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									          United States of America


                 Corporate Action
            Market Practice Guide
                          MT564


Prepared by the ISITC-IOA U.S. Securities Market Practice Group

                      Version 12 - Final
                          April 2003
                                                       Table of Contents
1  Introduction ........................................................................................................2
 1.1 ISO 15022 CORPORATE ACTION MESSAGE MARKET PRACTICE GUIDE .............................. 2
 1.2 WHY ADOPT THE ISO STANDARD? ....................................................................................... 2
 1.3 CONTRIBUTORS .................................................................................................................... 3
2 General Overview to Corporate Action Best Practice .....................................4
   Corporate Action Categories ................................................................................................... 4
   Corporate Action Event Flows ................................................................................................. 5
   Data Source Scheme ................................................................................................................. 5
   Time Zones ............................................................................................................................... 5
   Proxy 5
   Class Actions ............................................................................................................................ 5
 2.1 MT564 GUIDELINES: GENERAL PRACTICES ......................................................................... 6
   How to Handle Reminder Notices ............................................................................................ 6
   How & When to Send Updated Notices .................................................................................... 7
 2.2 MT564 GUIDELINES: SEQUENCE A ...................................................................................... 7
   General Information ................................................................................................................. 7
   Rights Distributions, Rights Subscription and Rights Offers ................................................... 7
   How to Use Message Function (Field 23G) ............................................................................. 7
   How to Use Status (Field 25D) ................................................................................................ 8
 2.3 MT564 GUIDELINES: SUBSEQUENCE A1 (LINKAGES) .......................................................... 8
   Linkage of MT564 & MT568 (Corporate Action Narrative) .................................................... 8
 2.4 MT564 GUIDELINES: SEQUENCE B .................................................................................... 11
   Underlying Securities (also for Sequence E) .......................................................................... 11
   Subsequence B1: Financial Instrument Attributes (F.I.A.) ................................................... 11
   Subsequence B2: Account Information.................................................................................. 11
 2.5 MT564 GUIDELINES: SEQUENCE C .................................................................................... 11
 2.6 MT564 GUIDELINES: SEQUENCE D .................................................................................... 12
   Corporate Action Details ....................................................................................................... 12
   Sequence D vs. Sequence E .................................................................................................... 12
 2.7 MT564 GUIDELINES: SEQUENCE E ..................................................................................... 13
   Field 17B: Flag ...................................................................................................................... 13
 2.8 MT564 GUIDELINES: SUBSEQUENCE E1 (SECURITIES MOVEMENT) .................................. 13
 2.9 MT564 GUIDELINES: SUBSEQUENCE E1A (FINANCIAL INSTRUMENT ATTRIBUTES) ......... 13
 2.10 MT564 GUIDELINES: SUBSEQUENCE E2 (CASH MOVEMENTS).......................................... 13
 2.11 MT564 GUIDELINES: SEQUENCE F ..................................................................................... 13
3 Appendices .........................................................................................................1
 3.1 APPENDIX A: MT564 SEQUENCE D VS. SEQUENCE E ......................................................... 1
   Date information ...................................................................................................................... 1
   Period Information ................................................................................................................... 2
   Rate Information....................................................................................................................... 3
 3.2 APPENDIX B: MAPPING OF FIELDS / GLOSSARY .................................................................. 5
 3.3 APPENDIX C: MAPPING ACTION TYPES WITH OPTIONS ...................................................... 1




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                                                     Corporate Action Working Group - Market Practice
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                                      Revision History
   Date        Issue                          Description                               Author
April 2003   Version   Final MT564.
             12




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                                                              Corporate Action Working Group - Market Practice
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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 U.S. National Market Practice Group representative of the Global
Securities Market Practice Group2.

The purpose of this document is to provide guidelines on usage of the ISO 15022 Corporate Action
messages for U.S. Corporate Actions (including Dividends and Fixed Income Payments), from
notification to payment, irrespective if the sender is a U.S. based institution or foreign entity reporting
on a U.S. 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
S.W.I.F.T. Regarding S.W.I.F.T. usage rules, the guidelines are based on the 2002 release of the
S.W.I.F.T. messages. SWIFT 2003 release changes are 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 adopted 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 offers standards, formats and a data dictionary that provide a foundation for
Straight-Through-Processing (STP) of Corporate Actions, the group identified philosophical
differences on how to process Corporate Actions. We will continue to work with ISO and S.W.I.F.T.
on such issues but, for now, this guide is designed to conform with the existing ISO 15022 standards.
How to use this document:

This guide is not intended to provide details as to the use of ISO 15022 messages as S.W.I.F.T. and
ISO have established practices and documentation that address this issue. Instead, the guide aims to
provide guidelines where S.W.I.F.T. and ISO documentation i) can be unclear as to the intent of a

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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                                                            Corporate Action Working Group - Market Practice
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field, qualifier or code or ii) needs further definition regarding U.S. 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 Service Level Agreements (SLA) between the 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

1.3       Contributors
The following entities are the primary contributors to this document:

          Brown Brothers Harriman
          Capital Guardian Trust Company
          Citigroup
          The Depository Trust and Clearing Corporation
          Fidelity Investments
          JPMorgan Investor Services
          Massachusetts Financial Services
          Mellon Financial
          Morgan Stanley
          Northern Trust Company
          State Street Corp




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                                                                                                   Corporate Action Working Group - Market Practice
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2 General Overview to Corporate Action Best Practice
The ISO 15022 Messages have replaced the suite of ISO 7775 messages. There are a number of
key differences between the 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 ISO 15022 Corporate Action
Messages.


                                Account Servicer                                             Account Owner

                                                              Announcement
                                                                   Event Time Line




                                 MT 564 - Corporate Action
                                 Notification (Entitlement)




                                                                                                                  MT 568 - Corporate Action
    MT 568 - Corporate Action




                                                                                                                                              Market Practice not
                                                                                                                                              established at this time
            Narrative




                                                                                                                          Narrative
                                 MT 567 - Corporate Action                            MT 565 - Corporate Action
                                 Status & Processing Advice    Instruction                   Instruction




                                  MT 566 - Corporate Action
                                       Confirmation

                                                                Payment




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




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                                                           Corporate Action Working Group - Market Practice
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Corporate Action Event Flows
It is generally recognized that there can be three primary Corporate Action flows: Announcements,
Entitlements and Confirmations/Payments for all events, and a fourth for Voluntary, or Mandatory with
Options, which is the Instruction.

                Mandatory Events                         Voluntary or Mandatory with Options Events

                                                                        Announcement
                   Announcement

     Account                        Account               Account        Entitlement
                                                                                          Account
                     Entitlement
     Servicer                       Owner                 Servicer                         Owner
                                                                           Instruction

                    Confirmation/
                      Payment                                           Confirmation/
                                                                          Payment



Notes on the above

       The flows above include Service Level Arrangements , which may include reminders etc
       The flows may not appear in the order shown

Data Source Scheme
The Global Securities Market Practice Group Market requested that S.W.I.F.T. provide functionality
(under the Data Source Scheme) to enable „fast track‟ usage of new code words. To this end
S.W.I.F.T. has provided the code word /SMPG/ that can be used to support GSMPG approved code
words. These codes should be registered with ISO, however they will not be validated on the
S.W.I.F.T. Network, until formally added in a subsequent November release.

