High-Level Information - Standards MT November 2018 - Swift

 
High-Level Information - Standards MT November 2018 - Swift
Standards MT November 2018

High-Level Information
This document describes the requested changes for the next Standards MT Release. These requests must still be
validated by a maintenance working group and some may be modified or rejected. Country user groups must still
vote the approved requests and the Board must ratify those that are accepted by the country vote. This document
also includes other technical changes that are foreseen for implementation at the same time as the Standards MT
Release. The purpose of this document is to help technical implementers and operational users of the
Standards MT messages to evaluate the impact of changes on interfaces and applications.

20 July 2017
Standards MT November 2018
High-Level Information                                                                                                             Table of Contents

Table of Contents
Preface .................................................................................................................................................3
1        Introduction ...............................................................................................................................4
2        Schedule for SR 2018 ...............................................................................................................5
3        Impact Levels of the Change Requests .................................................................................6
4        Evaluation of the Impact on Interfaces and Applications ....................................................7
5        Overview of Changes per Category .......................................................................................8
         5.1      Category 0 – FIN System Messages ......................................................................................8
         5.2      Other Technical Changes .......................................................................................................8
         5.3      Category 1 – Customer Payments and Cheques ...................................................................9
         5.4      Category 2 – Financial Institution Transfers .........................................................................11
         5.5      Category 3 – Foreign Exchange, Money Markets, and Derivatives .....................................13
         5.6      Category 4 – Collections and Cash Letters ..........................................................................15
         5.7      Category 5 – Securities Markets ...........................................................................................16
         5.8      Category 6 – Commodities and Reference Data ..................................................................22
         5.9      Category 7 – Documentary Credits and Guarantees ............................................................23
         5.10     Category 8 – Travellers Cheques .........................................................................................28
         5.11     Category 9 – Cash Management and Customer Status .......................................................29
         5.12     Category n – Common Group Messages .............................................................................30
Legal Notices ....................................................................................................................................31

20 July 2017                                                                                                                                                 2
Standards MT November 2018
High-Level Information                                                                               Preface

Preface
       About this document
               This document gives an overview of all MT change requests received by SWIFT Standards
               for the next Standards MT Release. The purpose of this document is to inform the
               SWIFT community and allow them to start allocating budget and resources for the
               next maintenance of the Standards MT messages. Technical implementers and
               operational users of the MT messages can use this document to evaluate the impact
               on interfaces and applications.
               This document is not intended to be final. All change requests need to be validated
               by a maintenance working group (MWG) and can be subject to modification or
               rejection. After the MWG decision, user group chairpersons of all countries are able to
               discuss the change requests in their user group and vote on the acceptance or rejection of
               individual change requests. The SWIFT Board must ratify the outcome of the country vote.
       Intended audience
               This document is for the following audience:
                   •   Technical implementers of the Standards MT messages
                   •   Operational users of the Standards MT messages
                   •   All other interested SWIFT users

20 July 2017                                                                                                3
Standards MT November 2018
High-Level Information                                                                           Introduction

1              Introduction

               Important This document describes changes that are still requests. These requests must be
                          validated by a maintenance working group and a number of them will be rejected.
                          Country user groups must then vote the approved requests and the Board must
                          ratify those that are accepted by the country vote.

               The High-Level Information document is part of the normal standards development and
               implementation procedures. This document describes the expected or requested changes
               for Standards MT Release 2018 (SR 2018). SWIFT distributes this document 16 months
               before the Standards MT Release live date.
               This document also includes other technical changes that are foreseen for implementation
               at the same time as the Standards MT Release, for example, changes to system messages.
               The sole purpose of this document is to help technical implementers and operational users
               of the SWIFT messages to evaluate the impact of changes on interfaces and applications.
               Consequently, implementers and users can plan resources and budget allocations for SR
               2018 implementation.
               As this document describes requests that are not yet validated, a certain number of them
               will not be implemented or will be implemented differently following the validation process.
               Readers must therefore use this document for budget and resources planning purposes
               only.
               The Standards Release Guide 2018, which SWIFT will publish in December 2017, will fully
               describe SR 2018. Approved changes will be effective as of 18 November 2018, the release
               date on FIN.
               Note       This publication is supplied for information purposes only, and shall not be
                          binding nor shall it be construed as constituting any obligation,
                          representation or warranty on the part of SWIFT. The information in this
                          publication is the latest available at the date of its production, and may
                          change.

20 July 2017                                                                                                    4
Standards MT November 2018
High-Level Information                                                                  Schedule for SR 2018

2              Schedule for SR 2018
               The timeline below describes the schedule for development and implementation of SR
               2018.
               SR 2018 Timeline

               Important The only official source for information about a Standards MT Release is the
                          Standards Release Guide that is published in December.

20 July 2017                                                                                                   5
Standards MT November 2018
High-Level Information                                                          Impact Levels of the Change Requests

3              Impact Levels of the Change Requests
               All change requests contain an evaluation of their impact on interfaces and applications
               expressed as a number in the range 0 - 3 with or without a plus "+" or minus "-" sign as in
               the following table.
       Index of impact levels
               Level 0       This is a minor change that does not impact the format of the message. For example,
                             the scope of the message is updated, which may have an impact on some automated
                             applications.

               Level 1       This change relates to the use of the message format but does not affect the message
                             structure or the FIN validation, for example, a definition or a usage rule is changed.

               Level 1+      An existing message type is removed from the network

               Level 2-      The change has a small effect on the message structure and the FIN validation, for
                             example, field formats, qualifiers or codes are added or deleted.

               Level 2+      The message layout or the FIN validation or both are significantly impacted, for example,
                             fields or sequences (mandatory or optional) are added or deleted.

               Level 3-      A new message type is created for use in a message user group (MUG) or the use of an
                             existing message type is changed from use in a MUG to general use, that is, all users
                             must be able to receive and process the new message.

