Updated High-Level Information

Transcription

1 Standards Standards MT November 2016 Updated High-Level Information This document is an updated version of the High-Level Information document that was published on on 17 July All the expected or requested changes described in that document were validated by a maintenance working group and were either approved or rejected. Country user groups voted on the approved requests and the Board must ratify those that were accepted. This document describes the outcome of the maintenance working groups and the results of the country voting. It also includes other technical changes that are foreseen for implementation at the same time as the Standards MT Release. The purpose of this document is to help technical implementers and operational users of the Standards MT messages to evaluate the impact of changes on interfaces and applications. 20 November 2015

2 Standards MT November 2016 Table of Contents Preface Introduction Schedule for SR Levels of the Change Requests Evaluation of the on Interfaces and Applications Overview of Changes per Category Category 0 FIN System s Other Technical Changes Category 1 Customer Payments and Cheques Category 2 Financial Institution Transfers Category 3 Foreign Exchange, Money Markets and Derivatives Category 4 Collections and Cash Letters Category 5 Securities Markets Trade Initiation and Confirmation Settlement and Reconciliation Corporate Action Collateral Management Other Category 5 Changes Category 6 Commodities, Syndications and Reference Data Category 7 Documentary Credits and Guarantees Category 8 Travellers Cheques Category 9 Cash Management and Customer Status Category n Common Group s Change Requests Postponed to a Later Standards Release Rejected Change Requests Withdrawn Change Requests Legal Notices Updated High-Level Information

3 Preface Preface Purpose of this document This document gives an overview of all MT change requests received by SWIFT Standards for the next Standards MT Release. The purpose of this document is to provide the SWIFT community with an update to the initial high- information that was published in July Technical implementers and operational users of the MT messages can use this document to evaluate the impact on interfaces and applications. This document is not intended to be final. After the MWG review of the change requests, user group chairpersons of all countries were invited to discuss the change requests in their user group and to vote on the acceptance or rejection of individual change requests. The SWIFT Board must ratify the outcome of the country vote. Intended audience This document is for the following audience: Technical implementers of the Standards MT messages Operational users of the Standards MT messages All other interested SWIFT users 20 November

4 Standards MT November Introduction Warning This document describes changes that have been validated by a maintenance working group and approved by Board business committees. The changes have been accepted by country user group votes and the Board will ratify the voting results at its December 2015 meeting. The Updated High-Level Information document is part of the normal standards development and implementation procedures. This document describes the expected or requested changes for Standards MT Release 2016 (SR 2016). SWIFT distributes this document 12 months before the standards release live date. This document also includes other technical changes that are foreseen for implementation at the same time as the Standards Release, for example, changes to system messages. The sole purpose of this document is to help technical implementers and operational users of the SWIFT messages to evaluate the impact of changes on interfaces and applications. Consequently, implementers and users can plan resources and budget allocations for the SR 2016 implementation. As a guide for implementers, a note has been added to each change request to indicate whether a change is mandatory or optional. Each institution must assess their own applications and business needs when implementing these changes. The Standards MT Release Guide 2016, which SWIFT will publish in December 2015, will fully describe the SR Approved changes will be effective as of 20 November 2016, the release date on FIN. Note This publication is supplied for information purposes only, and shall not be binding nor shall it be construed as constituting any obligation, representation or warranty on the part of SWIFT. The information in this publication is the latest available at the date of its production, and may change. 4 Updated High-Level Information

5 Schedule for SR Schedule for SR 2016 This timeline describes the schedule for development and implementation of SR SR 2016 Timeline Note This publication provides details of the changes that are approved by the country voting process. While this provides a good overview of all the expected changes for the next release, the only official source for information about a standards release is the Standards Release Guide that is published in December. 20 November

6 Standards MT November Levels of the Change Requests All change requests contain an evaluation of their impact on interfaces and applications expressed as a number in the range [0-3] with or without a plus (+) or minus (-) sign as in the following table. Index of impact s Level 0 Level 1 Level 1+ Level 2- Level 2+ Level 3- Level 3 This is a minor change that does not impact the format of the message. For example, the scope of the message is updated, which may have an impact on some automated applications. This change relates to the use of the message format but does not affect the message structure or the FIN validation, for example, a definition or a usage rule is changed. An existing message type is removed from the network The change has a small effect on the message structure and the FIN validation, for example, field formats, qualifiers or codes are added or deleted. The message layout or the FIN validation or both are significantly impacted, for example, optional fields or sequences are added or deleted. A new message type is created for use in a message user group () or the use of an existing message type is changed from use in a to general use, that is, all users must be able to receive and process the new message. A new message type is created for general use, that is, all users must be able to receive and process the new message. 6 Updated High-Level Information

7 Evaluation of the on Interfaces and Applications 4 Evaluation of the on Interfaces and Applications on interfaces All changes can have a direct impact on interfaces. This also applies to 0 and 1 changes, which may require an update to input screens or help screens or both. on applications Level 0 changes should have no to minimum impact on applications. Higher changes will normally have an impact on applications, although the impact may be different for applications sending the message than for applications receiving the message. Some changes apply to message types (to be) implemented in a User Group (). In case of non-registration to the, users can not send or receive message of this type. The impact on any application depends directly on the need or desire to support these message types. 20 November

8 Standards MT November Overview of Changes per Category When a change description is not clear without further explanation, a brief business context is sometimes provided to help the readers better understand the reasoning behind the change. Changes that are implemented differently from the original request are indicated in a blue font. As a guide for implementers, a note has been added, in red, to each change request to indicate whether a change is mandatory or optional for users that are sending the messages. All users must be able to receive messages with the changes. The change request numbers (CR 000nnn) are present to enable the submitters to easily track their requests. 5.1 Category 0 FIN System s The following changes are scheduled for implementation in SR MT 082 CR NA Add a report generation date and time field. To be used when field 301 is CS and will indicate the date and time local to the receiver. In the event of a cold start, users must be able to receive the MT 082 with this new field. MT 097 CR NA Add a new tag 165 to header block 3 and to MT 097. To be able to identify a message that is a FINInform message with authorisation. This change will only impact FINInform users. 8 Updated High-Level Information