Time Zones
The S.W.I.F.T. recommendation is that time reporting within a message should be expressed in the
time zone of the sender, however the time zone does not need to be explicitly stated e.g. 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. E.g. Company meeting time.

Proxy
This document does not address Proxy voting, largely due to the fact that most U.S. participants use
a Proxy Service for U.S. meetings.

Class Actions
Class Actions are usually unsolicited events and are not discussed within this document, as the
general practice is not to send out MT564 Corporate Action Notifications.




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                                                                           Corporate Action Working Group - Market Practice
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2.1      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 announcement5, position and entitlement information from the
Account Servicer to the Account Owner and replaces the 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
                                                                             does not specify all repetitive
          B2           Account Information          Mandatory
                                                                             sequencing or all Tags (eg
           C         Intermediate Securities        Optional
                                                                             Start/End of Block)
           D         Corporate Action Details       Optional
           E        Corporate Action Options        Optional
          E1           Security Movements           Optional
                                                                                   Repetitive Sequence
          E1a     Financial Instrument Attributes   Optional
          E2            Cash Movements              Optional
           F          Additional Information        Optional




How to Handle Reminder Notices
The MT564 reminder notice is only to be used if a service level arrangement exist. .

           1. 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.
           2. However, changes to the Balance6 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.
           3. 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 were 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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                                                                Corporate Action Working Group - Market Practice
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How & When to Send Updated Notices
            1. Generating replacement messages for changes of position are determined by Service
               Level Agreements.
            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.

2.2        MT564 Guidelines: Sequence A

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


Rights Distributions, Rights Subscription and Rights Offers
Rights distributions should be announced as mandatory corporate actions using the RHDI CAEV
qualifier. Rights offers involving the distributed rights should be announced as voluntary corporate
actions using the data source scheme and the EXRI (SR2003 enhancement) CAEV qualifier. The
two announcements7 should refer to each other via the linkage subsequence A1.

How to Use Message Function (Field 23G)
These are the U.S. guidelines, however it will be at the discretion of the sending party to determine
the announcement types that will be supported.

      NEWM: New Message/Event – Must be only used when sending the first notification to a specific
       party.

      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 may or may not stand.

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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                                                         Corporate Action Working Group - Market Practice
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     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 a corporate action is withdrawn by the issuing party. 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 e.g. to an account that did not hold a position. The cancellation of the
      message will also imply the cancellation of previously sent linked messages.

How to Use Status (Field 25D)
These are the recommended guidelines, however it will be at the discretion of the sending party to
determine when the details are 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.

2.3     MT564 Guidelines: Subsequence A1 (Linkages)

Linkage of MT564 & MT568 (Corporate Action Narrative)
The following rules address the generation of the MT568 and the linkage to the MT564.

When narrative overflow will occur following generation of the MT564
Generate a MT564 and utilize the Optional Subsequence A1 Linkages in the MT564 to forward link
the notification to an MT568.



How to use the Linkage between an MT564 and an 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.



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                                                                                   Corporate Action Working Group - Market Practice
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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 – 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, however the function of the message
would change to :23G::CANC.

If there were new accounts added when sending a revised notification, they can be added to the
same message even though they were not previously sent.

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
         20C::SEME//200109060000001      20C::SEME//200109080000003                  20C::SEME//200109230000003
         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


         20C::CORP//00RRB01234523659     20C::CORP//00RRB01234523659                 20C::CORP//00RRB01234523659
         20C::SEME//200109060000006      20C::SEME//20010908000123456                20C::SEME//2001092300045687
         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




Note: Cancellation notices would work in the same manner, however the function of the message
would change to :23G::CANC for the MT564 and :23G::CANC for the MT568. If there were new
accounts added when sending the revised notification, these can be added to the same message
even though they were not previously sent.



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::SEME//200109060000001            20C::SEME//200109080000003                  20C::SEME//200109230000003
         23G::NEWM                             23G::REPL                                   23G::REPL
               22F::LINK//WITH                       22F::LINK//AFTE                             22F::LINK//AFTE
               13A:: LINK//568                       13A:: LINK//564                             13A:: LINK//564
 MT564
               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




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 MT             First Notification Issued               Revised Notification #1                    Revised Notification #2
             20C::CORP//00RRB01234523659          20C::CORP//00RRB01234523659                20C::CORP//00RRB01234523659
             20C::SEME//200109060000006           20C::SEME//20010908000123456               20C::SEME//2001092300045687
 MT568
             23G::NEWM                            23G::NEWM                                  23G::NEWM
                   22F::LINK//WITH                      22F::LINK//WITH                            22F::LINK//WITH
   #1
                   13A:: LINK//564                      13A:: LINK//564                            13A:: LINK//564
                  20C::PREV//200109060000001          20C::PREV//200109080000003                  20C::PREV//200109230000003


             20C::CORP//00RRB01234523659          20C::CORP//00RRB01234523659                20C::CORP//00RRB01234523659
             20C::SEME//200109060000010           20C::SEME//2001090800000123                20C::SEME//2001092300045689
 MT568
             23G::NEWM                            23G::NEWM                                  23G::NEWM
                   22F::LINK//WITH                      22F::LINK//WITH                            22F::LINK//WITH
   #2
                   13A:: LINK//568                      13A:: LINK//568                            13A:: LINK//568
                   20C::PREV//200109060000006           20C::PREV//20010908000123456              20C::PREV//2001092300045687




Note: Cancellation notices would work in the same manner, however, the function of the message
would change to :23G::CANC for the MT564 and :23G::CANC for the MT568.

If an announcement had been sent to eligible accounts and new accounts became eligible at the time
of the revision notification, then notification of those new accounts should be included on the revision.

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

   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//200109230000003
              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
 (a/c 1-4)          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


              20C::CORP//00RRB01234523659          20C::CORP//00RRB01234523659                20C::CORP//00RRB01234523659
              20C::SEME//200109060000006           20C::SEME//20010908000123456               20C::SEME//2001092300045687
  MT568
              23G::NEWM                            23G::NEWM                                  23G::NEWM
 (a/c 1-4)
                    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


              20C::CORP//00RRB01234523659          20C::CORP//00RRB01234523659                20C::CORP//00RRB01234523659
              20C::SEME//200109060000005           20C::SEME//200109080000006                 20C::SEME//200109230000008
              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
 (a/c 5-6)        20C::CORP//00RRB01234523659            20C::PREV//200109060000005                 20C::PREV//200109080000006
                                                                22F::LINK//WITH                            22F::LINK//WITH
                                                         13A:: LINK//568                            13A:: LINK//568
                                                         20C::CORP//00RRB01234523659                20C::CORP//00RRB01234523659


              20C::CORP//00RRB01234523659          20C::CORP//00RRB01234523659                20C::CORP//00RRB01234523659
              20C::SEME//200109060000012           20C::SEME//2001090800000123                20C::SEME//2001092300045689
  MT568       23G::NEWM                            23G::NEWM                                  23G::NEWM
 (a/c 5-6)          22F::LINK//WITH                      22F::LINK//WITH                            22F::LINK//WITH
                    13A:: LINK//564                      13A:: LINK//564                            13A:: LINK//564
                  20C::PREV//200109060000005             20C::PREV//200109080000006                 20C::PREV//200109230000008




Note: Cancellation notices would work in the same manner, however, the function of the message
would change to :23G::CANC for the MT564 and :23G::CANC for the MT568

If there were new accounts added when sending out the revised notification, these can be added to
one of the revised messages, as space allows, even though they were not previously notified.




