What is an MT564 used for?

To announce a corporate action to the holder of a security: the event type, the key dates, the options and, closer to the record date, the eligible balance and expected entitlement. Custodians and CSDs send it to their clients for every event on securities they hold.

What do MAND, CHOS and VOLU mean in an MT564?

They are the values of :22F::CAMV//. MAND: the event happens and no instruction is needed. CHOS: the event happens but the holder can pick an option, otherwise the default applies. VOLU: the holder takes part only if it sends an instruction (MT565).

What is the difference between REPL and REPE?

Both replace an earlier MT564. REPL updates the event details. REPE is the eligible balance notification: it reports the holding that qualifies and may include the calculated entitlement. A REPE with :22F::ADDB//CAPA is a preliminary advice of payment.

What do PREU, PREC, COMU and COMP mean in field 25D?

They tell how complete and how reliable the announcement is. PREU: preliminary and unconfirmed. PREC: preliminary but confirmed by the official source. COMU: complete but unconfirmed. COMP: complete and confirmed. ENTL marks a message that contains entitlements.

What is the difference between MT564 and MT568?

The MT564 carries the event in structured fields. The MT568 carries narrative that is too long or too complex for the MT564, with the same CORP reference. See MT564 or MT568.

What is the ISO 20022 equivalent of MT564?

seev.031 for the notification, its replacements and reminders. Cancellations and withdrawals map to seev.039, and the entitlement or preliminary advice of payment (REPE) to seev.035.

Category 5: Securities markets

MT564 Corporate Action Notification

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

The MT564 is the Swift message an account servicer (a custodian, CSD or ICSD) sends to an account owner to announce a corporate action on a security the owner holds: what the event is, its key dates, the options open to the holder and, later, the eligible balance and expected entitlement. It is the first and most frequent message in the corporate action chain, and it is updated by further MT564s until the event is paid. The ISO 20022 equivalent is seev.031.

Message type: MT564
Category: 5
Structure: 12 sequences, 74 fields listed
ISO 20022: seev.031

When MT564 is used

An issuer decides on an event (a dividend, an interest payment, a rights issue, a tender offer, a merger) and publishes it. The issuer’s CSD or agent, data vendors and the custodian chain pick it up, and each account servicer in the chain sends an MT564 to the next account owner down: CSD to global custodian, global custodian to sub-custodian client, custodian to the asset manager or broker. Every MT564 for one event carries the same corporate action reference in :20C::CORP//, which is how the receiver ties all later messages together.

The flag in :22F::CAMV// tells the holder whether it has to act. MAND means the event happens without any instruction (DVCA cash dividend, INTR interest, REDM final redemption, SPLF split). CHOS means the event is mandatory but the holder may choose between options, and a default applies if it does not instruct (a dividend with a currency option, DVOP, or EXRI in a rights issue). VOLU means the holder takes part only if it instructs, for example TEND or BIDS; the default is usually to do nothing.

The event is rarely complete on day one. The account servicer typically sends a first MT564 (23G NEWM) with what is known, flagged in :25D::PROC// as preliminary (PREU unconfirmed, PREC confirmed by the official source), then replaces it (23G REPL) as rates and dates are fixed, until the details are complete (COMP, or COMU when complete but not yet confirmed). Around the record date it may send an eligible balance notification (23G REPE) showing the holding that qualifies and, often, the calculated entitlement. A preliminary advice of payment is a REPE flagged with :22F::ADDB//CAPA. Reminders (RMDR) chase missing instructions before the deadline, and CANC or WITH void an event announced in error or withdrawn by the issuer. See the corporate action lifecycle guide.

For CHOS and VOLU events the account owner answers with an MT565 instruction, receives an MT567 status on it, and finally an MT566 confirming the cash or securities booked. Free text too long or too complex for the MT564 (offer documents, legal conditions, registration procedures) goes in an MT568 with the same CORP reference; see MT564 or MT568.

The Securities Market Practice Group (SMPG) publishes the global market practice for these messages, including the Event Interpretation Grid that says, for each event code, which mandatory/voluntary flags and option codes to use. Custodians and CSDs build on it in their own MT564 user guides, so check your account servicer’s guide for local rules.

