Clearstream Banking SA

06/17/2021 | Press release | Distributed by Public on 06/17/2021 09:25

ISO 20022 rollout for general meetings

ISO 20022 rollout for general meetings

17.06.2021

As part of our regular communications, and further to announcement C20019, Clearstream Banking1 would like to inform customers about the ongoing activities regarding ISO 20022 rollout for General Meeting (GM). The implementation of ISO 20022 messaging format for all GM messages is scheduled to go live and replace the existing ISO 15022 messaging information on

22 November 2021

Background

Clearstream Banking's GM messages will be upgraded to be in line with the SRD II Implementing Regulation requirements. All GM messages will be exclusively based on ISO 20022 format, being the only SRD II compliant and endorsed ISO format. Following this strategy, Clearstream Banking also ensures adherence with the new Securities Market Practice Group (SMPG) standards.

The dedicated Clearstream ISO 20022 SWIFT User Guide will describe the message specifications for the below listed messages:

MessageDefinition

Abbreviated Name

Message Identifier

MeetingNotification

MENO

seev.001.001.07

MeetingCancellation

MECN

seev.002.001.06

MeetingEntitlementNotification

MENT

seev.003.001.06

MeetingInstruction

MEIN

seev.004.001.06

MeetingInstructionCancellationRequest

MEIC

seev.005.001.06

MeetingInstructionStatus

MEIS

seev.006.001.06

MeetingVoteExecutionConfirmation

MECO

seev.007.001.06

MeetingResultDissemination

MERD

seev.008.001.06

Impact on customers

All customers must prepare to receive GM messages and instruct in ISO 20022 as of 22 November 2021. The subscription will be possible via the below mentioned connectivity channels as of October 2021.

The existing ISO 15022 messages for GM will be decommissioned (messages regarding corporate actions other than general meetings will remain). This incorporates the following messages:

  • MT564 - Meeting Event Notification
  • MT565 - Corporate Action Instruction
  • MT567 - Corporate Action Status and Processing Advice
  • MT568 - Corporate Action Narrative
  • MT599 - Free-Format Message

Transition: Clearstream will not cancel meeting notifications that have been sent in ISO 15022 format before launch date. Customers have to instruct for these events still in ISO 15022.

Customers should be aware that due to the change of formats, General Meeting events will no longer be part of the Urgent Uninstructed Balance report and of the Corporate Action Reference Data report.

All currently received MT564 messages for GM will be unsubscribed by default.

The KVGI customer online GUI will be switched off for GM events.

ISO20022 connectivity solutions available to customers

SWIFTNet FINPlus

Customers who want to exchange ISO 20022 messages via SWIFTNet FINplus, must ensure the following:

  • SWIFT FINplus service is in place;
  • Relationship Management Applications (RMAs) are exchanged with Clearstream Banking S.A. and/or Clearstream Banking AG;
  • Communicate the Distinguished Name (DN) and the list of accounts that shall be linked accordingly via SWIFT message MT599 and via email to [email protected];
  • Once the above is completed, customers are requested to schedule the related reports in Xact Web Portal.

Note: The reports will only be active and available as of 22 November 2021.

New GM Module in Xact Web Portal

To support the new formats, Clearstream will implement a GM module in the Xact Web Portal allowing customers to receive ISO20022 notifications and send instructions. As of the implementation date, customers can provide instructions via an upload functionality. The full GUI delivery will follow at a later stage.

This new module will be available to all customers with accounts in Clearstream Banking S.A. (CBL) or Clearstream Banking AG (CBF) that have access to Asset Services through the Xact Web Portal. Access to the new module must be granted by an OU Administrator to the users who will be in charge of processing meeting events.

If customers would like to receive XML reports using their 'Xact File Transfer via Internet' connectivity, they can schedule the report in Xact Web Portal.

Further information

For further information please contact [email protected] or the Clearstream Connectivity Helpdesk.

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1. A letter was sent to the European Commission on 9 April 2020, co-signed by 11 industry associations, to request a 12-month postponement of the SRD II Implementation Regulation deadline. This request has been rejected by the European Commission.

2. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.

3. Further details on the General Meetings Module will be communicated at a later stage.