Standards MX Template - iso20022.org · Web viewThis annex document is the annex to ISO 20022...

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ANNEX TO ISO 20022 CHANGE REQUEST ID 0710

Funds UK Funds Market Practice Group (NMPG)

UK Electronic Transfer and Re-Registrations Group (UKETRG)

Transfer (sese) MX Functional AdditionsThis document describes the additional functionality required by the UK in order to eliminate the work-arounds and misuse of the funds transfer message formats used in the UK message usage guidelines on MyStandards for the use of the funds transfer (sese) message for the single leg process. This document is published as an annex to change requests submitted to ISO - see section 1.1

Version 0.3 (UKFMPG Funds sese MX Functional Additions_v0.3_2018-04-26.docx)

16 April 2018

Transfer (sese) MX Functional Additions Table of Contents

Table of ContentsTable of Contents.......................................................................................................................................2

1 Document History............................................................................................................................51.1 Annex to ISO Change Request 0710....................................................................................................5

2 Introduction.....................................................................................................................................62.1 Background..........................................................................................................................................62.2 Versions of Funds Transfer Messages..................................................................................................72.3 The UK Funds Collections Used as Source Material.............................................................................82.4 Gap Analysis Impact............................................................................................................................82.5 Key.......................................................................................................................................................9

3 Miscellaneous................................................................................................................................103.1 Indicator versus Code Lists................................................................................................................10

4 Summary........................................................................................................................................11

5 Functional Additions and Changes..................................................................................................135.1 Sese.019, 018, 012, 013 All Other Cash - definition update...............................................................135.2 Sese.019, 018, 012, 013 Transferor & Transferee Account/Servicer (account name, sort code).......155.3 Sese.019, 018, 012, 013 Portfolio/Tax Wrapper (ISA)........................................................................185.4 Sese.019, 018, 012, 013 Portfolio/General Investments ('portfolio').................................................225.5 Sese.018, 012, 013 Portfolio / 'Pension'............................................................................................235.6 Sese.019, 018, 012, 013 Financial Instrument Identification & Quantity...........................................335.7 sese.012, 013 Conversion..................................................................................................................395.8 Sese.019, 018, 012, 013 Settlement Parties.......................................................................................415.9 sese.018, 013 Latest Valuation QUESTION........................................................................................465.10 sese.018, 012, 013 Crystallised Uncrystallised Split...........................................................................465.11 Sese.012, 013 Payment Party Information (Target Bank Account + Payment Reference).................485.12 Sese.012, 013 Requested Settlement Date, Requested Trade Date..................................................525.13 Sese.013 Registered Holder...............................................................................................................535.14 Sese.011 'Status Type'.......................................................................................................................545.15 Sese.011 Additional Status................................................................................................................565.16 Sese.011 Pending Settlement Status - Payment Information............................................................585.17 Sese.011 Status Issuer & Status Receiver..........................................................................................625.18 Sese.011 Total Transfer Value...........................................................................................................635.19 Sese.011 Drawdown & Benefit Crystallisation...................................................................................645.20 Sese.001, 005, 003, 007 Requested Trade Date................................................................................675.21 Sese.005, 001 Book Cost....................................................................................................................685.22 Sese.001, 003, 005, 007 Account Servicer Address PENDING............................................................705.23 Sese.001, 005, 003, 007 Place of Trade.............................................................................................71

6 APPENDIX 1 - Items no longer required..........................................................................................736.1 Sese.019, 018, 012, 013 Portfolio - change multiplicity - ALREADY DONE.........................................736.2 Sese.018 Partial Holdings/Partial Discovery NO LONGER NEEDED?..................................................73

Funds UK Funds Market Practice Group (NMPG) 2 16 April 2018

Transfer (sese) MX Functional Additions Table of Contents

6.3 Sese.012, 013 Partial Transfer NO LONGER NEEDED?.......................................................................74

7 APPENDIX 2 - Other Potential Requirements (1).............................................................................757.1 Counterparty and Client References..................................................................................................757.2 'Ultimate' Beneficial Owner...............................................................................................................767.3 Status Reporting - General.................................................................................................................76

8 APPENDIX 3 - Reference Information (1).........................................................................................788.1 Confirming transfer of cash asset (sese.013).....................................................................................788.2 Use of sese.011 for 'Payment Advice Information'............................................................................78

9 APPENDIX 4 - Other Potential Requirements (2).............................................................................809.1 Settlement Parties.............................................................................................................................80

10 APPENDIX 5 - Reference Information (2).........................................................................................8310.1 Settlement Party Chain......................................................................................................................8310.2 Settlement Through a CSD General...................................................................................................85

11 APPENDIX 6 - List of Market Practice Work-Arounds......................................................................87

Legal Notices............................................................................................................................................98


Transfer (sese) MX Functional Additions Miscellaneous

1 Document HistoryChanges to previous versions

Version 0.1 Draft New. This version was not distributed. 2018-01-19

Version 0.2 Draft Section 5.8 rewritten. 'Settlement Party Chain".Section 5.7 Instructing a conversion

2018-01-25

Version 0.3 Final Draft As delivered to ISO 20022 as the annex to change request 0710 2018-04-16

1.1 Annex to ISO Change Request 0710This annex document is the annex to ISO 20022 change request 0710, specifically for topic items 5.1 to 5.19.

Item # in this document

MX identifiers Comment

5.1 to 5.19 019, 018, 012, 013, 011 A single change request is submitted with a link to this document which is published as an annex on the ISO 20022 website for reference purposes

This document provides detailed information about the nature of changes required by the UK users of the funds portfolio transfer and transfer messages, ready to be used in the implementation stage of the change request into the messages.

The other items in this document, when relevant, are covered by separate self-contained ISO change requests.



2 Introduction2.1 BackgroundCurrently, the UK funds market is using an earlier version of the ISO 20022 standards for investment funds transfers (sese) messages in the SWIFTNet Funds solution.

The UK uses versions dating from 2011/2012, commonly known as 'version 4'. And to make this work, there are a number of work-arounds, either using the Extension sequence data or misusing elements to carry data which is not part of the 'version 4' standard, as well as a number of other work-arounds, such as ignore the content of a mandatory element.

The extensions and work-arounds used by the UK funds market practice as posted on MyStandards have been assessed.

The most recent version on the network is the 2016 version (commonly known as 'version 7'). In November 2018, 'version 7' is replaced with 'version 8'. In all 'gap analysis' work, the version 8 messages have been used as the basis.

The UK funds market is considering moving to the latest version of the standard, however, there is no value in doing this until the UK submits change requests to fix gaps in the standard and the change requests are implemented in the message standard. In all 'gap analysis' work, the version 8 messages have been used as the basis.

It is anticipated that the UK funds market will submit change request for the next cycle, 2018 -2019 and then (at some stage, yet to be determined) adopt the 2019 version of the standard in SWIFTNet funds solution. The purpose of this document is to describe the functional additions that will be necessary to the funds transfer (sese) message set for the UK funds market so that the UK funds market no longer has to use work-arounds, but rather have specific structured message elements that can be used instead. This document is accompanied by the power-point document 'UKFMPG Funds sese MX Functional Additions_Overview_0.1_2018-01-19.pptx' which gives illustrated view of changes to each message.

Other Documents and Review Meetings

In a previous document, UKFMPG Gap Work-Arounds and Resolutions_v0.4_2017-12-19.docx, (commonly known as the 'gap analysis document') the various work-arounds were described as well as proposals for modifications of the messages in many cases. In a work session that took place on 11 January 2018, this document was reviewed by a sub-set of the UKETRG group in order to check that a correct interpretation of the various work-arounds had been made.

When the message standard is updated with the UK requirements, in order to facilitate implementation, it is the intention to provide XML examples showing how the XML looks with the work-around and how it is carried in the new XML structure following the message maintenance.



2.2 Versions of Funds Transfer Messages From November 2018

4.1 Nov 2011 4.5 Nov 2013 4.7 Nov 2014 4.8 Nov 2015 4.9 Nov 2016 5.1 Nov 2018 5.2 Nov 2019

sese.001.001.04 sese.001.001.05 sese.001.001.06 sese.001.001.07 sese.001.001.08








sese.009.001.03 sese.009.001.04 sese.009.001.05 sese.009.001.06








Removal date to be confirmed Removed Nov 2016

Removed Nov 2016

To be removed Nov 2018

If UK changes are part of this release, then funds 4.1 and 4.5 should be removed from network. TBC

At the time of writing this document, the current version is the November 2016 version and the future version is the November 2018 version.



2.3 The UK Funds Collections Used as Source Material

It is assumed that the V3.1 collections are in scope of this gap analysis assessment. At this stage it is thought the collection DWP Pension Matching is out of scope. The collection 'Transfers "Nov2015" is not included, it is obsolete.

Thus, the collections assessed in the gap analysis are:

[1] Core Portfolio

[2] Fund Transfers

[3] GIA Transfers

[4] ISA Transfers

[5] IUH Transfers

[6] Pension Transfers

2.4 Gap Analysis ImpactFollowing the assessment of the UK market practice message usage guidelines for the use of:

1. Account Holding Information Request sese.019

2. Account Holding Information (response) sese.018



3. Portfolio Transfer Instruction sese.012

4. Portfolio Transfer Confirmation sese.013

5. Transfer Instruction status Report sese.011

.. it can be seen that these messages are not really ‘fit-for-purpose’, in that they do not adequately allow for the specification of cash assets and other assets that may be in the portfolio, that are not typical funds units or securities, such as property or non-unitised funds.

Following the assessment of the UK market practice message usage guidelines for the use of:

6. Transfer Out Instruction

7. Transfer In Instruction

8. Transfer Out Confirmation

9. Transfer In Confirmation

.. initial analysis shows that a few changes are required.

2.5 KeyIn diagrams representing revised message structures, the following convention is used:

Red = new element

Blue = modification



3 Miscellaneous3.1 Indicator versus Code ListsISO 20022 modelling rules say that an Indicator element (true/false, yes/no Boolean) should be mandatory. Feedback over the years suggests that mandatory indicator elements are not well tolerated and there have been change requests to make mandatory indicators into optional indicator elements. In these case, for the investment funds messages, typically a mandatory indicator is changed into an optional element, typed by a code word list. An element typed by a choice of code/proprietary format gives good flexibility in that if the 'business date' does not exist in the defined code word list, then proprietary can be used until such times as a code is added to the code word list. In this way, at least those uses specifying a code word can benefit from of schema validation. For the investment funds messages, the approach taken in general has been to use the code/indicator choice approach.


Transfer (sese) MX Functional Additions Summary

4 Summary# MX - sese. Brief Description Type of Change

1 019, 018, 012, 013 All Other Cash - definition update Documentation

2 019, 018, 012, 013 Transferor & Transferee Account (account name, sort code) Optional element + structural

3 019, 018, 012, 013 Portfolio / Tax Wrapper (ISA) Optional element + structural

4 019, 018, 012, 013 Portfolio / General Investments (portfolio) Optional element + structural

5 019, 018, 012, 013 Portfolio / Pension Optional element

6 019, 018, 012, 013 Financial Instrument Identification & Quantity Optional element + structural

7 012, 013 Conversion Optional element

8 019, 018, 012, 013 Settlement Parties Optional element

9 018, 013 Latest Valuation Optional element

10 018, 012, 013 Crystallised Uncrystallised Split Optional element

11 012, 013 Payment party information (target bank account + payment reference) Optional element

12 012, 013 Requested Settlement Date, Requested Trade Date Optional element

13 013 Registered Holder Optional element

14 011 Status Type Optional element

15 011 Additional status Code

16 011 Pending Settlement Status - Payment Information Optional element

17 011 Status Issuer, Status Receiver Optional element

18 011 Total transfer value Optional element

19 011 Drawdown + Benefit Crystallisation Optional element

20 001, 005, 003, 007 Requested Trade Date Optional element

21 001, 005 Book Cost Optional element

22 001, 005, 003, 007 Account Servicer address - already covered? Format

23 001, 005, 003, 007 Place of Trade Optional element


Transfer (sese) MX Functional Additions Summary

# MX - sese. Brief Description Type of Change

24 019, 018, 012, 013, 001, 005, 003, 007

Alignment of settlement parties with Securities Settlement Transaction Instruction sese.013 message - see appendix 4 & 5

Alignment


Transfer (sese) MX Functional Additions APPENDIX 3 - Reference Information (1)

5 Functional Additions and Changes5.1 Sese.019, 018, 012, 013 All Other Cash - definition

updateReference in gap analysis document Section 4.2 Sese.019, 018, 012, 013 All Other Cash/Encash All

In the November 2016 versions of sese.018, 019, 012, 013, the element 'All Other Cash' was changed from a mandatory indicator field to an optional element, typed by a code list.