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2.4        MT564 Guidelines: Sequence B

Underlying Securities (also for Sequence E)
    Tag:          35B – Identification of the Financial Instrument
    Qualifier     N/A
    Tag           Mandatory
    Presence:
    Best          ISIN is the recommended qualifier, however CUSIP or SEDOL can be used if an
    Practice:     ISIN does not exist.
                  When in-house CUSIP‟s must be used, a description of the product should be
                  added.


Subsequence B1: Financial Instrument Attributes (F.I.A.)
The F.I.A. subsequence refers to additional details related to the security itself and should not be
used.

Subsequence B2: Account Information

The account information block can be repeated to reference all the accounts holding the security
undergoing the corporate action event. This is possible until reporting resulting entitlement, which
then mandates one account per message.

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           Optional
    Presence:
    Best          “Eligible” is always present. Other balances presented are supplemental
    Practice:     information.



2.5        MT564 Guidelines: Sequence C
The use of Sequence C is not recommended except for Rights Issues where a single notification for
both the distribution and subscription will be used. U.S. Market Practice for Rights Issues is the use

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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                                                           Corporate Action Working Group - Market Practice
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of two MT564 Notifications messages: one for the distribution and one for the 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.

2.5.1.1 Field 35B Identification of Financial Instrument
As U.S. Rights Issues are processed as two events, this information will be supplied in Sequence E1,
Security Movement.

2.5.1.2 Field 36B Quantity of Financial Instrument
As U.S. Rights Issues are processed as two events, this information will be supplied in Sequence E1,
Security Movement.

2.5.1.3 Field 22F Indicator
The renounceable status of the rights must 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.

2.5.1.4 Field 92D Rate
As U.S. Rights Issues are processed as two events, the ratio must be reflected in Sequence E1 field
tag 92D with the qualifier ADEX - Additional for Existing Securities.

2.5.1.5 Field 98A Date/Time
As U.S. Rights Issues are processed as two events, the expiration date (EXPI) and PAYD (Payment
Date) must be referenced in the CADETL block.

2.5.1.6 Field 69A Trading Period
As U.S. Rights Issues are processed as two events, the rights trading period must appear with the
qualifier TRDP.

2.6     MT564 Guidelines: Sequence D

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”)

Sequence D vs. Sequence E
Certain qualifiers (see appendix A) are only related to the action, therefore regardless of where the
data element appears, the information is being reported for the entire action. These types of data
elements should ONLY appear in Sequence D, (e.g. ex-dividend date, gross dividend rate).

Certain qualifiers (see appendix A) may differ between options. Based on the ability for some data
elements to differ, this information should appear in sequence E or E1.


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                                                           Corporate Action Working Group - Market Practice
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2.7     MT564 Guidelines: Sequence E
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. Data
elements should also be placed in E1 for the resulting security entitlement. If there is more than one
resulting security, entitlement E1 must be repeated.

The sender should populate the Corporate Action Option Number, Tag 13A. This will become a
Mandatory field, effective with SRG 2003.

Field 17B: Flag
The Default Processing Flag is defined as the „Option that will be selected by default if no instruction
is provided by account owner‟.

Market Practice recommends the default as the senders (Account Servicer‟s) that may not be the
same as the Local Market Agent or Company‟s default.

2.8     MT564 Guidelines: Subsequence E1 (Securities Movement)
This sequence must be used to summarize the security entitlement to be received from a corporate
action event. The actual amount of shares to be credited may or may not be provided and is
dependent upon service provider to account owner, service level agreements. Data that is relative to
that entitlement should appear in this sequence.

2.9     MT564 Guidelines: Subsequence E1a (Financial Instrument Attributes)
As with Sequence B1, this sequence may provide additional information relative to the resulting
security, however it should not be used to provide information relative to the option itself.

2.10 MT564 Guidelines: Subsequence E2 (Cash Movements)
When agreed upon between service provider and account owner, this sequence can be used to
advise of resulting cash entitlements.

2.11 MT564 Guidelines: Sequence F
The preferred market practice is 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.

Field 70E - Additional Information Narrative:

     COMP: Used to indicate any legal restrictions or required documentation such as SIL letter.
      When COMP conditions are unable to be reported separately, the sender should use ADTX in
      Sequence E or Sequence F.

     INCO: Used to provide information conditional to the event, e.g. offer is subject to 50%
      acceptance. When INCO conditions are unable to be reported separately, the sender should use
      ADTX in Sequence E or Sequence F.

     ADTX: Used repetitively to reduce need for an MT568.


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                   Corporate Action Working Group - Market Practice
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             Corporate Action Working Group                            MT564 Market Practice Guide
             APPENDENCIES


3      Appendices

3.1    Appendix A: MT564 Sequence D vs. Sequence E
This appendix summarizes the preferred placement of data elements that are available in the
following sequences: D, E, E1 and E2. The appendix does not speak to data elements that
may also appear in other places in the message.

Date information

Qualifier Description                               Location Comments

    ANOU   Announcement Date                           D
    AVAL   Available Date                             E1      The date could vary based upon the
                                                              resulting entitlement.
    BLOK   Blocked Date                             D or E1   D to report the blocking date of the
                                                              underlying security. E1 to report the
                                                              blocking date of the resulting security.
    CERT   Certification Deadline Date                 D
    CEXD   Consent Expiration Date                   D or E
    CONV   Conversion date                           D or E
    CORD   Consent Record Date                       D or E
    COUC   Coupon Clipping Date                        D
    CVPR   Cover Protect Expiration date               D
    DIVR   Dividend Ranking Date                      E1      Due to the fact that there can be different
                                                              ranking dates depending upon the
                                                              security to be received.
    EARL   Earliest Payment Date                       E      Can differ by options.
    EFFD   Effective Date                              D
    EXCR   Expected Credit Date                       E1
    EXPI   Expiry Date                               D or E   Can be any deadline date; it is not
                                                              limited to security-related dates.
    EXRQ   Execution Requested Date                   N/A     Not applicable for notifications.
    FDDT   First Dealing Date                         E1
    FXDT   FX Rate Fixing Date                         E
    LOTO   Lottery Date                                D
    MEET   Meeting Date                                D
    MKDT   Market Deadline Date                        D      Considered DTCC‟s deadline date
    PAYD   Payment Date                                D      Note: PAYD is also required if using E1
                                                              or E2.
    PODT   Protect Date                                D      Need to change description in user
                                                              handbook.



