000003
22F::LINK//WITH 22F::LINK//WITH
13A:: LINK//568 13A:: LINK//568
20C::CORP//00RRB01234523659 20C::CORP//00RRB01234523659

23G::NEWM 23G::NEWM 23G::NEWM
MT568
22F::LINK//WITH 22F::LINK//WITH 22F::LINK//WITH
13A:: LINK//564 13A:: LINK//564 13A:: LINK//564
20C::PREV//200109060000001 20C::PREV//200109080000003 20C::PREV//200109230000003
change to :23G::WITH for the MT564 and :23G::CANC for the MT568 (WITH is not available on the
MT568).
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C – MT564 and 2+ MT568 generated. All accounts referenced on the MT564.

MT564
20C::CORP//00RRB01234523659 20C::PREV//200109060000001 20C::PREV//200109080000003
13A:: LINK//568 13A:: LINK//568

MT568
#1

MT568
#2
MT568).
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D – MT564 and MT568 generated. Due to the extensive amount of accounts necessary to generate
more than one MT564 and MT568.

(a/c 1-4) 20C::CORP//00RRB01234523659 20C::PREV//200109060000001 20C::PREV//200109080000003
13A:: LINK//568 13A:: LINK//568

MT568
(a/c 1-4)

(a/c 5-6) 20C::CORP//00RRB01234523659 20C::PREV//200109060000005 20C::PREV//200109080000006
13A:: LINK//568 13A:: LINK//568

MT568 23G::NEWM 23G::NEWM 23G::NEWM
(a/c 5-6) 22F::LINK//WITH 22F::LINK//WITH 22F::LINK//WITH
MT568).
If there were new accounts added when we are sending out the revised notification these can be added to
one of the revised messages as space allows even though we did not previously notify on them.
3.4 MT564 Guidelines: Sequence B
3.4.1 Underlying Securities (also for Sequence E)

Tag: 35B – Identification of the Financial Instrument
Qualifier N/A
Best Practice: ISIN should be used or cusip if an ISIN does not exist.
In the case of an in-house cusip being used a description of the product should be added.
Please note that should an event occur on more than 1 security line (eg Ord shares and Restricted shares) a
separate announcement should be generated for each line.
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3.4.2 Subsequence B1: Financial Instrument Attributes
This subsequence refers to additional details related to the security itself. This sequence should not be used
to provide any information relative to the action or the payment. Rather the data should only provide
additional information on the underlying security. For example, INTR should not be used in this sequence
to report the interest rate applicable to the action – instead, the rate field in Sequence E should be used.
3.4.3 Subsequence B2: Account Information
3.4.3.1 Use of Balance Fields

Eligible balance8 should always be reported in Sequence B2 if the message is sent on or after the applicable
entitlement date. However, reporting of balances prior to entitlement date is recommended.
Other balances provided in Sequence B2 are for information only and will not necessarily represent all
components of the “eligible” balance.
Tag: 93a – Balance

Option B Qualifier/Data Source Scheme/Quantity Type Code/Sign/Balance
Option C Qualifier/Quantity Type Code/Balance Type Code (ELIG or NELG)/Sign/Balance
Tag Presence: Optional
Best Practice: “Eligible” is always present. Other balances presented are supplemental information.
3.5 MT564 Guidelines: Sequence C

The use Sequence C is not recommended except for Rights Issues where a single notification for both the
distribution and subscription will be used. However, for US Rights Issues the Market Practice Group
recommended the use of 2 MT564 Notifications messages: 1 for each the distribution and subscription,
therefore, Sequence C should not be used.
Instead Sequence E should be used to report information contained within Sequence C, such as ratio or
trading period. Refer to each of the data elements as referenced below for an outline as to where these
should be placed if processing as two events. Notification of the voluntary portion of the rights exercise
must occur at the same time as the non-voluntary portion.
8
Eligible Balance = actual booked at time the entitlement is calculated +/- any transactions (of all types) that will affect
the clients final entitlement.
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3.6 MT564 Guidelines: Sequence D
3.6.1 Corporate Action Details

This sequence should provide details that relate to the event in general. It should not include details that can
vary by option. (See Appendix A “Sequence D vs. Sequence E”)
3.6.2 Sequence D vs. Sequence E

Certain qualifiers (see appendix A) are only related to the action itself and therefore we assume that
regardless of where the data element appears the information is being reported for the entire action. These
data elements should ONLY appear in Sequence D. For example, ex-dividend date, gross dividend rate.
Certain qualifiers (see appendix A) may differ between options. Because of the ability for the data element
to differ the information should appear in sequence E. If however the data element, which we believe
should be found in E is contained in D we will assume that the data in the D sequence applies to all options
to which the data element would apply.
There is one exception to these two rules and that is for the qualifier, MRKT, Market Price. Market price
may be used in either Sequence D or E as the qualifier may be referring to both the underlying security as
well as the resulting security. The following logic will be used:
1. If Market Price, MRKT, is found in Sequence D then SMPG assumes that this is related to the
underlying security, i.e. that identified in Sequence B.
2. If Market Price, MRKT, is found in Sequence E then SMPG assumes that this is related to the
resulting security, i.e. that identified in Sequence E.
3.7 MT564 Guidelines: Sequence E
3.7.1 Corporate Action Options

Data elements that can differ between options should appear in this sequence. Data that is relative to that
option or information that could differ between options should appear in Sequence E.
3.7.2 Field 17B: Flag

The Default Processing Flag is defined as the ‘Option will be selected by default if no instruction is
provided by account owner’.
Market Practice recommends the default is the senders default (Account Servicer) which may not be the
same as the Local Market Agent or Company’s default.
3.7.2.1 Field 35B Identification of Financial Instrument

Must identify the rights or coupons as opposed to the underlying security. Reference ISINs whenever
possible. If ISINs are not available, reference the local asset identification number.
The first line must reference the asset identification number only, use subsequent lines to reference the
security name.
When processing as two events this information will be supplied in Sequence E1, Security Movement.
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3.7.2.2 Field 36B Quantity of Financial Instrument
The Quantity of Intermediate Securities must be calculated based upon the current eligible, ELIG, share
position. If the message is generated prior to entitlement date, then once the appropriate entitlement date is
reached a second notification must be issued to report the correct ex-date/record date entitlement.
When processing as two events this information will be supplied in Sequence E1, Security Movement.
3.7.2.3 Field 22F Indicator

 DISF: Disposition of Fractions - Must be referenced. When processing as two events the disposition of
fractions will be referenced in Sequence E.
 SELL: Renounceable Status of Entitlement - Must be referenced.
It is requested that the renounceable status of the rights be reflected in the narrative of the non-voluntary
rights issuance. Also, if the rights are renounceable sell entitlement, SLLE, should be a valid option on the
voluntary event.
3.7.2.4 Field 92D Rate

 RTUN: Rights to Underlying - Mandatory qualifier for State Street.
 ADSR: Additional for Subscribed Resultant Securities - This qualifier should not be used.
When processing as two events, the ratio must be reflected in Sequence E field tag 92D with the qualifier
ADEX, Additional for Existing Securities.
3.7.2.5 Field 98A Date/Time

 EXPI: Expiry Date - Must reference the last date the rights or coupons can be exercised.
 POST: Posting Date - Must reference the date the rights or coupons are credited to the account.
3.7.2.6 Field 69A Trading Period

Format A is required to report both the beginning and the end of the rights trading period. When processing
as two events the rights trading period must appear in the narrative of the non-voluntary event notification.
3.8 MT564 Guidelines: Subsequence E1 (Securities Movement)
3.9 MT564 Guidelines: Subsequence E1a (Financial Instrument Attributes)

As with B1, this sequence should provide additional information relative to the resulting security and should
not be used to provide information relative to the option itself.
3.10 MT564 Guidelines: Subsequence E2 (Cash Movements)
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3.11 MT564 Guidelines: Sequence F
The preferred situation will be a case where Sequence F is not needed. However, due to the nature of
Corporate Actions this may be an unlikely situation, at least for the foreseeable future.
3.11.1 Additional Information
3.11.2 Narrative
 COMP: Where COMP conditions can not be separately reported the sender should use ADTX in Seq E
or Seq F
 INCO: Where COMP conditions can not be separately reported the sender should use ADTX in Seq E
or Seq F
 ADTX: Should be used as repetitive to reduce need to use a MT568
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4 MT565 Corporate Action Instruction
MT 565 - CA Instruction The table provides an overview

Seq’ce Description Status of the MT565 structure
A General Information Mandatory
B Underlying Securities Mandatory The table is for illustration and
B1 Financial Instrument Attributes Optional does not specify all repetitive
B2 Account Information & Balance Mandatory sequencing or all Tags (eg
C Beneficial Owners' Details Optional Start/End of Block)
D Corporate Action Instructions Optional
E Additional Information Mandatory
Repetitive Sequence
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5 MT566 Corporate Action Confirmation
MT 566 - CA Confirm
Seq’ce Description Status
The table provides an overview
of the MT566 structure
B Underlying Securities: Mandatory
B1 Financial Instrument Attributes Optional The table is for illustration and
C Corporate Action Details Optional does not specify all repetitive
D Corporate Action Confirmation Mandatory sequencing or all Tags (eg
D1 Securities Movement Optional Start/End of Block)
D1a Financial Instrument Attributes Optional
D1b Receive/ Deliver Optional
Repetitive Sequence
D2 Cash Movements Optional
D2a Cash Parties Optional
E Additional Information Optional
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6 MT567 Corporate Action Status and Processing Advice
MT 567 - CA Status The table provides an overview

The table is for illustration and does
A1 Linkages Mandatory
not specify all repetitive sequencing
A2 Status Mandatory
or all Tags (eg Start/End of Block)
A2a Reason Optional
B Corporate Action Details Optional
C Additional Information Optional Repetitive Sequence
6.2 MT567 Guidelines: Sequence A, A1, B and C

Sequence A, A1, B and C should comply to the same market requirements define for the MT564. Corporate
Action Details
6.3 MT567 Guidelines: Sequence A2 and A2a
6.3.1 Qualifiers/Codes Details

Sequence A2 and A2a US Market requirements are defined below:
23G
25D STATUS 25D STATUS 24B REASON 24B REASON
FUNCTION SWIFT & ISITC GUIDELINES FOR USAGE AND TRANSMITION
QUALIFIER CODE QUALIFIER CODE
OF MESSAGE
1 EVST EPRC COMP NA NA SWIFT:

The processing of this CA event has been completed. There will be no
further postings to the account.
ISITC:
To be used when no instructions have been received by the response
deadline date to inform client that no further processing will be done.
Transmitted on response deadline date after the cut-off time.