Proposal for message modification

In Product Transfer, enhance the definition of 'All Other Cash" element to cover the UK scenario:

Element Definition current version (November 2016)

Proposed Definition

AllOtherCash Specifies whether all remaining assets in a portfolio not listed for transfer should be liquidated and transferred as cash.

Specifies whether all remaining assets in the portfolio not listed for transfer should be liquidated and transferred as cash. If no assets are identified, this specifies that all assets in the portfolio should be liquidated and transferred as cash.

XML example

Sese.012.001.04 Sese.012.001.08<PrtflTrfInstr> <PrtflTrfInstr>

<MsgRef> <MsgRef><Id>JE0003</Id> <Id>JE0003</Id><CreDtTm>2017-11-13T08:40:00</CreDtTm> <CreDtTm>2017-11-13T08:40:00</CreDtTm>

</MsgRef> </MsgRef><PmryIndvInvstr> <PmryIndvInvstr>

<Nm>BROWN</Nm> <Nm>BROWN</Nm>



Sese.012.001.04 Sese.012.001.08<GvnNm>MARTIN</GvnNm> <GvnNm>MARTIN</GvnNm><BirthDt>1960-03-25</BirthDt> <BirthDt>1960-03-25</BirthDt><SclSctyNb>1234567890</SclSctyNb> <SclSctyNb>1234567890</SclSctyNb><IndvInvstrAdr> <IndvInvstrAdr>

<PstCd>PL5 4AF</PstCd> <PstCd>PL5 4AF</PstCd><Ctry>GB</Ctry> <Ctry>GB</Ctry>

</IndvInvstrAdr> </IndvInvstrAdr></PmryIndvInvstr> </PmryIndvInvstr><TrfrAcct> <TrfrAcct>

<Id>11111111</Id> <Id>11111111</Id><Svcr> <Svcr>

<BICOrBEI>BDAPGB22</BICOrBEI> <Pty></Svcr> <AnyBIC>BDAPGB22</AnyBIC>

</TrfrAcct> </Pty><Trfee> </Svcr>

<BICOrBEI>PEFIGB22</BICOrBEI> </TrfrAcct></Trfee> <Trfee>

<Pty><AnyBIC>PEFILULL</AnyBIC>

</Pty></Trfee>

<PdctTrf> <PdctTrf><TrfId>PTR-001</TrfId> <TrfId>PTR-001</TrfId><Prtfl> [1] <AllOthrCsh>LIQU</AllOthrCsh>

<Prtfl><PrtflInf>IGNORE</PrtflInf>

</Prtfl></Prtfl><AllOthrCsh>true</AllOthrCsh><FinInstrmAsstForTrf> <FinInstrmAsstForTrf>

<Id> <Id><ISIN>GB1234567890</ISIN> <ISIN>GB1234567890</ISIN>

</Id> </Id><TrfTp>SECU</TrfTp> <TrfTp>SECU</TrfTp><TrfeeAcct> <TrfeeAcct>

<Id>55555555</Id> <Id>55555555</Id><Svcr> <Svcr>

<BICOrBEI>PEFIGB22</BICOrBEI> <Pty></Svcr> <AnyBIC>PEFIGB22</AnyBIC>

</TrfeeAcct> </Pty></FinInstrmAsstForTrf> </Svcr>

</TrfeeAcct></FinInstrmAsstForTrf>

</PdctTrf> </PdctTrf><Xtnsn>

<PlcAndNm>PdctTrf/EncashAll</PlcAndNm>



Sese.012.001.04 Sese.012.001.08<Txt>true</Txt>

</Xtnsn></PrtflTrfInstr> </PrtflTrfInstr>

5.2 Sese.019, 018, 012, 013 Transferor & Transferee Account/Servicer (account name, sort code)

Reference in gap analysis document

Section 4.3 Sese.019, 018, 012, 013 Transferor Account/Servicer (Sort Code) & Financial Institution Asset For Transfer/Transferee Account/Servicer (Account Name and Address)

Section 4.11 Sese.019, 018, 012, 013 Transferee Account - Name + Address of Nominee Account

In the Transferor Account and Transferee Account sequences, add an optional element 'Account Name'. For Account Servicer, allow Sort Code and BIC to be specified at the same time:

Modifications



Clearing System Member Identification has the UK sort code format. The new structure allows the specification of both the BIC and Clearing System Member for the Servicer. A new element Account Name is added.

Consistency

The UK market practice has the work-arounds for sese.012 & 013. In order to keep Transferor Account and Transferee Account defined consistently across sese.018-019 & 012-013, the change will also be applied to sese.018-019.

Note that there is a requirement to add account address to the Receiver Details / Transferee Registered Account in sese.001 + 003. Whatever solution is decided, it should be consistent.

5.2.1 Further Discussions Arising from Review 11 January 2018In the review meeting of the sub-set of the UKETRG group on 11 January 2018, it was suggested that perhaps the concept of removing the 'choice' and allowing more than one identifier for the identification of the account servicer should also be applied to sese.001, 003, 005 and 007.

SWIFT Standards comment: the actual transfer and confirmation of the transfer of an ISIN is the part of the SLT process that is not dissimilar to a securities settlement as carried out today with the MT 54x (and at some stage covered by the sese.023 Securities Settlement Transaction Instruction message). It is the part of the process for which the STP rate is likely to be very high. There are many funds transfers being carried out today with the MT54x set of the messages and these do not allow multiple identifiers for the account servicer. For this reason, it is suggested that the change should NOT be applied to sese. 001, 003, 005 and 007.

5.2.2 Address - Structured versus UnstructuredIn the review meeting of the sub-set of the UKETRG group on 11 January 2018, it was suggested that an unstructured address format should be permitted in place of the structured 'NameAndAddress5' component. It has become apparent that the reason the work around says do not use 'Account Servicer' (which has an address format) and use an Extension to specify the address of the Account Servicer instead is because there is an issue using the existing structured address format (NameAndAddress5).

SWIFT Standards Comment

Having looked at the usage guideline for Transferee Account / Account Address, it states the data should be structured as: "1 High Street||London||||||||W1 2EH||GB"

There seems to be no reason why the existing NameAndAddress5 component cannot be used:



XML Snippet<Svcr>

<Pty><NmAndAdr>

<Nm>Name</Nm><Adr>

<AdrLine>1 High Street</AdrLine><PstCd>W1 2EH</PstCd><TwnNm>London</TwnNm><Ctry>GB</Ctry>

</Adr></NmAndAdr>

</Pty></Svcr>

The component NameAndAddress5 has a mandatory Name element and an optional Address element.

Currently all the funds order (setr) and funds transfer (sese) and many other funds messages use the structured 'NameAndAddress5' component. It is suggested that no change is made to the format of Name and Address.



5.3 Sese.019, 018, 012, 013 Portfolio/Tax Wrapper (ISA)Reference in gap analysis document

4.5 Sese.019, 018, 012, 013 ISA sequence - Type of ISA (Product Type) & Other Elements

4.6 Sese.013 Portfolio/ISA - Estimated Value

4.7 Sese.013 Portfolio/ISA - Investments To Follow

5.3.1 Proposal for message modification - sese.019

General Notes

[1] In the sese.019 request message, the sender specifies the type of ISA it wants to transfer and whether current and/or previous years subscriptions are to be returned in the sese.018 are specified.

[2] 11 January 2018: A name change was agreed. 'ISA' is to be renamed to 'Tax Wrapper'. This makes the standard more generic and allows for expansion should tax wrappers other than ISA be introduced.

[3] 11 January 2018: A name change was agreed. 'Portfolio' is to be renamed to 'General Investments'. This makes the standard more generic. In the UK group it was suggested that there is nothing to specify in 'General Investments' and therefore it should be removed. It is proposed that this concept is retained for use outside of the UK market. See also section 4.6.

For message element definitions, see below




Because the specific 'ISA sequence' has been replaced with a generic 'Tax Wrapper' sequence and these for used outside the UK context, it is proposed that all fields (with the exception of Tax Wrapper Type) should be optional and the rule removed.




Proposal for Message Modification - sese.013

New or Modified Message Element Definitions

Element Definition Data type

Tax Wrapper Wrapper for a specific product or sub-product. Wrappers are not investments in their own right but are tax exempt wrappers in which individuals can hold equities, bonds and funds to shelter them from income and capital gains tax.

Component

Tax Wrapper Type Type of tax wrapper, for example, an individual savings account (ISA) in the UK.

Choice Code / Proprietary

Estimated Value Estimated value of the tax wrapper assets to be transferred

Date [0.1] +Active Currency & Amount [1.1]

Investments To Follow Value of the investments to follow. Date [0.1] +Active Currency & Amount [1.1]

"Innovative Finance" To be defined



Element Definition Data type

Additional Information Information about the tax wrapper assets as text. Max 350 text

5.3.4 Tax Wrapper Product Type Code ListThe ISA Type element will be typed by a choice of code/proprietary.

This is what exists in the current messages:

Code Code Name Definition

MINE MiniEquity Type of ISA that offers a stocks and shares component only (no cash).

MAXI Maxi Type of ISA that must offer a stocks and shares component and, optionally, a cash component.

MINC MiniCash Type of ISA that offers a cash component only (no stock).

The ISA Type element will be typed by a choice of code/proprietary.

Proposal for Code list

Code Code Name Definition Comment

EQUI Stocks and Shares ISA Stocks and shares individual savings account (ISA).

Extracted from UK UG

JEQI Junior Stocks and Shares ISA Junior stocks and shares individual savings account (ISA).


SCTF Stakeholder Child Trust Fund ISA

Stakeholder child trust Fund (CTF) individual savings account (ISA).


CASH Cash ISA Cash individual savings account (ISA). Extracted from UK UG

JUCA Junior Cash ISA Junior cash individual savings account (ISA). Extracted from UK UG

CCTF Cash Child Trust Fund ISA Cash child trust fund (CTF) individual savings account (ISA).


LIFE Lifetime ISA Lifetime individual savings account (ISA). Extracted from UK UG

INNF Innovative Finance ISA Innovative finance individual savings account (ISA).


HEBU Help To Buy ISA Help To Buy individual savings account (ISA). Comes from web

FLEX Flexible ISA Flexible individual savings account (ISA). Comes from web

5.3.5 Additional InformationFor data not covered in the structured fields. Max 350 Text . [0.n]

5.4 Sese.019, 018, 012, 013 Portfolio/General Investments ('portfolio')

This sequence was previously called 'Portfolio'.



5.4.1 Proposal for message modification sese.018

11 January 2018: A name change was agreed. 'Portfolio' is to be renamed to 'General Investments'. This makes the standard more generic. In the UK group it was suggested that there is nothing to specify in 'General Investments' and therefore it should be removed. It is proposed that this concept is retained for use outside of the UK market. The element 'estimated value' seems to be an appropriate element to have in this sub-sequence. As well as a 'Type' element to qualify the type of general investment. The element Portfolio Information will be renamed to Additional Information to align with the other sequences. Other elements are to be determined.

The Account Holding Information (sese.018) messages is used to illustrate the change above. A similar change will be done in the sese.019, sese.012 and 013 messages.