9 Overview of Changes per Category 5.2 Other Technical Changes There are no changes for implementation in SR November

10 Standards MT November Category 1 Customer Payments and Cheques There are no changes for implementation in SR IMPORTANT NOTE In Payments messages, a structured format option is now available for ordering and beneficiary customers (fields 50F and 59F). The free format options for these customer fields will be removed in SR 2020, the impacted fields and messages are as follows: 50H MT K MTs 102, 102 STP, 103, 103 REMIT, 103 STP 59 (no letter option) MTs 101, 102, 102 STP, 103, 103 REMIT, 103 STP (See also sections 5.4 and 5.11 for other impacted messages) Users are urged to plan for this change well in advance of SR Updated High-Level Information

11 5.4 Category 2 Financial Institution Transfers There are no changes for implementation in SR IMPORTANT NOTE Overview of Changes per Category In Payments messages, a structured format option is now available for ordering and beneficiary customers (fields 50F and 59F). The free format options for these customer fields will be removed in SR 2020, the impacted fields and messages are as follows: 50K MTs 202 COV, 205 COV 59 (no letter option) MTs 202 COV, 205 COV (See also sections 5.3 and 5.11 for other impacted messages) Users are urged to plan for this change well in advance of SR November

12 Standards MT November Category 3 Foreign Exchange, Money Markets and Derivatives The following changes are scheduled for implementation in SR MT 300 CR No Add confirmation and clearing timestamps in order to align with MT 304 and thereby allow additional reporting data to be carried when required. These additional reporting data fields will enhance the ability to use the messages to carry regulatory reporting information between entities such as SEFs, custodians and FCMs. MT 300 MT 304 This change will impact clients who wish to use the MT 300 for regulatory reporting of cleared NDFs. CR Yes Except Add fields for commission and feeds to sequence E, in MT 300 and sequence D, in MT 304. MT 300 To enable FX messages to support new constructs that will result from move of derivative instruments, such as the NDF, to central clearing. This change impacts users of the MT 304 relating to centrally cleared NDFs. MT 304 CR Yes Add reporting jurisdiction to UTI subsequence, to align it with MT 300 and allow multiple UTIs to be carried for different jurisdictions. An investment manager may need to inform its custodian about more than one UTI for a derivative trade that is subject to reporting requirements under different jurisdictions. MT 300 MT 304 MT 305 MT 306 MT 340 MT 341 MT 360 MT 361 This change impacts users of the MT 304 relating to trades which have UTIs for multiple jurisdictions. CR No Except Increase length of UTI namespace component to allow three extra prefix characters, as required by ESMA. MT 304 ESMA guidance issued in 2014 requires a three character prefix to the UTI, which describes how the UTI is constructed. This change is optional for senders of the messages but all users must be able to receive and process messages with the longer UTI namespace. 12 Updated High-Level Information

13 Overview of Changes per Category MT 300 MT 304 MT 305 MT 306 MT 340 MT 341 MT 360 MT 361 CR No Except NAK messages that include code /UTI/ or code /PUTI/ in field 72. MT 304 As part of SR 2013, structured UTI fields were added to a range of category 3 and category 6 messages, to replace prior use of UTI codes in free format fields. In order to force all organisations to use the structured fields, it is proposed to NAK messages that include UTI codes in free format fields. This change impacts users who put UTIs in the free format fields of the category 3 and category 6 messages. MT 306 CR No Improve network validation and description and contents of certain fields in new, early-termination sequence. This message was extended in SR 2015 to support options with early termination conditions. During implementation it became apparent that some further, minor enhancements are required in order to properly meet industry requirements. This change impacts users of the MT 306 for early terminations. MT 306 CR No Improve network validation and description and contents of certain fields in new, averaging options and forwards sequence. This message was extended in SR 2015 to support averaging options and forwards. During implementation it became apparent that some further, minor enhancements are required in order to properly meet industry requirements. MT 350 MT 360 MT 361 MT 362 MT 364 MT 365 This change impacts users of the MT 306 for averaging products. CR No Ensure that all interest rate fields in category 3 messages can support negative rates. Negative interest rates have become a reality over recent years and must therefore be supported, as required. This change will impact users of several category 3 messages in relation to trades with negative interest rates. 20 November

14 Standards MT November Category 4 Collections and Cash Letters There are no changes for implementation in SR Updated High-Level Information

15 Overview of Changes per Category 5.7 Category 5 Securities Markets The following changes are scheduled for implementation in SR Trade Initiation and Confirmation MTs 502, 509, 513, 514, 515, 517, 576, (alignment in other messages possible) MT 502 MT 509 MT 513 MT 514 MT 515 MT 517 MT 518 MT 576 MT 502 MT 509 MT 513 MT 514 MT 515 MT 518 MT 576 MT 502 MT 513 MT 514 MT 515 MT 518 MT 576 CR No Add the LEI format to fields 94a and 95a. To be able to provide an LEI in place fields and party fields. This change was rejected by the Corporate Actions working group. The Settlement and Reconciliation group agreed that, initially, the implementation of the LEI should be limited to the settlement instruction, status advice, confirmation, allegement notification and related reporting messages. It will not be implemented in the intra position messages. The place fields PLIS, VAHA, PRIC and the party fields MEOR and MERE are not impacted. This was agreed by the other category 5 working groups. Only senders who wish to use the new format option will be impacted but all users must be able to receive and to process messages that contain an LEI. CR No Add an optional negative sign to the A letter option in field 90a. To be able to indicate a negative amount when price is expressed as a yield. It was agreed to also add a network validated rule to ensure that subfield Sign is only used if the percentage type code is YIEL. Low impact on users' business applications. CR No Delete qualifiers MIEX and MILT field 36B in Financial Instrument Attributes sequences. Update the name and definition of qualifier MAEX, MINO, MIEX and MILT in field 36B. To harmonise definitions of those quantities across the corporate action, trade initiation confirmation and triparty collateral management messages, to avoid any confusion in their use. The CR also asked for a new format option for MINO but this was rejected as there was no strong business case. Deletion of the MIEX and MILT quantity qualifiers is mandatory for inbound and outbound messages. Low impact on users' business applications. 20 November