2 EVST EPRC PEND PEND NARR SWIFT:
The processing of this CA event has not been completed. There will be
further postings to the account.
See reason narrative for details.
ISITC:
To be used when no instructions have been received by the CA deadline
and the issuers’ default will be used for processing.. Details will be noted
in the narrative reason.
Transmitted on response deadline date after the cut-off time.

3 EVST EPRC PEND PEND NPAY SWIFT:
further postings to the account. Payment has not been made by issuer.
ISITC:
Used when payment has not been received from issuer and credit to client
cash account has been reversed ot not made.
- Page 17 -
Practice Guide
23G
OF MESSAGE
When credit is not posted to client account, MT567 should be transmitted

on the payment date. When credit is reversed from the client’s account,
MT567 should be transmitted within a agreed on time frame or date
which is specified in the client SLA.
4 EVST EPRC PEND PEND NSEC SWIFT:
further postings to the account. Securities have not been delivered by
issuer.
ISITC:
Security was delivered by issuer. Ex: Clients were expecting securities
from a Tender and they did not get them.
Transmitted when the issuer notifies the servicer or at end of day on

securities payment date.
5 EVST EPRC PEND PEND AUTH SWIFT:
further postings to the account. For tax reclaim, the event is pending
because the reclaim is sent to the tax authorities.
ISITC:
For tax reclaim, the event is pending because the reclaim is sent to the tax
authorities.
Transmitted on the same date the tax reclaim was sent to the tax
authority.
6 EVST EPRC PEND PEND VLDA SWIFT:
further postings to the account. For tax reclaim, the event is pending, the
tax reclaim is valid for the tax authorities..
ISITC:
No additional validation is needed.
Transmission is based on SLA agreement.

7 INST IPRC PACK N/A N/A SWIFT:
Status of an instruction. The instruction has been acknowledged/accepted
for further processing.
ISITC:
Client instruction is being processed using instruction received or client
standing instruction.
Transmitted on the day the client sent MT565.

8 INST IPRC REJT REJT ULNK SWIFT:
Status of an instruction. The message was not recognised (unknown
linked reference).
ISITC:
For instructions received from clients in which the reference number
(field 20C in subsequence A1 of the MT565) does not link to the
Corporate Action (CORP)
Transmitted on the day the client sent MT565. If client instruction was
received on the response deadline date, account servicer will transmit
MT567 and utilize their own business practice (phone calls etc.)
9 INST IPRC REJT REJT ADEA SWIFT:
Status of an instruction. Instruction was received after response deadline
date.
ISITC:
CA processing instruction was received after response deadline date.

10 INST IPRC REJT REJT LACK SWIFT:
Status of an instruction. Insufficient deliverable securities in your
account. The account owner has over-instructed.
- Page 18 -
Practice Guide
23G
OF MESSAGE
ISITC:
Instructions received before the response deadline date and client has
insufficient securities to process CA (client has over-instructed). Client
did not indicate a link to a settlement or CA that would increase their
position. Only applied in cases where OVER is not an option.

11 EVST EPRC PEND PEND LACK SWIFT:
Status of a CA event. Reason related instruction/ message has a pending
processing status. Insufficient deliverable securities in your account. The
account owner has over-instructed.
ISITC:
For events for which securities must be received from pending
transaction (s) (either settlement or corporate action) before the execution
of the corporate action instruction (prior to the response deadline date).
Client utilize the LINK function that indicates execution of the
instruction is dependent on a settlement transaction, receipt of securities
from another corporate action, return of loan securities etc.

12 EVST EPRC PEND PEND MCER SWIFT:
processing status.
Missing or invalid certification; instruction pending until receipt of
adequate certification.
ISITC:
For instructions received before the response deadline date, certification
is missing or invalid.

13 EVST EPRC PEND PEND MONY SWIFT:
processing status. Insufficient cash in your account.
ISITC:
For instructions received before the response deadline date, client has
insufficient funds to process CA.

15 INST IPRC REJT REJT CASH SWIFT:
Status of an instruction. The instruction has been rejected for further
processing. Unrecognised or invalid cash account.
ISITC:
Disagreement cash account.

16 INST IPRC REJT REJT SAFE SWIFT:
processing. Unrecognised or invalid safekeeping account.
ISITC:
Disagreement safekeeping account.

17 INST IPRC REJT REJT DSEC SWIFT:
processing. Unrecognised or invalid financial instrument identification.
ISITC:
Disagreement security.

18 INST IPRC REJT REJT DQUA SWIFT:
- Page 19 -
Practice Guide
23G
OF MESSAGE

processing. Unrecognised or invalid instructed quantity..
ISITC:
Disagreement in quantity.

19 INST IPRC REJT REJT INVA SWIFT:
processing. For tax reclaim, the reclaim is invalid for the tax authorities.
ISITC:

20 INST IPRC REJT REJT REFT SWIFT:
processing. For tax reclaim, the reclaim is refused by the tax authorities.
ISITC:

21 CAST CPRC CAND N/A N/A SWIFT:
Status of a cancellation request. Instruction has been cancelled.
ISITC:
Sent to client to confirm successful cancellation of client’s MT565
instruction.
Transmitted on the same day the client’s instruction was successfully

cancelled.
22 CAST CPRC CANP N/A N/A SWIFT:
Status of a cancellation request. The cancellation request is pending. It is
not known at this time whether cancellation can be affected.
ISITC:
Cancellation instruction received after response deadline and is pending
cancellation.

24 CAST CPRC DEND N/A N/A SWIFT:
Status of a cancellation request. The request for cancellation will not be
affected.
ISITC:
Cancellation request received prior to response deadline date, however,
the initial instruction has already been processed and cannot be cancelled
(as confirmed by Client Service Representative with issuer/agent).
Transmitted on the day that the issuer agent confirmed that the client’s
instruction cannot be cancelled..
- Page 20 -
Practice Guide
7 MT568 Corporate Action Status and Narrative
MT 568 - CA Narrative The table provides an overview

A1 Linkages Optional The table is for illustration and does not
B Underlying Securities: Optional specify all repetitive sequencing or all
B1 Financial Instrument Attributes Optional Tags (eg Start/End of Block)
C Additional Information Mandatory
Repetitive Sequence
- Page 21 -
Corporate Action Working Group MT564 Market Practice Guide
APPENDENCIES
8 Appendices
8.1 Appendix A: MT564 Sequence D vs. Sequence E

The matrices below outline the following:
1. Data element that can appear in either D or E.

2. Data elements that should appear in D only.
3. Data elements that should appear in E only. If however they appear in D, they would apply to all
applicable options.
All of the following data elements are available in both D and E but does not include those data
elements that may also appear in B1 and E1a.
8.1.1 Date information

Preferred
Qualifier Description Comments
Location
ANOU Announcement Date D
AVAL Available Date E The date could vary based upon the resulting
entitlement.
BLOK Blocked Date D
CERT Certification Deadline Date D
CONV Conversion date E It is possible that there be multiple
conversion dates based upon the option.
COUC Coupon Clipping Date D
XDTE Ex Dividend Date D
DIVR Dividend Ranking Date E Due to the fact that there can be different
ranking dates depending upon the security to
be received.
EARL Earliest Payment Date E Could differ by options.
EFFD Effective Date D
EXRQ Execution Requested Date N/A Not applicable for notifications.
FDDT First Dealing Date E
FXDT Fx Rate Fixing Date E
MKDT Market Deadline Date D
PAYD Payment Date E
PODT Protect Date D Need to change description in user handbook.
PPDT Pari Passu Date E Ranking date could differ by securities.
PROD Proration Date D
REDM Redemption Date E
SUBS Subscription Date E Only applies to the subscription option.
A1-
APPENDENCIES
Preferred
Qualifier Description Comments
Location
QUOT Quotation Setting Date E
MEET Meeting Date D
RDDT Response Deadline Date E Can have different deadline dates based upon
the option, e.g. sale of rights may have a
different deadline date vs. exercise of rights.
RDTE Record Date D
TRDT Trade Resumed Date D
TSDT Trading Suspended Date D
EXPI Expiry Date D 2001 Change
REGI Deadline to Register ?? 2001 Change
RESU Results Publication Date D 2001 Change
SPLT Deadline to Split ?? 2001 Change
8.1.2 Period Information
Qualifier Description Location Comments
CONV Conversion Period E

IACC Exercise Period E Only applies to the exercise option.
OFFR Offer Period D
PRIC Price Calculation Period E
REPL Reply Period E
REVO Revocability Period 2001 Change
INDP Indemnity Period 2001 Change
8.1.3 Rate Information
ADEX Additional for Existing Securities E