Message Element Definitions

# Element/Sub-element Definition Data type

1 General Investments Component

2 Type [0.1] Type of investment. Code/Proprietary

3 Estimated Value [0.1] Estimated value of the investment portfolio. Active Currency + Amount

4 Additional Information [0.5] Additional information about the investment portfolio expressed as text

Max 350 Text

5.5 Sese.018, 012, 013 Portfolio / 'Pension'Reference in gap analysis document

4.10 Sese.019, 018, 012, 013 Portfolio sequence - pension attributes

In the Product Transfer/Portfolio choice structure, add an optional sequence 'Pension':






1 Pension Scheme Type Type of pension scheme. Choice code/proprietary

2 Pension Transfer Scope Code/Proprietary

3 Pension Schema Tax Reference Pension scheme tax reference issued to the pension plan by a central organisation.




Acquiring Party Reference Pension scheme tax reference as known by the acquiring (transferee) party

Max35Text

Ceding Party Reference Pension scheme tax reference as known by the ceding (transferor) party

Max35Text

4 Drawdown Tranche Identification Reference of the drawdown. Max 35 Text

5 Policy Drawdown Status Drawdown status of the policy. Choice code/proprietary

6 Estimated Value Estimated value of the policy. Date [0.1] + Active Currency & Amount

7 Pension Sharing Specifies whether the pension benefits are shared.

Choice code/proprietary

8 Block Transfer Specifies whether the transfer of pension is a block transfer.


9 Retirement Age Protection Policy regarding retirement age protection


10 Retirement Age Retirement age in the policy Number

11 Tax Free Cash Protection Specifies whether the tax-free cash is protected when the pension is transferred.


12 Lump Sum Specifies whether an uncrystallised fund pension lump sum (UPFLS) is permitted for the pension.


13 Crystallised Uncrystallised Split Specifies whether benefits have been crystallised


14 Earmark Specifies whether the pension has been earmarked (set aside.)


15 Earmark Reason Reason for the earmarking. Choice code/proprietary

16 Tax Free Cash Amount Amount of cash that is tax free. Date [0.1] + Active Currency & Amount

17 Value of Policy Value of the policy. Date [0.1] + Active Currency & Amount

18 Ring-fenced Drawdown Assets Specifies whether the assets cannot be included in a drawdown.


19 Money Purchase Annual Allowance Money purchase annual allowance (MPAA) details.

Component

Triggered Specifies whether the annual allowance has been triggered


Triggered Date Date the annual allowance was taken ISO Date

20 Safeguard Benefit Specifies whether the pension is covered by a safeguard benefit.


21 Lifetime Allowance Protection Specifies whether the pension has Choice code/proprietary




lifetime allowance protection.

22 Sharing Order Specifies whether a pension sharing order has been issued by a court.

23 Additional Information Additional information about the pension expressed as text

Max 350 Text

24 Policy in Drawdown (same as 5?)

Code Lists

In all cases, elements with a code list are typed by a choice of Code and Proprietary. This is to allow the use of bilaterally agreed or market practice agreed proprietary codes. The inclusion of a proprietary format adds flexibility to the standard . If new requirements should be needed, the message can still be used whilst waiting for a maintenance on the standard.

5.5.4.1 Pension Scheme Type - codes


GPPS Group Personal Pension Scheme

PPNS Personal Pension

SIPP Self Invested Pension Plan

SIPG Group Invested Pension Plan

SSAS Small Self Administered Schema

STKI Individual Stakeholder

STKG Group Stakeholder

SC32 Section32

S32A Section32A

REAN Retirement Annuity

OCDC Occupational Direct Contribution

EXPP Executive Pension Plan

AAVC Additional Voluntary Contribution

FAVC Free Standing Additional Voluntary Contribution

DBEN Defined Benefit

5.5.4.2 Pension Transfer Scope - codes


FULP Full Pension

UCRY Uncrystallised Part

CRYS Crystallised Part

SDDT Specific Drawdown Tranche



5.5.4.3 PSTR - Pension Scheme Tax ReferenceThe datatype is Max35Text. (In the UK market practice, the market practice needs to say length must be 10 characters and conform to the pattern [0-9]{8}R[A-HJ-NP-TV-Z])

5.5.4.4 Policy Drawdown Status - Codes


NONE None No drawdowns are allowed.

PART Partial Partial drawdowns are allowed.

FULL Full Full drawdown is allowed.

5.5.4.5 Pension Sharing - Codes


NPSH Pension Sharing

YPSH No Pension Sharing

5.5.4.6 Block Transfer - Codes


NBTR Block Transfer

YBTR No Block Transfer

5.5.4.7 Retirement Age Protection - Codes


NRAP Retirement Age Protection

YRAP No Retirement Age Protection

5.5.4.8 Tax Free Cash Protection - Codes


NTCP Tax Free Cash Protection

YTCP No Tax Free Cash Protection

5.5.4.9 Lump Sum - Codes


YLUM Lump Sum Lump sum is permitted

NLUM No Lump Sum Lump sum is not permitted.



5.5.4.10 Crystallised Uncrystallised Split - Codes


YCRY Not Crystallised Benefits have not been crystallised.

NCRY Crystallised Benefits have been crystallised.

5.5.4.11 Earmark - Codes


EARM Earmarking Pension has been earmarked.

NEAR No Earmarking Pension has not been earmarked

5.5.4.12 Earmark Reason - Codes


DIVO Divorce Pension has been earmarked because of a divorce.

5.5.4.13 Ring-Fenced Drawdown Assets - Codes


RFDA Ring Fenced Drawdown Assets can be included in a drawdown.

NEAR No Ring Fenced Drawdown Assets cannot be included in a drawdown.

5.5.4.14 Money Purchase Annual Allowance Rule / Triggered - codes


YTRG Rules Triggered Money purchase annual allowance has been triggered.

NTRG Rules No Triggered Money purchase annual allowance has not been triggered.

5.5.4.15 Safeguard Benefit - codes


YSAF Safeguarded Pension is covered by a safeguarded benefit.

NSAF Not Safeguarded Pension is not covered by a safeguarded benefit.

5.5.4.16 Lifetime Allowance Protection - codes


YLIF Lifetime Allowance Protection Pension has lifetime allowance protection.

NLIF No Lifetime Allowance Protection Pension does not have lifetime allowance protection.



5.5.4.17 Sharing Order - codes


YSHA Sharing Order Sharing order has been issued.

NSHA No Sharing Order Sharing order has not been issued.

5.5.4.18 Additional InformationFor data not covered in the structured fields. Max 350 Text . [0.n]

5.5.5 Summary of Pension attributes by MX# Item 019 018 012 013

1 Pension Scheme Type Y Y Y Y

2 Pension Scheme Scope Y Y Y Y

3 Acquiring Pension Schema Tax Reference Y Y Y Y

Ceding Pension Schema Tax Reference Y Y Y Y

4 Drawdown Tranche Identification Y Y Y Y

5 Policy Drawdown Status Y Y

6 Estimated Value Y Y

7 Pension Sharing Y Y

8 Block Transfer Y Y

9 Retirement Age Protection Y Y

10 Retirement Age Y Y

11 Tax Free Cash Protection Y Y

12 UFPLS (Uncrystallised Fund Pension Lump Sum) Y Y

13 Crystallised Uncrystallised Split Y Y

14 Earmarking Order Y Y

15 Earmark reason Y Y

16 Tax Free Cash Amount Y Y

17 Value of Policy Y Y

18 Contains Ring-fenced Drawdown Assets Y Y

19 Money Purchase Annual Allowance Y Y

20 Safeguard Benefit Y Y

21 Lifetime Allowance Protection Y Y

22 Sharing Order Y Y

23 Additional Information Y Y Y Y

24 Policy in Drawdown same as item 5? Y Y



5.6 Sese.019, 018, 012, 013 Financial Instrument Identification & Quantity


Section 4.4 Sese.019, 018, 012, 013 Financial Instrument Proprietary and Additional Identifier/s & Quantity


[1] More often than not, in sese.019, the request for information, the Financial Instrument Asset for Transfer sequence is not present. And typically, if the does tell you the assets, quite often it is wrong, so best thing is 'not to say anything' about the assets

[2] This is a 'use case' in which you request to been given information about a specific asset, and thus Financial Instrument Asset for Transfer sequence would be used (and that is why it is present in the message format.

[3] The elements of the new Instrument / Security and Cash Asset and Other Asset sequences are all deliberately optional.

For message element definitions, see below.




The Account Holding Information message, sese.018, as designed back in 2007/8 has the Quantity element as optional. In the 11 January 2018 review meeting, it was agreed Quantity should probably be mandatory. It should be noted that Quantity might be specified as ‘zero’ (client may not have forgotten it sold the particular asset).

(The 'Instrument' choice sequence is the same in sese.018, 012 and 013.)




Proposal for message modification - sese. 012

The Portfolio Transfer Instruction, sese.012, as designed back in 2007/8 has the Quantity element as optional. This is because you might instruct all of the identified asset (and you may not know the precise quantity) and in this scenario Quantity would not be present.





(The 'Instrument' choice sequence is the same in sese.018, 012 and 013.)

General Notes

[1] There are three types of 'instrument' [1] security [2] cash [3] other (for example, property). At a global level, the type of instrument as an element is not needed because the presence of 'Security', Cash Asset and Other Asset indicates the type of instrument'

[2] The Security sequence is typically used with an ISIN.

[3] The cash asset can be as a result of an actual cash investment or can be cash holding not yet invested - this needs to be differentiated.

[4] The other asset could be, for example, property or moveable chattels.

[5] The other asset identification is a 'technical identification'. Currently an example is 'Property0001', 'Property0002. However, in new structure, this would be two elements.

[6] Question: is it necessary to have 'Other Identification' with five repetitions?

[7] The mandatory Transfer Type has codes for Cash and Securities - a code for 'Other' is to be added. (It is hoped a better name for 'other' can be found.



[8] The Quantity choice is to specify units, percentage or a cash amount. It may be deemed sensible to have a quantity element for 'other asset'

Other Notes

11 January 2018: The need for an FX element in the portfolio transfer instruction (sese.012) and portfolio transfer confirmation (sese.013) messages was discussed. It was agreed that it is premature to have an FX element in sese.012 and 013, but that it might be necessary to instruct the currency of transfer. (This is possible in the transfer out instruction (sese.001) and the transfer in instruction (see.005) messages). There is already a 'transfer currency' element in the Financial Instrument Asset for Transfer' sequence.


# Element Definition Data type

Financial Instrument Asset For Transfer

Specifies the underlying assets for the tax wrapper, pension or general investments account.

Line Identification Identification of the line of holding in the portfolio

Max 35 Text

Instrument (choice) Identification of the asset.

Security Identification of the security.

Identification Identifier of the security Security Identification 25 Choice (already exists)

Name Name of the financial instrument in free format text.

Max 350 Text

Short Name Financial Instrument Short Name (FISN) expressed in conformance with the ISO 18774 standard.

Max 35 Text

Cash Asset Identification of a cash asset.

Cash Asset Type Type of cash asset. Choice Code or Proprietary

Additional Information Additional information about the cash asset.

Max 350 Text

Other Asset Identification of another kind of asset in the holding that is not a security or cash.

Other Asset Type Type of asset. Choice Code or Proprietary

Identification Technical identification of the asset. Max 35 text

Name Name of the asset. Max 350 Text

Other Identification Max 350 Text

Additional Information Additional information about the other asset.

Max 350 Text

Transfer Type Code: SECU, CASH, OTHR



# Element Definition Data type

Quantity (choice)

Units Quantity of security to be transferred. Decimal Number

Percentage Quantity of securities to be transferred as a percentage of the holding.

Percentage Rate

Cash Amount Cash amount to be transferred. Active Currency & Amount

Other Asset Quantity Quantity of asset to be transferred. Max Text 35

Transferee Account

And so on

The multiplicity of the elements depends on the message. See 'above'

Cash Asset Type

The cash asset can be as a result of an actual cash investment or can be cash holding not yet invested - this needs to be differentiated (cash asset type):


CSH1 Cash Investment Cash is attributed to a cash investment.

CSH2 Cash In Holding Cash is cash in the holding not yet invested.

Other Asset Type

The other asset could be, for example, property or moveable chattels.


PROP Property Property that is real estate.

MOVE Movable Property Property that is not real estate. Also known as 'movable chattels'.

More codes may need to be identified.

Mapping the 'UKFMPG codes'

The following data was taken from document UKFMPG-Transfers-v2.2-BusinessProcess-Final.pdf, BR18 and proposes which sub-section of the sequence Instrument would be used when the message updates have been done.

The list of other asset types available within the messaging is:

This would map into the new sequence in:

'CashOnDeposit' Cash Asset

'OtherEquity' Security

'OtherFund' Security

'TrusteeInvestmentPlan' ??

'InvestmentBond' Security

'OffshoreBond' Security



'Property' Other Asset

'MoveableChattels' Other Asset

'DiscretionaryInvestmentManager' Other Asset ?

'Other' Other Asset

5.7 sese.012, 013 Conversion


NONE. This is a requirement that became known after the gap analysis document was created.