MT564 format: sequences and fields

Sequence AGeneral InformationMandatory

Identifies the event, the message function and how complete the announcement is.

Tag	Qualifier	Name	Status	Format	Meaning
16R		Start of block	M	GENL	Opens the General Information block.
28E		Page Number/Continuation Indicator	O	5n/4!c	Used when one notification is split over several messages: 1/MORE, 2/MORE, 3/LAST, or 1/ONLY for a single message.
20C	CORP	Corporate Action Reference	M	:4!c//16x	The account servicer’s reference for the event. It stays the same in every MT564, MT565, MT566, MT567 and MT568 for this event and is the key the account owner matches on.
20C	SEME	Sender's Message Reference	M	:4!c//16x	Unique reference of this particular message. A later replacement or cancellation points back to it in 20C::PREV.
20C	COAF	Official Corporate Action Event Reference	O	:4!c//16x	The official event identifier assigned by the issuer, its agent or a national numbering agency, shared by every intermediary in the chain. When present it is the best cross-custodian matching key.
23G		Function of the Message	M	4!c[/4!c]	NEWM new, REPL replacement, REPE eligible balance notification (with or without entitlement), RMDR reminder, CANC cancellation by the account servicer, WITH withdrawal of the event by the issuer, ADDB additional business process (for example a reversal notice, a market claim or a tax refund). Subfunction COPY, DUPL or CODU marks copies and duplicates.
22F	CAEP	Corporate Action Event Processing	O	:4!c/[8c]/4!c	How the event is processed: DISN distribution (the holder keeps the security and receives something), REOR reorganisation (the security is debited and may be replaced), GENL general (no movement).
22F	CAEV	Corporate Action Event Indicator	M	:4!c/[8c]/4!c	The event type, for example DVCA, INTR, REDM, RHDI, EXRI, TEND, MRGR or MEET. Use the code the SMPG Event Interpretation Grid gives for the event; OTHR only when no code fits.
22F	CAMV	Mandatory/Voluntary Indicator	M	:4!c/[8c]/4!c	MAND: no instruction needed. CHOS: mandatory with options, instruct or the default applies. VOLU: take part only by instructing.
98a	PREP	Preparation Date/TimeOptions A or C	O	A: :4!c//8!n C: :4!c//8!n6!n	When the message was prepared. Helps when several replacements arrive close together.
25D	PROC	Processing Status	M	:4!c/[8c]/4!c	How complete and how reliable the announcement is: PREU preliminary and unconfirmed, PREC preliminary but confirmed by the official source, COMU complete but unconfirmed, COMP complete and confirmed, ENTL the message contains entitlements.
16S		End of block	M	GENL	Closes the General Information block.

Sequence A1LinkagesOptional, repeatable

Points to an earlier message, for example the notification being replaced or cancelled.

Tag	Qualifier	Name	Status	Format	Meaning
16R		Start of block	M	LINK	Opens the Linkages block.
22F	LINK	Linkage Type Indicator	O	:4!c/[8c]/4!c	Processing order relative to the linked message: AFTE, BEFO, WITH or INFO.
13a	LINK	Linked MessageOptions A or B	O	A: :4!c//3!c B: :4!c/[8c]/30x	Message type of the linked message, for example 564 or 568.
20C	PREV	Previous Message Reference	M	:4!c//16x	One reference is mandatory in the block: PREV (the SEME of the message being replaced, cancelled or followed up), or CORP, RELA, CACN or COAF. A REPL, REPE, CANC or WITH normally links to the previous MT564 here.
16S		End of block	M	LINK	Closes the Linkages block.

Sequence BUnderlying SecuritiesMandatory

The security the event applies to, and one or more accounts holding it.

Tag	Name	Status	Format	Meaning
16R	Start of block	M	USECU	Opens the Underlying Securities block.
35B	Identification of the Financial Instrument	M	[ISIN1!e12!c] [4*35x]	The underlying security, normally `ISIN` followed by the ISIN, with an optional description on the next lines.
16S	End of block	M	USECU	Closes the Underlying Securities block.

Sequence B1Financial Instrument AttributesOptional

Common qualifiers only.

