Investment Funds: Swift Funds Standards Release - Dividend Option (DVOP) Event Messaging - Update

Note: This announcement, originally published on 23 July 2026, has been updated to amend the effective date. Changes have been highlighted. 

Clearstream Europe¹ informs clients that effective

30 November 2026

as part of the Swift Funds Standards Release, Clearstream Europe will introduce a new corporate action event combination for investment funds: Dividend Option (DVOP) with a Mandatory indicator (MAND). This combination will be applied where relevant to investment fund instruments and is intended to align Clearstream Europe’s corporate action messaging with the updated market practice (Standard Market Practice Group – “SMPG”) for investment fund income distributions.

Overview

Clearstream Europe will update the generation of corporate action notifications and confirmations for Dividend Option (DVOP) events with a Mandatory indicator (MAND).

This update is intended to ensure that MT564 Corporate Action Notifications and MT566 Corporate Action Confirmations reflect the distribution options made available by the underlying fund.

Impact on clients

Clients may notice changes to the MT564 Corporate Action Notification and MT566 Corporate Action Confirmation messages received for DVOP/MAND events.

Important Note: The generation of DVOP-related MT564 and MT566 messages is not solely determined by a client's settlement profile or the instruction option selected by the beneficial owner. Instead, message generation is driven by the options available in the underlying fund distribution event.

Depending on the fund, a DVOP event may offer:

• A Cash (CASH) option;
• A Securities Reinvestment (SECU) option.

Consequently, clients may receive different notifications and confirmations depending on the distribution options made available by the underlying fund. Regular dividend payments without a security reinvestment option will continue to be announced as Dividend Cash (DVCA) events.

Both cash (CASH) and securities reinvestment (SECU) options may be displayed in the MT564 Corporate Action Notification. However, clients will not be able to submit an instruction at event level. Instead, the client’s account standing instruction will be applied.

Note: The securities reinvestment option is available to Clearstream Banking S.A. (CBL) clients only.

This announcement will be updated with event templates once available.

Recommendation for clients:

• Review their current processing of MT564 and MT566 messages for DVOP/DVCA events.
• Assess any dependencies on the receipt of specific corporate action notifications or confirmations.
• Ensure their systems and operational procedures are prepared for the changes.
• Clients using automated processing of corporate action messages are particularly encouraged to assess the impact of the new messaging logic ahead of implementation.

Key messages for clients

The change relates specifically to Dividend Option (DVOP) events with a mandatory indicator.

MT564 and MT566 message generation will be aligned with the options available in the underlying fund distribution event.

Receipt of DVOP-related corporate action messages is driven by the options offered by the fund and not solely by a client's settlement setup.

Clients should review any automated processing relying on DVOP notifications and confirmations to ensure continued compatibility.

Further information

Clients with questions regarding the impact of this change on their business processes should contact their usual Relationship Manager.

Relationship Managers will be supported by Clearstream Europe product specialists and operational teams to address client-specific questions and assess potential impacts.

Operational queries may also continue to be directed to Vestima Client Services.

For further information, please contact as appropriate:

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1. This Announcement is published by Clearstream Europe AG (CEU), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany, registered with the Commercial Register of the District Court in Frankfurt am Main, Germany, under number HRB 7500.