What is the difference between SPLF and SPLR?

SPLF is a split: more shares, lower nominal and price. SPLR is a reverse split or consolidation: fewer shares, higher nominal and price. In both, the total value held stays the same.

Is a stock split the same as a bonus issue?

No. In a BONU the company issues free additional shares by capitalising reserves and the nominal per share is unchanged. In a split the existing shares are subdivided and the nominal per share falls.

Does the ISIN change in a stock split?

It depends on the market. Under the European SCoRE standards the ISIN must change. In other markets the split may be applied on the same ISIN. The securities movement in the MT564 shows which ISIN is debited and credited.

Corporate action events

SPLF: Stock Split/Change in Nominal Value/Subdivision

Written and maintained by ZagTrader. Last reviewed 21 October 2026. How this page is sourced and checked

SPLF announces a stock split: the number of shares increases and the nominal value and price per share fall in proportion, with no change in the holder’s total value. It is mandatory: the old position is replaced by the new number of shares.

Code: SPLF
Usually announced as: MAND

What SPLF means

In a split, for example 2 for 1, each share is divided into smaller units. Holders end up with more shares, each with a lower nominal value and, after the split, a lower market price, so the value of their holding does not change. The ratio is given as new for old (:92a::NEWO).

The ECB SCoRE rulebook and the SGX guide give SPLF as MAND with SECU: the old position is debited and the new quantity credited. For collateral under SCoRE the ISIN must change on a split; in other markets the split can be processed on the same ISIN, so check the securities movement in the notification.

When you see it

In an MT564 with the effective date, record date and payment date. ASX describes its split as a reorganisation with a short period of trading on a deferred settlement basis before normal trading resumes.
SPLF vs SPLR: a reverse split reduces the number of shares. SPLF vs BONU: in a bonus issue holders get free extra shares funded from reserves while the nominal per share stays the same; in a split the nominal is divided.

What to do next

No instruction. Adjust quantities and prices in your books on the effective date, including open orders, pending settlements and loans.
On the MT566, reconcile the debit of the old quantity (or old ISIN) and the credit of the new quantity at the ratio, and keep the total cost unchanged.

Where it appears in MT and ISO 20022

MT (ISO 15022)

MT564 sequence A (GENL), :22F::CAEV//SPLF with :22F::CAMV//MAND; sequence E1, :92a::NEWO
MT566 sequence A, :22F::CAEV//SPLF

MX (ISO 20022)

seev.031 CorpActnGnlInf/EvtTp/Cd = SPLF (checked in seev.031.001.15), with the flag in CorpActnGnlInf/MndtryVlntryEvtTp/Cd
The same CorpActnGnlInf/EvtTp/Cd = SPLF appears in seev.033 (instruction) and seev.036 (movement confirmation)

Questions

What is the difference between SPLF and SPLR?: SPLF is a split: more shares, lower nominal and price. SPLR is a reverse split or consolidation: fewer shares, higher nominal and price. In both, the total value held stays the same.
Is a stock split the same as a bonus issue?: No. In a BONU the company issues free additional shares by capitalising reserves and the nominal per share is unchanged. In a split the existing shares are subdivided and the nominal per share falls.
Does the ISIN change in a stock split?: It depends on the market. Under the European SCoRE standards the ISIN must change. In other markets the split may be applied on the same ISIN. The securities movement in the MT564 shows which ISIN is debited and credited.