Tag	Qualifier	Name	Status	Format	Meaning
16R		Start of block	M	FIA	Opens the Financial Instrument Attributes block.
12a	CLAS	Classification TypeOptions A or C	O	A: :4!c/[8c]/30x C: :4!c//6!c	Type of instrument, for example a CFI code in option C.
11A	DENO	Currency of Denomination	O	:4!c//3!a	Currency the security is denominated in.
98A	MATU	Maturity Date	O	:4!c//8!n	Maturity date of a debt instrument. Other dates here include COUP, ISSU, CALD, PUTT and EXPI.
92a	INTR	Interest RateOptions A or K	O	A: :4!c//[N]15d K: :4!c//4!c	Current coupon rate of a bond. PRFC and NWFC give previous and next pool factors.
36B	MINO	Minimum Nominal Quantity	O	:4!c//4!c/15d	Smallest denomination that can be held or traded.
16S		End of block	M	FIA	Closes the Financial Instrument Attributes block.

Sequence B2Account InformationMandatory, repeatable

One block per safekeeping account. Common balance qualifiers only.

Tag	Qualifier	Name	Status	Format	Meaning
16R		Start of block	M	ACCTINFO	Opens the Account Information block.
95a	ACOW	Account OwnerOptions P or R	O	P: :4!c//4!a2!a2!c[3!c] R: :4!c/8c/34x	The owner of the account, when it is not the receiver of the message.
97a	SAFE	Safekeeping AccountOptions A or C	M	A: :4!c//35x C: :4!c//4!c	The account the notification is for. Option C with GENR sends a general announcement that is not tied to one account.
94a	SAFE	Place of SafekeepingOptions B, C or F	O	B: :4!c/[8c]/4!c[/30x] C: :4!c//2!a F: :4!c//4!c/4!a2!a2!c[3!c]	Where the position is held, for example the CSD (NCSD) or ICSD named by BIC in option F.
93a	ELIG	Total Eligible for Corporate Action BalanceOptions B or CRepeatable	C	B: :4!c/[8c]/4!c/[N]15d C: :4!c//4!c/4!c/[N]15d	The holding that qualifies for the event, typically at record date. Expected in an eligible balance notification (REPE). UNIT for shares, FAMT for face amount.
93a	UNBA	Uninstructed BalanceOptions B or C	O	B: :4!c/[8c]/4!c/[N]15d C: :4!c//4!c/4!c/[N]15d	Part of the eligible balance for which no instruction has been received yet. INBA gives the instructed part; both are typical in reminders.
93a	BLOK	Blocked BalanceOptions B or C	O	B: :4!c/[8c]/4!c/[N]15d C: :4!c//4!c/4!c/[N]15d	Securities blocked, for example because they are already instructed into a voluntary event. LOAN, BORR, PEND and PENR show other position components.
16S		End of block	M	ACCTINFO	Closes the Account Information block.

Sequence CIntermediate SecuritiesOptional

Used in two-stage events such as a rights distribution (RHDI) to describe the rights or other interim securities.

Tag	Qualifier	Name	Status	Format	Meaning
16R		Start of block	M	INTSEC	Opens the Intermediate Securities block.
35B		Identification of the Financial Instrument	M	[ISIN1!e12!c] [4*35x]	The intermediate security, for example the ISIN of the rights.
36a	QINT	Quantity of Intermediate SecuritiesOptions B or E	O	B: :4!c//4!c/15d E: :4!c//4!c/[N]15d	How many intermediate securities the account receives.
92D	RTUN	Intermediate Securities to Underlying	O	:4!c//15d/15d	Ratio of intermediate securities to underlying securities.
98a	EXPI	Expiry DateOptions A or B	M	A: :4!c//8!n B: :4!c/[8c]/4!c	When the intermediate securities expire.
98a	POST	Posting DateOptions A or B	M	A: :4!c//8!n B: :4!c/[8c]/4!c	When the intermediate securities are booked to the account.
16S		End of block	M	INTSEC	Closes the Intermediate Securities block.

Sequence DCorporate Action DetailsOptional

Event-level dates, rates and flags. Common qualifiers only: the standard has many more dates and periods.

