Corporate action events
CHAN: Change
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CHAN announces a change to the security or its issuer that is described in more detail in the event, for example a name change, a change in the terms of a bond, or a change in the form of the security such as bearer to registered.
- Code
- CHAN
- Usually announced as
- MAND (VOLU when initiated by the holder)
What CHAN means
Not every corporate action moves cash or securities. Issuers rename themselves, change the terms of a bond, or convert securities from one legal form to another. CHAN groups these changes under one event code, and a second indicator says which kind of change it is.
Usually the holding stays the same and only reference data changes: name, terms, form or accounting unit. Some changes, such as a change of form, may require holders to take action or may come with a change of ISIN, in which case securities move. When the holder starts the change, for example asking to convert registered into bearer form, the event is voluntary.
When you see it
- An MT564 with
:22F::CAEV//CHAN, normally:22F::CAMV//MAND, and the type of change in sequence D:22F::CHAN//.... The change type codes includeNAME(issuer name change, with the new name in:70E::NAME),TERM(change of terms),BEREandREBE(bearer to registered and back),PHDEandDEPH(physical to dematerialised and back),GTGP,GTPHandGPPH(changes from a global note),CERT(into certificates) andDECI(decimalisation of fund units). - Related events: a consent or meeting (CONS, BMET) often comes first when a bond’s terms change; EXTM is used when the change is specifically a maturity extension; PLAC covers a change in the place of incorporation; EXOF is used when holdings are exchanged for different securities.
What to do next
- Read the change type first. For
NAMEand mostTERMchanges, update the security master from the effective date; no instruction is needed. - If the change brings a new ISIN or a change of form, expect an MT566 with a debit of the old line and a credit of the new one, and reconcile both legs. For a holder-initiated change, instruct with an MT565.