Corporate action events
DSCL: Disclosure
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DSCL is a disclosure request: the issuer, or someone on its behalf, asks holders or beneficial owners to reveal their name, location and holding in a security, as some laws or the issuer’s articles allow.
- Code
- DSCL
- Usually announced as
- VOLU (MAND in some markets)
What DSCL means
Issuers sometimes need to know who their investors are: to check foreign ownership limits, to engage with shareholders, or because a law gives them the right to ask. A disclosure event passes the request down the custody chain, and each intermediary collects the beneficial owner details from its clients.
No cash or securities move. The cost of not responding can be real, though: in some markets undisclosed holdings may lose voting or dividend rights. Client confidentiality and data protection rules apply to what is passed on.
When you see it
- An MT564 with
:22F::CAEV//DSCL. The SMPG grid lists it as VOLU with optionsCONY(agree to disclose),CONN(refuse) andNOAC; Euronext lists it with the information-only events, announced as MAND. Expect a response deadline and the information requested. - For listed companies in the EU, the Shareholder Rights Directive II shareholder identification process uses dedicated ISO 20022 messages (seev.045 to seev.049) rather than a DSCL event. Do not confuse DSCL with WTRC, where beneficial owner details are given to claim a lower withholding tax rate.
What to do next
- Check the legal basis of the request and the client agreement before passing data on. Get client consent where needed.
- Respond with an MT565 (or by the channel the account servicer requests) before the deadline, and keep a record of what was disclosed, to whom and when.