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           APPENDENCIES

Qualifier Description                             Location Comments

 PPDT    Pari Passu Date                            E1      Ranking date could differ by securities.
 PROD    Proration Date                              D
 QUOT    Quotation Setting Date                     E1

 RDDT    Response Deadline Date                    D or 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
 REDM    Redemption Date                           D or E
  REGI   Deadline to Register                        E
 RESU    Results Publication Date                    D
  SPLT   Deadline to Split                           D
 SUBS    Subscription Date                           D      Only applies to the subscription option.
 TRDT    Trade Resumed Date                          D
 TSDT    Trading Suspended Date                      D
 XCPN    Ex Coupon Presentation Date                 D
 XDTE    Ex Dividend Date                            D



Period Information

Qualifier Description                             Location Comments

 CONV    Conversion Period                         D or E
  IACC   Exercise Period                             E      Only applies to the exercise option.
  INDP   Indemnity Period                            E
 OFFR    Offer Period                              D or E
  PRIC   Price Calculation Period                    E
 REPL    Reply Period                              D or E   Would be D if you were referencing the
                                                            entire reply period otherwise E if you are
                                                            referencing the reply period for a
                                                            particular option.
 REVO    Revocability Period                         D
 TRDP    Trading Period                              E




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           APPENDENCIES



Rate Information

Qualifier Description                                 Location      Comments

  ADEX    Additional for Existing Securities           E or E1      It is recommended that the Entitlement
                                                                    be populated in the first Announcement
                                                                    message, so E1 is the preferred choice.
 ADSR     Additional for Subscribed Resultant          E or E1
          Securities
  ATAX    Additional Tax                                  E
  BIDI    Bid Interval Rate                            D or E
 CHAR     Charges/Fees                                 D or E
 EXCH     Exchange Rate                              D or E or E2
  FLFR    Fully Franked Rate                              E
 GRSS     Gross Dividend Rate                             E         If there are currency options it will be
                                                                    necessary to report the dividend as
                                                                    different rates.
  INDF    Indemnity on Fractions Rate                     E
  INTR    Interest Rate                                D or E
  LADT    Local Tax (DE specific 1)                      N/A
  LIDT    Local Tax (DE specific 2)                      N/A
  LOTE    Local Tax (DE specific 3)                      N/A
  LYDT    Local Tax (DE specific 4)                      N/A
  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 or E1
 NRES     Non-Resident Rate                               E
 NWRT     New Shares to Rights                         E or E1      Ratio could differ based upon options.
  OFFR    Proposed Rate                                   D
 OSUB     Over-subscription Rate                          E
  RDIS    Reinvestment Discount Rate to Market           E1
  TAXC    Tax Credit Rate                                 E
  TAXR    Withholding Tax Rate                            E         Rate could differ by option; again see
                                                                    French optional/stock cash dividends.
  WITF    Withholding of Foreign Tax                      E
  WITL    Withholding of Local Tax                        E




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           APPENDENCIES



Price Information

Qualifier Description                             Location   Comments
  CINL    Cash in Lieu of Shares Price            E or E1
  EXER    Exercise Price                          E or E1
  INDC    Indicative Price                        E or E1    Represents estimated value of the new
                                                             security.
  ISSU    Issue Price                             E or E1    Represents actual issuance price of the
                                                             new security.
 MRKT     Market Price                              N/A      Not Applicable
  OFFP    Offer Price Paid                          N/A      Not Applicable
  OFFR    Offer Price Received                    E or E1    Could have multiple options with
                                                             different prices.
  PRPP    Price per Product                       E or E1
 REDM     Redemption Price                        E or E1
  REIN    Reinvestment Price                      E or E1    Could have multiple reinvestment prices
                                                             per option due to various enrollment
                                                             plans.
  SUPR    Subscription Price                      E or E1    Price will only pertain to the subscription
                                                             option.




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                            APPENDENCIES


            3.2     Appendix B: Mapping of Fields / Glossary
            The below chart references information/data that is pertinent to the U.S. corporate action processing where there is ambiguity in
            the S.W.I.F.T. qualifiers that should used. This chart is intended to provide clarity where required. Be advised that this is NOT an
            all inclusive of the S.W.I.F.T. data elements.

            Next steps will be to look at this by offer type to summarize what dates/price/rate information will need to be included for each
            event. This will be issued under separate cover.



                                           U.S. SMPG                                                                    S.W.I.F.T.

  Field
                      Field Name                                  Definition                                           Field Name
Description
Back end odd        36a::BOLQ             The back end odd lot quantity represents the presence          36a::BOLQ
lot quantity                              of a back end odd lot provision and the quantity of
                                          shares required after pro-ration to be eligible for this
                                          privilege. If after pro-ration, the amount of shares held is
                                          equal to or less than the back end odd lot quantity,
                                          payment will be made on the full tendered position.

Bid Interval        92a::BIDI             The acceptable interval used for submitting your bid           92a::BIDI
(Dutch Auction)                           (e.g. intervals of 1/8th).




Cash Rate           90a::OFFP or          The amount of proceeds per unit of security to be paid         90a::OFFP or 90aOFFR
                    90aOFFR               on a corporate action event.




Conditional                               An offer with a feature whereby a holder can elect to          22F::OPTF/COND
Purchase            22F::OPTF/COND        place a condition on the acceptance of its tender by
Offer– –                                  instructing that a minimum number of shares be
                                          accepted in the event of a pro-ration.
SRG2003

Consent Cover       98a::CCPD             The last day a holder can deliver the securities it has
Protect Date                              previously protected pursuant to consent.

Consent &           22F::CAEV//EXO        Offer to surrender securities for cash linked to vote on       22F::CAEV//EXOF
Exchange –          F                     change in terms of indenture.
event                                                                                                    and




                                                                                                         22F::CAOP//CEXC

Consent             98a::CEXD             The last day you can consent to the changes sought by          98a::CEXD
Expiration Date                           the corporation.




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                          APPENDENCIES

                                    U.S. SMPG                                                                     S.W.I.F.T.

  Field
                   Field Name                               Definition                                           Field Name
Description
Consent Offer -   22F::CAEV//CON    Request of bondholder consent in which there can be a         22F::CAEV//CONS
event             S                 fee and payment.




Consent Fee       90B::INCE         Price you will be paid per bond if you consent.               90B::INCE

SRG2003

Consent           98a::COPR         The last day to submit a protect in order to take part in a
Protect Date –                      consent.

Consent           98a::CORD         Date on which you must be a beneficial owner in order         98a::CORD
Record Date                         to consent




Consent &         22F::CAEV//TEN    Offer to surrender securities for cash linked to vote on      22F::CAEV//TEND
Tender – event    D                 change in terms of indenture.



                                                                                                  and




                                                                                                  22F::CAOP//CTEN

Cover Protect     98a::CVPR         The last day a holder can deliver the securities that it      98a::CVPR
Expiration Date                     has previously protected.



                  Will keep

Default           22F::CAEV//DFLT   The failure of a borrower to make a payment of principal      22F::CAEV//DFLT
Distribution –                      or interest when due. Allocation and distribution where
Interim - event                     the debtor previously failed to make timely payments
                                    when they originally became due.
                                                                                                  As part of SR2003 will be able indicate in the
                                                                                                  offer type field if these are FINL or PART.