               Level 3       A new message type is created for general use, that is, all users must be able to receive
                             and process the new message.

20 July 2017                                                                                                             6
Standards MT November 2018
High-Level Information                                       Evaluation of the Impact on Interfaces and Applications

4              Evaluation of the Impact on Interfaces and
               Applications
       Impact on interfaces
               All changes can have a direct impact on interfaces. This also applies to level 0 and level 1
               changes, which may require an update to input screens or help screens or both.
       Impact on applications
               Level 0 changes should have no to minimum impact on applications.
               Higher level changes will normally have an impact on applications, although the impact for
               applications sending the message may be different from the impact for applications
               receiving the message.
               Some changes may apply to message types that are to be implemented in a Message User
               Group (MUG). Users that are not registered in the MUG cannot send or receive messages
               of these message types. The impact on any application depends directly on the need or
               desire to support these message types.

20 July 2017                                                                                                           7
Standards MT November 2018
High-Level Information                                                            Overview of Changes per Category

5              Overview of Changes per Category
               When a change description is not clear without further explanation, a brief business context
               is provided to help the readers better understand the reasoning behind the change.

5.1            Category 0 – FIN System Messages
               The following changes are tentatively scheduled for implementation in SR 2018.
       New change requests for SR 2018
           Message
                                                                                                 Impact
            Types     Short description of the modification                                                   MUG
                                                                                                  level
             (MT)
           MT 097     CR 001364                                                                    2+          No
                      Remove field 434.
                      This field was designed and reserved for sanctions screening, but
                      never got used on the network.

5.2            Other Technical Changes
               The following changes are tentatively scheduled for implementation in SR 2018, which are
               all for the SWIFT Payments Control Service (PCS).
       New change requests for SR 2018
           Message
                                                                                                 Impact
            Types     Short description of the modification                                                   MUG
                                                                                                  level
             (MT)
           Header     CR 001365                                                                     1          No
           block 3
                      Update definition of code NOK in field 433.
                      To indicate that it is also possible that the message was auto released
                      by the service.

           Header     CR 001366                                                                    2+          No
           block 3
                      Add field 434 with the new name Payment Controls Information for
                      the Receiver to header block 3.
                      To provide information to the receiver from the Payments Control
                      Service about the screened message.

           Header     CR 001367                                                                     2-         No
           block 3
                      Add field 434 to the list of header block 3 fields that do not allow
                      characters Cr and Lf.
                      To align with the other fields in the header block 3.

           Header     CR 001368                                                                     1          No
           block 3
                      Modify the description of field 433.
                      To indicate that the screening service provides information to the
                      receiver of the screened message.

20 July 2017                                                                                                         8
Standards MT November 2018
High-Level Information                                                            Overview of Changes per Category

5.3            Category 1 – Customer Payments and Cheques
               The following changes are tentatively scheduled for implementation in SR 2018.
       New change requests for SR 2018
               These requests must still be validated by a maintenance working group and can be
               subject to modification or rejection.

           Message
                                                                                                  Impact
            Types     Short description of the modification                                                   MUG
                                                                                                   level
             (MT)
           New        CR 001306                                                                     3          No
                      Develop a new MT to return payments.
                      To replace incorrect and inefficient use of MTs that have code RETN in
                      field 72, to increase STP for returns, to reduce sanctions screening
                      problems and to align with pacs.004 in ISO 20022.

           MT 101     CR 001337                                                                    2+         No
           MT 102                                                                                            Except
                      Be able to receive field 111 (Service Type Identifier) and field 121
           MT 102     (Unique End-to-End Transaction Reference (UETR)) in header                             MT 101
           STP        block 3.                                                                               MT 102
           MT 104     These two fields are used in the SWIFT Global Payment Innovation                       MT 104
           MT 105     (SWIFT gpi) service that allows banks in the SWIFT gpi Closed User                     MT 105
           MT 107     Group (CUG) to track payments based on a UETR. As of November                          MT 107
                      2017, members of SWIFT gpi will be able to include the header fields in
           MT 110     all MTs 103 that they send, also to banks that are not in the CUG. The
           MT 111     SWIFT gpi service is expanding in terms of MTs included in the service
           MT 112     in which they also need to include field 111 and field 121 in header
                      block 3. To avoid different requests per SWIFT gpi service expansion, it
           MT 190
                      would be beneficial to have the capability to receive the fields in the
           MT 191     header block 3 for all category 1 and category 2 messages.
           MT 192
           MT 195
           MT 196
           MT 198
           MT 199
           MT 103     CR 001338                                                                    2+         No
           MT 103                                                                                            Except
                      Make field 121 (Unique End-to-End Transaction Reference (UETR))
           REMIT      mandatory in header block 3.                                                           MT 103
           MT 103                                                                                            REMIT
                      To provide SWIFT gpi banks and their corporates with real time visibility
           STP
                      of where a transaction is, while on the SWIFT network.

           MT 101     CR 001349                                                                     2-        Yes
           MT 103                                                                                            Except
                      Add an optional code for VAT amount in field 77B.
                                                                                                             MT 103
                      To meet regulatory reporting requirements.

           MT 101     CR 001343                                                                     2-        Yes
           MT 103                                                                                            Except
                      Make it mandatory to indicate purpose of payment in field 77B.
                                                                                                             MT 103
                      To fulfil AML regulations, sanctions screening and regulatory
                      requirements. It will increase payments transparency as well as data
                      monitoring and straight through processing of payments.