16 Standards MT November Settlement and Reconciliation MTs 508, 524, 535-8, 540-9, 578, 586, (alignment in other messages possible) MT 508 MT 524 MT 535 MT 536 MT 538 MT 540 MT 541 MT 542 MT 543 MT 544 MT 545 MT 546 MT 547 MT 578 MT 586 MT 535 MT 536 MT 537 MT 540 MT 541 MT 542 MT 543 MT 544 MT 545 MT 546 MT 547 MT 548 MT 549 MT 578 MT 586 MT 508 MT 524 MT 535 MT 538 MT 540 MT 541 MT 542 MT 543 MT 544 CR No Add an optional negative sign to the A letter option in field 90a. To be able to indicate a negative amount when price is expressed as a yield. It was agreed to also add a network validated rule to ensure that subfield Sign is only used if the percentage type code is YIEL. Low impact on users' business applications. CR No Add the LEI format to fields 94a and 95a. To be able to provide an LEI in place fields and party fields. This change was rejected by the Corporate Actions working group. The Settlement and Reconciliation group agreed that, initially, the implementation of the LEI should be limited to the settlement instruction, status advice, confirmation, allegement notification, and related reporting messages. It will not be implemented in the intra position messages. The place fields PLIS, VAHA, PRIC and the party fields MEOR and MERE are not impacted. This was agreed by the other category 5 working groups. Only senders who wish to use the new format option will be impacted but all users must be able to receive and to process messages that contain an LEI. CR No Delete qualifiers MIEX and MILT field 36B in Financial Instrument Attributes sequences. Update the name and definition of qualifier MAEX, MINO, MIEX and MILT in field 36B. To harmonise definitions of those quantities across the corporate action, trade initiation confirmation and triparty collateral management messages, to avoid any confusion in their use. The CR also asked for a new format option for MINO but this was rejected as there was no strong business case. 16 Updated High-Level Information

17 Overview of Changes per Category MT 545 MT 546 MT 547 MT 578 MT 586 MT 536 MT 537 MT 540 MT 541 MT 542 MT 543 MT 544 MT 545 MT 546 MT 547 MT 548 MT 537 MT 548 MT 549 Deletion of the MIEX and MILT quantity qualifiers is mandatory for inbound and outbound messages. Low impact on users' business applications. CR No Add a code to qualifier STCO in field 22F, in sequence E. To be able to indicate that the security transaction is not for accounting. Instead of the requested code CSTO "Custody Settlement Only", the code NACT "Not Accounting Related" is added to STCO, as this emphasises the deviation from the normal process. This change is optional as use of the field is linked to market practice or to a service agreement (SLA) between the sender and receiver. CR No Add 2 new reason codes to qualifier NMAT in field 24B, in subsequence A2a. To be able to report unmatched reason codes. This change is optional as use of the field is linked to market practice or to a service agreement (SLA) between the sender and receiver. MT 508 MT 536 MT 537 MT 538 CR No Update definition of code SOFF in qualifier CAEV, in field 22F. To open the use of SOFF to the distribution of shares of an existing third party company. This change impacts only the definition of a code. Low impact on users' business applications. MT 508 MT 538 CR No Update definition of code BONU in qualifier CAEV, in field 22F. To remove the ambiguity in the definition of the Bonus/Capitalisation Issue. This change impacts only the definition of a code. Low impact on users' business applications. 20 November

18 Standards MT November Corporate Action MTs 564, 565, 566, 567, 568, (alignment in other messages possible) MT 564 MT 565 MT 566 MT 564 MT 565 MT 566 CR No Add an optional negative sign to the A letter option in field 90a. To be able to indicate a negative amount when price is expressed as a yield. It was agreed to also add a network validated rule to ensure that subfield Sign is only used if the percentage type code is YIEL. Low impact on users' business applications. CR No Delete qualifier DECL from field 70E, in sequence F of MT 564. Delete field 70E from sequence C of MT 566. Delete qualifier PACO and add optional and repetitive qualifier TAXE Taxation Conditions to field 70E, in sequence D1b of MT 566. Add optional and repetitive qualifier TAXE Taxation Conditions to field 70E, in sequence D2a of MT 566. Delete qualifiers TXNR, INCO, COMP, TAXE, DECL, REGI, BAIN from field 70E, in sequence E of MT 566. Delete qualifier DECL and add optional and non-repetitive qualifier CETI to sequence C of MT 565. Delete field 70E Narrative from sequence D of MT 565. Delete qualifiers ADTX, TXNR, DISC, BAIN and add optional and repetitive qualifiers COMP, DVLR, FXIN, INST to sequence E of MT 565. To harmonise and rationalise the use of narratives across the corporate action messages. The working group agreed to the following: - MT 566 sequence D1b and D2a, do not add narrative TAXE - MT 566 sequence E, keep narratives TAXE and TXNR - MT 565 sequence D, keep narratives COMP, DLVR, FXIN, INST - MT 565 sequence E, do not add COMP, DLVR, FXIN, INST Deletion of the narrative qualifiers is mandatory for inbound and outbound messages. The rest of the changes are optional as use of the narrative fields may be linked to market practice or to a service agreement (SLA) between the sender and the receiver. 18 Updated High-Level Information