In Product Transfer / Financial Instrument Asset For Transfer, add optional sequence, 'Conversion'.



# Element Definition M/0 Data type

Conversion Instruction to convert the security into another security before transfer.

[0.1]

Security Identification of the target security. [1.1]

Identification Identifier of the security Security Identification 25 Choice (already exists)

Name Name of the financial instrument in free format text.

Max 350 Text

Short Name Financial Instrument Short Name (FISN) Max 35 Text




expressed in conformance with the ISO 18774 standard.

Additional Information Additional information about the conversion.

[0.n] Max 350 Text




Conversion Confirmation of the instruction to convert the security into another security before transfer.

[0.1]

For the other elements and definitions, see see.012 above.



5.8 Sese.019, 018, 012, 013 Settlement PartiesReference in gap analysis document

Section 4.12 Sese.019 Place of Settlement

Other Reference Although not documented as such in any work-arounds for sese.018, 012 and 013, it transpires there is the need for the full settlement chain for both receive-side and deliver-side parties in order to be able to populate sese.001 and so on downstream, in the event of a movement through an ICSD or CSD.

In Product Transfer / Financial Instrument Asset For Transfer, add optional sequences 'Settlement Parties Delivering Side Details' and/or 'Settlement Parties Receiving Side Details'.

Account Holding Information Request sese.019 message "I may give you my place of settlement (receive side)".

Account Holding Information sese.018 message "I may give you my place of settlement (deliver side) and settlement parties and may return your place of settlement."

Portfolio Transfer Instruction, sese.012 "I give you my full receive side chain and return your place of settlement (deliver side) and settlement parties."

Portfolio Transfer Confirmation, sese.012 "I give you back your receive side chain and my deliver side parties"

5.8.1 Account Holding Information Request sese.019



5.8.2 Account Holding Information sese.018



5.8.3 Portfolio Transfer Instruction sese.012





Element / sub-element M/O Definition Data Type

Settlement Parties Receive Side Details [0.1] Chain of receiving settlement parties.

Receivers Custodian Details [0.1] Party that, in the settlement chain, interacts with the receiving agent.

Party choice & account

Receivers Intermediary1 Details [0.1] Party that, in the settlement chain, interacts with the receiver's custodian.

Receivers Intermediary2 Details [0.1] Party that, in the settlement chain, interacts with receiver's intermediary.

Receiving Agent Details [0.1] Party that, in the settlement chain, interacts with the place of settlement.The place of settlement is, for example, a securities central



Element / sub-element M/O Definition Data Type

depository or transfer agent.

Place Of Settlement Details [0.1] Place where settlement of the securities takes place. This may be a securities central depository or transfer agent.

Party choice

Settlement Parties Deliver Side Details [0.1] Chain of delivering settlement parties.

Deliverers Custodian Details [0.1] Party that, in the settlement chain, interacts with the delivering agent.

Party choice & account

Deliverers Intermediary1 Details [0.1] Party that, in the settlement chain, interacts with the deliverer's custodian.

Deliverers Intermediary2 Details [0.1] Party that, in the settlement chain, interacts with deliverer's intermediary

Delivering Agent Details [0.1] Party that, in the settlement chain, interacts with the place of settlement.The place of settlement is, for example, a securities central depository or transfer agent.

Place Of Settlement Details [0.1] Place where settlement of the securities takes place. This may be a securities central depository or transfer agent.

Party choice

All elements are optional to allow the use of a generic component to be re-used across sese.019, 018, 012, 013.Usage rules are required:If Settlement Parties Receive Side Details is present:

[1] Deliverers Custodian Details must not be present unless Delivering Agent Details is present.

[2] Deliverers Intermediary1 Details must not be present unless Deliverers Custodian Details is present.

[3] Deliverers Intermediary2 Details must not be present unless Deliverers Intermediary1 Details is present

If Settlement Parties Deliver Side Details is present:

[1] Receivers Custodian Details must not be present unless Receiving Agent Details is present.

[2] Receivers Intermediary1 Details must not be present unless Receivers Custodian Details is present.

[3] Receivers Intermediary2 Details must not be present unless Receivers Intermediary1 Details is present



5.9 sese.018, 013 Latest Valuation QUESTIONReference in gap analysis document

Section 4.14 sese.018, 013 Latest Valuation

In Financial Instrument Asset For Transfer, add an optional element 'Latest Valuation':

Element/sub-element M/O Definition Data Type

Latest Valuation [0.1] Date and value of the asset. Needs a better definition

Amount [1.1] Active Currency & Amount

Date [1.1] ISO Date

Notes

[1] The amount specified is an amount (rather than a price).

[2] The Latest Valuation concept seems to be associated with a work-around for the specification of "some other kind of asset", for example, cash.

[3] Why can't the element TotalBookValue be used? Is this not the same?

5.10 sese.018, 012, 013 Crystallised Uncrystallised Split Reference in gap analysis document

Section 4.15 sese.018, 012, 013 Crystallised Uncrystallised Split

In Financial Instrument Asset For Transfer, add an optional sequence 'Crystallisation Details':




Element/sub-element M/O Definition Data type

Crystallisation Details [0.n] Specifies the number of units that have been received (crystallised) or not yet received (uncrystallised) from the fund. This is typically relevant to a pension fund.

Tranche Identification [1.1] Identification of the tranche. Text

Crystallised Units Number [0.1] Number of units crystallised. Decimal Number

Uncrystallised Units Number [0.1] Number of units uncrystallised. Decimal Number

Rule

Either Crystallised Units Number or Uncrystallised Units Number must be present. Both may be present.

Notes

[1] Some Crystallisation information is specified at the level of the 'portfolio' and some at the Financial Instrument Asset For Transfer level.



5.11 Sese.012, 013 Payment Party Information (Target Bank Account + Payment Reference)


Section 4.17 Sese.012, 013 Payment Information (Target Bank Account + Payment Reference)

In Product Transfer sequence, add an optional sequence 'Payment Information':



5.11.1 Payment Information sequence

It is thought this sequence is needed at the level of the Product Transfer sequence.

11 January 2018: To be confirmed (In other words, will there be the same payment reference and payment information for ALL the individual transfers resulting from the portfolio transfer, or can each individual asset have its own payment reference and payment information.)

General Notes

[1] The UK need to be able to specify, for example, the account number as both an IBAN and a domestic format - the new structure allows this.

[2] The UK need to be able to specify the 'account with institution' as both a BIC and sort code - the new structure allows this. This is to facilitate manual processing that could arise downstream in the chain, it is often the case that not all steps in a transaction are electronic and paper forms have to be generated.



[3] A more generic approach is taken, allowing a longer payment chain. The UK only needs the 'Creditor Account' (target bank account) and the Creditor Agent (target bank) - this equates to the 'account servicer' / 'Account With Institution' (ISO 15022)'.

[4] The Credit Transfer Detail sequence is optional. Some only need to provide payment reference because an SSI used.


The elements of Credit Transfer Details reuses the elements of the message component Credit Transfer 8:


Payment Information [0.1] Payment process for the transfer of cash from the debtor to the creditor.

Payment Reference [0.1]

Credit Transfer Details [0.1] Payment instrument between a debtor and a creditor that flows through one or more financial institutions or systems.

Debtor [0.1] Party that owes an amount of money to the (ultimate) creditor. In the context of the payment model, the debtor is also the debit account owner.

Debtor Account [0.1] Unambiguous identification of the account of the debtor to which a debit entry will be made as a result of the transaction.

Debtor Agent [0.1] Financial institution servicing an account for the debtor.

Debtor Agent Account [0.1] Account of the debtor's agent.

Intermediary Agent 1 [0.1] Agent between the debtor's agent and the creditor's agent.

Intermediary Agent 1 Account [0.1] Unambiguous identification of the account of the intermediary agent 1 at its servicing agent in the payment chain.

Intermediary Agent 2 [0.1] Agent between the debtor's agent and the creditor's agent.

Intermediary Agent 2 Account [0.1] Unambiguous identification of the account of the intermediary agent 2 at its servicing agent in the payment chain.

Creditor Agent [1.1] Financial institution servicing an account for the creditor.

Creditor Agent Account [0.1] Unambiguous identification of the account of the creditor agent at its servicing agent to which a credit entry will be made as a result of the payment transaction.




Creditor [0.1] Party that receives an amount of money from the debtor. In the context of the payment model, the creditor is also the credit account owner.

Creditor Account [1.1] Unambiguous identification of the account of the creditor to which a credit entry will be posted as a result of the payment transaction.



5.12 Sese.012, 013 Requested Settlement Date, Requested Trade Date


Section 4.18 Sese.012, 013 Preferred Settlement Date, Preferred Trade Date

5.12.1 Portfolio Transfer Instruction sese.012In Financial Instrument Asset For Transfer, add optional elements 'Requested Trade Date' and 'Requested Settlement Date':

5.12.2 Portfolio Transfer Confirmation sese.013In the Financial Instrument Asset For Transfer sequence, add optional elements for Requested Trade Date:




Element Definition Data Type

Requested Trade Date Date and time to be used as the trade date when securities are settled through an International Central Securities Depository (ICSD) or Central Securities Depository (CSD).

ISO Date

Requested Settlement Date Date and time at which the securities are to be exchanged at the International Central Securities Depository (ICSD) or Central Securities Depository (CSD).

ISO Date

General Notes

[1] These two items are required in the Portfolio Transfer Instruction (sese.012) and Portfolio Transfer Confirmation (sese.013) as a way of agreeing the dates that are to be specified in the resulting transfer out and transfer in instructions and then passed through to the appropriate Crest settlement instructions for matching purposes. In the UK , following the discovery of assets and portfolio transfer instruction & confirmation, the actual transfer may be effected through a CSD and therefore be double-leg.

[2] In sese.012, the sender says 'I request this date'. In sese.013, the sender days 'this is what I intend'.

5.13 Sese.013 Registered HolderReference in gap analysis Section 4.19 Sese.013 Registered Holder



document

At the root of the message, add an optional sequence 'Registered Details' typed by Individual Person 8:

(An alternative way is to include this is to add an element to the 'ISA sequence' called 'Registered Details' typed by Individual Person 8. However this means that this functionality is restricted to the specification of an ISA product. SWIFT Standards has a marginal preference for specifying this at the root of the message.)

Notes

[1] With reference to the ISA Transfers collection, sese.013 needs to provides the full details of the ISA registered holder (required by HMRC). This is typically the party specified as the Primary Individual Investor. However, as sese.013 should echo back what was provided in sese.012, in the current message standard, there is no way to way to specify the official registered holder information.

5.14 Sese.011 'Status Type' Reference in gap analysis document

Section 4.21 Sese.011 'Status Type' (MX for which status is given)

In Status Report, add an optional element 'Status Type':




Element/sub-element M/O Data Type

Status Type 1.1 Type of status or event for which the message is sent.

Code / Proprietary choice

Code 1.1 Type of status or event expressed as a code.

Proprietary 1.1 Type of status or event expressed as a proprietary code.

Code List

Code Name Definition

S019 Account Holding Information Request

Status is in response to an account holding information request (sese.019) message.

S012 Portfolio Transfer Instruction Status is in response to an portfolio transfer instruction (sese.012) message.

S001 Transfer Out Instruction Status is in response to an transfer-out instruction (sese.001) message.



S005 Transfer In Instruction Status is in response to an transfer-in instruction (sese.005) message.

DRAW Drawdown Drawdown event has occurred.

BCEV Benefit Crystallisation Event A Benefit Crystallisation Event (BCE) has occurred.

Notes

[1] There are three distinct sub-processes for which the status is reported:

[a] status of the 'discovery' phase

[b] status of the portfolio transfer

[c] status of the transfer of an individual asset from the portfolio

It had been suggested that three separate status messages are necessary, one for each part of the process. However, it is thought that the functionality of the transfer instruction status report (sese.011) can be expanded to cover all three sub-processes provided that the message to which the sese.011 message is sent in response is identified in sese.011.

[2] Rule: if the code DRAW is present, then the sequence Status Details / Drawdown must be present. If the code DRAW is not present, then the sequence Status Details / Drawdown is optional.

[3] Rule: if the code BCEV is present, then the sequence Status Details / BenefitCrystallisation must be present. If the code BCEV is not present, then the sequence Status Details / BenefitCrystallisation is optional.