Default           DEDF              The failure of a borrower to make a payment of principal      As part of SR2003 will be able indicate in the
Distribution –                      or interest when due. Allocation and distribution where       offer type field if these are FINL or PART. in
Final - event                       the debtor previously failed to make timely payments          the format.
                                    when they originally became due.

Dissenter‟s       22F::OFFE/DISS    Legal Remedy when a shareholder objects to the terms
Rights                              of a Mandatory Action and does not want to partake in it.




Distribution      92D::ADEX         The rate used to calculate the number of rights each          92D::ADEX
Rate                                holder is entitled to receive at distribution

                                    Additional for existing securities – quantity of additional
                                    securities for a given quantity of securities where



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                          APPENDENCIES

                                     U.S. SMPG                                                                  S.W.I.F.T.

   Field
                    Field Name                              Definition                                          Field Name
 Description
                                     underlying securities are not exchanged or debited.

Due Bill           98a::DBRD         The date the “Due Bill” is redeemed to receive the stock
Redemption                           distribution entitlement shares. It is commonly used for
Date                                 stock splits, whereby; the ex-date is after the payable
                                     date. The distribution can be made 1 –2 days after the
                                     payable date.

Exercise Rate      92D::NEWO or      Rate warrants or rights are exchanged for the new
                   :92D::NWRT        security.

                                     NWRT should be rights exercise events otherwise
                                     NEWO.

Liquidation –      22F::CAEV//LIQU   Liquidation proceedings consist of a distribution of cash,   22F::CAEV//LIQU
Initial, Interim                     assets, or both.
and Final -
event                                As part of SR2003 the user will be able to report FINL or
                                     PART.

Liquidation        98a::LIQD         The closing date of a position and the subsequent
Date                                 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.

Mandatory          22F::CAEV//BPU    Option to execute a feature of indenture that allows         22F::CAEV//BPUT
purchase with      T                 holder to elect to retain a putable bond.
the right to                                                                                      and
retain - event



                                                                                                  22F::CAOP//MPUT

Min./Max.          90a::MINP         The Minimum and Maximum price at which a holder can          90a::MINP
(Dutch Auction)                      bid on a Dutch auction offer.



                   90a::MAXP                                                                      90a::MAXP
                                     There are times the rate is divided into old shares
Multiply/Divide    92D::NEWO//2,1    surrendered versus multiplied and it will impact the         92D::NEWO//2,1 –Multiply
                   –Multiply         outcome.
                                                                                                  92D::ADEX//5,9 Divide
                   92D::ADEX//5,9    NEWO - new to old –this means that you give up your
                   Divide            old shares in place of the new. For example:
                                     :92D::NEWO//2,/1,. This means that 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.

New Maturity       98a::REDM         In a Partial Defeasance, the new maturity date for the       98a::REDM
Date                                 portion of an issue which had its‟ maturity accelerated.




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                          APPENDENCIES

                                     U.S. SMPG                                                                  S.W.I.F.T.

   Field
                      Field Name                             Definition                                        Field Name
 Description
                                     Would this be in E1a as MATU – Maturity Date?

Odd-Lot           36a::FOLQ          The odd-lot quantity acceptable by the offeror (Maximum       36a::FOLQ
Quantity (Odd-                       of 99)
Lot Tender)
                                     Front end Odd Lot Quantity – The front end odd lot or
Formerly Odd-                        odd lot preference indicates that if an offer is pro-rated
Lot Preference                       holders of odd lots who 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.

Over              70E::INCO           Any limitation placed on the rights over subscriptions,
subscription                         e.g., share restrictions, percentage restrictions.
Restrictions


Over              90a::OSUB          The cost to over subscribe to one share of the                90a::OSUB
subscription                         underlying security
deposit price

Partial Calls -   22F::CAEV//PCAL    A bond that a debtor has declared to be due and               22F::CAEV//PCAL
event                                payable on a certain date before maturity, according to
                                     the provisions of the indenture. If only part of an issue
                                     will be redeemed, the bonds retired are drawn by lot.

                                     U.S. recommends that DRAW will not be used when
                                     reporting partial calls.
                                                                                                   22F::CAEV//DRAW
                                     In SR2003 will include ability to reference final or
                                     interim.

Participation     17B::COMP          Any restriction that prohibits participation in the offer.
Restriction



Pay in Kind –     22F::CAEV//PINK    Bonds or preferred stock that pay interest of dividends in    22F::CAEV//PINK
event                                additional securities rather than in cash.

Pre-refunding     22F::CAEV//PRE     A pre-refunded bond is one that is secured by an escrow
Partial – event   F                  fund of U.S. 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
                                     advance of the maturity.

Pro-ration        :22F::OPTF         An offer that is subject to pro ration may also have a
                  (Option F// PROR   conditional purchase feature. This is a feature whereby
SRG2003           - COND             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           98a::PODT          The last day a holder can elect securities pursuant to a      98a::PODT
Expiration Date                      Notice of Guaranteed Delivery or other required
                                     documentation

Publication       98a::XDTE          Date of the publication of the call for redemption notice.    98a::XDTE
Date



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                              APPENDENCIES

                                          U.S. SMPG                                                                   S.W.I.F.T.

      Field
                        Field Name                                Definition                                          Field Name
    Description
                                          Note: S.W.I.F.T. manual is wrong.


Reduced               90B::REDU           Decrease in subscription price for a particular period of
Subscription                              time.
(Warrants Only)
                                          Why do you need to reference the price as a reduced
                                          price, couldn‟t you just reference the price for the offer
                                          and not specify that it is reduced?




Rights                22F::CAEV//RHDI     Issuer distributes rights to record holders so that they       22F::CAEV//RHDI
Distribution -                            can subscribe to the rights offering.
event
                                                                                                         :22F::CAEV//SMPG/EXRI
Rights                22F::CAEV//SMP      Offer to subscribe to underlying securities (usually
Subscription –        G/EXRI              common stock) for a fixed price. A rights subscription is
event                                     preceded by a rights distribution, which is considered a
                                          Mandatory Action at DTC. These two events will be
SRG2003                                   linked.


Round Up              22F,22a CAOP,       A provision in an offer that permits you the holder, when      22F, CAOP//BUYA
Privilege             Indicator BUYA      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.

Sell through          69a::SEAD           The period you can surrender rights to the agent to sell       69a::SEAD
agent start and                           and receive the sale proceeds.
end date

SRG2003

Solicitation Fee      90a::SOFE           A cash premium sometimes made available in an offer            90a:: SOFE
9
                                          in order to encourage participation in the offer.

SRG2003

Step-Up               17B::SUPL           A provision in an offer that permits the holder to
Privilege                                 subscribe to one additional share of the new security in
                      I thought that we   lieu to a fractional share to which the holder might
                      agreed to use       otherwise be entitled.
                      BUYA as the
                      option as this
                      request was
                      removed from the
                      SR2003
                      enhancements.