19 Overview of Changes per Category MT 564 MT 565 MT 566 MT 567 CR No Update the definition of qualifier TAXR in field 92a, in sequence E of MT 564 and in sequence D of MT 566. Add format option F to qualifier TAXR in field 92a, in sequence E of MT 564 and to sequence D of MT 566. Add optional and repetitive qualifier WITL to field 92a, in sequence E of MT 564 and in sequence D of MT 566. Delete qualifier WITF and TAXE from field 92a, in sequence E of MT 564 and in sequence D of MT 566. Add new NVR to enforce presence of qualifier TAXR if qualifier WITL is used in field 92a, in sequence E of MT 564 and in sequence D of MT 566. Update NVR rule C9 in MT 564 and NVR rule C4 in MT 566. Delete NVR rule C6 from MT 564 and NVR rule C7 from MT 566. Add new NVR rule to MT 564 and MT 566. Update the definition of qualifier TAXR in field 92a, in sequence E2 of MT 564 and in sequence D2 of MT 566. Add format option F to qualifier TAXR in field 92a, in sequence E2 of MT 564 and in sequence D2 of MT 566. Update definition and name of qualifier WITL in field 92a, in sequence E2 of MT 564 and in sequence D2 of MT 566. Delete qualifier WITF and TAXE from field 92a, in sequence E2 of MT 564 and from sequence D2 of MT 566. Add new NVR to enforce presence of qualifier TAXR if qualifier WITL is used in field 92a, in sequence E2 of MT 564 and in sequence D2 of MT 566. Update the definition of qualifier TAXR in field 19B, in sequence E2 of MT 564 and in sequence D2 of MT 566. Update definition and name of qualifier WITL in field 19B, in sequence E2 of MT 564 and in sequence D2 of MT 566. Delete qualifier WITF and TAXE from field 19B, in sequence E2 of MT 564 and in sequence D2 of MT 566. Add new optional and repetitive qualifier TAXR Requested Withholding Tax Rate to field 92a, in sequence B of MT 565. Delete qualifier WITF from field 92a, in sequence B of MT 565. Update definition and name of qualifier WITL in field 92a, in sequence B of MT 565. Update the definition of qualifier TAXR in field 19B, in sequence B of MT 567. Update definition and name of qualifier WITL in field 19B, in sequence B of MT 567. Delete qualifier WITF from field 19B, in sequence B of MT 567. Add new optional field 94C with unique optional non repetitive qualifier COIN Country Of Income Source to sequence E2 of MT 564 and to sequence D2 of MT 566. Add new optional non repetitive qualifier COIN Country Of Income Source to field 94a, in sequence E1 of MT 564 and in sequence D1 of MT 566. Harmonise withholding tax rates and their use in Corporate Action messages and also enable specification of country of source of income for dividend events. It was agreed that TAXR "Requested Withholding Tax Rate" should not be added to field 92a, in sequence B of MT 565 as it would be redundant with the existing TAXB rate. Instead the group agreed to change the name of the TAXB rate in the MT 565 sequence B to "Requested Withholding Tax Rate". Deletion of qualifiers is mandatory for inbound and outbound messages. The other changes are optional as use of tax related fields may be linked to market practice or to a service agreement (SLA) between the sender and the receiver. Medium impact on users' business applications. 20 November

20 Standards MT November 2016 MT 564 CR No Add optional, non-repetitive qualifier BPRD Buyer Protection Response Deadline to field 98a, in sequence D. To enable the account servicers/csds to provide a client response deadline prior to the buyer protection deadline. The working group agreed to add an optional, non-repeatable qualifier ECRD "Election To Counterparty Response Deadline" to field :98a::Date/Time, in sequence D and to rename the existing element from "Election to Counterparty Deadline" to "Election to Counterparty Market Deadline". This change is optional as use of the field is linked to market practice or to a service agreement (SLA) between the sender and receiver. Low impact on users business applications. MT 564 CR No Add a subsequence with new, mandatory, non-repeatable qualifier BORD Stock Lending Deadline in field 98a and with new, mandatory, non-repeatable qualifier BORW Borrower in field 95a. Delete optional qualifier BORD Stock Lending Deadline Date/Time from field 98a, in sequence E. To enable the custodians to provide one stock lending deadline per borrower, when there is more than one borrower. The working group agreed to make the qualifier BORD "Stock Lending Deadline Date/Time" repeatable in field :98a: Date/Time and to create two new format options, J and K, in the same field in order to associate a date and time with a party either as a BIC or as a proprietary identification. This change is optional as use of the field is linked to market practice or to a service agreement (SLA) between the sender and receiver. Medium impact on users business applications. MT 564 CR No Make qualifier DIVI Dividend Type Indicator repeatable in field 22F, in sequence D. To make it possible to mention more than one non-mutually-exclusive type of dividend. The working group agreed to add a new code SPRE to field :22F::DIVI "Dividend Type Indicator". This change is optional as use of the field is linked to market practice or to a service agreement (SLA) between the sender and receiver. Medium impact on users business applications. MT 564 CR No Add code REAC Required Action to qualifier ADDB Additional Business Process Indicator to field 22F, in sequence D. Add optional, non-repetitive qualifier APLI Applied Option Flag to field 17B, in sequence E. To enable an account owner to distinguish between common mandatory events (MAND) and mandatory events that require an action from the account owner, in order to receive the entitlement/proceeds. 20 Updated High-Level Information