ADSR Additional for Subscribed Resultant E
Securities
EXCH Exchange Rate E
GRSS Gross Dividend Rate D
NETT Net Dividend Rate E Placed at the option level since this could
differ based upon different tax brackets, e.g.
French optional stock/cash offers.
NEWO New to Old E
NRES Non-Resident Rate E
A2-
APPENDENCIES
NWRT New Shares to Rights E Ratio could differ based upon options.
RDIS Reinvestment Discount Rate to Market E
TAXC Tax Credit Rate D
TAXR Withholding Tax Rate E Rate could differ by option, again see French
optional/stock cash dividends.
ATAX Additional Tax 2001 Change
CHAR Charges/Fees 2001 Change
FLFR Fully Franked Rate 2001 Change
INTR Interest Rate 2001 Change
INDF Indemnity on Fractions Rate 2001 Change
LADT Local Tax (DE specific 1) 2001 Change
LIDT Local Tax (DE specific 2) 2001 Change
LOTE Local Tax (DE specific 3) 2001 Change
LYDT Local Tax (DE specific 4) 2001 Change
OSUB Over-subscription Rate 2001 Change
WITF Withholding of Foreign Tax 2001 Change
WITL Withholding of Local Tax 2001 Change
Note: OFFR, Proposed Rate is only applicable in Sequence D therefore this was not referenced
in this matrix.
8.1.4 Price Information

EXER Exercise Price E
INDC Indicative Price E Represents estimated value of the new
security.
ISSU Issue Price E Represents actual issuance price of the new
security.
MRKT Market Price N/A Not Applicable
OFFR Offer Price E Could have multiple options with different
prices.
PRPP Price per Product E
REDM Redemption Price E
REIN Reinvestment Price E Could have multiple reinvestment prices per
option due to various enrollment plans.
SUPR Subscription Price E Price will only pertain to the subscription
option.
A3-
APPENDENCIES

CINL Cash in Lieu of Shares Price 2001 Change
A4-
APPENDENCIES
8.2 Appendix B: Mapping of Fields / Glossary
US SMPG SWIFT ISO
Field
Field Name Definition Field Name Definition Field Name
Description
Accrued Interest 92a::INTR Accrued interest is interest that has 92a::INTR Interest Rate - a) The ratio of the 92a::INTR
Rate accumulated between the most recent amount of interest paid during a
payment and the corporate action certain period of time to the principal
payment date. amount of an interest bearing
security. b) Current Rate of a
Floating Rate Note.
Acquiring Company 70E::OFFO The security description used by the 70E::OFFO The Offeror/Acquiring Company is OFFO
Description Company making the acquisition the entity making the offer and is
different from the issuing company.
Acquiring Company 35B:ISIN The identification number used by the 35B:ISIN Identification of the financial 35B:ISIN
Security Number company making the acquisition. instrument (ISIN or description).
(CUSIP) (such as ISIN or CUSIP Number
Amalgamation – 22F::CAEV//MR Mandatory exchange of original 22F::CAEV//MR Mandatory or voluntary exchange of 22F::CAEV//
Event GR security as a result of two or more GR an outstanding security as the result MRGR
companies combining assets. Cash of two or more companies
payments may accompany share combining assets. Cash payments
exchange. The merger involves the may accompany share exchange.
exchange of securities, the issuance of
new securities, or both.
Back end odd lot 36a::BOLQ The back end odd lot quantity 36a::BOLQ The back end odd lot quantity 36a::BOLQ
quantity represents the presence of a back end represents the presence of a back end
odd lot provision and the quantity of odd lot provision and the quantity of
shares required after pro-ration to be shares required after pro-ration to be
eligible for this privilege. If after pro- eligible for this privilege. If after
ration, the amount of shares held is pro-ration, the amount of shares held
equal to or less than the back end odd is equal to or less than the back end
lot quantity, payment will be made on odd lot quantity, payment will be
the full tendered position. made on the full tendered position.
Bankruptcy – Event 22F::CAEV//BR Legal status of a company unable to 22F::CAEV//BRU Legal status of a company unable to 22F::CAEV//B
UP pay creditors. Bankruptcy involves a P pay creditors. Bankruptcy usually RUP
formal court ruling involves a formal court ruling.
Securities may become valueless
Bid Interval (Dutch 92a::BIDI The acceptable interval used for 92a::BIDI Bid price interval is the acceptable 92a::BIDI
Auction) submitting your bid (e.g. intervals of price interval used for submitting
1/8th). your bid.
Bid Tender - event 22F::CAEV//DT Offer to surrender securities for cash 22F::CAEV//DTC Similar to a tender offer, a Dutch 22F::CAEV//D
CH at a price specified by the holder. H auction is an action by a party TCH
wishing to acquire a particular
security. Current holders of the
targeted security are invited to make
an offer, within a specific price
range, in which they would be
willing to sell their holdings.
Acquiring party would then seek to
purchase the security from the
holders with the lowest offer. A bid
tender has no incremental price
range, i.e., the holder may bid at any
price.
Call Date 98a::CALD Date upon which issuer of a bond has 98a::CALD Date upon which issuer of a bond 98a::CALD
A5-
APPENDENCIES
US SMPG SWIFT ISO
Field
Description
the right to pay the remaining has the right to pay the remaining
principal of debt obligation prior to principal of debt obligation prior to
the final maturity. the final maturity
Cash Rate 90a::OFFP The amount of proceeds per unit of 90a::OFFP Offer Price Paid– price at which 90a::OFFP
security to be paid on a corporate securities are offered to be purchased
action event. by the issuer.
Cash Dividend - 22F::CAEV//DV 22F::CAEV//DVC Distribution of cash to shareholders, 22F::CAEV//D

event CA A in proportion to their equity holding. VCA
Ordinary dividends are recurring and
regular. Shareholder must take cash
and is not offered a choice in the
form of distribution.
Cash Dividend Rate 92a::GRSS Rate of cash dividend 92a::GRSS Gross Dividend Rate – Cash 92a::GRSS
dividend amount per share before
deductions or allowances have been
made.
Cash Merger – 22F::CAEV//MR Mandatory exchange of original 22F::CAEV//MR Mandatory or voluntary exchange of 22F::CAEV//
event GR security as a result of two or more GR an outstanding security as the result MRGR
exchange. The merger involves may accompany share exchange.
new securities or both.
Cash & Stock 22F::CAEV//MR Mandatory exchange of original 22F::CAEV//MR Mandatory or voluntary exchange of 22F::CAEV//
Merger GR security as a result of two or more GR an outstanding security as the result MRGR
exchange. The merger involves may accompany share exchange.
new securities or both.
Company Agent 70E::PACO//CO Name and number of the Agent 70E::PACO Information on party contacts. 70E::PACO//C
Name & Number AG 9 Handling the corporate action for the OAG
Offeror/Issuer
Conditional An offer with a feature whereby a

Purchase Offer– – 22F::OPTF/CON holder can elect to place a condition 22F::OPTF/C
2003 request D on the acceptance of its tender by OND
instructing that a minimum number of
shares be accepted in the event of a
pro-ration.
Consent Cover 98a::CCPD The last day a holder can deliver the 98a::CCPD
Protect Date securities it has previously protected
pursuant to consent.
Consent & 22F::CAEV//EX Offer to surrender securities for cash 22F::CAEV//EXO Capital reorganization. Offer to 22F::CAEV//E
Exchange – event OF linked to vote on change in terms of F shareholders to exchange their XOF
indenture. holdings for other securities and/or
and cash. Exchange offers are usually
voluntary involving the exchange of
outstanding security for a different
security or securities and cash.
22F::CAOP//CEX
9
COAG is not a code defined in the 15022 DFD, it is just a code used after the narrative field 70E::PACO
A6-
APPENDENCIES
US SMPG SWIFT ISO
Field
Description
C Consent and Exchange - Exchange
offers that are linked with a vote on
the change of the terms of the
indenture. The consent part will have
a separate expiration from the
purchase or exchange offer. A
separate consent fee may be paid to
the consenting holders. There also
may be a record date associated with
the consent-limiting holders that may
participate.
Consent Expiration 98a::CEXD The last day you can consent to the 98a::CEXD Last day a holder can consent the 98a::CEXD
Date changes sought by the corporation. changes sought by the corporation.
Consent Offer - 22F::CAEV//CO Request of bondholder consent in 22F::CAEV//CON Solicitation of shareholders consent. 22F::CAEV//C
event NS which there can be a fee and payment. S Procedure aimed at obtaining ONS
consent of holders to proposal by
issuer or third party without formal
general meeting.
Consent Fee 90B::COFE Price you will be paid per bond if you 90B::COFE
consent.
Consent Protect 98a::COPR The last day to submit a protect in Note: this field was never requested 98a::COPR
Date order to take part in a consent. from SWIFT?
Consent Record 98a::CORD Date on which you must be a 98a::CORD Date upon which the offeror of 98a::CORD
Date beneficial owner in order to consent securities will use to determine the
beneficiary eligible to participate in
consent based on the registered
owner of securities, e.g., beneficial
owner of consent record.
Consent & Tender – 22F::CAEV//TE Offer to surrender securities for cash 22F::CAEV//TEN Acquisition: Take over: Offre 22F::CAEV//T
event ND linked to vote on change in terms of D publique de retrait (FR); Purchase END
indenture. offer/buy back. An offer made to
shareholders, normally by a third
party, requesting them to sell
(tender) their shares for a specified
and price usually at a premium over
prevailing market prices. Generally
the objective of a takeover is to take
control of the target company.
22F::CAOP//CTE
N Consent and Tender – Tender offers
that are linked with a vote on the
change to the terms of the indenture.
The consent part will have a separate
expiration from the purchase or
exchange offer. A separate consent
fee may be paid to the consenting
holders. There also may be a record
date associated with the consent-
limiting holders that may participate.
Contra Security TBD An internal security ID used to Identification of the financial