20 July 2017                                                                                                         9
Standards MT November 2018
High-Level Information                                                          Overview of Changes per Category

           Message
                                                                                               Impact
            Types    Short description of the modification                                                  MUG
                                                                                                level
             (MT)
           MT 102    CR 001333                                                                    2-        No
           MT 102                                                                                          Except
                     Include codes for ultimate ordering and ultimate beneficiary party
           STP       in MT payments messages.                                                              MT 102
           MT 103                                                                                          MT 103
                     To fulfil the FATF requirement to give accurate originator and
           MT 103                                                                                          REMIT
                     beneficiary information and make sure there is a globally recognised
           REMIT     standard solution that can be passed on unchanged throughout the
           MT 103    payment chain which will provide more transparency.
           STP

           MT 101    CR 001302                                                                    1         No
           MT 102                                                                                          Except
                     Add a usage guideline for use of Chinese commercial codes (CCC)
           MT 102    in MT payment messages and refer to the published CCC                                 MT 101
           STP       conversion table.                                                                     MT 102
           MT 103    To standardise conversion of Chinese characters between CNAPS and                     MT 103
           MT 103    FIN messages, because the FIN character set does not allow for the                    REMIT
           MT 103    use of Chinese characters.
           REMIT
           MT 103
           STP
           MT 110

20 July 2017                                                                                                       10
Standards MT November 2018
High-Level Information                                                            Overview of Changes per Category

5.4            Category 2 – Financial Institution Transfers
               The following changes are tentatively scheduled for implementation in SR 2018.
       New change requests for SR 2018
               These requests must still be validated by a maintenance working group and can be
               subject to modification or rejection.

           Message
                                                                                                  Impact
            Types     Short description of the modification                                                   MUG
                                                                                                   level
             (MT)
           New        CR 001306                                                                     3          No
                      Develop a new MT to return payments.
                      To replace incorrect and inefficient use of MTs that have code RETN in
                      field 72, to increase STP for returns, to reduce sanctions screening
                      problems and to align with pacs.004 in ISO 20022.

           Cat 2      CR 001337                                                                    2+         No
                                                                                                             Except
                      Be able to receive field 111 (Service Type Identifier) and field 121
                      (Unique End-to-End Transaction Reference (UETR)) in header                             MT 204
                      block 3.
                      These two fields are used in the SWIFT Global Payment Innovation
                      (SWIFT gpi) service that allows banks in the SWIFT gpi Closed User
                      Group (CUG) to track payments based on a UETR. As of November
                      2017, members of SWIFT gpi will be able to include the header fields in
                      all MTs 103 that they send, also to banks that are not in the CUG. The
                      SWIFT gpi service is expanding in terms of MTs included in the service
                      in which they also need to include field 111 and field 121 in header
                      block 3. To avoid different requests per SWIFT gpi service expansion, it
                      would be beneficial to have the capability to receive the fields in the
                      header block 3 for all category 1 and category 2 messages.

           MT 202     CR 001339                                                                    2+          No
           COV
                      Make field 121 (Unique End-to-End Transaction Reference (UETR))
           MT 205     mandatory in header block 3.
           COV
                      To provide SWIFT gpi banks and their corporates with real time visibility
                      of where a transaction is, while on the SWIFT network.

           MT 202     CR 001340                                                                    2+          No
           MT 205     Make field 121 (Unique End-to-End Transaction Reference (UETR))
                      mandatory in header block 3.
                      To provide SWIFT gpi banks with real time visibility of where a
                      transaction is, while on the SWIFT network.

           MT 202     CR 001333                                                                     2-         No
           COV
                      Include codes for ultimate ordering and ultimate beneficiary party
           MT 205     in MT payments messages.
           COV
                      To fulfil the FATF requirement to give accurate originator and
                      beneficiary information and make sure there is a globally recognised
                      standard solution that can be passed on unchanged throughout the
                      payment chain which will provide more transparency.

20 July 2017                                                                                                         11
Standards MT November 2018
High-Level Information                                                      Overview of Changes per Category

           Message
                                                                                           Impact
            Types    Short description of the modification                                              MUG
                                                                                            level
             (MT)
           MT 202    CR 001302                                                                1          No
           COV
                     Add a usage guideline for use of Chinese commercial codes (CCC)
           MT 202    in MT payment messages and refer to the published CCC
           COV       conversion table.
           MT 205
                     To standardise conversion of Chinese characters between CNAPS and
           COV
                     FIN messages, because the FIN character set does not allow for the
           MT 210    use of Chinese characters.

20 July 2017                                                                                                   12
Standards MT November 2018
High-Level Information                                                              Overview of Changes per Category

5.5            Category 3 – Foreign Exchange, Money Markets,
               and Derivatives
               The following changes are tentatively scheduled for implementation in SR 2018.
       New change requests for SR 2018
               These requests must still be validated by a maintenance working group and can be
               subject to modification or rejection.

           Message
                                                                                                   Impact
            Types     Short description of the modification                                                     MUG
                                                                                                    level
             (MT)
           MT 300     CR 001310                                                                      2+         Yes
           MT 304                                                                                              Except
                      Remove free format options and update code lists in trade party
                      fields.                                                                                  MT 300

                      To improve message straight-through-processing and automated
                      matching.

           MT 300     CR 001309                                                                      2+         Yes
           MT 304                                                                                              Except
                      Remove free format options and update code lists in settlement
                      party fields.                                                                            MT 300

                      To improve message straight-through-processing and automated
                      matching.

           MT 300     CR 001350                                                                      2+         No
           MT 304                                                                                              Except
                      Add field for place of settlement.
           MT 305                                                                                              MT 304
                      To avoid use of free format fields to indicate place of settlement for
           MT 306                                                                                              MT 321
                      offshore trades such as Hong Kong settled CNY.
           MT 320                                                                                              MT 380
           MT 321                                                                                              MT 381
           MT 330
           MT 340
           MT 341
           MT 360
           MT 361
           MT 380
           MT 381
           MT 300     CR 001341                                                                      2+          No
           MT 305     Add MiFID II client reporting fields.
           MT 306
                      To support MiFID II Delegated Act article 59 client reporting.
           MT 320
           MT 330
           MT 350
           MT 304     CR 001301                                                                       2-         Yes
                      Change conditionality of commission and fees fields.
                      To allow for inclusion of commission and fees even where other
                      accounting information is not present.