5.15 Sese.011 Additional StatusReference in gap analysis document

Section 4.25 Sese.011 Status 'Delayed' + PACK used to mean RECE

Section 4.26 Sese.011 Status Delayed + PACK used to mean PACK

Section 4.27 Sese.011 Status Complete

Section 4.28 Sese.011 Rejected reason

5.15.1 Add Status Code Complete (already in Standard, no further action)

5.15.2 Rejected Status - add Reason (already in Standard, no further action)

5.15.3 Add Status Code Delayed




DELY Delayed

XML example 1 - status complete

Currently, the UK Funds market practice uses the code COSE which an Extension sequence to specify the actual status is complete. A 'Complete' Status code was added to the format of the Transfer Instruction Status Report message sese.011 (November 2016) and therefore in the current version of the standard it is already possible to specify a Complete status:

Sese.011.001.03 - UK Market Practice Sese.011.001.06 - How it can be done in current version<TrfInstrStsRpt> <TrfInstrStsRpt>

<MsgId> <MsgId><Id>JE0006</Id> <Id>JE0006</Id><CreDtTm>2017-11-16T12:00:00</CreDtTm> <CreDtTm>2017-11-16T12:00:00</CreDtTm>

</MsgId> </MsgId><StsRpt> <StsRpt>

<TrfRef>PTR-001</TrfRef> <TrfRef>PTR-001</TrfRef><Sts> <TrfSts>

<Sts>COSE</Sts> <Sts>



Sese.011.001.03 - UK Market Practice Sese.011.001.06 - How it can be done in current version</Sts> <Sts>COMP</Sts>

</StsRpt> <Rsn>optional text about the complete status</Rsn><Xtnsn> </Sts>

<PlcAndNm>StsRpt/StatusTp</PlcAndNm> </TrfSts><Txt>TransferComplete </Txt> </StsRpt>

</Xtnsn> </TrfInstrStsRpt></TrfInstrStsRpt>

The format of the Rejected status sequence has been maintained and it is already possible in the later versions of the sese.011 to specify text about the rejection reason within the Rejected sequence itself. This change was introduced in version 5, November 2016.

XML example 2 - rejected reason

Currently, the UK funds market practice uses an Extension sequence to provide additional information about the rejection reason. In the November 2016 version of the standard, the functionality was added and therefore in the current version of the standard it is already possible to specify information about a rejected status:

Sese.011.001.03 - UK Market Practice Sese.011.001.06 - How it can be done today<TrfInstrStsRpt> <TrfInstrStsRpt>

<MsgId> <MsgId><Id>JE0001</Id> <Id>JE0001</Id><CreDtTm>2017-11-10T12:00:00</CreDtTm> <CreDtTm>2017-11-10T12:00:00</CreDtTm>

</MsgId> </MsgId><StsRpt> <StsRpt>

<TrfRef>PTR-001</TrfRef> <TrfRef>PTR-001</TrfRef><Rjctd> <TrfSts>

<Rsn>NSLA</Rsn> <Rjctd></Rjctd> <Rsn>

</StsRpt> <Cd>NSLA</Cd><Xtnsn> </Rsn>

<PlcAndNm>StsRpt/Rjctd/ReasonClarification</PlcAndNm> <AddtlRsnInf>Reason for rejected</AddtlRsnInf><Txt>Reason for rejected</Txt> </Rjctd>

</Xtnsn> </TrfSts></TrfInstrStsRpt> </StsRpt>

</TrfInstrStsRpt>

5.16 Sese.011 Pending Settlement Status - Payment Information


Section 4.23 Sese.011 Payment Date (Send Out Date)

Section 4.22 Sese.011 Payment Information for Settled Status

The functionality required is to support the following scenario:



The assets are fund units, the units are liquidated (redeemed [1] & [2] ) and transferred as cash. The ceding party initiates a payment instruction [3] with its bank (LODYGBLL) in the normal way (FIN MTs or UK proprietary). At the same time the ceding party informs the acquiring party [4] that the acquiring party will be paid the money at its bank (MIDLGB22) in this scenario.

Subsequently, the ceding party informs the acquiring party that the transfer is complete [5].

A analysis was done to see if an ISO 20022 messages already exists for this 'payment advice information', see the appendix 'Use of sese.011 for 'Payment Advice Information'.

In the Status Report sequence, add an optional sequence 'Payment Information':





Payment Information [0.n]

Payment Reference [1.1] Max 35 Text

Amount [1.1] Active currency & Amount

Payment Date [0.1] ISO Date

Cash Settlement Details choice [1.1] Payment process for the transfer of cash from the debtor to the creditor.

Choice component

Credit Transfer Details [1.1] Payment instrument between a debtor and a creditor that flows through one or more financial institutions or systems.

Message component

Cheque Details [1.1] Written order on which instructions are given to an account servicer to pay a stated sum to a named recipient (the payee).

Message component

Credit Transfer Details: the component to be used is the same one defined for section "4.13 Sese.012, 013 Payment Information"

Cheque Details:



Notes

[1] this is used for an asset that was liquidated or because the holding has unvested cash. The sender says the status is 'settlement pending' and specifies how much is to be paid and where the amount will be paid.

[2] there could be the payment of one or amount

[3] this is not for the payment of a transfer fee or other fee associated with the transfer



5.17 Sese.011 Status Issuer & Status ReceiverReference in gap analysis document

Section 4.24 Sese.011 'Status Issuer' and 'Status Receiver'

In Status Report, add optional elements 'Status Issuer' and 'Status Recipient':


Element M/O Definition Data Type

Status Issuer 0.1 Party that issued the status message. Party Identification 100

Status Recipient 0.1 Party that is to receive the status message. Party Identification 100

Data Type

General Notes

[1] There are cases where the sender of the message is a bureau and so there is a need to identify the business party for which the message is sent. Likewise, with the receiver of the message. The DNs, as provided in the application header of the message may not be the 'real' sender and receiver, for example, when service bureaus are in the message chain.



[2] The concept of 'Status Issuer' is not to be confused with Status Initiator element already present in the message, which is used to identify the party that generated the status. There is a scenario in which the status initiator is not the sender of the status message, such as in message 4 shown in the flow below (as illustrated in "SMPG-Global-IF-Transfers-SLT-FINAL_(2017-12-18)" market practice).

5.18 Sese.011 Total Transfer Value Reference in gap analysis document

Section 4.31 Sese.011 Pension - Total Transfer Value

In Status Report, add an optional element 'Total Transfer Value':





Total Transfer Value 0.1 Amount

5.19 Sese.011 Drawdown & Benefit CrystallisationReference in gap analysis document

Section 4.29 Sese.011 Pension - Drawdown Tranche

Section 4.30 Sese.011 Pension - Benefit Crystallisation Event

In Status Report, add an optional sequence 'Drawdown':

General Notes

[1] Drawdown information may become available after the Portfolio Transfer Confirmation sese.013 message has been sent.

[2] If sese.011 is sent to convey drawdown information after the Portfolio Transfer Confirmation sese.013 message has been sent, then Status Type must contain the code DRAW.


Element M/O Definition Data TypeDrawdown [0.1] Details of a drawdown tranche. Component

The Drawdown sequence comprises the following elements:

Element / Sub-element Definition Data Type1 Drawdown Type Type of drawdown (codes flexible and

capped)Choice Code/Proprietary



Element / Sub-element Definition Data Type(1)

2 Drawdown Date Date on which the drawdown was triggered when the drawdown type is flexible.

ISO Date

3 Capped Details of a capped drawdown.Start Date Start date of current reference period ISO DateIncome Limit Current Period Income limit for the current period. Active Currency &

AmountIncome Current Period Income taken in the current income year. Active Currency &

AmountIncome Limit Next Period Income limit for next income year. Active Currency &

Amount4 Applicable Rules

(PreADay)

Specifies the rules that are applicable to the drawdown. For example, in the UK market, the pre-A-day rule that was introduced on 6 April 2006.)(Format: text or perhaps code for PreADay ?)

Choice Code/Proprietary (2)

5 Drawdown Allowance Check

(Benefit Crystallisation Indicator)

Specifies the drawdown allowance check. For pensions that have a lifetime allowance, a check is made of the maximum value of benefits that may be taken from the pension without incurring a special tax. (This check or 'event' is known as the benefit crystallisation event in the UK market.)

Max35Text

6 Percentage Of Total Transfer Value

Percentage of the total transfer value covered by the drawdown.

Percentage

7 Total Amount Net Drawdown

(Total Amount Net PCLS)

Total amount of money net of any lump sum /drawdown payments. In the UK market, this is also known as Pension Commencement Lump Sum (PCLS).

Active Currency & Amount

8 Additional Funds Designated Indicates whether any additional funds have been designated since the original arrangement.


9 Pre Commencement Lump Sum Remaining

Specifies the Pre Commencement Lump Sum (PCLS) amount remaining

Active Currency & Amount

10

Pre Commencement Lump Sum Date

Specifies the date by which the pre-commencement lump sum must be used.

ISO Date

11

Multiple Pre Commencement Lump Sum

Specifies whether there are multiple Pre Commencement Lump Sum (PCLS) amounts.

12

Lifetime Allowance Specifies the percentage of the lifetime allowance (LTA) used.

Percentage

13

Beneficiary Drawdown Information about the beneficiary of a drawdown

15

Beneficiary Type If there has been a drawdown, specifies the type of beneficiary (dependant, nominee, successor).


15

DeathUnderLimit If there has been a drawdown, specifies whether the member under the age limit

Choice Code/Proprietary



Element / Sub-element Definition Data Typewhen deceased. Typically, in the UK this limit is seventy-five.

(5)

16

Drawdown Event Realisation of benefits taken from a pension. In the UK, this is known as a Benefit Crystallisation Event (BCE).

Drawdown Date Date on which the drawdown was triggered. Typically only specified is the drawdown type is flexible

ISO Date

Drawdown Amount Active Currency & Amount

Percentage Of Allowance PercentageDrawdown Number Max 35 TextDrawdown Event Type Choice

Code/Proprietary (6)

16

Additional Information Additional information about the drawdown expressed as text.

Max 350 Text

Code Lists

In all cases, elements with a code list are typed by a choice of Code and Proprietary. This is to allow the use of bilaterally agreed or market practice agreed proprietary codes. The inclusion of a proprietary format adds flexibility to the standard . If new requirements should be needed, the message can still be used whilst waiting for a maintenance on the standard.

5.19.1 Drawdown TypeCode Name Definition

FLEX Flexible Access Drawdown Drawdown type is flexi-access.

CAPP Capped Income Drawdown Drawdown type is capped.

5.19.2 Applicable Rule (Pre A Day)Code Name Definition

YPRE Pre A Day Pre A Day rule applies.

NPRE Not Pre A Day Pre A Day rule does not apply.

(Specifies whether rules for pre-A-day apply. 'A-day' refers to the rules introduced on 6 April 2006.

5.19.3 Additional Fund DesignatedCode Name Definition

YMON Additional Money Additional funds have been designated.

NMON No Additional Money Additional funds have not been designated.



5.19.4 Multiple PCLSCode Name Definition

YMUL Multiple There are multiple lump sums.

NMUL No Multiple There are not multiple lump sums.

5.19.5 Beneficiary TypeCode Name Definition

DEPE Dependent Beneficiary is a dependent.

NOMI Nominee Beneficiary is a nominee.

SUCC Successor Beneficiary is a successor.

5.19.6 DeathUnderLimitCode Name Definition

YLIM Under the limit Death was under the limit.

NLIM Not under the limit Death was not under the limit.

5.19.7 Drawdown Event TypeCode Name Definition

UFPL Uncrystallised Funds Pension Lump Sum

Event is an uncrystallised funds pension lump sum (UFPLS).

DRAW Drawdown Event is a drawdown.

5.19.8 For Reference:Drawdown Allowance Check (Benefit Crystallisation Indicator)

Indicates the Benefit Crystallisation Event (BCE) is neither one or six.