21 Overview of Changes per Category This change is optional as use of the field is linked to market practice or to a service agreement (SLA) between the sender and receiver. Medium impact on users business applications. MT 564 MT 565 MT 566 MT 567 CR No Delete the codes QREC Quantity To Receive and QOVE Over And Above in qualifier OPTF from field 22F, in sequence E of MT 564 and in sequence D of MT 566. Update the definition of qualifier QINS in field 36a, in sequence D of MT 565. Delete the qualifiers QREC and QOVE from field 36a in sequence D of MT 565 and update network validated rule C4 in MT 565. Delete the qualifier QREC from field 36B in sequence B of MT 567 and update network validated rule C3 in MT 567. To simplify the implementation of the oversubscription process. Deletion of the quantity qualifiers is mandatory for inbound and outbound messages. Medium impact on users' business applications. MT 564 MT 565 MT 566 MT 568 CR No Delete qualifiers MIEX and MILT field 36B in Financial Instrument Attributes sequences. Update the name and definition of qualifier MAEX, MINO, MIEX and MILT in field 36B. To harmonise definitions of those quantities across the corporate action, trade initiation confirmation and triparty collateral management messages, to avoid any confusion in their use. The CR also asked for a new format option for MINO but this was rejected as there was no strong business case. Deletion of the MIEX and MILT quantity qualifiers is mandatory for inbound and outbound messages. Low impact on users' business applications. MT 564 MT 565 MT 566 MT 568 CR No Add optional, repetitive qualifier CETI Certification/Breakdown narrative to field 70E in sequence F in MT 564. Add optional, repetitive qualifier CETI Certification/Breakdown narrative and qualifier TXNR Narrative Version in field 70a in sequence C in MT 568. To harmonise the presence of the "certification/breakdown" and "narrative version" narrative qualifiers between the corporate action notification and the narrative messages. This change is optional as use of the field is linked to market practice or to a service agreement (SLA) between the sender and receiver. Medium impact on users business applications. 20 November

22 Standards MT November 2016 MT 564 MT 566 MT 564 MT 566 CR No (Previously CR ) Add the new codes MPUT Mandatory Put Redemption and PPUT Partial Mandatory Put Redemption to qualifier CAEV Corporate Action Event Indicator in field 22F, in sequence A. To be able to distinguish the three put redemption scenarios that exist in the US, while only one put redemption event BPUT is present in the messages. The working group agreed to create one new code PPUT in :22F::ADDB "Additional Business Process Indicator ", in sequence D of MT 564 and in sequence C of MT 566. This change is optional as use of the field is linked to market practice or to a service agreement (SLA) between the sender and receiver. Medium impact on users business applications. CR No Add two indicator codes NREF Non-Refunded Security and REFU Refunded Security to qualifier NSIS New Securities Issuance Indicator in field 22F, in sequence E1 of MT 564 and in sequence D1 of MT 566. To be able to differentiate between the refunded and non-refunded securities for partial pre-refunding (PDEF) events. This change is optional as use of the field is linked to market practice or to a service agreement (SLA) between the sender and receiver. Low impact on users business applications. MT 564 MT 566 CR No Add codes FPRE Full Pre-Refunding and PPRE Partial Pre- Refunding to qualifier CAEV Corporate Action Event Indicator in field 22F, in sequence A. Amend the definition of indicator code PDEF in qualifier CAEV Corporate Action Event Indicator in field 22F Indicator, in sequence A General Information. To be able to distinguish between the three different partial defeasance/pre-funding scenarios in the US market. Currently there is a single event type covering those three scenarios in the messages. The working group agreed to create two new codes, FPRE and PPRE, in field :22F::ADDB "Additional Business Process Indicator", in sequence D of MT 564 and in sequence C of MT 566 but did not agree to change the definition of the PDEF event. This change is optional as use of the field is linked to market practice or to a service agreement (SLA) between the sender and receiver. Low impact on users business applications. 22 Updated High-Level Information

23 Overview of Changes per Category MT 564 MT 566 MT 564 MT 566 CR No Add new code 302E to qualifier TXAP in field 22H, in subsequences E1 and E2 of MT 564 and in subsequences D1 and D2 of MT 566. To advise that a corporate action is subject to US section 302 taxation. The group agreed to change the format option for qualifier TXAP from H to F, so as to maintain the list of available codes externally via global (SMPG) or local market practices. This change is optional as use of the field is linked to market practice or to a service agreement (SLA) between the sender and the receiver. Medium impact on users' business applications. CR No Add optional and non-repetitive qualifier ITYP Type Of Income to field 22a, in sequence E1 of MT 564 and in sequence D1 of MT 566. Add optional and repetitive qualifier ETYP Type Of Exemption to field 22a in sequence E1 in MT 564 and in sequence D1 in MT 566. To enable the specification of income types and income exemption types for securities proceeds, as it is done for cash proceeds. This change is optional as use of the fields may be linked to market practice or to a service agreement (SLA) between the sender and the receiver. Low impact on users' business applications. MT 564 MT 566 CR No Add an optional subfield Rate Status to field 92F with codes ACTU, INDI and PROV Provisional restricted to the use of qualifiers GRSS, NETT and INTP in sequence E and in subsequence E1 of MT 564 and in sequence D and subsequence D2 of MT 566. Add new network validated rule to field 92F to prevent the use of subfield Rate Status in sequence D and subsequence E1 of MT 564, in sequence C and subsequence D1 of MT 566, in sequence D of MT 565. Remove the rate qualifiers FDIV and PDIV from the MT 564 sequence E2 and MT 566 sequence D2. To remove the potential confusion in the use of the dividend rates when preliminary or provisional. The working group agreed to add a new format option 92H Rate with Currency Code, Amount and Rate Status subfields. Rate Status may contain the codes ACTU or INDI, when used with qualifiers GRSS or NETT in sequence E and in subsequence E1 of MT 564 and in sequence D and subsequence D2 of MT 566. The group also agreed to remove the rate qualifiers FDIV and PDIV from the MT 564, sequence E2 and MT 566, sequence D2 Deletion of the FDIV and PDIV rate qualifiers is mandatory for inbound and outbound messages. The new 92H format option change is optional, as use of this new format option may be linked to market practices or to a service agreement (SLA) between the sender and the receiver. 20 November