Tag	Qualifier	Name	Status	Format	Meaning
16R		Start of block	M	CADETL	Opens the Corporate Action Details block.
98a	ANOU	Announcement Date/TimeOptions A, B or C	O	A: :4!c//8!n B: :4!c/[8c]/4!c C: :4!c//8!n6!n	When the issuer announced the event.
98a	XDTE	Ex-Dividend or Distribution Date/TimeOptions A, B or C	O	A: :4!c//8!n B: :4!c/[8c]/4!c C: :4!c//8!n6!n	From this date the security trades without the right to the benefit. Trades before the ex date that settle after the record date create market claims.
98a	RDTE	Record Date/TimeOptions A, B or C	O	A: :4!c//8!n B: :4!c/[8c]/4!c C: :4!c//8!n6!n	Holdings on the books at the end of this date decide who is entitled.
98a	EFFD	Effective Date/TimeOptions A, B or C	O	A: :4!c//8!n B: :4!c/[8c]/4!c C: :4!c//8!n6!n	When a reorganisation, such as a split or merger, takes effect from the issuer’s point of view.
98a	PAYD	Payment Date/TimeOptions A, B or C	O	A: :4!c//8!n B: :4!c/[8c]/4!c C: :4!c//8!n6!n	Event-level payment date. The payment date of each movement is also given in the option’s SECMOVE or CASHMOVE block, where it is mandatory.
69a	BOCL	Book Closure PeriodOptions A, B, C, D, E, F or J	O	A: :4!c//8!n/8!n B: :4!c//8!n6!n/8!n6!n C: :4!c//8!n/4!c D: :4!c//8!n6!n/4!c E: :4!c//4!c/8!n F: :4!c//4!c/8!n6!n J: :4!c//4!c	Period during which the issuer’s register is closed. INPE (interest period) and BLOK (blocking period) use the same formats.
22F	DIVI	Dividend Type Indicator	O	:4!c/[8c]/4!c	Kind of dividend, for example FINL final, INTE interim, REGR regular, SPEC special.
22F	ADDB	Additional Business Process IndicatorRepeatable	O	:4!c/[8c]/4!c	Adds a process to the event: CAPA preliminary advice of payment, REVR reversal, CLAI claim, TAXR tax refund, CONS consent, SCHM scheme of arrangement and others.
13a	COUP	Coupon NumberOptions A or BRepeatable	O	A: :4!c//3!c B: :4!c/[8c]/30x	The coupon that pays this event, for interest or dividends paid against coupons.
16S		End of block	M	CADETL	Closes the Corporate Action Details block.

Sequence ECorporate Action OptionsOptional, repeatable

One block per option the holder can choose (or the single option of a mandatory event). Common qualifiers only.