20 July 2017                                                                                                           13
Standards MT November 2018
High-Level Information                                                          Overview of Changes per Category

           Message
                                                                                               Impact
            Types    Short description of the modification                                                  MUG
                                                                                                level
             (MT)
           MT 300    CR 001298                                                                    1         No
           MT 304                                                                                          Except
                     Update message usage rules.
           MT 305                                                                                          MT 304
                     To clarify that a FIN confirmation message cannot create a legal
           MT 306    agreement between the parties.
           MT 340

20 July 2017                                                                                                       14
Standards MT November 2018
High-Level Information                                                    Overview of Changes per Category

5.6            Category 4 – Collections and Cash Letters
               There are no changes requested for this category for SR 2018.

20 July 2017                                                                                                 15
Standards MT November 2018
High-Level Information                                                         Overview of Changes per Category

5.7            Category 5 – Securities Markets
               The following changes are tentatively scheduled for implementation in SR 2018.

5.7.1          All category 5 messages modification
               There are no changes requested for SR 2018.

5.7.2          Trade Initiation and Confirmation
               MTs 502, 509, 513, 514, 515, 517, 518, 528, 529, 576, 584 (alignment in other messages
               possible)
       New change requests for SR 2018
               These requests must still be validated by a maintenance working group and can be
               subject to modification or rejection.

           Message
                                                                                              Impact
            Types     Short description of the modification                                                MUG
                                                                                               level
             (MT)
           MT 502     CR 001320                                                                  2-         No
           MT 509     Add a buy-in code to the Settlement Transaction Type Indicator in
           MT 513     sequence C and add a buying agent to the Trading Parties in
           MT 514     sequence B2.
           MT 515     To provide a buy-in mechanism, which is required by the CSDR for
           MT 518     settlement fails.

           MT 513     CR 001321                                                                  2-         No
           MT 514     Add a research fee qualifier RFEE to field 19A in sequence C3 of
           MT 515     MT 513, MT 514, MT 515, and MT 518 and in sequence E3 of MT
           MT 518     541 and MT 543.
                      To comply with MiFID II, which requires more transparency on research
                      fees.

5.7.3          Settlement and Reconciliation
               MTs 508, 524, 535-8, 540-9, 578, 586 (alignment in other messages possible)
       New change requests for SR 2018
               These requests must still be validated by a maintenance working group and can be
               subject to modification or rejection.

           Message
                                                                                              Impact
            Types     Short description of the modification                                                MUG
                                                                                               level
             (MT)
           MT 537     CR 001319                                                                 2+          No
           MT 548     Add a Penalty sequence and a Penalty Redistribution sequence.
                      To enable CSDs to implement a penalty mechanism for settlement fails
                      by the CSDR.

20 July 2017                                                                                                      16
Standards MT November 2018
High-Level Information                                                              Overview of Changes per Category

           Message
                                                                                                   Impact
            Types    Short description of the modification                                                      MUG
                                                                                                    level
             (MT)
           MT 508    CR 001317                                                                        2-         No
           MT 536    Add an even type code TXEV, for tax events, in MTs 564, 566, and
           MT 537    568 and add an optional non-repetitive qualifier TXEV to field 22F,
           MT 538    in sequence C of MT 564 and in sequence D of MT 566 and add a
                     network validation rule to control the presence of these two
                     elements. Add also a new and non-repetitive gross taxable amount
                     qualifier GRTX to field 19B, in sequence E2 of MT 564 and in
                     sequence D2 of MT 566.
                     To be able to report to investors about a withholding tax on deemed
                     dividend distributions related to convertible securities as covered in the
                     section 305(c ) US regulation and a withholding tax on dividend
                     equivalent payment related to equity-linked derivative instruments as
                     covered in the section 871(m) US regulation.

           MT 508    CR 001300                                                                        2-         No
           MT 536    Add code TAXD for tax debit events, to qualifier CAEV, in field 22F
           MT 537    of MTs 564, 566, and 568. Add also a new optional and non-
           MT 538    repetitive deemed payment rate qualifier DEEM and deemed
                     payment amount qualifier DEEM in field 92a in sequence E2 of MT
                     564 and in sequence D2 of MT 566.
                     To be able to report to non-resident investors about a withholding tax
                     on deemed income originating from Attribution Managed Investment
                     Trusts (AMIT) as covered in the new tax law amendment bill 2015. The
                     deemed income is attributed to the unit holder without being actually
                     distributed.

           MT 536    CR 001295                                                                        2-         No
           MT 537    Add codes SWIF (switch from) and SWIT (switch to) to the qualifier
           MT 540    SETR in field 22F.
           MT 541    To enable users to indicate the settlement of switch orders.
           MT 542
           MT 543
           MT 544
           MT 545
           MT 546
           MT 547
           MT 548
           MT 549
           MT 537    CR 001307                                                                        2-         No
           MT 548    Add a new reason code BPRI to qualifiers PEND and PENF in field
                     24B.
                     Due to the absence of a proper SWIFT reason code, CSDs send an MT
                     548 with :25D::SETT//PEND and :24B::PEND//NARR. Further
                     information is given in narrative field :70D::REAS// Overdue, higher, or
                     equal priority order not settled. Use of the narrative field reduces STP.

           MT 537    CR 001296                                                                        2-         No
           MT 548    Add a new code word "COMMITED" to qualifier PEND in field 24B.
                     The "committed" code will give an assurance that the trade is
                     committed in the market.