(2003 Request) differentiate securities during a instrument (ISIN or description).
corporate action (e.g., DTC uses
contra security)
A7-
APPENDENCIES
US SMPG SWIFT ISO
Field
Description
Conversion Date 98a::CONV 98a::CONV According to the terms of the issue, 98a::CONV
deadline by which a convertible
security must be converted to
underlying securities.
Conversion Rate 22F::CAEV//CO Offer to convert bonds or preferred 22F::CAEV//CON Conversion or optional exchange of 22F::CAEV//C
Change -event NV securities to underlying securities V securities (generally convertible ONV
*usually common stock) at a new rate bonds or preferred shares) into
for a limited period. another form of securities (usually
common shares) at a pre-stated price.
Cover Protect 98a::CVPR The last day a holder can deliver the 98a::CVPR Last day a holder delivers the 98a::CVPR
Expiration Date securities that it has previously securities that it had previously
protected. protected.
Currency 98a::FXDT 98a::FXDT 98a::FXDT

Conversion Rate
Date
Custodian Account Name of the Custodian's Customer 97A::SAFE Safekeeping A/C – specifies the
Names account number. (This is a 35-
character field that, as far as I can
tell, is not limited to numeric
characters. There should be enough
room for an account number and
name).
Custodian Account 97A::SAFE Account Number of the Custodian's 97A::SAFE Safekeeping A/C – Same as 97A::SAFE
Numbers Customer Custodian Account Names
Custodian Account 93B::ELIG Position holding for the Custodian's 93B::ELIG Balance (Subseq B2) – balance of 93B::ELIG
Positions Customer securities eligible for this C/A event.
Custodian Consent 98a::RDDT Date Custodian requires response in 98a::RDDT Date that the account servicer has set 98a::RDDT
Response Date order to take part in Consent. as the deadline to respond, with
instructions, to an outstanding offer
or privilege. The time is dependent
on the reference time zone of the
account servicer as specified in the
SLA.
Custodian Default 17B::DFLT Option that will be applied should no 17B::DFLT Default Processing Flag – Option 17B::DFLT
Option decision be submitted for the action. will be selected by default if no
instruction is provided by account
owner.
Custodian Response 98a::RDDT Date Custodian requires response. 98a::RDDT Response Deadline Date – date an 98a::RDDT
Date Account Servicer has set as the
deadline to respond, with
instructions, to an outstanding offer
or privilege.
Default Distribution 22F::CAEV//DF The failure of a borrower to make a 22F::CAEV//DFL Non-payment of interest or non- 22F::CAEV//D
– Interim - event LT payment of principal or interest when T payment of debt principal when due. FLT//INTE
due. Allocation and distribution where
the debtor previously failed to make
timely payments when they originally
became due.
Default Distribution DEDF The failure of a borrower to make a See my comments for Default 22F::CAEV//D
– Final - event payment of principal or interest when Distribution - Interim FLT//FINL
A8-
APPENDENCIES
US SMPG SWIFT ISO
Field
Description
due. Allocation and distribution where
the debtor previously failed to make
timely payments when they originally
became due.
Defeasance – 22F::CAEV//PD The issuer deposits assets in trust 22F::CAEV//PDE Issuer has money set aside to redeem 22F::CAEV//P
Partial - event EF irrevocably restricting their use solely F a portion of an issue and the DEF
to satisfy the debt. The issuer deposit indenture states that the securities
in escrow sufficient funds to pay the could be called earlier than the stated
bonds as they come due. In the case of maturity.
a partial, the escrow funds on deposit
are sufficient to pay only a portion of
the bonds as they come due.
Disposition of 22F::CAEV//DIS How the fractional shares in a C/A 22F::CAEV//DISF 22F::CAEV//D

Fractions F will be treated as determined by the ISF
Offeror. Usually, cash is paid in lieu
of fractions. They can also be rounded CINL Fractional Part for cash – Take cash
up or down. (Definition changed from in lieu of fractions. CINL
Alpha List). RDDN
Round Down - Round the RDDN
entitlement down to the last full unit,
fractions are discarded.
RDUP
Round Up– Round Up to next full RDUP
unit
STAN
STAN
Standard – If Fraction is >/= 0.5 of a
whole entitlement, then round up,
else round down.
BUYU
Buy up to the next whole number. BUYU
(not a DTC
Option)
DIST Take distribution of fractions.
(not a DTC DIST

option)
Dissenter’s Rights 22F::OFFE/DISS Legal Remedy when a shareholder 22F::OFFE/DI

objects to the terms of a Mandatory SS
Action and does not want to partake in
it.
Distribution Date 98a::XDTE Date on which rights are distributed to 98a::XDTE Ex-dividend or Distribution Date – 98a::XDTE
record date holders Securities traded on or after this date
are not eligible for the CA event.
Distribution Rate 92A::ADEX The rate used to calculate the number 92A::ADEX Additional for existing securities – 92A::ADEX
of rights each holder is entitled to quantity of additional securities for a
receive at distribution given quantity of securities where
underlying securities are not
exchanged or debited.
Dividend 22F::CAEV//DR Cash dividend whereby the investor 22F::CAEV//DRI Dividend payment where cash 22F::CAEV//D
Reinvestment - IP can choose to reinvest dividends for P dividend is rolled over into RIP
event the purchase of additional shares. additional shares in the issuing
company.
A9-
APPENDENCIES
US SMPG SWIFT ISO
Field
Description
Due Bill 98a::DBRD The date the “Due Bill” is redeemed 98a::DBRD
Redemption Date to receive the stock distribution
(2003 Request) entitlement shares. It is commonly
used for stock splits, whereby; the ex-
date is after the payable date. The
distribution can be made 1 –2 days
after the payable date.
Dutch Auction - 22F::CAEV//DT Offer to surrender securities for cash 22F::CAEV//DTC Similar to a tender offer, a Dutch 22F::CAEV//D
event CH at prices specified by the holder H auction is an action by a party TCH
subject to the minimum and maximum wishing to acquire a particular
cash offer price at specified intervals. security. Current holders of the
targeted security are invited to make
an offer, within a specific price
range, in which they would be
willing to sell their holdings.
Acquiring party would then seek to
purchase the security from the
holders with the lowest offer. A bid
tender has no incremental price
range, i.e., the holder may bid at any
price.
Exchange Offer - 22F::CAEV//EX Offer to surrender securities for 22F::CAEV//EXO Capital reorganization. Offer to 22F::CAEV//E
event OF securities. F shareholders to exchange their XOF
holdings for other securities and/or
cash. Exchange offers are usually
voluntary involving the exchange of
outstanding security for a different
security or securities and cash.
Effective Date 98a::EFFD Date on which Corporate Action takes 98a::EFFD Date that CA event, or a process of 98a::EFFD
effect. the event, is completed.
Ex-Date 98a::XDTE Date at which the security is sold 98a::XDTE Ex Div or Distribution Date – 98a::XDTE
without dividend payment securities traded on or after this date
are not eligible for CA event.
Exercise Price 90a::EXPR Price by issuer, which a holder can 90a::EXPR Exercise Price – a) Price at which 90a::EXPR
participate in corporate action. security will be purchased/sold if
Normally associated with rights and warrant is exercised. b) Price at
warrants. which Bond is converted to
underlying security.
Exercise Rate 92a::NEWO Rate warrants or rights are exchanged 92a::NEWO

for the new security.
Expiration Date 98a::MKDT The day the event expires. 98a::MKDT Market Deadline Date – date Issuer 98a::MKDT
has set as the deadline to respond,
with instructions, to an outstanding
offer or privilege.
98a::EXPI
98a::EXPI Expiry Date – date on which a
98a::EXPI privilege, which may be exercised,
according to the terms of a securities
issue, terminates.
Expiring 22F::CAEV//CO Offer to convert bonds or preferred 22F::CAEV//C

Conversion – Event NE securities to underlying securities ONE
(usually common stock) is expiring.
A 10 -
APPENDENCIES
US SMPG SWIFT ISO
Field
Description
Expiring Warrant 22F::CAEV//EX Offer to subscribe to underlying 22F::CAEV//EX Warrant conversion. Option offered 22F::CAEV//E
Subscription – WA security or securities (usually common WA to holders to buy (call warrant) or to XWA
event stock) are expiring. sell (put warrant) a specific amount
of stock, cash, or commodity, at a
predetermined price, during a
predetermined period of time (which
usually corresponds to the life of the
issue).
Forward Stock Split 22F::CAEV//SP Increase in a corporation’s number of 22F::CAEV//SPL Change in the nominal value, 22F::CAEV//S
(Distribution) - LF outstanding shares of stock without F subdivision. The increase in a PLF
event any change in the shareholder’s equity company’s number of outstanding
or the aggregate market value at the shares of stock without any change
time of the split. in the shareholders’ equity or the
aggregate market value at the time of
the split. Stock price and nominal
value are reduced accordingly.
Information Agent 70E::PACO//IN The name and number of the agent 70E::PACO//INA see comments
Name and Number AG responsible for distributing corporate G CAOG
action event information to holders;
Interest Payment - 22F::CAEV//INT 22F::CAEV//INT Regular interest payment, only in 22F::CAEV//I