Tag	Qualifier	Name	Status	Format	Meaning
16R		Start of block	M	CAOPTN	Opens the Corporate Action Options block.
13A	CAON	CA Option Number	M	:4!c//3!c	Number of the option within the event, usually 001, 002 and so on. The holder quotes it in the MT565 together with the option code.
22F	CAOP	Corporate Action Option Code Indicator	M	:4!c/[8c]/4!c	What the option gives: CASH, SECU (securities), CASE (cash and securities), EXER (exercise), LAPS (let lapse), SLLE (sell entitlement), BUYA (buy up), OVER (oversubscribe), NOAC (no action), CONY/CONN (consent granted/denied), MPUT (retain), OTHR and others.
22F	DISF	Disposition of Fractions Indicator	O	:4!c/[8c]/4!c	How fractions are treated: CINL cash in lieu, RDDN round down, RDUP round up, STAN standard rounding, BUYU buy up, DIST distributed.
22F	OPTF	Option Features IndicatorRepeatable	O	:4!c/[8c]/4!c	Features such as PROR (subject to pro-ration), COND (conditional instruction allowed), MAXC/MAXS, BOIS (instruct at beneficial owner level), NOSE (no service offered: instruct the agent directly).
11A	OPTN	Currency Option	O	:4!c//3!a	Currency in which this option pays, for dividends with a currency choice.
17B	DFLT	Default Processing Flag	M	:4!c//1!a	Y marks the option applied if the holder does not instruct; N for every other option. The standard lists STIN (Standing Instruction Flag) as the alternative in this mandatory position.
17B	WTHD	Withdrawal Allowed Flag	O	:4!c//1!a	Whether an instruction on this option may be withdrawn. CHAN says whether it may be changed.
35B		Identification of the Financial Instrument	O	[ISIN1!e12!c] [4*35x]	Security the option relates to, when it differs from the underlying.
98a	RDDT	Response Deadline Date/TimeOptions A, B, C, E or F	O	A: :4!c//8!n B: :4!c/[8c]/4!c C: :4!c//8!n6!n E: :4!c//8!n6!n[,3n][/[N]2!n[2!n]] F: :4!c/[8c]/4!c6!n	The account servicer’s deadline for instructions on this option. Always earlier than the market deadline.
98a	MKDT	Market Deadline Date/TimeOptions A, B, C or E	O	A: :4!c//8!n B: :4!c/[8c]/4!c C: :4!c//8!n6!n E: :4!c//8!n6!n[,3n][/[N]2!n[2!n]]	The issuer’s or agent’s deadline. Instructions arriving after the account servicer’s deadline may still be passed on, on a best effort basis.
69a	PWAL	Period of ActionOptions A, B, C, D, E, F or J	O	A: :4!c//8!n/8!n B: :4!c//8!n6!n/8!n6!n C: :4!c//8!n/4!c D: :4!c//8!n6!n/4!c E: :4!c//4!c/8!n F: :4!c//4!c/8!n6!n J: :4!c//4!c	Period during which the holder can act, for example the subscription or acceptance period.
92a	GRSS	Gross Dividend RateOptions F, H, J or KRepeatable	O	F: :4!c//3!a15d H: :4!c//3!a15d/4!c J: :4!c/[8c]/4!c/3!a15d[/4!c] K: :4!c//4!c	Cash per share before tax, for example `:92F::GRSS//EUR0,40`. Option K with UKWN when the rate is not yet known.
92a	NETT	Net Dividend RateOptions F, H, J or KRepeatable	O	F: :4!c//3!a15d H: :4!c//3!a15d/4!c J: :4!c/[8c]/4!c/3!a15d[/4!c] K: :4!c//4!c	Cash per share after tax.
92a	TAXR	Withholding Tax RateOptions A, F, K or RRepeatable	O	A: :4!c//[N]15d F: :4!c//3!a15d K: :4!c//4!c R: :4!c/[8c]/4!c/15d	Withholding tax rate as a percentage, for example `:92A::TAXR//15,`.
36a	MIEX	Minimum Quantity To InstructOptions B or C	O	B: :4!c//4!c/15d C: :4!c//4!c	Smallest quantity the holder may instruct. MAEX gives the maximum and MILT the multiple.
70E	ADTX	Additional Text	O	:4!c//10*35x	Free text about this option. INCO (conditions), TAXE (tax conditions) and DISC (disclaimer) are other narrative qualifiers here.
16S		End of block	M	CAOPTN	Closes the Corporate Action Options block.

Sequence E1Securities MovementOptional, repeatable

Securities debited or credited if the option is applied. Common qualifiers only.

Tag	Qualifier	Name	Status	Format	Meaning
16R		Start of block	M	SECMOVE	Opens the Securities Movement block.
22H	CRDB	Credit/Debit Indicator	M	:4!c//4!c	CRED for securities received, DEBT for securities given up.
35B		Identification of the Financial Instrument	M	[ISIN1!e12!c] [4*35x]	The security that moves, for example the new shares of a bonus issue or the old shares surrendered in a merger.
36B	ENTL	Entitled QuantityRepeatable	C	:4!c//4!c/15d	Securities the account will receive or deliver, based on the eligible balance. Expected once entitlements are calculated.
92a	ADEX	Additional for Existing SecuritiesOptions D, K or L	O	D: :4!c//15d/15d K: :4!c//4!c L: :4!c//3!a15d/3!a15d	New securities received in addition to those held, for example `:92D::ADEX//1,/4,` for 1 new share per 4 held in a bonus issue.
92a	NEWO	New to OldOptions D, K, L, M or N	O	D: :4!c//15d/15d K: :4!c//4!c L: :4!c//3!a15d/3!a15d M: :4!c//3!a15d/15d N: :4!c//15d/3!a15d	New securities received in exchange for old ones, used when the old security is debited (split, merger, exchange).
98a	PAYD	Payment Date/TimeOptions A, B or C	M	A: :4!c//8!n B: :4!c/[8c]/4!c C: :4!c//8!n6!n	When the securities are expected to move. Option B with UKWN when not yet known.
16S		End of block	M	SECMOVE	Closes the Securities Movement block.