20 July 2017                                                                                                           17
Standards MT November 2018
High-Level Information                                                              Overview of Changes per Category

           Message
                                                                                                    Impact
            Types     Short description of the modification                                                     MUG
                                                                                                     level
             (MT)
           MT 541     CR 001321                                                                       2-         No
           MT 543     Add a research fee qualifier RFEE to field 19A in sequence C3 of
                      MT 513, MT 514, MT 515, and MT 518 and in sequence E3 of MT
                      541 and MT 543.
                      To comply with MiFID II, which requires more transparency on research
                      fees.

5.7.4          Corporate Action
               MTs 564, 565, 566, 567, 568 (alignment in other messages possible)
       New change requests for SR 2018
               These requests must still be validated by a maintenance working group and can be
               subject to modification or rejection.

           Message
                                                                                                    Impact
            Types     Short description of the modification                                                     MUG
                                                                                                     level
             (MT)
           MT 564     CR 001293                                                                      2+          No
                      Add a new network validated rule which applies to the stock
                      lending deadline qualifier BORD.
                      To remove inconsistencies in the number of occurrences that are
                      allowed for some of the format options. This fully aligns the restrictions
                      that are applied in ISO 15022 and ISO 20022.

           MT 564     CR 001294                                                                      2+          No
           MT 566     Add a network validated rule, which applies to qualifiers TAXR and
                      WITL.
                      To remove inconsistencies in the allowed number of occurrences of
                      TAXR and WITL, for some of the format options.

           MT 564     CR 001305                                                                      2+          No
           MT 567     Add three optional and non-repeatable price qualifiers to field 90a,
                      in sequence E of MT 564 and add a network validated rule to
                      control the presence of these qualifiers together with
                      :22F::OPTF//QCAS, also in sequence E. Add an optional and non-
                      repeatable amount qualifier STAC to field 19B in sequence B of MT
                      567 as well as a network validated rule.
                      To enable full STP for instructions on cash amount that was introduced
                      earlier in SR 2017 as some associated amounts information was
                      missing.

           MT 565     CR 001334                                                                      2+          No
                      Add format option L to field 95a for an LEI identifier for the
                      alternate identification of Beneficial Owner party field in sequence
                      C of MT 565 and add a network validated rule to allow only one
                      occurrence of :95L::ALTE.
                      To enable the instructing party to quote an official LEI for the purpose of
                      disclosing the underlying asset owner.

20 July 2017                                                                                                           18
Standards MT November 2018
High-Level Information                                                             Overview of Changes per Category

           Message
                                                                                                  Impact
            Types    Short description of the modification                                                     MUG
                                                                                                   level
             (MT)
           MT 564    CR 001318                                                                       2-         No
           MT 566    Delete the non-resident rate qualifier NRES from field 92a in
                     sequence E2 of the MT 564 and in sequence D2 of the MT 566.
                     Delete the three rate type codes IMPU, PREC, and TIER from
                     qualifier TAXC in field 92a in sequences E1 and E2 of MT 564 and
                     in sequences D1 and D2 of MT 566.
                     To clean-up the unused tax related rates and rate type codes.

           MT 564    CR 001299                                                                       2-         No
           MT 566    Add a rate type code CDFI (Conduit Foreign Income) to qualifiers
                     GRSS and NETT in field 92a in sequences E and E2 in MT 564 and
                     in sequences D and D2 in the MT 566 and add an optional, non-
                     repetitive qualifier CDFI to field 19B in sequence E2 of the MT 564
                     and in the sequence D2 of MT 566.
                     To be able to report to the investor within the frame of distribution of
                     income events, the exact nature of an income when it originates from a
                     foreign source and which is subject to different tax treatments as per
                     the investor resident status.

           MT 564    CR 001317                                                                       2-         No
           MT 566    Add an even type code TXEV, for tax events, in MTs 564, 566, and
           MT 568    568 and add an optional non-repetitive qualifier TXEV to field 22F,
                     in sequence C of MT 564 and in sequence D of MT 566 and add a
                     network validation rule to control the presence of these two
                     elements. Add also a new and non-repetitive gross taxable amount
                     qualifier GRTX to field 19B, in sequence E2 of MT 564 and in
                     sequence D2 of MT 566.
                     To be able to report to investors about a withholding tax on deemed
                     dividend distributions related to convertible securities as covered in the
                     section 305(c ) US regulation and a withholding tax on dividend
                     equivalent payment related to equity-linked derivative instruments as
                     covered in the section 871(m) US regulation.

           MT 564    CR 001300                                                                       2-         No
           MT 566    Add code TAXD for tax debit events, to qualifier CAEV, in field 22F
           MT 568    of MTs 564, 566, and 568. Add also a new optional and non-
                     repetitive deemed payment rate qualifier DEEM and deemed
                     payment amount qualifier DEEM in field 92a in sequence E2 of MT
                     564 and in sequence D2 of MT 566.
                     To be able to report to non-resident investors about a withholding tax
                     on deemed income originating from Attribution Managed Investment
                     Trusts (AMIT) as covered in the new tax law amendment bill 2015. The
                     deemed income is attributed to the unit holder without being actually
                     distributed.

           MT 566    CR 001312                                                                       2-         No
                     Add an optional and non-repeatable accepted balance and
                     unaccepted balance qualifiers to field 93a in sequence B of MT
                     566.
                     To improve payments processing and balance reporting for voluntary
                     events involving proration such as tender, exchange, or election merger
                     events.

20 July 2017                                                                                                          19
Standards MT November 2018
High-Level Information                                                              Overview of Changes per Category

           Message
                                                                                                   Impact
            Types     Short description of the modification                                                     MUG
                                                                                                    level
             (MT)
           MT 566     CR 001311                                                                       2-         No
                      Add three optional and non-repeatable amount qualifiers OSUB,
                      REFU, and FINL to field 19B in sequence D2 of MT 566.
                      To be able to report charges amounts related to subscriptions and
                      oversubscriptions for rights or warrants exercise events.

