ISO 20022 rollout for general meetings - Update
Note: This announcement originally published on 17 June 2021 and updated on 12 August, 21 September and 24 September and 25 October 2021, has been further updated considering the postponement of the ISO 20022 rollout for General Meetings. Changes have been highlighted.
Following Announcement C21050 Clearstream Banking1 postponed ISO 20022 rollout for General Meetings that was initially scheduled for 22 November 2021. The new timetable for implementation of the business activation of ISO 20022 for General Meetings will be communicated in due course.
As part of our regular communications, and further to Announcement C20019, Clearstream Banking would like to inform customers about the ongoing activities regarding ISO 20022 rollout for General Meeting (GM). The new implementation timeline will be communicated in due course.
Clearstream Banking’s GM messages will be upgraded to ISO 20022. All GM messages will be exclusively based on ISO 20022 format, being the only endorsed ISO format. Following this strategy, Clearstream Banking asks customers to consider the Clearstream SWIFT User Guide for General Meetings ISO 20022.
The dedicated Clearstream ISO 20022 SWIFT User Guide will describe the message specifications for the below listed messages:
a. During customer testing Clearstream Banking has requested customers to send seev.004 instructions with balance type ELIG (Eligible Balance). Based on the feedback received from customers, it has been decided to accept instructions when the balance type INBA (instructed balance) is stated. The seev.004 SWIFT message itself has no field to specify the instructed quantity as reported in MT565 messages.
b. If received from agent.
Impact on customers
All customers must prepare to receive GM messages and instruct in ISO 20022 . The subscription is possible via the below mentioned connectivity channels since October 2021, however, message exchange in ISO 20022 will not be possible before the new production go-live date. Any ISO 20022 - seev.004 instruction message will not be considered by Clearstream Banking. Customers will not receive a rejection to this message.
The existing ISO 15022 messages for GM will remain as today. 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
The KVGI customer online GUI will not be switched off for GM events.
ISO 20022 connectivity solutions available to customers
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.
Customers are advised that due to General Meetings being processed out of the CBL platform, all meeting information will be exclusively exchanged with the Clearstream Banking S.A. (CBL) BIC address CEDELULL;
Note: Due to the postponement of the ISO 20022 rollout for General Meetings, the already completed RMA key exchange will only be eligible for the upcoming rollout at a later date in 2022.
- Once the RMA key is exchanged, customers have to communicate the Distinguished Name (DN) and the list of accounts that must be linked accordingly via SWIFT message MT599 and via email to firstname.lastname@example.org; The MT599 must contain following content:
- To the attention of PRGConnect;
- Please link the DN XXXXXXXXXXXX to the following accounts: xxxx, xxxx …
- Contact details: (Name, Email and Phone Number);
- Once the above is completed, customers will be able to schedule the related reports in Xact Web Portal (customers should refer to the Xact Web Portal - User Manual for the scheduling of notifications);
- Established customer Power of Attorney (PoA) will be extended by Clearstream Banking to cover ISO 20022.
Note: Since 22 October 2021, customers can subscribe to the new ISO 20022 messages in Xact Web Portal. Reports that were already scheduled before the 22 November 2022, will remain eligible for the new scheduled rollout date and do not need to be changed. The activation date will be provided once the ISO 2022 rollout for General Meetings timeline is available. The setup of RMA and DN’s has to be completed by this date and the communication channel must be selected in Xact Web Portal.
Clearstream Banking strongly recommends that customers manage their report subscriptions directly via Xact Web Portal.
For further information please contact OneClearstream@clearstream.com or the Clearstream Connectivity Helpdesk.
1. 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.
2. 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.