Sequence E1aFinancial Instrument AttributesOptional

Attributes of the security in the movement, same qualifiers as B1.

Tag	Qualifier	Name	Status	Format	Meaning
16R		Start of block	M	FIA	Opens the Financial Instrument Attributes block.
11A	DENO	Currency of Denomination	O	:4!c//3!a	Currency of the security that moves.
90a	ISSU	Issue PriceOptions A, B or E	O	A: :4!c//4!c/[N]15d B: :4!c//4!c/3!a15d E: :4!c//4!c	Issue price of a new security, for example the subscription price of new shares.
16S		End of block	M	FIA	Closes the Financial Instrument Attributes block.

Sequence E2Cash MovementOptional, repeatable

Cash paid or debited if the option is applied. Common qualifiers only.

Tag	Qualifier	Name	Status	Format	Meaning
16R		Start of block	M	CASHMOVE	Opens the Cash Movement block.
22H	CRDB	Credit/Debit Indicator	M	:4!c//4!c	CRED for cash received (a dividend), DEBT for cash paid (a subscription).
97a	CASH	Cash AccountOptions A or E	O	A: :4!c//35x E: :4!c//34x	Account to be credited or debited. Option E carries an IBAN.
19B	ENTL	Entitled Amount	O	:4!c//3!a15d	Cash entitlement calculated on the eligible balance, typical in a REPE. The amount field 19B itself is conditional on the message function.
19B	GRSS	Gross Amount	O	:4!c//3!a15d	Expected amount before tax. TAXR gives the expected withholding tax amount and NETT the net amount.
98a	PAYD	Payment Date/TimeOptions A, B or C	M	A: :4!c//8!n B: :4!c/[8c]/4!c C: :4!c//8!n6!n	When the cash is paid. Use option B with UKWN rather than guessing a date.
98a	VALU	Value Date/TimeOptions A, B or C	O	A: :4!c//8!n B: :4!c/[8c]/4!c C: :4!c//8!n6!n	Value date of the cash, when different from the payment date.
92a	GRSS	Gross Dividend RateOptions F, H, J or KRepeatable	O	F: :4!c//3!a15d H: :4!c//3!a15d/4!c J: :4!c/[8c]/4!c/3!a15d[/4!c] K: :4!c//4!c	Cash per share before tax. Many account servicers report rates at this level, next to the movement they drive.
92a	TAXR	Withholding Tax RateOptions A, F, K or RRepeatable	O	A: :4!c//[N]15d F: :4!c//3!a15d K: :4!c//4!c R: :4!c/[8c]/4!c/15d	Rate of tax withheld on this cash movement.
92B	EXCH	Exchange Rate	O	:4!c//3!a/3!a/15d	Rate used when the payment currency differs from the declared currency.
16S		End of block	M	CASHMOVE	Closes the Cash Movement block.

Sequence FAdditional InformationOptional

Narrative and parties. Long or complex text belongs in an MT568.

Tag	Qualifier	Name	Status	Format	Meaning
16R		Start of block	M	ADDINFO	Opens the Additional Information block.
70E	ADTX	Additional TextRepeatable	O	:4!c//10*35x	Free text about the event that has no structured field. Other qualifiers: INCO conditions, COMP information to comply with, TAXE taxation conditions, DISC disclaimer, REGI registration details, PACO party contact.
95a	ISAG	Issuer AgentOptions P, Q or RRepeatable	O	P: :4!c//4!a2!a2!c[3!c] Q: :4!c//4*35x R: :4!c/8c/34x	The issuer’s agent for the event. PAYA (paying agent), REGR (registrar) and INFA (information agent) use the same field.
16S		End of block	M	ADDINFO	Closes the Additional Information block.