24 Standards MT November 2016 MT 566 CR No Add format option M to qualifiers SOFE Solicitation Fee Rate and ESOF Early Solicitation Fee Rate in field 92a, in sequence D2. To have consistent format options for solicitation fee and early solicitation fee rates between the corporate action notification and the corporate action confirmation messages. This change is optional as use of the field is linked to market practice or to a service agreement (SLA) between the sender and receiver. Medium impact on users business applications. MT 564 MT 565 MT 566 MT 567 MT 568 CR No Update definition of code SOFF in qualifier CAEV, in field 22F. To open the use of SOFF to the distribution of shares of an existing third party company. This change impacts only the definition of a code. Low impact on users' business applications. MT 564 MT 565 MT 566 MT 567 MT 568 CR No Update definition of code BONU in qualifier CAEV, in field 22F. To remove the ambiguity in the definition of the Bonus/Capitalisation Issue. This change impacts only the definition of a code. Low impact on users' business applications Collateral Management MTs , 527, 558, 569, (alignment in other messages possible) MT 527 MT 558 CR Yes Add qualifier CLPB to field 95a in subsequence A1. To identify the client's party B in the collateral transaction. This change is optional as use of the field is linked to local market practice or to a service agreement (SLA) between the sender and receiver. Medium impact on users' business applications. MT 527 MT 558 CR Yes Add format option C to qualifier VSMR in field 92a, in sequence B Deal Transaction Details such that a data source scheme and standard haircut code can be used. To allow users to request a standard haircut profile rather than a percentage rate. 24 Updated High-Level Information

25 Overview of Changes per Category This change is optional as use of the field is linked to local market practice or to a service agreement (SLA) between the sender and receiver. Medium impact on users' business applications. MT 527 MT 558 MT 569 CR Yes Add a qualifier for accrued interest to field 19A, in sequence A and add a qualifier for sender's reference to field 20C in sequence C and in sequence D. To identify the sender's movement (both cash and stock) and the sender transaction. The group agreed on the principal and requested an update to the definition of the qualifiers TRCI and TSMV in the MT 558 and MT 569. The addition of a new qualifier was rejected. This is a definition change for clarification purposes only and therefore has no implementation impact. MT 558 CR Yes Add a new qualifier for Transaction Amount Matching Tolerance to field 19A in sequence B. To indicate a possible variation between the initial requested amount and the matched amount. This change is optional as use of the field is linked to local market practice or to a service agreement (SLA) between the sender and receiver. Medium impact on users' business applications. MT 558 CR Yes Add a new field "Type of Position Flag". To be able to report the settlement status of cash pieces. This change is optional as use of the field is linked to local market practice or to a service agreement (SLA) between the sender and receiver. Medium impact on users' business applications. MT 558 CR Yes Add a new field "Settlement Approved Flag". To be able to identify if the proposed collateral movements have been settled or not. This change is optional as use of the field is linked to local market practice or to a service agreement (SLA) between the sender and receiver. Medium impact on users' business applications. 20 November

26 Standards MT November 2016 MT 569 CR Yes Add the LEI format to fields 94a and 95a. To be able to provide an LEI in place fields and party fields. This change was rejected by the Corporate Actions working group. The Settlement and Reconciliation group agreed that, initially, the implementation of the LEI should be limited to the settlement instruction, status advice, confirmation, allegement notification, and related reporting messages. It will not be implemented in the intra position messages. The place fields PLIS, VAHA, PRIC and the party fields MEOR and MERE are not impacted. This was agreed by the other category 5 working groups. Only senders who wish to use the new format option will be impacted but all users must be able to receive and to process messages that contain an LEI. MT 569 CR Yes Add an optional negative sign to the A letter option in field 90a. To be able to indicate a negative amount when price is expressed as a yield. It was agreed to also add a network validated rule to ensure that subfield Sign is only used if the percentage type code is YIEL. Low impact on users' business applications Other Category 5 Changes MT 500 MT 501 MT 519 CR No Add an optional negative sign to the A letter option in field 90a. To be able to indicate a negative amount when price is expressed as a yield. It was agreed to also add a network validated rule to ensure that subfield Sign is only used if the percentage type code is YIEL. Low impact on users' business applications. MT 575 CR Yes Add the LEI format to fields 94a and 95a. To be able to provide an LEI in place fields and party fields. This change was rejected by the Corporate Actions working group. The Settlement and Reconciliation group agreed that, initially, the implementation of the LEI should be limited to the settlement instruction, status advice, confirmation, allegement notification, and related reporting messages. It will not be implemented in the intra position messages. The place fields PLIS, VAHA, PRIC and the party fields MEOR and MERE are not impacted. This was agreed by the other category 5 working groups. Only senders who wish to use the new format option will be impacted but all users must be able to receive and to process messages that contain an LEI. 26 Updated High-Level Information

27 Overview of Changes per Category MT 500 MT 501 MT 519 CR No Delete qualifiers MIEX and MILT field 36B in Financial Instrument Attributes sequences. Update the name and definition of qualifier MAEX, MINO, MIEX and MILT in field 36B. To harmonise definitions of those quantities across the corporate action, trade initiation confirmation and triparty collateral management messages, to avoid any confusion in their use. The CR also asked for a new format option for MINO but this was rejected as there was no strong business case. Deletion of the MIEX and MILT quantity qualifiers is mandatory for inbound and outbound messages. Low impact on users' business applications. MT 575 CR Yes MT 500 MT 501 MT 575 Add a code to qualifier STCO in field 22F, in sequence E. To be able to indicate that the security transaction is not for accounting. Instead of the requested code CSTO "Custody Settlement Only", the code NACT "Not Accounting Related" is added to STCO, as this emphasises the deviation from the normal process. This change is optional as use of the field is linked to market practice or to a service agreement (SLA) between the sender and receiver. CR No Update definition of code BONU in qualifier CAEV, in field 22F. Except To remove the ambiguity in the definition of the Bonus/Capitalisation Issue. MT 575 This change impacts only the definition of a code. Low impact on users' business applications. MT 575 CR Yes Update definition of code SOFF in qualifier CAEV, in field 22F. To open the use of SOFF to the distribution of shares of an existing third party company. This change impacts only the definition of a code. Low impact on users' business applications. 20 November