BCE - a pension may have a lifetime allowance, it is the maximum value of benefits that many be taken from the pension without incurring a special tax. Each time benefits (drawdown) are taken from a pension a test is done to check the lifetime allowance has not been exceeded - in the UK market, this is known as a benefit crystallisation event

(Format: text, for example, in the UK, a number such as 1, 2, 3, 4, 5, 5a, 5b, 5c, 5d, 6, 7, 8, 9)

In the Status Report sequence, an optional sequence 'Drawdown' is to be added

5.20 Sese.001, 005, 003, 007 Requested Trade DateReference in gap analysis document

Section 4.32 Sese.001, 005, 003, 007 Requested Trade Date

In Settlement Details, add an optional element 'Requested Trade Date'.



Message Element Definition

Element Definition Data Type

Requested Trade Date Date and time to be used as the trade date when securities are settled through an International Central Securities Depository (ICSD) or Central Securities Depository (CSD).

ISO Date

5.21 Sese.005, 001 Book CostReference in gap analysis document

Section 4.34 Sese.001, 003, 005, 007 Book Cost

In Transfer Details, add an optional element 'Book Cost'



Proposal for Message Modification

Add optional Book Cost element to the Transfer Details of sese.005 and sese.001 (sese.001 is included for consistency reasons.)

Element M/O Definition Datatype

Book Cost [0.1] Cost of the asset at the point of purchase.

See below

This is not to be confused with Book Value (current value of an asset).

The reason it’s required in the transfer messages is that in some scenarios a custodian also offers some administrative outsourcing capabilities and they actually store data on a per client basis and so need this type of information rather than just nominee asset holding positions.



5.22 Sese.001, 003, 005, 007 Account Servicer Address PENDING


Section 4.33 Sese.001, 003, 005, 007 Receiver Details: Account Address

This workaround is specified in the collection 'IUH', sese.001. It is required in the scenario involving Crest ONLY. The work-around specifies that there is a need for "Acquiring Party fund manager address.

It is thought that with the addition of the elements 'Transferee' and 'Transferee Registered Account' in the Settlement Detail sequence of the current messages that this requirement is met.



The message structure of the Transfer Out Instruction (sese.001.001.08) version 8 should be reviewed by the UK group to see if this functionality is covered.

This is the structure of sese.001.001.08 (sese.003.001.08, sese.005.001.08 and sese.007.001.08 are similar.

5.23 Sese.001, 005, 003, 007 Place of TradeReference in gap analysis document

Section 4.35 Sese.001, 005, 003, 007 Place of Trade

In Transfer Details, add an optional element 'Place Of Trade':

General notes

[1] This element is required to eliminate any ambiguity about where an ISIN should settle.

Message Element Definition




Place Of Trade 0.1 Market in which the trade transaction was executed. Place Of Trade Identification 1

Data Type

The Place Of Trade element from the Securities Settlement Transaction Instruction (sese.023) is to be reused. This is similar to the one used in the (setr) messages.



6 APPENDIX 1 - Items no longer required 6.1 Sese.019, 018, 012, 013 Portfolio - change

multiplicity - ALREADY DONEIn many of the usage guidelines, the mandatory sequence Portfolio (a choice), element ISA is set to 'do not use' and the second element of the mandatory choice is set to 'ignore'.

This market practice work-around will no longer be needed, in version 5 of the message (November 2015), the multiplicity of the Portfolio Reference became optional

6.2 Sese.018 Partial Holdings/Partial Discovery NO LONGER NEEDED?


Section 4.13 Partial Holdings/Partial Discovery

In the Product Transfer sequence, add an optional element for Partial Holdings:

Definitions




Partial [0.1] Specifies whether all instruments in the holding are identified or whether the disclosure is partial

Code list

Code List


PART Partial Assets are partially identified.

COMP Complete All assets are identified.

6.3 Sese.012, 013 Partial Transfer NO LONGER NEEDED?


Section 4.16 sese.018, 012, 013 Partial Transfer



7 APPENDIX 2 - Other Potential Requirements (1)

7.1 Counterparty and Client ReferencesThese need to be specified at the level of the financial instrument asset for transfer, rather than at the level of the product transfer. A separate change request to ISO 20022 has been submitted.




7.1.2 Portfolio Transfer Confirmation sese.013

7.2 'Ultimate' Beneficial OwnerSettlement information in 012 and 013 and the subsequent sese.001/54xs settlement messages, in some markets need to have account number of each ultimate beneficiary. So if it is a nominee account, you still have to have to identify the beneficial owner. To be verified. This is on the non-TA side.

7.3 Status Reporting - GeneralIn the review meeting of the sub-set of the UKETRG group on 11 January 2018, it was said (Charles Kilkenny) that there should be separate messages for the sese.019, 018 'part of process', the sese.012, 013 'part of process' and the sese.001, 003, 005, 007 'part of process'.

The notion of ISO 20022 messages for investment funds was 'conceived' at a time when 'granularity of messages' was a strong characteristic of ISO 20022. When the investment messages were maintained for the November 2007 release, there were complaints from implementers that there were 'too many messages'. ISO messages designed after this date tend to be less granular, for example, the MT 540, 541, 542, 543 became a single ISO messages, sese.023. Since 2007, funds messages have become less granular, with the removal of reda.003, setr.048, 050, 052, 054, The functionality of reda.003 was incorporated into reda.001, 002 The functionality of setr.048, 050, 052, 054 was incorporated into setr.003, 006, 009, 012,

respectively.



The functionality of setr.059, 060, 061, 062 and 064, which was to be a set of messages to support alternative (hedge) funds, was incorporated into setr.004, setr.010, setr.006, setr.012 and setr.016 respectively before the alternative (hedge) funds messages were submitted for ISO 20022 approval.

Whilst ISO 20022 proposes the notion of purity, with each message being able to support just one function of a business process, the implementation and practical reality must be taken into account. What construes a single business process is also up for debate.

In the review meeting, there was strong feeling of 'why should we implement three messages' when one will do. It is felt that the functionality of sese.011 can be enhanced so that it is clearer on what sese.011 is reporting.



8 APPENDIX 3 - Reference Information (1)8.1 Confirming transfer of cash asset (sese.013)In the current messages, when sese.013 is used to confirm that a transfer of cash will be done, the mandatory Quantity/Units specifies the number of units to be 'cashed-in'.

8.2 Use of sese.011 for 'Payment Advice Information'The UK funds market use the Transfer Instruction Status Report sese.011 as a payment advice. The functionality required is to support the following scenario:

The assets are fund units, the units are liquidated (redeemed [1] & [2] ) and transferred as cash. The ceding party initiates a payment instruction [3] with its bank (LODYGBLL) in the normal way (FIN MTs or UK proprietary). At the same time the ceding party informs the acquiring party [4] that the acquiring party will be paid the money at its bank (MIDLGB22) in this scenario.

Subsequently, the ceding party informs the acquiring party that the transfer is complete [5].

We need a message that is sent by an account owner (debtor-side) to the 'creditor side' to say "I advise you that I will pay you at your bank” …



Is there a message that already exists in the ISO 20022 message that can be used for this purpose?

The following messages were looked at:

Message Name Identifier Functionality Comment

Notification to Receive camt.057 This message has all the correct elements, but this message is "sent by an account owner to its bank to say that money is to be received”.

Cannot be used.

Customer Credit Transfer Initiation

pain.001 This message is “sent by the initiating party (debtor) to its bank” .. "To request movement of funds from the debtor account to a creditor."

Cannot be used.

Creditor Payment Activation Request

pain.013 This message is “sent by the Creditor to the Debtor, Creditor requests movement of funds from the debtor account to a creditor.

Cannot be used.

There is no message available in the message set. The functionality required for the UK cash transfer scenario is really specific to funds. The sese.011 message will be updated with new functionality - this will be based on the message elements of camt.047 since the elements themselves seem to be very appropriate.


Transfer (sese) MX Functional Additions APPENDIX 6 - List of Market Practice Work-Arounds

9 APPENDIX 4 - Other Potential Requirements (2)9.1 Settlement PartiesThis is some background to item "sese.019, 018, 012, 013 Settlement Parties".

It has been identified that Place Of Settlement needs to go in sese.019 (it is planned that the sequence Receiving Agent Details which contains a Place of Settlement is to be added. However, there seems to be an inconsistency of the definition of settlement parties generally across sese.019, 018, 012 and 013 which should be assessed.



Summary

Sese.019 Sese.019 Sese.012 Sese.013

No settlement parties. Place Of Settlement to be added using a Receiving Parties Details

[1] Has Delivering Agent Details [1] Has Delivery Agent Details[2] Has Receiving Side Party Chain

[1] Has Delivery Agent Details[2] Has Receiving Side Party Chain

In sese.019 - I give you my place of settlement (receive side)

In sese.018 - I give you my place of settlement (deliver side)

In sese.012 - I give you my full receive side chain and return your place of settlement (deliver side)

In sese.013 - I give you back your receive side chain and my place of settlement (deliver side)



It would make sense, in sese.013, that it should be able to say, 'I give you my full deliver side chain and return your full receive side chain'. This would also be more consistent.

In addition, it is noted that in sese.019 and sese.018 - it's the place of settlement that is the mandatory element of the sequence in sese.012 and 013 - in the full receive chain, place of settlement is optional and receiving agent is mandatory.

There needs to be an assessment of whether this inconsistency is valid or a mistake in the message standard.

22 January 2018: There does seem to be something conceptually wrong with the specification of parties for the subsequent instructions to the transfer agent or intermediary parties is there are additional parties needed to 'reach' the transfer agent'.

The recommendation in sese.019, 018, 012 & 013 is to update the messages to allow the full settlement chain for both the receive side and deliver side.

22 March 2018: see also Appendix 5 below.



10 APPENDIX 5 - Reference Information (2)10.1 Settlement Party ChainThis equivalency table is only applicable when the maximum chain of parties is present.

ISO 15022 MT 540 Receive Free

Transfer Out Instruction Sese.001.001.08 Securities Settlement Transaction Instruction Sese.023.001.08

Settlement Details / Settlement Parties Details ReceivingSettlementParties

BUYR ReceiverDetails or Transferee (in Settlement Details) Party5

RECU ReceiversCustodianDetails Party4

REI1 ReceiversIntermediary1Details Party3

RE12 ReceiversIntermediary2Details Party2

REAG ReceivingAgentDetails Party1

PSET PlaceOfSettlementDetails Depository

Account Details / Settlement Parties Details / Delivering Parties and Accounts DeliveringSettlementParties

PlaceOfSettlementDetails Depository

DEAG DeliveringAgentDetails Party1

DEI1 DeliverersIntermediary1Details Party2

DEI2 DeliverersIntermediary2Details Party3

DECU DeliverersCustodianDetails Party4

SELL Owner Identification (in Account Details) Party5

In the above table, the transfer out instruction, sese.001, is used as the funds example. In the transfer in instruction,sese.005, the delivering parties are in the Settlement Details sequence and the receiving parties are in the Account Details sequence.

There is a notion that the funds transfer (sese) messages 'do not contain an ISO 20022 settlement chain' as is seen in the ISO 20022 Settlement & Reconciliation (S & R) message 'Securities Settlement Transaction Instruction sese.023' (the equivalent of the MT 54x). This is not the case. The



funds transfer (sese) messages do have 'an ISO 20022 settlement chain'. This was approved by ISO 20022 in 2008 in the third version of the funds order (setr) messages and later in the funds transfer (sese) messages.

The first version of the S & R settlement instruction, sese.023, was developed in 2010. The settlement chain parties in both the funds transfer (sese) messages and the S & R settlement instruction, sese.023, is an 'ISO 20022 settlement chain', the difference is in the naming of the element XML tags and the language used for the definitions of elements. The semantic is the same.

Situation at 15 January 2018: there has been some discussion in the funds evaluation team (a sub-group of ISO Securities SEG) on whether or not funds should adopt the same XML tags as the sese.023 message. This would need to be done in the funds order (setr) and the funds transfer (sese) messages, so the impact is major, particularly as the funds order (setr) messages are used by 390+ BICs in a live environment. Bearing in mind that the semantic of the two versions of the settlement chain is the same, many of the funds institutions feel that there is no business value making the change. Whether or not funds decide to harmonise with S & R and adopt the same element XML tags still remains be seen.

22 March 2018: see also Appendix 4 above.

It is likely that a change request will be submitted to ISO for the funds order (setr) messages for the alignment of the settlement parties with those in sese.023. If this is the case, a similar change request will be submitted for the funds transfer messages (sese.019, 018, 012, 013, sese.001, 003, 005, 007) will be submitted by SWIFT Standards.