event R R cash, distributed to holders of an NTR
interest-bearing asset. According to
the terms of the issue, a bondholder
may be able to elect the currency
interest is paid in.
Interest Amount 19B::INTR Entitlement amount to be paid for the 19B::INTR Interest Amount – interest 19B::INTR
corporate action. component of bond coupon payment.
Liquidation – 22F::CAEV//LIQ Liquidation proceedings consist of a 22F::CAEV//LIQ Liquidating dividend/ liquidation 22F::CAEV//L
Initial, Interim and U distribution of cash, assets, or both. U consists of a distribution of cash, IQU
Final - event assets or both. Debts may be paid in
order of priority based on preferred
claims to assets specified by the
security. Security holder may be able
to choose form of a liquidation
distribution.
Liquidation Date 98a::LIQD The closing date of a position and the 98a::LIQD
subsequent distribution of the
remaining assets or the date on which
a corporation’s assets are sold and the
net proceeds after all expenses are
passed along to creditor, bondholders,
and finally shareholders. Payments are
made in accordance with the laws and
contracts protecting each class of
creditor.
Lottery Mainline 98a::LOTO The date the lottery is run and applied 98a::LOTO Date the lottery is run and applied to 98a::LOTO
Date to holder’s positions (for partial calls). holder’s positions. This is also
applicable to partial calls.
Mandatory purchase 22F::CAEV//BP Option to execute a feature of 22F::CAEV//BPU Definition to be modified (e.g., an 22F::CAEV//B
with the right to UT indenture that allows holder to elect to T option to execute a feature of the PUT
retain - event retain a putable bond. indenture that allows a holder to
and elect to retain a putable bond) Early
redemption of a bond at the election
of the bondholder subject to the
A 11 -
APPENDENCIES
US SMPG SWIFT ISO
Field
Description
terms and condition of the issue.
22F::CAOP//MP
UT Mandatory Put with Right to Retain
– An option to execute a feature of
indenture that allows a holder to
elect to retain a putable bond.
Mandatory Put – 22F::CAEV//PU Issuer exercises its option to mandate An issuer's right to redeem bonds or PUTM?
event TM to holders to put their bonds at a preferred stock before maturity.
specified price.
Maturity or Call 98a::MATU Date the security matures or the date 98a::MATU Maturity Date – date an interest 98a::MATU
Date (conversions of the Call. bearing security becomes due and
and warrants) principal is paid.
98a::CALD 98a::CALD Call Date-date issuer of a bond has 98a::CALD

the right to pay the remaining
principal of a debt obligation prior to
the final maturity.
Maturity Price 90a::REDM The price per security that will be paid 90a::REDM Redemption Price – price at which a 90a::REDM
when you redeem your warrants. security will be redeemed.
Meeting Date 98a::MEET Date on which the meeting will or has 98a::MEET Meeting Date – date scheduled for
taken place affecting the corporate the company’s general meeting.
action event
Min./Max. (Dutch 90a::MINP The Minimum and Maximum price at 90a::MINP Minimum price at which a holder 90a::MINP
Auction) which a holder can bid on a Dutch can bid (e.g., on a Dutch Auction
auction offer. offer).
90a::MAXP 90a::MAXP Maximum price at which a holder 90a::MAXP

can bid (e.g., on a Dutch Auction
offer).
There are times the rate is divided into

Multiply/Divide 92D::NEWO//2,1 old shares surrendered versus 92D::NEWO//2,1 17A::MDIN//
–Mulitpy multiplied and it will impact the –Mulitpy M or D
outcome. (Requested)
92D::ADEX//5,9 92D::ADEX//5,9
Divide NEWO - new to old –this means that Divide
you give up your old shares in place
(2003 Request of the new. For example: :
withdrawn 92D::NEWO//2,/1,. This means that
MDIN request) you will receive 2 new shares for
every 1 of your existing that you give
up.
ADEX - additional to existing.- this

means that you retain your old shares
and get new. For example: :
92D::ADEX//5,/9,. This means that
you will receive 5 additional shares
for every 9 that you currently hold and
will keep.
Name Change - 22F::CAEV//NA The issuing company changes its 22F::CAEV//NA The issuing company changes its 22F::CAEV//N
event ME name. Event shows the change from name. Event shows the change from
A 12 -
APPENDENCIES
US SMPG SWIFT ISO
Field
Description
old name to new name and may ME old to new name and may involve AME
involve the surrounding of physical the surrendering physical shares with
securities with the old name to the the old name to the registrar.
registrar.
New Maturity Date 98a::REDM In a Partial Defeasance, the new 98a::REDM Date upon which securities are to be 98a::REDM
maturity date for the portion of an redeemed in return for payment of
issue which had its’ maturity principal.
accelerated.
New Security 35B:ISIN The CUSIP number in which the 35B:ISIN Number Identification of the financial 35B:ISIN
corporate action will result. instrument.
New Security The security description of the new 35B:ISIN Identification of the financial
Description security to be received. Description instrument;
New Security 70a::NSER Any restrictions placed on the new 70a::NSER Legal Restrictions – narrative gives 70a::NSER
Restrictions security. explanation of legal restrictions.
Odd-Lot Tender – 22F::CAEV//OD Offer to surrender securities for cash 22F::CAEV//ODL Offer by issuer to allow holders of 22F::CAEV//O
event LT extended to odd-lot holders. T an odd lot of a security to order a DLT
commission free transaction at
market price, to sell the odd lot, or to
buy an amount of shares, which will
bring the position to a round lot
(board lot).
Odd-Lot Quantity 36a::FOLQ The odd-lot quantity acceptable by the 36a::FOLQ Front end Odd Lot Quantity – The 36a::FOLQ
(Odd-Lot Tender) offeror (Maximum of 99) front end odd lot or odd lot
preference indicates that if an offer is
Formerly Odd-Lot pro-rated holders of odd lots who
Preference tender their full position will not
/Quantity have their tendered positions pro-
rated but rather accepted in full. In
the case of an odd lot offer the field
represents the amount of shares
considered to be an odd lot.
Odd Lot Provision 36a::OLPQ The quantity of shares defined by the 36a::OLPQ
Maximum Quantity Offeror as an Odd Lot to qualify for
acceptance using the following
criteria. If a beneficial holder of an
Odd Lot quantity (usually 99 shares or
less) tenders all such shares and the
Offer is prorated, the holder's shares
will be accepted in full and not subject
to proration.
Offeror 70E::OFFO The party making the offer 70E::OFFO The Offeror/Acquiring company is 70E::OFFO
the entity making the offer and is
different from the issuing company.
Optional Dividend - 22F::CAEV//DV Distribution of dividend to 22F::CAEV//DVO Distribution of dividend to 22F::CAEV//D

event OP shareholder with the choice of P shareholder with the choice of VOP
payment method. Shareholder must payment method. Shareholder must
choose the form of payment – stock, choose the form of payment – stock,
cash or both. cash or both.
Original Security 35B:ISIN The numeric identifier of the security 35B:ISIN Number Identification of the financial 35B:ISIN
(e.g. CUSIP, Sedol) instrument.
A 13 -
APPENDENCIES
US SMPG SWIFT ISO
Field
Description
Original Security The security description of the target 35B:ISIN Identification of the financial
Description or underlying security in the corporate Description instrument.
action.
Over subscription 70E::OVEP Any limitation placed on the rights 70E::OVEP

Restrictions over subscriptions, e.g., share
restrictions, percentage restrictions.
Over subscription 90a::OSUB The cost to over subscribe to one 90a::OSUB Amount of cash required per over-
deposit price share of the underlying security subscribed share as defined by the
Issuer. 90a::OSUB
Partial Calls 22F::CAEV//PC A bond that a debtor has declared to 22F::CAEV//PCA Securities are redeemed in part 22F::CAEV//P
(bonds) - event AL be due and payable on a certain date L before their scheduled final maturity CAL
before maturity, according to the date. The outstanding amount of
provisions of the indenture. If only securities will be reduced
part of an issue will be redeemed, the proportionally. Event type assumes
bonds retired are drawn by lot. call is based on specific percentage
of holding.
22F::CAEV//DRA Redemption in part before scheduled

W final maturity of a security (specific
security ID numbers).
Partial Calls (stock) 22F::CAEV//PC Preferred stock, retaining all 22F::CAEV//PCA Securities are redeemed in part 22F::CAEV//P
- event AL provisions that are redeemed by a L before their scheduled final maturity CAL
corporation. The call provision allows date. The outstanding amount of
the issuer to repurchase all or part of securities will be reduced
an issue before it matures. Partial call proportionally. Event type assumes
of an issue is conducted by lottery. call is based on specific percentage
of holding.
Partial/Final : For select offer types it is necessary to

Indicators (2003 22F::OFFE//FIN indicate if the offer is a final or partial
request) L OR PART event. The difference between final
or partial liquidations is the
knowledge of whether this is the final
to be received or whether other
actions will be forthcoming (i.e.
partial). This is especially important in
relations to Puts and Liquidations.
Participation 17B::PARR Any restriction that prohibits 17B::PARR

Restriction participation in the offer.
Payable Date 98a::PAYD Expected payable date established for 98a::PAYD Payment Date – date securities/ cash 98a::PAYD
entitlement of the corporate action will be paid.
Pay in Kind – event 22F::CAEV//PIN Bonds or preferred stock that pay 22F::CAEV//PIN Interest payment, in any kind except 22F::CAEV//P
K interest of dividends in additional K cash, distributed to holders of an INK
securities rather than in cash. interest-bearing asset.
Pre-refunding 22F::CAEV//PR A pre-refunded bond is one that is 22F::CAEV//P

Partial – event *see EP secured by an escrow fund of US REP
footnote 1 government bonds that is sufficient to
* pay off the entire issue at maturity. *
The rating of the refunded bond
generally assumes the rating of the
government securities that are placed
in escrow. All the bonds will be paid
on a scheduled redemption date in
A 14 -
APPENDENCIES
US SMPG SWIFT ISO
Field
Description
advance of the maturity.
Pro-ration :22F::OPTF An offer that is subject to pro ration