28 Standards MT November Category 6 Commodities, Syndications and Reference Data The following changes are scheduled for implementation in SR MT 600 MT 601 CR No Increase length of UTI namespace component to allow three extra prefix characters, as required by ESMA. ESMA guidance issued in 2014 requires a three character prefix to the UTI, which describes how the UTI is constructed. This change is optional for senders of the messages but all users must be able to receive and process messages with the longer UTI namespace. MT 600 MT 601 CR No NAK messages that include code /UTI/ or code /PUTI/ in field 72. As part of SR 2013, structured UTI fields were added to a range of category 3 and category 6 messages, to replace prior use of UTI codes in free format fields. In order to force all organisations to use the structured fields, it is proposed to NAK messages that include UTI codes in free format fields. This change impacts users who put UTIs in the free format fields of the category 3 and category 6 messages. MT 601 CR No Add content validation to Manual/Automatic Indicator subfield in field 23. Field 23 in the MT 601 is not currently content validated, which has allowed incorrect usage and a break in STP. This change impacts users who misuse field 23 of the MT 601. MT 601 CR No Remove validation rule C3 which mandates that the option premium currency must be the same as the strike price currency, as this is not always the case. Remove assumption from commodity option confirmation that the premium currency is the same as the strike price currency, as this is not always the case. This change allows the MT 601 to be used for commodity options where the strike currency is different to the premium currency. 28 Updated High-Level Information

29 Overview of Changes per Category 5.9 Category 7 Documentary Credits and Guarantees There are no changes for implementation in SR IMPORTANT NOTE Category 7 messages are undergoing a thorough review and significant changes will be implemented in SR 2018 and SR 2019 as follows: SR 2018 changes to MTs SR 2019 changes to MTs These changes include 8 new messages. Advance information about the changes and the new messages will be published in the first quarter of November

30 Standards MT November Category 8 Travellers Cheques There are no changes for implementation in SR Updated High-Level Information

31 Overview of Changes per Category 5.11 Category 9 Cash Management and Customer Status IMPORTANT NOTE In Payments messages, a structured format option is now available for ordering customer (field 50F). The free format option for this field will be removed in SR 2020, the impacted field and message is as follows: 50K MT 910 (See also sections 5.3 and 5.4 for other impacted messages) Users are urged to plan for this change well in advance of SR The following changes are scheduled for implementation in SR MT 900 MT 910 MT 940 MT 941 MT 942 CR No Add a subfield for a BIC to the account identification field, in corporate reporting messages. To be able to easily identify a corporate account owner and to easily route the message accordingly. The working group agreed to add a format option to the account identification field, which indicates the identifier code (BIC) of the account owner together with the account number. Senders will now have a choice between two format options for the mandatory field 25. Receivers that participate in a relay scenario and want to facilitate/automate the forwarding of the message to the right account owner will request the sender to include the new format option (with the BIC) when relevant. MT 910 CR No Remove the network validated rule that prevents the use of both fields 50a and 52a in the MT 910. To meet the increased demand for more detail about all parties involved in a credit transfer. The change has no impact on the current use of the message, but makes it possible to report on an additional party involved in the transaction, when required. MT 935 CR No Update the format of field 37H to cater for negative interest rates. To be able to comply with new market requirements for negative interest rates. It was decided to add an optional subfield Sign to the existing field 37H. The subfield will only be used to report on a negative interest rate. Only senders that need to report on negative interest rates will be impacted, but all users must be able to receive and to process messages that contain negative interest rates. 20 November

32 Standards MT November Category n Common Group s There are no changes for implementation in SR Updated High-Level Information

33 Change Requests Postponed to a Later Standards Release 6 Change Requests Postponed to a Later Standards Release The changes in this section are held over for a future release. The release will be decided at a later date. MT 300 CR No Add structured fields for support of non-deliverable forward (NDF) opening and valuation confirmation messages. Retire use of NDF codes in field 77D, in sequence A. NDF trades have, until now, been confirmed using codes in a free format field, which has led to manual processing and errors. This CR replaces these codes with specific structured and validated fields. MT 304 CR Yes Add structured fields for support of non-deliverable forward (NDF) opening and valuation instruction messages. Retire use of NDF codes in field 72, in sequence C. NDF trades have, until now, been instructed using codes in a free format field, which has led to manual processing and errors. This CR replaces these codes with specific structured and validated fields. MT 305 CR No Add structured fields for support of non-deliverable option (NDO) confirmation messages. Retire use of NDO codes in field 72, in sequence A. Non-deliverable vanilla option trades have, until now, been confirmed using codes in a free format field, which has led to manual processing and errors. This CR replaces these codes with specific structured and validated fields. MT 502 MT 509 MT 515 CR No Delete codes SUBS, REDM, CROF, CROT, SWIF, SWIT and DIVR from field 22H, qualifier BUSE. This is to support the community decision to migrate to a single standard for Funds order processing by the removal the tactical ISO solutions for funds. This change is the completion of an 8-year community driven migration programme validated and confirmed by the industry in November

34 Standards MT November 2016 MT 742 CR No Add an optional field in MT 742 for compliance requirements. This is needed for compliance (type of goods, vessel, bill of lading, shipping company, etc.). MT 760 CR No Add a new field in MT 760 for the counter-guarantee rules. Only one field is present in the MT for the undertaking rules. There is no field for counter-undertaking rules in case they are different. 34 Updated High-Level Information