10.2 Settlement Through a CSD GeneralThere are concerns that the UK funds market is mis-using messages.



There is a possibility that a portfolio may contain a mix of investment funds units, shares, bond, cash and other assets such as property.

If the transferee-side (or acquiring side) cannot 'management' any of the assets, then the transfer-side will request the liquidation of these assets and a cash transfer will be effected, using the normal payment channels. The portfolio transfer messages (sese.019, 018, 012, 013) were not particularly functional for the cash part of the portfolio and it is expected that this will be rectified in the next ISO 20022 maintenance cycle.

If the funds units are units that will settle through a CSD, then, as the above message flow diagram illustrates, there will be the normal double leg instructions (receive and deliver instructions, messages 9, 11, 12 & 1 in the above diagram) to the CSD, whether through MT 54x messages, a proprietary link or the 'new' ISO 20022 MT 54x equivalents, the Securities Settlement Transaction Instruction (sese.023) and the Securities Settlement Transaction Confirmation (sese.025) messages.

If the asset is a share or a bond, then in all likelihood, again, there will be settlement through a CSD. In this situation, in the UK market, the market practice states that the funds transfer messages (sese.001, 005, 003, 007) are used between the acquiring party, ceding party and their intermediates (that is 'investment fund parties') to 'transfer the share or bond' and then the MT 54x (or proprietary) are used for message to and from the CSD. In other words, funds transfer messages are being used to effect 'transfers' of shares and bonds.

Market practice for the use of the MT 54x (or sese.023 and sese.025) should not be defined by the UK funds sub-group, but rather the market practice of the UK Settlement & Reconciliation (S & R) group should be used. If the CSD is not Crest, then the market practice of the S & R group of the country of the CSD/ICSD should be followed.

For the 'misuse' of sese.001, 003, 005, 007, where these are being used to ‘move’ equities and bonds - because this is limited to the flows between the ceding/acquiring party and the ceding/acquiring party’s intermediaries and the intermediaries then instruct Crest in the appropriate way – SWIFT Standards is not too shocked by this. Provided that the impacted parties accept this situation, then this could be viewed as a viable solution.



11 APPENDIX 6 - List of Market Practice Work-AroundsThis is a list of all the Extensions and other workarounds defined in the UK funds market practice collections.

Collections

[1] Core Portfolio

[2] Fund Transfers

[3] GIA Transfers

[4] ISA Transfers

[5] IUH Transfers

[6] Pension Transfers

Collection # MX Place of Extension or work-around Name Status

ISA Transfers A-1 Sese.019-1 Transferor Account / Servicer Ceding Party Account Sort Code

ISA Transfers A-3 Sese.019-3a Product Transfer/ Portfolio /ISA Product Type (type of ISA)

Pension A-4 Sese.019-4a Product Transfer/ Portfolio / Portfolio Pension Scheme Type

Pension A-4 Sese.019-4b Product Transfer/ Portfolio / Portfolio Pension Transfer Scope

Pension A-4 Sese.019-4c Product Transfer/ Portfolio / Portfolio Acquiring PSTR

Pension A-4 Sese.019-4d Product Transfer/ Portfolio / Portfolio Drawdown Tranche Identification

Pension A-8 Sese.019-7 Financial Instrument Asset For Transfer Additional Identifier

Core Portfolio A-8 Sese.019-7 Financial Instrument Asset For Transfer Additional Identifier

GIA Transfers A-8 Sese.019-7 Financial Instrument Asset For Transfer Additional Identifier

ISA Transfers A-8 Sese.019-7 Financial Instrument Asset For Transfer Additional Identifier

GIA Transfers A-8 Sese.019-8 Financial Instrument Asset For Transfer 'Other Assets and Cash Asset'

Core Portfolio A-9 Sese.019-8 Financial Instrument / Proprietary 'Other Assets and Cash Asset'

ISA Transfers A-9 Sese.019-8 Financial Instrument / Proprietary 'Other Assets and Cash Asset'




Pension A-9 Sese.019-8 Financial Instrument / Proprietary 'Other Assets and Cash Asset'

Core Portfolio A-7 Sese.019-9 Financial Instrument Asset For Transfer Place of Settlement

ISA Transfers A-7 Sese.019-9 Financial Instrument Asset For Transfer Place of Settlement

Pension A-7 Sese.019-6 Financial Instrument Asset For Transfer Place of Settlement

GIA Transfers A-7 Sese.019-9 Financial Instrument Asset For Transfer Place of Settlement

ISA Transfers B-1 Sese.018-1 Transferor Account / Servicer Ceding Party Account Sort Code

Core Portfolio B-2 Sese.018-2 Product Transfer Partial Holdings

GIA Transfers B-2 Sese.018-2 Product Transfer Partial Holdings

ISA Transfers B-2 Sese.018-2 Product Transfer Partial Holdings

Pension B-2 Sese.018-2 Product Transfer Partial Holdings

Pension B-3 Sese.018-4a Product Transfers/ Portfolio / Portfolio Pension Scheme Type

Pension B-3 Sese.018-4a Product Transfers/ Portfolio / Portfolio Pension Scheme Type

Pension B-3 Sese.018-4b Product Transfers/ Portfolio / Portfolio Pension Scheme Scope

Pension B-3 Sese.018-4c Product Transfers/ Portfolio / Portfolio Acquiring PSTR

Pension B-3 Sese.018-4d Product Transfers/ Portfolio / Portfolio Ceding PSTR

Pension B-3 Sese.018-4e Product Transfers/ Portfolio / Portfolio Drawdown Tranche Identification

Pension B-3 Sese.018-4f Product Transfers/ Portfolio / Portfolio Policy Drawdown Status

Pension B-3 Sese.018-4g Product Transfers/ Portfolio / Portfolio Estimated Value

Pension B-3 Sese.018-4h Product Transfers/ Portfolio / Portfolio Pension Sharing

Pension B-3 Sese.018-4i Product Transfers/ Portfolio / Portfolio Block Transfer

Pension B-3 Sese.018-4j Product Transfers/ Portfolio / Portfolio Retirement Age Protection

Pension B-3 Sese.018-4k Product Transfers/ Portfolio / Portfolio Retirement Age

Pension B-3 Sese.018-4l Product Transfers/ Portfolio / Portfolio Tax Free Cash Protection

Pension B-3 Sese.018-4m Product Transfers/ Portfolio / Portfolio UFPLS (Uncrystallised Fund Pension Lump Sum)

Pension B-3 Sese.018-4o Product Transfers/ Portfolio / Portfolio Earmarking Order




Pension B-3 Sese.018-4p Product Transfers/ Portfolio / Portfolio Tax Free Cash Amount

Pension B-3 Sese.018-4q Product Transfers/ Portfolio / Portfolio Value of Policy

Pension B-3 Sese.018-4r Product Transfers/ Portfolio / Portfolio Contains Ring-fenced Drawdown Assets

Pension B-8 Sese.018-7 Financial Instrument Asset For Transfer Additional Identifier

Core Portfolio B-8 Sese.018-7 Financial Instrument Asset For Transfer Additional Identifier

GIA Transfers B-8 Sese.018-7 Financial Instrument Asset For Transfer Additional Identifier

ISA Transfers B-8 Sese.018-7 Financial Instrument Asset For Transfer Additional Identifier

Pension B-9 Sese.018-8 Financial Instrument / Proprietary 'Other Assets and Cash Asset'

Core Portfolio B-9 Sese.018-8 Financial Instrument / Proprietary 'Other Assets and Cash Asset'

GIA Transfers B-9 Sese.018-8 Financial Instrument / Proprietary 'Other Assets and Cash Asset'

ISA Transfers B-9 Sese.018-8 Financial Instrument / Proprietary 'Other Assets and Cash Asset'

Pension B-8 Sese.018-9 Financial Instrument Asset For Transfer Latest Valuation

GIA Transfers B-8 Sese.018-9 Financial Instrument Asset For Transfer Latest Valuation

Core Portfolio B-8 Sese.018-9 Financial Instrument Asset For Transfer Latest Valuation

ISA Transfers B-8 Sese.018-9 Financial Instrument Asset For Transfer Latest Valuation

Pension B-8 Sese.018-10 Financial Instrument Asset For Transfer Crystallised Uncrystallised Split

Sese.018-11 Not in market practice yet. Associated with cash ISAs

'Innovative finance' elements

ISA Transfers C-1 Sese.012-1 Transferor Account / Servicer Ceding Party Account Sort Code

Core Portfolio C-2 Sese.012-2 Product Transfer Encash All

Pension C-2 Sese.012-2 Product Transfer Encash All

GIA Transfers C-2 Sese.012-2 Product Transfer Encash All

ISA Transfers C-2 Sese.012-2 Product Transfer Encash All

ISA Transfers C-4 Sese.012-3a Product Transfer / Portfolio / ISA Product Type (type of ISA)

Pension C-3 Sese.012-4a Product Transfer / Portfolio Target Bank Account




GIA Transfers C-3 Sese.012-4a Product Transfer / Portfolio Target Bank Account

ISA Transfers C-3 Sese.012-4a Product Transfer / Portfolio Target Bank Account

Core Portfolio C-5 Sese.012-4a Product Transfer / Portfolio / Portfolio Target Bank Account

Pension C-3 Sese.012-4c Product Transfer / Portfolio Preferred Payment Reference

GIA Transfers C-3 Sese.012-4c Product Transfer / Portfolio Preferred Payment Reference

ISA Transfers C-3 Sese.012-4c Product Transfer / Portfolio Preferred Payment Reference

Core Portfolio C-5 Sese.012-4c Product Transfer / Portfolio / Portfolio Preferred Payment Reference

Pension C-3 Sese.012-5 Product Transfer / Portfolio Partial Transfer

GIA Transfers C-3 Sese.012-5 Product Transfer / Portfolio Partial Transfer

ISA Transfers C-3 Sese.012-5 Product Transfer / Portfolio Partial Transfer

Core Portfolio C-5 Sese.012-5 Product Transfer / Portfolio / Portfolio Partial Transfer

Pension C-5 Sese.012-6a Product Transfers/ Portfolio / Portfolio Pension Scheme Type

Pension C-5 Sese.012-6b Product Transfers/ Portfolio / Portfolio Pension Transfer Scope

Pension C-5 Sese.012-6c Product Transfers/ Portfolio / Portfolio Acquiring PSTR

Pension C-5 Sese.012-6d Product Transfers/ Portfolio / Portfolio Drawdown Tranche Identification

Core Portfolio C-7 Sese.012-7 Financial Instrument Asset For Transfer Additional Identifier

GIA Transfers C-7 Sese.012-7 Financial Instrument Asset For Transfer Additional Identifier

Pension C-7 Sese.012-7 Financial Instrument Asset For Transfer Additional Identifier

ISA Transfers C-7 Sese.012-7 Financial Instrument Asset For Transfer Additional Identifier

Core Portfolio C-8 Sese.012-8 Financial Instrument / Proprietary 'Other Assets and Cash Asset'

GIA Transfers C-8 Sese.012-8 Financial Instrument / Proprietary 'Other Assets and Cash Asset'

Pension C-8 Sese.012-8 Financial Instrument / Proprietary 'Other Assets and Cash Asset'

ISA Transfers C-8 Sese.012-8 Financial Instrument / Proprietary 'Other Assets and Cash Asset'

Pension C-7 Sese.012-12 Financial Instrument Asset For Transfer Crystallised Uncrystallised Split

GIA Transfers C-7 Sese.012-9 Financial Instrument Asset For Transfer Partial Transfer




Core Portfolio C-7 Sese.012-9 Financial Instrument Asset For Transfer Partial Transfer

Pension C-7 Sese.012-9 Financial Instrument Asset For Transfer Partial Transfer

ISA Transfers C-7 Sese.012-9 Financial Instrument Asset For Transfer Partial Transfer

Core Portfolio C-7 Sese.012-10 Financial Instrument Asset For Transfer Preferred Trade Date

GIA Transfers C-7 Sese.012-10 Financial Instrument Asset For Transfer Preferred Trade Date

Pension C-7 Sese.012-10 Financial Instrument Asset For Transfer Preferred Trade Date

ISA Transfers C-7 Sese.012-10 Financial Instrument Asset For Transfer Preferred Trade Date

Core Portfolio C-7 Sese.012-11 Financial Instrument Asset For Transfer Preferred Settlement Date

GIA Transfers C-7 Sese.012-11 Financial Instrument Asset For Transfer Preferred Settlement Date

ISA Transfers C-7 Sese.012-11 Financial Instrument Asset For Transfer Preferred Settlement Date

Pension C-7 Sese.012-11 Financial Instrument Asset For Transfer Preferred Settlement Date

Core Portfolio C-9 Sese.012-13a Financial Instrument Asset For Transfer / Transferee Account

Acquiring Legal Owner Account Name

Core Portfolio C-9 Sese.012-13b Financial Instrument Asset For Transfer / Transferee Account

Acquiring Legal Owner Account Address

GIA Transfers C-9 Sese.012-13a Financial Instrument Asset For Transfer / Transferee Account


GIA Transfers C-9 Sese.012-13b Financial Instrument Asset For Transfer / Transferee Account


ISA Transfers C-9 Sese.012-13a Financial Instrument Asset For Transfer / Transferee Account


ISA Transfers C-9 Sese.012-13b Financial Instrument Asset For Transfer / Transferee Account


Sese.012-14 Not in the market practice yet. Associated with pension transfers.