Transferable/Tr       69a::TRDP           Securities that can be transferred or traded without           69a::TRDP
adable (Rights)                           restrictions




            9
                 This is to be determined by ISO/S.W.I.F.T. 2003 request pending review.


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                              APPENDENCIES

                                          U.S. SMPG                                                                S.W.I.F.T.

  Field
                        Field Name                               Definition                                        Field Name
Description


UIT Rollover          22F::CAEV//RED      A provision that enables a holder of a maturing Unit         22F::CAEV//REDM
Feature10             M                   investment trust the option of rolling over its maturing
                                          trust into a new trust(s).


                                          Warrant Subscriptions we are limited to stating the terms
Underlying/War        17B::UWIN           as received them from the Company. The U/W indicator
rant                                      tells you whether the price paid is applied to the warrant
                                          or the (underlying) new shares.

                      We need to          The U/W indicator tells you whether the price paid is
                      discuss the Price   applied to the warrant (W at $45.00 per warrant) or the
                      Per Lot qualifier   (underlying) new shares (U at $15.00 per share).
                      that was added in
                      SR2002 – see e-
                      mail from Lisa.




UNIT                  22F::CAEV//RED      Allocation and distribution of proceeds for a unit of
Termination -         M                   investment trust.
event



Warrant Rate          22F::CAEV//WRC      Offer to subscribe to underlying security or securities
Change – event        H                   (usually common stock) at a new rate for a limited
                                          period.
                      Could CONV or
                      EXWA be used
                      for this?




Withdrawal            90a::REVP           Last day on which a holder can withdraw instructions
Date                                      from a Voluntary Offer.



144A – event          22F::CAEV//REG      Offer to surrender securities restricted under Rule 144A     22F::CAOP//REGS
                      S                   for unrestricted securities.




             10
                  S.W.I.F.T. updated the definition of redemption but ISO does have the qualifier in the data dictionary.


                                                                       A 10 -
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                     APPENDENCIES


   3.3         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.

   1. Please note that additional option codes may be required depending upon the event. These are
   guidelines for the most common types of events. Additionally, the

   Corporate Action Event Type OTHE could be used in a number of cases, however the group chose not
   to use this unless no other viable corporate action event type is available.

   2. The Option Codes listed below were selected on a NOUN and VERB basis, where Mandatory
   Actions are Nouns (ex CASH) and Voluntary or Mandatory with Choice

   Actions are Verbs (ex CONN). Exceptions to this rule are denoted in the Usage Guideline column.

                                                              SWIFT Action Type / Code            Corporate Action Event Option
Action Type              Int’l vs. U.S.   SWIFT Indicator                                                                             Usa
                                                              Word                                Code
US Corporate Actions
Capital          Gains
                         US               MAND                CAPG - Capital Gains Distribution   CASH
Distribution
                                                                                                                                      CON
                                                                                                                                      appr
                                                                                                                                      CON
                                                                                                  Consent (CONY)
                                                                                                                                      appr
                                                                                                  Consent Denied (CONN)
Consent Offer            US               VOLU                CONS - Consent Offer                                                    ABS
                                                                                                  Abstain (ABST)
                                                                                                                                      case
                                                                                                  Take No Action (NOAC)
                                                                                                                                      share
                                                                                                                                      right
                                                                                                                                      quor
Partial Defeasance/                                           PDEF - Partial Defeasance/ Pre-
                         US               MAND
Pre-refunding                                                 refunding                           SECU
US / International Corporate Actions
                                                                                                  For Mandatory Actions               MAN
Bankruptcy                                MAND /                                                  ABST
                         US / Int‟l                           BRUP
Proof of Claim                                                                                    OTHE

                                                                                                  For Mandatory Actions
                                                                                                  CASE
                                                                                                  CASH
Bankruptcy
                                                                                                  SECU                                For s
Plan of                  US / Int‟l       MAND / CHOS
                                                              BRUP                                For Mandatory w/ Options Actions    Note
Reorganization
                                                                                                  CASE
                                                                                                  CASH
                                                                                                  SECU
                                                                                                  For Mandatory w/ Options Actions
Bankruptcy                                                                                        CONN                                CHO
                         US / Int‟l       CHOS                BRUP
Consent                                                                                           CONY
                                                                                                  ABST
                                                                                                                                      Use
                                                                                                                                      for:
                                                                                                                                      Clos
                                          MAND
                                                                                                  For Mandatory Actions:              ADR
                                          Use for dividends
                                                                                                  Accept Cash (CASH)                  Divid
                                          with no option.
                                                                                                                                      Divid
Cash Dividend            US / Int‟l                           DVCA - Cash Dividend                For Mandatory w/ Options Actions:   Divid
                                          CHOS:
                                                                                                  Accept Cash (CASH)                  Fidel
                                          Use for dividend
                                                                                                  (if CHOS then each ccy listed as    Fund
                                          currency options
                                                                                                  separate CASH Option)               Fund
                                                                                                                                      LTD
                                                                                                                                      Roya
                                                                                                                                      Spec



                                                          A1-
                       Corporate Action Working Group                                    MT564 Market Practice Guide
                       APPENDENCIES

                                                              SWIFT Action Type / Code           Corporate Action Event Option
Action Type              Int’l vs. U.S.   SWIFT Indicator                                                                             Usa
                                                              Word                               Code
                                                                                                                                      Use
                                                                                                                                      Chan
                                                                                                                                      Reco
                                                                                                                                      Secu

                                                                                                 SECU                                 In ad
Change                   US / Int‟l       MAND                CHAN - Change
                                                                                                                                      secu
                                                                                                                                      the tr
                                                                                                                                      If use
                                                                                                                                      recei
                                                                                                                                      fully
                                                                                                                                      asse


                                                                                                                                      CON
                                                                                                                                      appr
                                                                                                                                      CON
                                                                                                 Consent (CONY)
                                                                                                                                      appr
                                                                                                 Consent Denied (CONN)
Consent Offer            US / Int‟l       VOLU                CONS - Consent Offer                                                    ABS
                                                                                                 Abstain (ABST)
                                                                                                                                      case
                                                                                                 Take No Action (NOAC)
                                                                                                                                      share
                                                                                                                                      right
                                                                                                                                      quor
                                                                                                 For Voluntary
                                                                                                 NOAC
                                                                                                 CASH
                                                                                                                                      Use
Consent &                                                                                        CASE
                         US / Int‟l       VOLU                EXOF - Exchange                                                         Note
Exchange                                                                                         SECU
                                                                                                 CEXC
                                                                                                 CONY
                                                                                                 CONN
                                                                                                 For Mandatory Actions:
                                          MAND:
                                                                                                 CASH
                                          Use for mandatory
                                                                                                 SECU
                                          conversions.                                                                                Use
                                                                                                 CASE
                                                                                                                                      for:
Conversion               US / Int‟l       VOLU:               CONV - Conversion                                                       Mand
                                                                                                 For Voluntary Actions:
                                          Use for optional                                                                            Optio
                                          conversions.                                                                                Note
                                                                                                 Convert (CONV)
                                                                                                 Take No Action (NOAC)

