Investment Funds: Swift Funds Standards Release (“SR2025”)

Note: This announcement, originally published on 13 June 2025, has been updated to inform clients that the date for implemented changes regarding corporate actions for funds has been postponed to June 2026. More information will follow. Changes have been highlighted.

Clearstream Fund Centre (CFCL)¹ informs clients that effective

June 2026 (TBC)

changes will be implemented regarding corporate actions for funds. Due to a change in the definitions of DVCA and DVOP, CFCL will introduce a new corporate action event: DVOP MAND. This change has been approved by Swift for SR2025.

Description

The SR2025 release will specifically address the formalisation of market practices for Investment Funds Income Distribution (IFID). Previously, market practices misused DVCA, DVSE and DVOP events, which did not accurately reflect IFID scenarios. The updated market practice will now utilise DVOP MAND to correctly represent these events.

The proposed approach focuses on formalising market practices to clearly differentiate between standard DVOP, DVCA and DVSE events, and those used for IFID notifications. Based on these standardised practices, change requests to update the definitions of DVCA, DVSE, DVOP, as well as STIN and IFIX, have been approved.

Definitions change overview

DVOP code

For the DVOP code, update the definition to:

Distribution of a dividend to shareholders with a choice of benefit to receive. Shareholders may choose to receive shares or cash.

To be distinguished from DRIP as the company creates new share capital in exchange for the dividend rather than investing the dividend in the market.

For investment funds, the option applicability is subject to the account owner established dividend preference. The account owner will receive mandatory cash or shares.

Impacted messages: 564, 566, Seev.031, Seev.035, Seev.036, Seev.037.

STIN code

For the STIN code / Standing Instruction Indicator element, update the definition to:

Indicates whether an account owner has placed a standing order to select this corporate action option.

For investment funds, the option applicability is subject to the account owner’s established dividend preference at the moment of the account opening.

Impacted messages: 564, seev.031.

IFIX code

For the IFIX code / Fixing Date element, update the definition to:

Date/time at which an index/rate/price/value will be determined. For investment funds, date/time of the Net Asset Value.

Impacted messages: 564, 566, Seev.031, Seev.035, Seev.036, Seev.037.

Further information

Note: A second publication will follow with more details about messages. CFCL Swift documentation will be updated with the newly Corporate Action event created.

For further information, please contact as appropriate:

	CFCL Vestima Client Services
Email:	csvestima@clearstream.com
Telephone:	+352-243-32833

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