'Evidence of advice'

Pension D-2 Sese.013-2 Product Transfer Encash All

Core Portfolio D-2 Sese.013-2 Product Transfer Encash All




GIA Transfers D-2 Sese.013-2 Product Transfer Encash All

ISA Transfers C-4 Sese.013-3b 'Registered Holder Details' Not actually captured in usage guideline yet, typically associated with ISA

ISA Transfers Sese.013 Product Transfer/ Portfolio / ISA Estimated Value

Pension D-3 Sese.013-4a Product Transfer / Portfolio Target Bank Account (Payment Information)

Core Portfolio D-3 Sese.013-5 Product Transfer / Portfolio / Portfolio Target Bank Account (Payment Information)

GIA Transfers D-3 Sese.013-4a Product Transfer / Portfolio Target Bank Account (Payment Information)

Core Portfolio D-3 Sese.013-4b Product Transfer / Portfolio / Portfolio Preferred Payment Reference (Payment Information)

Pension D-3 Sese.013-4b Product Transfer / Portfolio Preferred Payment Reference (Payment Information)

GIA Transfers D-3 Sese.013-4b Product Transfer / Portfolio Preferred Payment Reference (Payment Information)

Pension D-3 Sese.013-5 Product Transfer / Portfolio Partial Transfer

Core Portfolio D-3 Sese.013-5 Product Transfer / Portfolio / Portfolio Partial Transfer

GIA Transfers D-3 Sese.013-5 Product Transfer / Portfolio Partial Transfer

Pension D-5 Sese.013-6a Product Transfers/ Portfolio / Portfolio Pension Scheme Type

Pension D-5 Sese.013-6b Product Transfers/ Portfolio / Portfolio Pension Transfer Scope

Pension D-5 Sese.013-6c Product Transfers/ Portfolio / Portfolio Acquiring PSTR

Pension D-5 Sese.013-6d Product Transfers/ Portfolio / Portfolio Ceding PSTR

Pension D-5 Sese.013-6e Product Transfers/ Portfolio / Portfolio Drawdown Tranche Identification

Pension D-5 Sese.013-6f Product Transfers/ Portfolio / Portfolio Policy Drawdown Status

Pension D-5 Sese.013-6g Product Transfers/ Portfolio / Portfolio Estimated Value

Pension D-5 Sese.013-6h Product Transfers/ Portfolio / Portfolio Pension Sharing

Pension D-5 Sese.013-6i Product Transfers/ Portfolio / Portfolio Block Transfer

Pension D-5 Sese.013-6j Product Transfers/ Portfolio / Portfolio Retirement Age Protection




Pension D-5 Sese.013-6l Product Transfers/ Portfolio / Portfolio Tax Free Cash Protection

Pension D-5 Sese.013-6m Product Transfers/ Portfolio / Portfolio UFPLS (Uncrystallised Fund Pension Lump Sum)

Pension D-5 Sese.013-6q Product Transfers/ Portfolio / Portfolio Value of Policy

Pension D-5 Sese.013-6r Product Transfers/ Portfolio / Portfolio Contains Ring-fenced Drawdown Assets

Pension D-5 Sese.013-6s Product Transfers/ Portfolio / Portfolio Money Purchase Annual Allowance Rules Triggered

Pension D-5 Sese.013-6t Product Transfers/ Portfolio / Portfolio Money Purchase Annual Allowance Rules Triggered Date

Core Portfolio D-7 Sese.013-8 Financial Instrument Asset For Transfer Additional Identifier

Pension D-7 Sese.013-8 Financial Instrument Asset For Transfer Additional Identifier

GIA Transfers D-7 Sese.013-8 Financial Instrument Asset For Transfer Additional Identifier

Pension D-8 Sese.013-9 Financial Instrument / Proprietary 'Other Assets and Cash Asset'

Core Portfolio D-8 Sese.013-9 Financial Instrument / Proprietary 'Other Assets and Cash Asset'

GIA Transfers D-8 Sese.013-9 Financial Instrument / Proprietary 'Other Assets and Cash Asset'

Pension D-7 Sese.013-10 Financial Instrument Asset For Transfer Latest Valuation

Core Portfolio D-7 Sese.013-10 Financial Instrument Asset For Transfer Latest Valuation

GIA Transfers D-7 Sese.013-10 Financial Instrument Asset For Transfer Latest Valuation

Pension D-7 Sese.013-11 Financial Instrument Asset For Transfer Crystallised Uncrystallised Split

Core Portfolio D-7 Sese.013-12 Financial Instrument Asset For Transfer Partial Transfer

Pension D-7 Sese.013-12 Financial Instrument Asset For Transfer Partial Transfer

GIA Transfers D-7 Sese.013-12 Financial Instrument Asset For Transfer Partial Transfer

Pension D-7 Sese.013-13 Financial Instrument Asset For Transfer Requested Trade Date

Core Portfolio D-7 Sese.013-13 Financial Instrument Asset For Transfer Requested Trade Date

GIA Transfers D-7 Sese.013-13 Financial Instrument Asset For Transfer Requested Trade Date

GIA Transfers D-9 Sese.013-14a Financial Instrument Asset For Transfer / Transferee Account





Pension D-9 Sese.013-14a Financial Instrument Asset For Transfer / Transferee Account


GIA Transfers D-9 Sese.013-14b Financial Instrument Asset For Transfer / Transferee Account


Pension D-9 Sese.013-14b Financial Instrument Asset For Transfer / Transferee Account



Safeguarded Benefit


'Evidence of advice'

GIA Transfers E sese.011 no UGs

ISA Transfers E sese.011 no UGs

Core Portfolio E-1 Sese.011 comp Status Report Status Type

Core Portfolio E-1 Sese.011 Delay Status Report Status Type

Core Portfolio E-1 Sese.011 Delay Status Report Status Type

Core Portfolio E-1 Sese.011 paym Status Report Status Type

Core Portfolio E-1 Sese.011 rejt Status Report Status Type

Fund Transfers E-1 Sese.011 rejt Status Report Status Type

Fund Transfers E-1 Sese.011 Delay Status Report Status Type

Pension E-1 Sese.011 Comp Status Report Status Type

Pension E-1 Sese.011 drawd Status Report Status Type

IUH Transfers E-1 Sese.011 delay Status Report Status Type

IUH Transfers E-1 Sese.011 rejt Status Report Status Type

Core Portfolio E-2 Sese.011 paym Status Report / Status Payment Reference

Core Portfolio E-2 Sese.011 paym Status Report / Status Target Bank Account

Core Portfolio E-9 Sese.011 paym Status Report / Send Out Date Payment Date




Core Portfolio E-2 Sese.011 paym Status Report / Status Amount

Core Portfolio E-1 Sese.011 comp Status Report Status Issuer

Core Portfolio E-1 Sese.011 Delay Status Report Status Issuer

Core Portfolio E-1 Sese.011 paym Status Report Status Issuer

Core Portfolio E-1 Sese.011 rejt Status Report Status Issuer

Fund Transfers E-1 Sese.011 Delay Status Report Status Issuer

Fund Transfers E-1 Sese.011 rejt Status Report Status Issuer

Pension E-1 Sese.011 Comp Status Report Status Issuer

Pension E-1 Sese.011 drawd Status Report Status Issuer

IUH Transfers E-1 Sese.011 delay Status Report Status Issuer

IUH Transfers E-1 Sese.011 rejt Status Report Status Issuer

Core Portfolio E-1 Sese.011 comp Status Report Status Receiver

Core Portfolio E-1 Sese.011 Delay Status Report Status Receiver

Core Portfolio E-1 Sese.011 paym Status Report Status Receiver

Core Portfolio E-1 Sese.011 rejt Status Report Status Receiver

Fund Transfers E-1 Sese.011 Delay Status Report Status Receiver

Fund Transfers E-1 Sese.011 rejt Status Report Status Receiver

Pension E-1 Sese.011 Comp Status Report Status Receiver

Pension E-1 Sese.011 drawd Status Report Status Receiver

IUH Transfers E-1 Sese.011 delay Status Report Status Receiver

IUH Transfers E-1 Sese.011 rejt Status Report Status Receiver

Pension E-2 Sese.011 drawd Status Report / Status Drawdown Tranche. (Used with SETT status)

Pension E-2 Sese.011 Comp Status Report / Status BCE

Pension E-2 Sese.011 Comp Status Report / Status Total Transfer Value

Fund Transfers E-5 Sese.011 Delay Status Report / Status / Status / PACK Denotes RECE status




IUH Transfers E-5 Sese.011 delay Status Report / Status / Status / PACK Denotes RECE status

Core Portfolio E-5 Sese.011 Delay Status Report / Status / Status / PACK Denotes RECE status

Fund Transfers E-5-1 Sese.011 Delay Status Report / Status / Status / Reason Reason for delay

IUH Transfers E-5-1 Sese.011 delay Status Report / Status / Status / Reason Reason for delay

Core Portfolio E-5-1 Sese.011 Delay Status Report / Status / Status / Reason Reason for delay

Core Portfolio E-6 Sese.011 comp Status Report / Status / Status / COSE Denotes Completed status

Core Portfolio E-4 Sese.011 rejt Status Report / Rejected Reason Clarification

Fund Transfers E-4 Sese.011 rejt Status Report / Rejected Reason Clarification

IUH Transfers E-4 Sese.011 rejt Status Report / Rejected Reason Clarification

Fund Transfers F Sese.001 (nom) No work-arounds

Fund Transfers F Sese.001 (own) No work-arounds

IUH Transfers F-1 Sese.001 (crest) Settlement Details Requested Trade Date

IUH Transfers F-2 Sese.001 (fund) Settlement Details / Settlement Parties Details / Receiver Details

Account Address

IUH Transfers G-1 Sese.005 (crest) Transfer Details Book Cost

IUH Transfers G-1 Sese.005 (nom) Transfer Details Book Cost

IUH Transfers G-1 Sese.005 (own) Transfer Details Book Cost

IUH Transfers G-2 Sese.005 (crest) Settlement Details Requested Trade Date

Fund Transfers H Sese.003 No work-arounds

IUH Transfers H-2 Sese.003 (crest) Settlement Details Requested Trade Date

IUH Transfers H-3 Sese.003 (fund) Settlement Details / Settlement Parties Details / Receiver Details

Fund Manager Account Address

IUH Transfers I-2 Sese.007 (crest) Settlement Details Requested Trade Date

Fund Transfers I-3 Sese.007 (nom) No work-arounds

IUH Transfers I-3 Sese.007 (nom) No work-arounds

Fund Transfers I-3 Sese.007 (own) No work-arounds




IUH Transfers I-3 Sese.007 (own) No work-arounds

-- Sese.001, 003, 005, 007

No actual work-around designed for this yet?

Place of Trade

Sese.003, 007 Not in the market practice yet. Associated with transfer of a bond.

Accrued interest amount


Transfer (sese) MX Functional Additions Legal Notices

Legal NoticesCopyright None.

Distribution Restrictions None.

DisclaimerSMPG IF WG supplies this publication for information purposes only. The information in this publication may change from time to time.

Funds UK Funds Market Practice Group (NMPG) 98

Standards MX Template - iso20022.org · Web viewThis annex document is the annex to ISO 20022...

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