Decrease in Value /                                                                                                                   DEC
                         US / Int‟l       MAND                DECR - Decrease In Value           CASH / SECU
Return of Capital                                                                                                                     wher
                                                                                                                                      Initia
Default Distribution     US / Int‟l       MAND                DFLT - Bond Default                CASH
                                                                                                                                      use N
                                                                                                                                      Use
                                                                                                                                      Rein
                                                                                                                                      Divid
                                                                                                 Reinvestment (DRIP)
Dividend
                         US / Int‟l       CHOS                DRIP - Dividend Reinvestment       Accept Cash (CASH)
Reinvestment                                                                                                                          U.S.
                                                                                                                                      the p
                                                                                                                                      1st tim
                                                                                                                                      in a r
                                                                                                 Tender @ Specified Price (PUTT )
Dutch Auction / Bid                                                                              Take No Action (NOAC)
                         US / Int‟l       VOLU                DTCH - Dutch Auction, Bid Tender                                        Note
Tender                                                                                           Tender @ Unspecified Price (CASH )




                                                          A2-
                     Corporate Action Working Group                                    MT564 Market Practice Guide
                     APPENDENCIES

                                                          SWIFT Action Type / Code               Corporate Action Event Option
Action Type            Int’l vs. U.S.   SWIFT Indicator                                                                              Usa
                                                          Word                                   Code
                                                                                                 For Mandatory Actions:
                                                                                                 Accept Shares (SECU)
                                                                                                 Accept Cash & Securities (CASE)
                                                                                                 CASH
                                                                                                 For Voluntary                       Use
                                                                                                 BEAR                                Exch
                                                                                                 REGD                                Exch
                                                                                                 144A                                disse
                                        MAND / VOLU /
Exchange               US / Int‟l                         EXOF - Exchange                        NOAC                                Exch
                                        CHOS
                                                                                                 CASH                                offer
                                                                                                 CASE                                Note
                                                                                                 SECU
                                                                                                 Mandatory w/ Options Actions:
                                                                                                 Accept Cash & Securities (CASE)
                                                                                                 Accept Shares (SECU)
                                                                                                 CASH
                                                                                                 CONN
                                                                                                 For Mandatory Actions:
                                                                                                 Accept Cash (CASH )
                                                                                                                                     CHO
Full Call              US / Int‟l       MAND / CHOS       MCAL - Full Call
                                                                                                 For Mandatory w/ Options Actions:   All C
                                                                                                 CASH
                                                                                                 CONV
                                                                                                                                     Use
Interest Payment       US / Int‟l       MAND              INTR - Interest Payment                CASH                                Paym
                                                                                                                                     CD I
                                                                                                                                     Use
                                                                                                                                     w/ P
                                                                                                                                     FNM
                                                                                                                                     GNM
Interest Payment w/                                                                                                                  Fred
                       US / Int‟l       MAND              PRII - Interest Payment w/ Principle   CASH
Principle                                                                                                                            Fred
                                                                                                                                     Puer
                                                                                                                                     UIT P
                                                                                                                                     UIT P
                                                                                                                                     CMO
Liquidation            US / Int‟l       MAND              LIQU - Liquidation                     CASH                                Use
                                                                                                 For Mandatory Actions
                                                                                                 SECU                                Indic
Maturity Extension     US / Int‟l       MAND / CHOS       EXTM - Maturity Extension              For Mandatory w/ Options Actions    MPU
                                                                                                 SECU                                Note
                                                                                                 MPUT
                                                                                                 For Mandatory Actions:
                                                                                                 Cash (CASH)
                                                                                                 Shares (SECU)
                                                                                                 Cash & Securities (CASE)            Use
                                                                                                 For Mandatory w/ Options Actions:   Merg
Merger                 US / Int‟l       MAND / CHOS       MRGR - Merger                          CASH                                Merg
                                                                                                 SECU                                CHO
                                                                                                 CASE                                Note
                                                                                                 CONN
                                                                                                 NOAC
                                                                                                 CEXC
                                                                                                 For Mandatory Actions:
                                                                                                 SECU                                CHO
Name Change            US / Int‟l       MAND / CHOS       NAME - Name Change                     For Mandatory w/ Options Actions:   right
                                                                                                 SECU                                Note
                                                                                                 CONN
                                                                                                 CASH
                                                                                                                                     See
Odd Lot Tender         US / Int‟l       VOLU              ODLT - Odd Lot Offer                   Take No Action (NOAC)
                                                                                                                                     Note
                                                                                                 BUYA
                                                                                                 CASH                                US o
Optional Dividend      US               CHOS              DVOP - Optional Dividend
                                                                                                 SECU                                Note
                                        MAND / VOLU /
Other                  US / Int‟l                         OTHE - Other Event                     OTHE
                                        CHOS



                                                      A3-
                       Corporate Action Working Group                                      MT564 Market Practice Guide
                       APPENDENCIES