(Option F// may also have a conditional purchase
PROR - COND feature. This is a feature whereby a
holder can elect to place a condition
on the acceptance of its tender by
instructing that a minimum number of
shares be accepted in the event of a
pro-ration.
Protect Expiration 98a::PODT The last day a holder can elect 98a::PODT The last day a holder can elect 98a::PODT
Date securities pursuant to a Notice of securities pursuant to a Notice of
Guaranteed Delivery or other required Guaranteed Delivery or other
documentation required documentation
Publication Date 98a::XDTE Date of the publication of the call for 98a::XDTE Securities traded on or after this date 98a::XDTE
redemption notice. are not eligible for the CA event.
Put Option/ 22F::CAEV//BP Option to execute a feature of 22F::CAEV//BPU Early redemption of a bond at the 22F::CAEV//B
Optional Put (Put UT indenture that allows a holder to put a T election of the bondholder subject to PUT
Bonds) - event bond; relinquishment feature provides the terms and condition of the issue.
for exchange of put bond for non-
option bond within a specified
execution window.
Quantity Sought 36a::QTSO The number of shares or bonds the 36a::QTSO The number of shares or bonds the 36a::QTSO
offeror will purchase under the terms offeror will purchase under the terms
of the offer. This can be a number or of the offer. This can be a number or
the sum “any and all”. the term "any and all".
Record Date 98a::RDTE The date the shareholder must be 98a::RDTE Record Date – date an issuer of 98a::RDTE
registered on the books of the securities will use to determine the
company to be entitled to the beneficiary eligible for a CA event
corporate action. based on the registered owner of
securities (e.g., beneficial owner of
record).
Redemption – event 22F::CAEV//RE Repayment of principal and interest to 22F::CAEV//RE Repayment in full of a debt security, 22F::CAEV//R
DM retire a security. DM investment trust or a preferred stock EDM
issue, at stated maturity.
Redemption Date 98a::REDM The date on which the issue matures 98a::REDM Redemption Date – date securities 98a::REDM
are to be redeemed in return for the
payment
of principal.
Redemption Price 90a::REDM The price per share you will receive 90a::REDM Redemption Price – price at which a 90a::REDM
when you redeem your securities security will be redeemed.
Reduced 90B::REDU Decrease in subscription price for a 90B::REDU

Subscription particular period of time.
(Warrants Only)
Registered with 70E::INCO Indicates whether the offer is 70E::INCO Information conditional to the C/A 70E::INCO
SEC registered with the securities and event
exchange commission
Reinvestment Price 90a::REIN Price paid for new shares on a 90a::REIN Reinvestment Price – price at which 90a::REIN
dividend reinvestment. a cash disbursement will be
A 15 -
APPENDENCIES
US SMPG SWIFT ISO
Field
Description
reinvested into securities.
Reverse Stock Split 22F::CAEV//SP Decrease in a corporation’s number of 22F::CAEV//SPL Change in the nominal value; 22F::CAEV//S
- event LR outstanding shares of stock without R consolidation. The decrease in a PLR
any change in the shareholder’s equity company’s number of outstanding
or the aggregate market value at the shares of stock without any change
time of the split. in the stockholders equity or the
aggregate market value at the time of
the split. Stock split price and
nominal value are increased
accordingly.
Rights Distribution 22F::CAEV//RH Issuer distributes rights to record 22F::CAEV//RH The distribution of rights to 22F::CAEV//R
- event DI holders so that they can subscribe to DI shareholders, in proportion to their HDI
the rights offering. equity holding.
Rights Subscription 22F::CAEV//RH Offer to subscribe to underlying 22F::CAEV//RHT Subscription Rights; Rights offer; 22F::CAEV//R
– event TS securities (usually common stock) for S Open offer. Privilege granted to HTS
a fixed price. A rights subscription is existing shareholders of a company
preceded by a rights distribution, to subscribe to shares of new issue
which is considered a Mandatory against payment. Generally before
Action at DTC. These two events will securities are offered to the general
be linked. public. Rights are often tradable in a
secondary market.
Round Up Privilege 22F,22a CAOP, A provision in an offer that permits 17B::RUPR

(2003 Request) Indicator BUYA you the holder, when exercising the
basic rights subscription, to subscribe
to one additional share of the
underlying security in lieu of a
fractional share to which you might
otherwise be entitled, subject to the
availability of the additional full
share. There can be a cost associated
to purchase.
90a::REIN
Security Price 90a::REIN Price per share of the new shares 90a::REIN
purchased under the Dividend
Reinvestment Price at which a cash disbursement
will be reinvested into securities.
Security Rate 92D::NEWO The rate used to calculate the 92D::NEWO

entitlement on a corporate action
event. 92D::NEWO New to Old – Quantity of new
securities for a given quantity of
underlying securities where the
underlying securities will be
exchanged or debited (e.g., 2 for 1: 2
new shares credited for every 1
underlying share debited = 2
resulting shares).
92D::ADEX
Where New Securities are issued
without replacing the existing ADEX
(Additional for Existing Securities)
can be used. E.g. Splits
Sell through agent 69a::SEAD The last day you can surrender rights 69a::SEAD This field and the next one have 69a::SEAD
end date to the agent to sell and receive the sale been combined into a period field.
proceeds.
A 16 -
APPENDENCIES
US SMPG SWIFT ISO
Field
Description
Sell through agent 69a::SEAD The first day you can surrender rights This field and the next one have 69a::SEAD
start date to the agent to sell and receive the sale been combined into a period field.
proceeds.
Sender’s Contact 70E::PACO//SE Name and telephone number of the 70E::PACO//SEN

Name & telephone NA entity sending the messages out A 70E::PACO//S
Number ENA
Separation Date 98a::EFFD Date on which the components of a 98a::EFFD Date upon which CA event 98a::EFFD
unit are separated. (including split), or process of the
event, is completed.
Shares Outstanding 36B::SHOU The total number of shares 36B::SHOU

outstanding in a security.
Solicitation Fee 10 19A::SOFE A cash premium sometimes made 19A::INCE Cash Incentive – Cash premium 19A::SOFE
available in an offer in order to made available if the securities
or encourage participation in the offer. holder consents or participates to an or
event, e.g., consent fees or
solicitation fees.
19A::INCE/SOF 19A::INCE
E
Stock Spin-off - 22F::CAEV//SO Distribution of subsidiary stock to the 22F::CAEV//SOF Demerger, Distribution, Unbundling. 22F::CAEV//S
event FF shareholders of the parent company F A distribution of subsidiary stock to OFF
without a surrender of shares. the shareholders of the parent
company without a surrender of
shares, Spin-off represents a form of
divestiture resulting in an
independent company. Normally this
is without cost to the parent issue
shareholder.
Start /end d\date 69a::OFFR First day one can participate in a 69a::OFFR Period open offer remains valid. 69a::OFFR
period voluntary offer.
Step-Up Privilege 17B::SUPL A provision in an offer that permits 17B::SUPL

the holder to subscribe to one
additional share of the new security in
lieu to a fractional share to which the
holder might otherwise be entitled.
Stock Dividend – 22F::CAEV//DV A dividend paid to shareholders in the 22F::CAEV//DVS Dividend paid to shareholders in the 22F::CAEV//D
event SE form of stock in the issuing company. E form of shares of stock in the issuing VSE
company. Shareholder must take
stock and is not offered a choice in
the form of distribution.
Stock Merger – 22F::CAEV//MR Mandatory exchange of original 22F::CAEV//MR Mandatory or voluntary exchange of 22F::CAEV//
event GR security as a result of two or more GR an outstanding security as the result MRGR
payment may accompany share combining assets. Cash payments
exchange. The merger involves the may accompany share exchange.
new securities, or both.
Subscription 98a::MKDT The last day to subscribe to a Rights 98a::MKDT Date upon which the issuer has set as 98a::MKDT
Expiration Date Offering. the deadline, to respond with
instruction to an outstanding offer or
privilege.
10
This is to be determined by ISO/SWIFT 2003 request pending review.
A 17 -
APPENDENCIES
US SMPG SWIFT ISO
Field
Description
Subscription 98a::MKDT The last day to subscribe to a Rights 98a::MKDT Date upon which the issuer has set as 98a::MKDT
Expiration Date Offering. the deadline, to respond with
instruction to an outstanding offer or
privilege.
Subscription Price 90a::SUPR The cost to subscribe to one share of 90a::SUPR Subscription Price – price at which 90a::SUPR
the new security new securities will be issued (e.g.,
rights issue).
Taxable 17B::TAXC Whether the corporate action is 17B::TAXC

Consequence taxable or not and if it is the cost basis
information
Tender -event 22F::CAEV//TE Offer to surrender securities for cash 22F::CAEV//TEN Acquisition; Takeover: Offre 22F::CAEV//T
ND D publique de retrait (FR); Purchase END
offer /buy back. An offer made to
(tender0 their shares for specified
price usually at a premium over
Tender for Cash & 22F::CAEV//TE Offer to surrender securities for cash 22F::CAEV//TEN Acquisition; Takeover: Offre 22F::CAEV//T
Securities - event ND and new securities. D publique de retrait (FR); Purchase END
offer /buy back. An offer made to
Tender & Exchange 22F::CAEV//TE Offer to surrender securities for cash 22F::CAEV//TEN Acquisition; Takeover: Offre 22F::CAEV//
(Elective Merger) – ND and/or new securities. D publique de retrait (FR); Purchase MEVO
event offer /buy back. An offer made to
Terms & The terms and conditions of the offer 70a::ADTX Additional Text – narrative on C/A
Conditions expressed in free form. May include event not included within the
any and all pertinent information structured fields of the message.
related to the offer
Transferable/Tradab 69a::TRDP Securities that can be transferred or 69a::TRDP Period during which intermediate 69a::TRDP
le (Rights) traded without restrictions securities are tradable in a secondary
market.
UIT Rollover 22F::CAEV//UIT A provision that enables a holder of a 22F::CAEV//RED The definition of 22F::CAEV//U
Feature11 T maturing Unit investment trust the M 22F::CAEV//REDM was changed to ITT
option of rolling over its maturing include UIT.
trust into a new trust(s).
11
SWIFT updated the definition of redemption but ISO does have the qualifier in the data dictionary.
A 18 -
APPENDENCIES
US SMPG SWIFT ISO
Field
Description
Warrant Subscriptions we are limited
Underlying/Warrant 17B::UWIN to stating the terms as received them
from the Company. The U/W
indicator tells you whether the price
paid is applied to the warrant or the
(underlying) new shares.
The U/W indicator tells you whether

the price paid is applied to the warrant
(W at $45.00 per warrant) or the
(underlying) new shares (U at $15.00
per share).
UNIT Separation - 22F::CAEV//DE A unit of two or more securities sold 22F::CAEV//DET Separation of components that 22F::CAEV//D
event TI as a “package” (for example, a I comprise a security – usually units ETI
company may issue a unit of securities comprised of warrants and bond or
consisting of one common share and warrants and equity. Units may be
one warrant). Separation is the broken up at the request of the
splitting of the unit to its component security holder or based on market
parts. convention.
UNIT Termination - 22F::CAEV//UIT Allocation and distribution of 22F::CAEV//U

event T proceeds for a unit of investment trust. ITT
Warrant 22F::CAEV//WA Issuer distributes warrants to the 22F::CAEV??