           MT 564     CR 001304                                                                       1          No
                      Modify the usage rule on the declared rate qualifier DEVI in field
                      92a in sequence D of MT 564.
                      To be able to announce the declared rate via the DEVI qualifier even
                      when that currency and rate is one of the currency options for the
                      event.

           MT 564     CR 001323                                                                       1          No
           MT 566     Modify the definition of the certification deadline qualifier CERT in
                      field 98 in sequence D of MT 564 and in the sequence C of MT 566.
                      To enlarge the scope of the certification deadline beyond the simple
                      declaration of beneficial ownership.

5.7.5          Collateral Management
               MTs 503-507, 527, 558, 569 (alignment in other messages possible)
               There are no changes requested for SR 2018.

5.7.6          Other Category 5 changes
       New change requests for SR 2018
               These requests must still be validated by a maintenance working group and can be
               subject to modification or rejection.

           Message
                                                                                                   Impact
            Types     Short description of the modification                                                     MUG
                                                                                                    level
             (MT)
           MT 575     CR 001317                                                                       2-         Yes
                      Add an even type code TXEV, for tax events, in MTs 564, 566, and
                      568 and add an optional non-repetitive qualifier TXEV to field 22F,
                      in sequence C of MT 564 and in sequence D of MT 566 and add a
                      network validation rule to control the presence of these two
                      elements. Add also a new and non-repetitive gross taxable amount
                      qualifier GRTX to field 19B, in sequence E2 of MT 564 and in
                      sequence D2 of MT 566.
                      To be able to report to investors about a withholding tax on deemed
                      dividend distributions related to convertible securities as covered in the
                      section 305(c ) US regulation and a withholding tax on dividend
                      equivalent payment related to equity-linked derivative instruments as
                      covered in the section 871(m) US regulation.

20 July 2017                                                                                                           20
Standards MT November 2018
High-Level Information                                                         Overview of Changes per Category

           Message
                                                                                              Impact
            Types    Short description of the modification                                                 MUG
                                                                                               level
             (MT)
           MT 575    CR 001300                                                                   2-         Yes
                     Add code TAXD for tax debit events, to qualifier CAEV, in field 22F
                     of MTs 564, 566, and 568. Add also a new optional and non-
                     repetitive deemed payment rate qualifier DEEM and deemed
                     payment amount qualifier DEEM in field 92a in sequence E2 of MT
                     564 and in sequence D2 of MT 566.
                     To be able to report to non-resident investors about a withholding tax
                     on deemed income originating from Attribution Managed Investment
                     Trusts (AMIT) as covered in the new tax law amendment bill 2015. The
                     deemed income is attributed to the unit holder without being actually
                     distributed.

20 July 2017                                                                                                      21
Standards MT November 2018
High-Level Information                                                             Overview of Changes per Category

5.8            Category 6 – Commodities and Reference Data
               The following changes are tentatively scheduled for implementation in SR 2018.
       New change requests for SR 2018
               These requests must still be validated by a maintenance working group and can be
               subject to modification or rejection.

           Message
                                                                                                  Impact
            Types     Short description of the modification                                                    MUG
                                                                                                   level
             (MT)
           MT 600     CR 001341                                                                     2+          No
           MT 601     Add MiFID II client reporting fields.
                      To support MiFID II Delegated Act article 59 client reporting.

           MT 600     CR 001298                                                                      1          No
           MT 601     Update message usage rules.
                      To clarify that a FIN confirmation message cannot create a legal
                      agreement between the parties.

20 July 2017                                                                                                          22
Standards MT November 2018
High-Level Information                                                            Overview of Changes per Category

5.9            Category 7 – Documentary Credits and
               Guarantees
               The following changes are tentatively scheduled for implementation in SR 2018.
       Change requests postponed from SR 2017
           Message
                                                                                                  Impact
            Types     Short description of the modification                                                   MUG
                                                                                                   level
             (MT)
           New        CR 000838                                                                     3          No
                      Create a new message (MT 744 Notice of Non-Conforming
                      Reimbursement Claim).
                      This message is sent by the reimbursing bank to the bank claiming
                      reimbursement.
                      It is used to notify the Receiver that the Sender considers the claim, on
                      the face of it, as not to be in accordance with the instruction in the
                      reimbursement authorisation for the reason(s) as stated in this
                      message. The Sender also provides the Receiver with details regarding
                      the disposal of the claim.
           New        CR 000839                                                                     3          No
                      Create a new message (MT 759 Ancillary Trade Structured
                      Message).
                      This message is sent to request or to provide information, such as a
                      fraud alert or a financing request, concerning an existing trade
                      transaction such as a documentary credit, demand guarantee, standby
                      letter of credit, or an undertaking (for example, a guarantee, surety,
                      etc.).
           New        CR 000833                                                                     3          No
                      Create new extension message MT 708
                      The redesign of the MT 707 calls for a new extension message, which
                      is this MT 708.

           MT 707     CR 000848                                                                     3          No
                      Redesigned MT 707.
                      The MT 707 has been completely redesigned to be a mirror image of
                      the MT 700 Issue of a Documentary Credit. This way, any field present
                      in the MT 700 can be amended using the MT 707. Codes have been
                      added to specify which changes are being made in free format fields.

           MT 707     CR 001110                                                                    2+          No
                      Full alignment of MT 707 with updated MT 700 (SR 2018 version),
                      so that all changes can be done in specific, structured fields.
                      Same business rationale as for the redesigned MT 707 planned for SR
                      2018. It will allow and enforce use of structured fields for amendments
                      instead of free text.

                      Senders will be impacted if they wish to amend MT 700 fields that are
                      now added to the MT 707. The free format field must not be used when
                      a specific field is available for the amendment. Receivers of the MT 707
                      must be able to accept and process messages that contain these
                      changes.