                                                              SWIFT Action Type / Code             Corporate Action Event Option
Action Type                Int’l vs. U.S.   SWIFT Indicator                                                                               Usa
                                                              Word                                 Code
                                                                                                                                          MAN
                                                                                                                                          CHO
                                                                                                   For Mandatory Actions:
                                                                                                   CASH
                                                                                                                                          Note
Partial Call               US / Int‟l       MAND / CHOS       PCAL - Partial Call                                                         map
                                                                                                   For Mandatory w/ Options Actions:
                                                                                                                                          US.
                                                                                                   Convert (CONV)
                                                                                                                                          sinc
                                                                                                   CASH
                                                                                                                                          term
                                                                                                                                          Note
Pay in Kind                US / Int‟l       MAND              PINK - Payment in Kind               SECU
Place                 of                                                                           SECU                                   Indic
                           US / Int‟l       MAND / CHOS       PLAC - Place of Incorporation
Incorporation                                                                                      CONN                                   Note
                                                                                                                                          Use
                                                                                                                                          Rede
                                                                                                   For Mandatory Actions:
                                                                                                                                          Mand
                                                                                                   CASH
                                                                                                                                          Mort
                                                                                                   For Mandatory w/ Options Actions:
                                                                                                                                          Optio
                                            MAND / VOLU /                                          Put (PUTT)
Put Redemption             US / Int‟l                         BPUT - Put Redemption                                                       Mand
                                            CHOS                                                   Retain (MPUT)
                                                                                                   For Voluntary Actions:
                                                                                                                                          MAN
                                                                                                   Put (PUTT)
                                                                                                                                          VOL
                                                                                                   Take No Action (NOAC)
                                                                                                                                          CHO
                                                                                                                                          put (
                                                                                                                                          Use
                                                                                                   CASH                                   for:
Redemption                 US / Int‟l       MAND              REDM - Final Maturity
                                                                                                                                          Certi
                                                                                                                                          Matu
                                                                                                                                          Note
Redemption of                                                                                                                             word
                           US / Int‟l       MAND              MCAL - Full Call                     CASH
Rights                                                                                                                                    reco
                                                                                                                                          mos
Remarketing
                           US / Int‟l       MAND              REMK - Remarketing Agreement         SECU
Agreement
                                                                                                   For Mandatory Actions
                                                                                                   SECU                                   CHO
Reverse Stock Split        US / Int‟l       MAND / CHOS       SPLR - Reverse Stock Split           For Mandatory w/ Options Actions       right
                                                                                                   SECU                                   Note
                                                                                                   CONN
                                                                                                                                          Use
Rights Distribution        US / Int‟l       MAND              RHDI - Rights Distribution           SECU
                                                                                                                                          issue
                                                                                                   Subscribe (EXER)
                                                                                                                                          Use
                                                                                                   Subscribe w/ Oversubscription (OVER)
                                                              SMPG/EXRI effective with SRG2002                                            offer
                                                                                                   Sell Privilege (SLLE)
Rights Subscription        US / Int‟l       VOLU              (Data Source Scheme)                                                        SLLE
                                                                                                   Take No Action (NOAC)
                                                              EXRI effective with SRG 2003                                                Othe
                                                                                                   Lapse (LAPS)
                                                                                                   BUYA
Scrip Dividend             US / Int‟l       MAND              DVSC - Scrip Dividend                SECU
Stock Dividend             US / Int‟l       MAND              DVSE - Stock Dividend                SECU
                                                                                                                                          MAN
                                                                                                   For Mandatory Actions:
                                                                                                                                          arran
                                                                                                   Accept Shares (SECU)
Stock Spin-Off             US / Int‟l       MAND / CHOS       SOFF - Spin-Off
                                                                                                   For Mandatory w/ Options Actions:
                                                                                                                                          CHO
                                                                                                   Accept Shares (SECU)
                                                                                                                                          Note
Stock Split                US / Int‟l       MAND              SPLF - Stock Split                   SECU
                                                                                                   Tender (CASH)
                                                                                                   Take No Action (NOAC)
                                                                                                   CTEN
Tender                     US / Int‟l       VOLU              TEND - Tender                                                               Note
                                                                                                   CONN
                                                                                                   SECU
                                                                                                   CASE
                                                                                                   CASH
Tax Reclaim                US / Int‟l       MAND              TREC - Tax Reclaim
Trading Status:                                                                                    SECU
                           US / Int‟l       MAND              DLST - Trading Status De-listed                                             Use
De-listed
                                                                                                                                          Use
Unit Separation            US / Int‟l       MAND / VOLU       DETI - Detachment                    SECU
                                                                                                                                          Note

                                                          A4-
                       Corporate Action Working Group                                  MT564 Market Practice Guide
                       APPENDENCIES

                                                            SWIFT Action Type / Code           Corporate Action Event Option
Action Type              Int’l vs. U.S.   SWIFT Indicator                                                                          Usa
                                                            Word                               Code
                                                                                               For Voluntary Actions:
                                                                                               Exercise (EXER)                     Use
                                                                                               Take No Action (NOAC)               Exer
                                                                                               Sell (SLLE)                         Warr
                                                                                               LAPS                                Warr
Warrant Exercise         US / Int‟l       VOLU / CHOS       EXWA - Warrant Exercise
                                                                                                                                   SLLE
                                                                                               For Mandatory w/ Options Actions:   Othe
                                                                                               Exercise (EXER)
                                                                                               Take No Action (NOAC)
                                                                                               Sell (SLLE)
Warrant Distribution     US / Int‟l       MAND              BONU - Bonus Issue                 SECU
International Corporate Actions
Attachment               Int‟l            MAND              ATTI - Attachment                  SECU
                                                                                               For Mandatory Actions:
                                                                                               Accept Shares (SECU)                MAN
                                                                                               For Voluntary                       (if a b
                                                                                               Sell Rights (SLLE)
Bonus Issue
                         Int‟l            MAND / VOLU       BONU - Bonus Issue                 Take No Action (NOAC)               VOL
/ Bonus Rights
                                                                                               Subscribe (EXER)                    proce
                                                                                               Lapse (LAPS)

                                                                                               BUYA
Coupon Stripping         Int‟l            MAND              CPST - Coupon Stripping            SECU
Drawing                  Int‟l            MAND              DRAW - Drawing                     SECU
                                                                                               Take No Action (NOAC)
                                                                                               BEAR                                Use
                                                                                               REGD                                optio
Exchange Option          Int‟l            VOLU              EXOP - Exchange Option             REGS                                annu
                                                                                               SECU                                is av
                                                                                               CASH                                Note
                                                                                               CASE

                                                                                               CONN
                                                                                               CONY                                Note
                                                                                               ABST                                anno
General Meeting          Int‟l            VOLU              MEET - General Meeting
                                                                                               NOAC                                throu
                                                                                               PROX                                Use
                                                                                               SPLI
                                                                                               REGD
                                                                                               SECU                                INCR
Increase in Value        Int‟l            MAND              INCR - Increase in Value
                                                                                                                                   incre
                                                                                               Take No Action (NOAC)
                                                                                                                                   Use
Installment Payment      Int‟l            VOLU              PPMT - Installment Call
                                                                                                                                   Note
                                                                                               OTHE
                                                                                               CASH
                                                                                               Take No Action (NOAC)               See
Odd Lot Tender           Int‟l            VOLU              ODLT - Odd Lot Offer
                                                                                               BUYA                                Note
                                                                                               CONN (Consent Denied)
                                                                                               SLLE                                To b
                                                                                               CASH                                SLLE
Optional Dividend        Int‟l            CHOS              DVOP - Optional Dividend
                                                                                               SECU                                DRIP
                                                                                               DRIP                                Note
Pari-passu           /
                         Int‟l            MAND              PARI - Pari-passu                  SECU
Assimilation
                                                                                               Subscribe (EXER)                    Use
Priority Offer           Int‟l            VOLU              PRIO - Priority Issue              Take No Action (NOAC)
                                                                                               OVER                                .
                                                                                                                                   Use
                                                                                                                                   Rede
Redenomination           Int‟l            MAND              REDO - Redenomination              SECU
                                                                                                                                   Bond
                                                                                                                                   Equi

                                                                                               Take No Action (NOAC)               EXE
Subscription Offer       Int‟l            VOLU              PRIO - Priority Issue
                                                                                               OVER                                Note
                                                                                               EXER
Smallest Negotiable
                         Int‟l            MAND              SMAL - Smallest Negotiable Unit    SECU
Unit
                                                        A5-
                    Corporate Action Working Group                                   MT564 Market Practice Guide
                    APPENDENCIES

                                                           SWIFT Action Type / Code            Corporate Action Event Option
Action Type             Int’l vs. U.S.   SWIFT Indicator                                                                       Usa
                                                           Word                                Code
Suspension of Corp.                                        SCOP - Suspension of Corp. Action                                   Susp
                        Int‟l            MAND
Action Privilege                                           Privilege                                                           only
Trading       Status:
                        Int‟l            MAND              SUSP - Trading Status: Suspended                                    For i
Suspended
   NOTES: NOAC – Should be employed with comments (70E Narrative) if the Investment Manager does
   NOT want the Custodian to act, but does want to alert them to the fact that action will be taken by a
   third party.




                                                       A6-

								
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