Distribution –event RD record holders so that they can WARD
exercise the warrants for the
subscription of the securities.
Warrant Rate 22F::CAEV//WR Offer to subscribe to underlying 22F::CAEV//

Change – event CH security or securities (usually common WRCH
stock) at a new rate for a limited
period.
Withdrawal Date 98a::WITH Last day on which a holder can 98a::WITH

withdraw instructions from a
Voluntary Offer.
144A – event 22F::CAEV//RE Offer to surrender securities restricted 22F::CAOP//REG This is the exchange from 144A to 22F::CAEV//R
GS under Rule 144A for unrestricted S unrestricted, correct. The definition EGS
securities. of the code REGS should be used.
Exchange of securities into

Regulation S tranche. Regulation S
clarifies the conditions under which
offers and sales of securities made
outside the US are exempt from SEC
registration requirements.
A 19 -
APPENDENCIES US ISITC/IOA Corporate Action Working Group Appendices
8.3 Appendix C: Mapping Action Types with Options

The following table links Action Types to SWIFT indicators and code words. In addition, location and usage guidelines are displayed.
Please note that the Corporate Action Event Type OTHE could be used in a number of cases, the group chose not to use this unless no other viable
corporate action event type available.
SWIFT SWIFT Action Type / Code Corporate Action Event Option

Action Type Int’l vs. U.S. Usage Guidelines
Indicator Word Code
US Corporate Actions
Capital Gains
US MAND CAPG - Capital Gains Distribution CASH
Distribution
Use for pre-refunding. This is a code that will be available
in 2002 with the definition:
Partial Defeasance/ PDEF - Partial Defeasance/ Pre-
US MAND CASH Issuer has money set aside to redeem a portion of an
Pre-refunding refunding
issue and the indenture states that the securities may be
called earlier than the stated maturity
US / International Corporate Actions
Active Trading Seq. E, tag 70E /ADTX/ mandatory if Event Code =
US / Int’l MAND ACTV - Active Trading Status OTHE
Status OTHE.
Seq. E, tag 70E /ADTX/ mandatory if Event Code =
Bankruptcy US / Int’l CHOS BRUP - Bankruptcy OTHE OTHE.
OPEN QU: Check Consent ie more than 1 option if CHOS
Use generic mapping of DVCA – Cash Dividend for:
Closed End Fund Distribution
MAND For Mandatory Actions: ADR Dividend (US)
Use for dividends Accept Cash (CASH) Dividend Arrears
with no option. Dividend Omitted
For Mandatory w/ Options Actions: Dividend Rescinded
Cash Dividend US / Int’l DVCA - Cash Dividend
CHOS: Accept Cash (CASH) Fidelity Fund Distribution
Use for dividend Take No Action (NOAC) Fund Distribution (Networked)
currency options (if CHOS then each ccy listed as Fund Distribution
separate CASH Option) LTD Partnership Distribution
Royal (LTD Partnership)
Special Cash Dividend.
Change US / Int’l MAND CHAN - Change OTHE Use generic mapping of CHAN – Change for:
Change in ADR Basis (US)
Reconventioning
Security ID Change
In addition to reporting generic changes to the security,

also use to report escrow to maturity and the trading with
rights.
A1-

Indicator Word Code
OTHE.
Market practice is to:
1) Automatically file for the client w/out notification, or
2) Direct mailing to client.
Class Action US / Int’l MAND CLSA - Class Action OTHE
OTHE.
Consent (CONY)
Consent Denied (CONN)
Consent Offer US / Int’l VOLU CONS - Consent Offer
Abstain (ABST)
Take No Action (NOAC)
MAND:
For Mandatory Actions:
Use for mandatory
Convert (CONV)
conversions.
Use generic mapping of CONV – Conversion for:
For Voluntary Actions:
VOLU: Mandatory Conversion
Convert (CONV)
Use for optional Optional Conversion
Conversion US / Int’l conversions. CONV - Conversion Conversion Rate Change/ Expiring Conversion
For Mandatory w/ Options Actions:
CHOS: Open QU: More detail on CHOS ie could PUTT be used in
Convert (CONV)
Use for conversion place of redeem as an option?
Redeem
rate change or
(No codeword at this time)
expiring
conversion.
Coupon Stripping US / Int’l MAND CPST - Coupon Stripping DETH
Decrease in Value /
US / Int’l MAND DECR - Decrease In Value CASH
Return of Capital
Default Distribution US / Int’l MAND DFLT - Bond Default OTHE
OTHE.
Use generic mapping of DRIP –Div. Reinvestment for:
Dividend Reinvestment
Foreign Dividend Reinvestment (Int’l)
Reinvestment (DRIP)
Dividend
US / Int’l CHOS DRIP - Dividend Reinvestment Accept Cash (CASH)
Reinvestment U.S. Market Practice to notify upon initialization of the
plan, and then automatically reinvest after the 1st time.
Use when there is an option to participate in a
reinvestment plan.
Tender @ Specified Price (CASH)
Dutch Auction / Bid Seq. E, tag 70E /ADTX/ mandatory if Event Code =
US / Int’l VOLU DTCH - Dutch Auction, Bid Tender Tender @ Unspecified Price (OTHE)
Tender OTHE.
Exchange US / Int’l MAND / VOLU / EXOF - Exchange For Mandatory Actions: Use generic mapping of EXOF – Exchange for:
CHOS Accept Shares (SECU) Exchange (mandatory)
Accept Cash & Securities (CASE) Exchange (optional)
A2-

Indicator Word Code
For Voluntary / Mandatory w/ OTHE.
Options Actions:
Accept Cash & Securities (CASE) MAND: Use for mandatory exchanges.
Accept Shares (SECU) VOLU: Use for voluntary election and offers.
Take No Action (NOAC) CHOS: Use for exchange offers with dissenter’s rights.
Accept Cash (PUTT)
CHOS: Use for full calls with conversion option and for the
Full Call US / Int’l MAND / CHOS MCAL - Full Call For Mandatory w/ Options Actions:
redemption of purchase rights.
Convert (CONV)
Accept Cash (PUTT)
Use generic mapping of INTR – Interest Payment for:
Interest Payment US / Int’l MAND INTR - Interest Payment CASH Interest Payment
CD Interest
Use generic mapping of PRII – Interest Payment w/
Principle for:
FNMA Payment (US)
GNMA Payment (US)
Interest Payment w/ Freddie MAC Gold Payment (US)
US / Int’l MAND PRII - Interest Payment w/ Principle CASH
Principle Freddie Mac Payment (US)
Puerto Rican GNMA Interest Payment (Int’l)
UIT Payment (fract)
UIT Payment
CMO Payment
Liquidation US / Int’l MAND LIQU - Liquidation CASH Use for final or partial liquidations.
Use generic mapping of MRGR – Merger for:
Accept Cash (CASH) Merger (MAND)
Accept Shares (SECU) Merger w/ Elections (CHOS)
Merger US / Int’l MAND / CHOS MRGR - Merger
Accept Cash & Securities (CASE) CHOS: Use for mergers with dissenter’s rights.
Take No Action (NOAC) Seq, E tag 70E /ADTX/ mandatory if Event Code =
OTHE.
Name Change US / Int’l MAND / CHOS NAME - Name Change SECU CHOS: Use for name change with dissenter’s rights.
Accept Cash (CASH)
Odd Lot Tender US / Int’l VOLU ODLT - Odd Lot Offer
Accept Cash (CASH)
Accept Shares (SECU)
Optional Dividend US / Int’l CHOS DVOP - Optional Dividend Use for stock / cash options.
Accept Cash & Securities (CASE)
Other US / Int’l MAND / VOLU / OTHE - Other Event Use generic mapping of OTHE – Other for:
CHOS Miscellaneous Distribution (MAND)
Miscellaneous Offer (VOLU / CHOS)
Change in Quotation (MAND)
Plan of Reorganization (CHOS)
A3-