20 July 2017                                                                                                         23
Standards MT November 2018
High-Level Information                                                             Overview of Changes per Category

           Message
                                                                                                  Impact
            Types    Short description of the modification                                                     MUG
                                                                                                   level
             (MT)
           MT 756    CR 001111                                                                      2+          No
                     Add a free format text field in MT 756 as it is in MT 752 (SR 2018
                     version).
                     There is not enough space in field 72Z for all details related to the
                     reimbursement or payment conditions.

                     This change is optional for senders. Receivers of the MT 756 must be
                     able to accept and process messages that contain the new field.
           MT 700    CR 000830                                                                      2+          No
           MT 701    Add two new fields: Special Payment Instructions for
           MT 710    Beneficiary/Receiving Bank.
           MT 711    These two fields will provide a place for information that is now put in
           MT 720    other free format fields. The first field specifies special payment
           MT 721    conditions applicable to the beneficiary, for example, post-financing
                     request/conditions for beneficiary. The second field specifies special
                     payment conditions applicable to the receiving bank, for example, post-
                     financing request/conditions for receiving bank only.

           MT 700    CR 000823                                                                      2+          No
           MT 710    Add new field for Requested Confirmation Party after field 49
           MT 720    Confirmation Instructions.
                     In some scenarios, it is not always clear which bank is requested to add
                     its confirmation, this field is therefore required to specify it.

           MT 707    CR 000340                                                                      2+          No
                     Add field 45A, 46A, and 47A as optional fields in MT 707, and add
                     Sequence Of Total, so that multiple MTs 707 can be sent for one
                     amendment.
                     As part of an amendment, allow full replacement text to be provided for
                     the fields 45A Description of Goods and/or Services, 46A Documents
                     Required and 47A Additional Conditions.

           MT 730    CR 000821                                                                      2+          No
           MT 752    Add field 79 to MT 730 and MT 752.
                     To accommodate information that does not fit in the structured fields of
                     this message.

           MT 742    CR 000998                                                                      2+          No
                     Add an optional field in MT 742 for compliance requirements.
                     This is needed for compliance (type of goods, vessel, bill of lading,
                     shipping company, etc.).

20 July 2017                                                                                                          24
Standards MT November 2018
High-Level Information                                                          Overview of Changes per Category

           Message
                                                                                               Impact
            Types    Short description of the modification                                                  MUG
                                                                                                level
             (MT)
           MT 700    CR 000813                                                                    2-         No
           MT 710    Use z character set in all charges fields.
           MT 720
                     The X character set lacks some commonly used characters for example
           MT 730    %, @, &. Current workarounds are not satisfactory.
           MT 740
           MT 742
           MT 750
           MT 752
           MT 754
           MT 700    CR 000812                                                                    2-         No
           MT 701    Use z character set in field 45A, 46A ,and 47A.
           MT 705
                     The X character set lacks some commonly used characters for example
           MT 710    %, @, &. Current workarounds are not satisfactory.
           MT 711
           MT 720
           MT 721
           MT 700    CR 000814                                                                    2-         No
           MT 705    Use z character set in field 72.
           MT 707
                     The X character set lacks some commonly used characters for example
           MT 710    %, @, &. Current workarounds are not satisfactory.
           MT 720
           MT 730
           MT 732
           MT 740
           MT 742
           MT 747
           MT 750
           MT 752
           MT 754
           MT 756
           MT 700    CR 000824                                                                    2-         No
           MT 705    Delete all codes that relate to revocable documentary credits from
           MT 710    field 40A.
           MT 720    In practice, revocable instruments no longer exist. These codes are
                     therefore obsolete and must be removed.

           MT 700    CR 000825                                                                    2-         No
           MT 710    Change the format of field 43P and introduce codes.
           MT 720
                     To make the field more precise and more structured, allowing for
                     automation.
           MT 700    CR 000826                                                                    2-         No
           MT 710    Change the format of field 43T and introduce codes.
           MT 720
                     To make the field more precise and more structured, and to allow for
                     automation.

20 July 2017                                                                                                       25
Standards MT November 2018
High-Level Information                                                              Overview of Changes per Category

           Message
                                                                                                   Impact
            Types    Short description of the modification                                                      MUG
                                                                                                    level
             (MT)
           MT 700    CR 000828                                                                        2-         No
           MT 710    Change format and definition of field 48.
           MT 720
                     To make the field more precise and more structured, and to allow for
                     automation.

           MT 734    CR 000816                                                                        2-         No
           MT 750    Use z character set in fields 77J, 77B, and 77A.
           MT 754
                     The X character set lacks some commonly used characters for example
                     %, @, &. Current workarounds are not satisfactory.

           MT 734    CR 000815                                                                        2-         No
           MT 750    Use z character set in field 73.
           MT 754
                     The X character set lacks some commonly used characters for example
                     %, @, &. Current workarounds are not satisfactory.

           MT 700    CR 000831                                                                        1          No
           MT 701    Change usage rule in fields 45a, 46a, and 47a.
           MT 710
                     The rule about the number of occurrences of these fields is too
           MT 711    restrictive and many institutions are forced to bypass it, as this is not a
           MT 720    network-validated rule. This change aligns the usage rule with the
           MT 721    market practice.

           MT 700    CR 000832                                                                        1          No
           MT 701    Change usage rule about number of continuation messages.
           MT 710
                     The limit of three continuation messages is too low and many
           MT 711    institutions send more than three, as this is not a network-validated
           MT 720    rule. This change aligns the usage rule with the market practice.
           MT 721

           MT 700    CR 000829                                                                        1          No
           MT 710    Change definition in field 49.
           MT 720
                     To clarify the definition.

           MT 700    CR 000827                                                                        1          No
           MT 710    Rename field 48 Period for Presentation to "Period for
           MT 720    Presentation in days"
                     To align field name and format change.