35 Rejected Change Requests 7 Rejected Change Requests These changes were rejected by a maintenance working group. Cat 5 CR Cat 5 Add the ISO standard Financial Instrument Short Name (FISN) to field 35B in all messages where this is applicable. To be able to provide the FISN in combination with the ISIN. Cat 1 Cat 2 CR NA Add the C letter option consistently to party fields to align across all Payments messages. To be able to provide only a clearing code to identify financial institution parties. Cat 1 Cat 2 CR NA Add a field to identify the purpose of the payment. To facilitate compliance with local regulations in various countries where it is necessary to include purpose codes in payments instructions. Cat 1 Cat 2 Cat 9 CR NA Delay the date for the proposed removal of the free format options from fields 50a and 59a. To allow the community to prepare for this change and to wait for a regulation that mandates it. Cat 1 MT 202 COV See sections 5.3, 5.4 and 5.11 for more information CR No Except Add new fields to identify ultimate creditor and ultimate debtor in Payments messages. Cat 1 To improve traceability of payments and to comply with new and pending regulations. 20 November

36 Standards MT November 2016 Cat 5 CR Cat 5 Update the name and definition of code PCAL in qualifier CAEV, in field 22F. To adapt the name and definition of the partial redemption event to the recent use of that event for bonds redeemed before their final scheduled maturity without reduction of the nominal value. Cat 5 CR Cat 5 Update the definition of qualifier INTR Interest Rate in field 92a. To open the use of the rate INTR to a nominal annual rate of a variable interest bearing instrument. MT 101 MT 103 MT 200 MT 202 MT 210 CR No Except Add a field to identify the purpose of the payment. MT 101 To facilitate compliance with local regulations in various countries where it is necessary to include purpose codes in payments instructions. MT 102 MT 102 STP MT 103 MT 103 REMIT MT 103 STP MT 103 MT 103 STP CR No Except Add a usage rule to field 71F. MT 102 To clarify that all parties that take charges must be indicated in multiple MT 103 occurrences of this field and in the order in which the charges were REMIT deducted. CR No Make field 26T mandatory to identify the purpose of a payment and provide a list of codes that must be used in the field. To facilitate compliance with local regulations in various countries where it is necessary to include purpose codes in payments instructions. MT 103 MT 103 STP CR No Make field 77B mandatory. To increase STP on payments where it is mandatory to identify the country of the ordering and/or beneficiary customers. 36 Updated High-Level Information

37 Rejected Change Requests MT 103 MT 110 MT 200 MT 202 MT 210 CR No Apply additional validation on IBANs that are present in Payments messages. To protect financial institutions from receiving invalid IBANs in messages. MT 360 MT 361 MT 364 MT 365 CR No Update rate fields in interest-rate swap messages. As negative interest rates have become a reality, it has become necessary to ensure that SWIFT messages support negative rates as required. MT 564 MT 568 CR No Add new format option H to field 70a Narrative and add this format option H to all narrative qualifiers in sequences E and F of MT 564. Add new format option H and J to field 70a and add this format option H and J to all narrative qualifiers in sequence C of MT 568. To enable the provision of an update date and description for narratives, as already enabled in ISO Corporate Action messages. MT 564 CR No Add optional and non-repetitive qualifier SPRD Fixed Rate Spread to field 90a in sequence D. Update the definition of percentage type code YIEL in field 90A, in sequence D. Add optional and non-repetitive qualifier RSEC Referenced Security Type Indicator to field 22a, in sequence D. Add optional and non-repetitive qualifier 35B to sequence D. Add optional and non-repetitive qualifier PRDT Price fixation Date/Time to field 98a, in sequence E. To be able to automate fixed rate spread repurchase events in the US. MT 670 MT 671 CR No Add validation in order to ensure that correct party codes are present for an SSI update. Ensure that SSI updates are well formed and thereby avoid manual processing. 20 November

38 Standards MT November 2016 MT n95 MT n96 MT n99 CR No Create prioritisation codes in query and answer messages. To be able to easily identify and route query and answer messages related to sanctions screening results, compliance-related matters, and suspicion of fraud. 38 Updated High-Level Information

39 Withdrawn Change Requests 8 Withdrawn Change Requests These changes were withdrawn by the submitter. MT 540 MT 541 MT 542 MT 543 MT 544 MT 545 MT 546 MT 547 MT 548 CR No Add 2 codes to qualifier REPT in field 22F, in sequence E. To be able to differentiate an increase or decrease of collateral from a flat/even collateral pair within a repo rollover. NEW CR NA Create 2 new MT 56x messages and 2 new ISO MX seev.04x messages. To fill the holes in the automation of market claims for T2S CSD members and players in the ensuing Corporate Actions processing chain. 20 November

40 Standards MT November 2016 Legal Notices Copyright SWIFT All rights reserved. Disclaimer This publication constitutes advance information only and is not to be considered the final and complete standards documentation for the subject matter published herein. The information in this publication may change from time to time. You must always refer to the latest available version on SWIFT Standards Intellectual Property Rights (IPR) Policy - End-User License Agreement SWIFT Standards are licensed subject to the terms and conditions of the SWIFT Standards IPR Policy - End-User License Agreement, available at > About SWIFT > Legal > SWIFT Standards IPR Policy. Translations The English version of SWIFT documentation is the only official version. Trademarks SWIFT is the trade name of S.W.I.F.T. SCRL. The following are registered trademarks of SWIFT: the SWIFT logo, SWIFT, SWIFTNet, Accord, Sibos, 3SKey, Innotribe, the Standards Forum logo, MyStandards, and SWIFT Institute. Other product, service, or company names in this publication are trade names, trademarks, or registered trademarks of their respective owners. 40 Updated High-Level Information