Indicator Word Code
OTHE.
MAND: Use for partial calls.
For Mandatory Actions: CHOS: Use for partial with conversion option.
Accept Cash (PUTT)
Partial Call US / Int’l MAND / CHOS PCAL - Partial Call Note: There is a discrepancy between the mapping of
For Mandatory w/ Options Actions: a Partial Call and a Drawing in the US. PCAL is
Convert (CONV) recommended for US actions since the US market is
more familiar with this terminology.
This is a code that will be available in 2002 and should be
Pay in Kind US / Int’l MAND PINK - Payment in Kind SECU used to report interest payments made in stock rather
than cash. This will require the use of issuer code SMPG.
Indicator depends upon the action.
Place of
US / Int’l MAND / CHOS PLAC - Place of Incorporation OTHE Seq. E, tag 70E /ADTX/ mandatory if Event Code =
Incorporation
OTHE.
Put (PUTT)
Use generic mapping of BPUT – Put Redemption for:
For Mandatory w/ Options Actions: Mandatory Put (MAND)
Put (PUTT) Mortgage Backed Put (CHOS)
Retain (MPUT) Optional Puts (VOLU)
MAND / VOLU / Mandatory Purchase with Right to Retain (CHOS)
Put Redemption US / Int’l BPUT - Put Redemption
CHOS For Voluntary Actions:
Put (PUTT) MAND: Use for full or partial mandatory puts.
Consent & Exchange (CEXC) VOLU: Use for optional puts.
Accept Shares (SECU) CHOS: Use for offers where there is a mandatory put (full
Accept Cash & Securities (CASE) or with a right to retain or return).
Consent Only (CONY)
Use generic mapping of REDM – Final Maturity for:
Redemption US / Int’l MAND REDM - Final Maturity PUTT Certificate of Deposit Redemption
Maturity Payment
Note: Although there is no SWIFT specific code word
Redemption of
US / Int’l MAND MCAL - Full Call CASH for Redemption of Rights, it is recommended that Full
Rights
Call be used, as it is the most accurate.
Indicator depends upon the action.
Remarketing
US / Int’l MAND / CHOS REMK - Remarketing Agreement OTHE Seq. E, tag 70E /ADTX/ mandatory if Event Code =
Agreement
OTHE.
Reverse Stock Split US / Int’l MAND / CHOS SPLR - Reverse Stock Split SECU CHOS: Use for reverse splits with dissenter’s rights.
Use for rights distributions when processing rights issues
Rights Distribution US / Int’l MAND RHDI - Rights Distribution SECU
as two events.
Rights Subscription US / Int’l VOLU RHTS - Rights Issue Subscribe (EXER) Used for a rights exercise when processing as either 1
Subscribe w/ Oversubscription (OVER) event or 2.
Sell Privilege (SLLE) Use for renounceable and non-renounceable rights offers
Take No Action (NOAC) and rights exercise.
A4-

Indicator Word Code
Note: Subscription Offer does not contain rights.

Lapse (LAPS)
OTHE.
Subscribe (EXER)
Subscription Offer US / Int’l VOLU PRIO - Priority Issue
Scrip Dividend US / Int’l MAND DVSC - Scrip Dividend SECU
Smallest Negotiable
US / Int’l MAND SMAL - Smallest Negotiable Unit SECU
Unit
Stock Dividend US / Int’l MAND DVSE - Stock Dividend SECU
MAND: Use for demergers, distributions, scheme of
arrangements and spin-offs.
Stock Spin-Off US / Int’l MAND / CHOS SOFF - Spin-Off
For Mandatory w/ Options Actions:
CHOS: Use for Stock Spin-Off w/ Elections.
Stock Split US / Int’l MAND SPLF - Stock Split SECU
Suspension of Corp. SCOP - Suspension of Corp. Action Seq. E, tag 70E /ADTX/ mandatory if Event Code =
US / Int’l MAND OTHE
Action Privilege Privilege OTHE.
Use generic mapping of TEND – Tender for:
Tender (CASH)
Tender US / Int’l VOLU TEND - Tender Seq. E, tag 70E /ADTX/ mandatory if Event Code =
OTHE.
Tax Reclaim US / Int’l MAND TREC - Tax Reclaim OTHE
OTHE.
Trading Status: Seq. E, tag 70E /ADTX/ mandatory if Event Code =
US / Int’l MAND DLST - Trading Status De-listed OTHE
De-listed OTHE.
Trading Status: Seq. E, tag 70E /ADTX/ mandatory if Event Code =
US / Int’l MAND SUSP - Trading Status: Suspended OTHE
Suspended OTHE.
Unit Separation US / Int’l MAND DETI - Detachment DETH Use for mandatory separation of units.
For Voluntary Actions:
Exercise (EXER)
Sell (SLLE) Use generic mapping of EXWA – Warrants Exercise for:
Warrant Exercise US / Int’l VOLU / CHOS EXWA - Warrant Exercise Warrants Expiration (VOLU)
For Mandatory w/ Options Actions: Warrants Redemption (CHOS)
Exercise (EXER)
Sell (SLLE)
Warrant Distribution US / Int’l MAND BONU - Bonus Issue SECU
International Corporate Actions
Attachment Int’l MAND ATTI - Attachment SECU
Bonus Issue Int’l MAND / VOLU / BONU - Bonus Issue For Mandatory Actions: MAND: Use for the issuance of bonus shares, rights (if a
/ Bonus Rights CHOS Accept Shares (SECU) bonus rights exercise as 2 events) or warrants.
For Voluntary / Mandatory w/ VOLU: Use for bonus rights exercises when processing as
A5-

Indicator Word Code
Options Actions:
2 events.
Sell Rights (SLLE)
CHOS: Use bonus rights exercise when processing as
Subscribe (EXER)
one event.
Lapse (LAPS)
DECR – Use for return of capital or nominal value change
Decrease in Value DECR - Decrease in Value if there is a decrease in value.
Int’l MAND SECU
Increase in Value INCR - Increase in Value INCR – Use for nominal change in which there is an
increase in value.
Drawing Int’l MAND DRAW - Drawing SECU
Use to notify of conversion privileges when the option is
Accept Shares (SECU) only available quarterly, semi-annually or annually.
Exchange Option Int’l VOLU EXOP - Exchange Option Accept Cash & Securities (CASE) Notification is not required if the privilege is available daily,
Take No Action (NOAC) weekly, or monthly. Seq. E, tag 70E /ADTX/ mandatory if
Event Code = OTHE.
Note: In the US General Meetings are not announced
General Meeting Int’l VOLU MEET - General Meeting OTHE through this venue, but rather through a unique proxy
process.
Use for call payments.
Other (OTHE)
Installment Payment Int’l VOLU PPMT - Installment Call Seq. E, tag 70E /ADTX/ mandatory if Event Code =
OTHE.
Maturity Extension Int’l MAND / CHOS EXTM - Maturity Extension CONV Indicator depends upon the action.
Pari-passu /
Int’l MAND PARI - Pari-passu SECU
Assimilation
Subscribe (EXER)
Priority Offer Int’l VOLU PRIO - Priority Issue Use for subscription offers.
Use generic mapping of REDO – Redenomination for:
Redenomination Int’l MAND REDO - Redenomination SECU Bond Redenomination / Renominalization
Equity Redenomination / Re-nominalization
A6-
APPENDENCIES US ISITC/IOA Corporate Action Working Group
Appendices
A1-

United States of America: Corporate Action Market Practice Guide

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United States of America: Corporate Action Market Practice Guide

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United States of America

Corporate Action Market Practice Guide

Prepared by the ISITC-IOA US Securities Market Practice Group

1.1 ISO 15022 Corporate Action Message Market Practice Guide

1.2 Why adopt the ISO standard?

1.3 How to use this document

This document has been constructed as follows:

2. Specific Message Details:

 Details at the sequence/field level within the specific message

 Brown Brothers Harriman

2 General Overview to Corporate Action Best Practice

MT 568 - Corporate Action

2.1.1 Data Source Scheme

2.1.2 Time Zones

3 MT564 Corporate Action Notification

3.1 MT564 Guidelines: General Practices

Seq'ce Description Status The table provides an overview

3.1.1 How to Handle Reminder Notices

1. Sending of reminder notices (RMDR) are determined by Service Level Agreements.

3.2 MT564 Guidelines: Sequence A

3.2.1 General Information

3.2.2 Corporate Action Categories

A list of Corporate Action Event Types, by MAND/VOLU/CHOS, can be found in Appendix C

3.2.3 Rights Distributions, Rights Subscription and Rights Offers

3.2.5 How to Use Status (Field 25D)

3.3 MT564 Guidelines: Subsequence A1 (Linkages)

3.3.1 Linkage of MT564 & MT568 (Corporate Action Narrative)

3.3.1.2 How to use the Linkage between MT564 and MT568

B – MT564 and 1 MT568 generated. All accounts referenced on the MT564.

C – MT564 and 2+ MT568 generated. All accounts referenced on the MT564.

A – Only MT564 generated with all event details and accounts.

MT First Notification Issued Revised Notification #1 Revised Notification #2

20C::CORP//00RRB01234523659 20C::CORP//00RRB01234523659 20C::CORP//00RRB01234523659

B – MT564 and 1 MT568 generated. All accounts referenced on the MT564.

MT First Notification Issued Revised Notification #1 Revised Notification #2

20C::CORP//00RRB01234523659 20C::CORP//00RRB01234523659 20C::CORP//00RRB01234523659

C – MT564 and 2+ MT568 generated. All accounts referenced on the MT564.

MT First Notification Issued Revised Notification #1 Revised Notification #2

20C::CORP//00RRB01234523659 20C::CORP//00RRB01234523659 20C::CORP//00RRB01234523659

20C::CORP//00RRB01234523659 20C::CORP//00RRB01234523659 20C::CORP//00RRB01234523659

MT First Notification Issued Revised Notification #1 Revised Notification #2

20C::CORP//00RRB01234523659 20C::CORP//00RRB01234523659 20C::CORP//00RRB01234523659

20C::CORP//00RRB01234523659 20C::CORP//00RRB01234523659 20C::CORP//00RRB01234523659

20C::CORP//00RRB01234523659 20C::CORP//00RRB01234523659 20C::CORP//00RRB01234523659

3.4 MT564 Guidelines: Sequence B

3.4.1 Underlying Securities (also for Sequence E)

3.4.3 Subsequence B2: Account Information

3.4.3.1 Use of Balance Fields

Tag: 93a – Balance

3.5 MT564 Guidelines: Sequence C

3.6.1 Corporate Action Details

3.6.2 Sequence D vs. Sequence E

3.7 MT564 Guidelines: Sequence E

3.7.1 Corporate Action Options

3.7.2 Field 17B: Flag

3.7.2.1 Field 35B Identification of Financial Instrument

3.7.2.3 Field 22F Indicator

 SELL: Renounceable Status of Entitlement - Must be referenced.

3.7.2.4 Field 92D Rate

3.7.2.5 Field 98A Date/Time

3.7.2.6 Field 69A Trading Period

3.8 MT564 Guidelines: Subsequence E1 (Securities Movement)