20 July 2017                                                                                                           26
Standards MT November 2018
High-Level Information                                                              Overview of Changes per Category

           Message
                                                                                                   Impact
            Types     Short description of the modification                                                     MUG
                                                                                                    level
             (MT)
           MT 700     CR 000822                                                                       1          No
           MT 710     Rename field 42P Deferred Payment Details to
           MT 720     "Negotiation/Deferred Payment Details"
           MT 740     To clarify the field name as the field can also be used for negotiation
                      details.

       New change requests for SR 2018
               These requests must still be validated by a maintenance working group and can be
               subject to modification or rejection.

           Message
                                                                                                   Impact
            Types     Short description of the modification                                                     MUG
                                                                                                    level
             (MT)
           MT 707     CR 001324                                                                      2+          No
                      Add field 50 Changed Applicant Details in new MT 707
                      This change relates to the new MT 707 that is part of SR 2018. This will
                      allow the sender to communicate changes to the name or address of
                      the applicant (for example, in case of merger)

           MT 760     CR 001332                                                                      2+          No
                      Add an optional field for Transfer Conditions.
                      This change relates to the new MT 760 that is part of SR 2019.

           MT 700     CR 001303                                                                       2-         No
           MT 705     Increase length of fields 50 and 59.
           MT 710
                      These fields are not long enough.
           MT 720
           MT 740
           MT 700     CR 001325                                                                       2-         No
           MT 705     Remove field 39B Maximum Credit Amount, which contains only
           MT 710     one code NOT EXCEEDING.
           MT 720     This change relates to the new MT 700 and related that is part of SR
           MT 740     2018. This code does not seem to make any difference, being present
           MT 747     or not.

           MT 700     CR 001297                                                                       1          No
                      Delete some usage rules about freely negotiable documentary
                      credits
                      These sentences are out of scope of the SWIFT messages because it
                      is not related to the correct usage and transmission of documentary
                      credits information on the SWIFT network

20 July 2017                                                                                                           27
Standards MT November 2018
High-Level Information                                                    Overview of Changes per Category

5.10           Category 8 – Travellers Cheques
               There are no changes requested for this category for SR 2018.

20 July 2017                                                                                                 28
Standards MT November 2018
High-Level Information                                                            Overview of Changes per Category

5.11           Category 9 – Cash Management and Customer
               Status
               The following changes are tentatively scheduled for implementation in SR 2018.
       New change requests for SR 2018
               These requests must still be validated by a maintenance working group and can be
               subject to modification or rejection.

           Message
                                                                                                 Impact
            Types     Short description of the modification                                                   MUG
                                                                                                  level
             (MT)
           MT 940     CR 001308                                                                    2+          No
           MT 942     Add a subfield Timestamp to field 61 statement line.
           MT 950
                      To indicate the date, time, and time zone when the entry is posted to
           MT 970     the account and is necessary for intraday liquidity management and
           MT 972     reporting.

           MT 910     CR 001302                                                                     1          No
                      Add a usage guideline for use of Chinese commercial codes (CCC)
                      in MT payment messages and refer to the published CCC
                      conversion table.
                      To standardise conversion of Chinese characters between CNAPS and
                      FIN messages, because the FIN character set does not allow for the
                      use of Chinese characters.

20 July 2017                                                                                                         29
Standards MT November 2018
High-Level Information                                                           Overview of Changes per Category

5.12           Category n – Common Group Messages
               The following changes are tentatively scheduled for implementation in SR 2018.
       New change requests for SR 2018
               These requests must still be validated by a maintenance working group and can be
               subject to modification or rejection.

           Message
                                                                                                Impact
            Types     Short description of the modification                                                  MUG
                                                                                                 level
             (MT)
           MT n92     CR 001335                                                                    2-         No
                      Add optional cancellation reason codes to field 79.
                      To introduce structured codes that enable a consistent understanding
                      and alignment with ISO 20022, to reduce ambiguity and to allow code
                      word based prioritised workflow.

           MT n96     CR 001346                                                                    2-         No
                      Add optional codes to field 76.
                      To have dedicated answer codes for cancellation requests related to
                      fraud.

           MT n96     CR 001336                                                                    2-         No
                      Add optional response and reason codes to field 76.
                      To introduce different structured codes that enable a consistent
                      understanding and alignment with ISO 20022, to reduce ambiguity and
                      to allow code word based prioritised workflow.

           MT n98     CR 001322                                                                    2-         No
                      Change the character set for field 77E in the MT n98.
                      This change is required to include interbank trade messages starting
                      from SR 2018 (as they will contain z characters).

           MT n92     CR 001347                                                                    1          No
                      Update usage rule for the code word FRAD in field 79.
                      To make the usage rule with code FRAD applicable when the payment
                      origin is suspected to be fraudulent.

20 July 2017                                                                                                        30
Standards MT November 2017
High-Level Information                                                                                 Legal Notices

Legal Notices
Copyright
SWIFT © 2017. All rights reserved.

Disclaimer
This publication constitutes advance information only and is not to be considered the final and complete standards
documentation for the subject matter published herein. The information in this publication may change from time to
time. You must always refer to the latest available version.

SWIFT Standards Intellectual Property Rights (IPR) Policy - End-User License Agreement
SWIFT Standards are licensed subject to the terms and conditions of the SWIFT Standards IPR Policy - End-User
License Agreement, available at www.swift.com > About Us > Legal > IPR Policies > SWIFT Standards IPR Policy.

Translations
The English version of SWIFT documentation is the only official and binding version.

Trademarks
SWIFT is the trade name of S.W.I.F.T. SCRL. The following are registered trademarks of SWIFT: the SWIFT logo,
SWIFT, SWIFTNet, Accord, Sibos, 3SKey, Innotribe, the Standards Forum logo, MyStandards, and SWIFT Institute.
Other product, service, or company names in this publication are trade names, trademarks, or registered trademarks
of their respective owners.

20 July 2017                                                                                                         31
You can also read
Next slide ... Cancel