Format notation: n digits, a upper-case letters, c upper-case letters and digits, x any character of the Swift character set, d a decimal number with a comma, ! fixed length, [ ] optional, 4*35x up to 4 lines of 35 characters. M mandatory, O optional, C conditional (a rule decides).

Rules worth knowing

The CORP reference in 20C is the anchor of the whole event: it stays the same in every MT564 update and in the MT565, MT566, MT567 and MT568 that follow. A replacement (REPL or REPE), reminder, cancellation or withdrawal should also link back to the previous MT564 with :20C::PREV// in a LINK block.
Option numbers (13A::CAON) and option codes (22F::CAOP) belong together. An instruction or confirmation that quotes the number of one option and the code of another is rejected, so never renumber options in a replacement.
Exactly one option is usually flagged :17B::DFLT//Y in a CHOS event; for VOLU events the default is normally NOAC (no action).
When a date or rate is not yet known, send the qualifier with a code (:98B::PAYD//UKWN, :92K::GRSS//UKWN) rather than leaving it out or guessing. ONGO marks a date that is set on an ongoing basis.
In a voluntary event such as a TEND the options typically look like this: :13A::CAON//001, :22F::CAOP//CASH, :17B::DFLT//N with a CASHMOVE block for the offer price, then :13A::CAON//002, :22F::CAOP//NOAC, :17B::DFLT//Y. A rights subscription (EXRI) offers EXER, LAPS and often SLLE, BUYA or OVER.
A notification that is too long for one message can be split with 28E (1/MORE, 2/MORE ... n/LAST). Narrative that cannot be coded goes in 70E in sequence F, or in an MT568 when it is long or legal in nature.
Rates use a comma as decimal mark; balances and quantities carry a type code first: UNIT for a number of shares, FAMT for face amount of bonds.

MT564 example

ZagTrader Test Bank in Dubai (ZAGTAEADXXX), acting as custodian, announces a final cash dividend of EUR 0.40 per share on a Luxembourg-listed share to its asset manager client (FUNDLULLXXX). The event is mandatory and complete. The holder needs to do nothing: the MT564 tells it the ex date, record date, pay date, gross rate and the 15% withholding tax rate, and the eligible balance of 100,000 shares.

{1:F01ZAGTAEADAXXX0000000000}{2:I564FUNDLULLXXXXN}{4:
:16R:GENL
:20C::CORP//DV26ZAG000123
:20C::SEME//ZT564DV0000001
:23G:NEWM
:22F::CAEV//DVCA
:22F::CAMV//MAND
:98C::PREP//20261016091500
:25D::PROC//COMP
:16S:GENL
:16R:USECU
:35B:ISIN LU00ZAGT0013
ZAG TEST INDUSTRIES SA
:16R:ACCTINFO
:97A::SAFE//ZAG-SAFE-0001
:93B::ELIG//UNIT/100000,
:16S:ACCTINFO
:16S:USECU
:16R:CADETL
:98A::ANOU//20261015
:98A::XDTE//20261027
:98A::RDTE//20261028
:22F::DIVI//FINL
:16S:CADETL
:16R:CAOPTN
:13A::CAON//001
:22F::CAOP//CASH
:11A::OPTN//EUR
:17B::DFLT//Y
:16R:CASHMOVE
:22H::CRDB//CRED
:98A::PAYD//20261104
:92F::GRSS//EUR0,40
:92A::TAXR//15,
:16S:CASHMOVE
:16S:CAOPTN
-}

Decode this example in the parser

Line by line

Line	What it says
{1:F01ZAGTAEADAXXX0000000000}{2:I564FUNDLULLXXXXN}{4:	Basic header (sender ZAGTAEADXXX) and application header (input MT564 to FUNDLULLXXX, normal priority).
:16R:GENL	Start of sequence A, General Information.
:20C::CORP//DV26ZAG000123	Corporate action reference. Every later message for this dividend repeats it.
:20C::SEME//ZT564DV0000001	Reference of this message.
:23G:NEWM	A new notification.
:22F::CAEV//DVCA	Event type: cash dividend.
:22F::CAMV//MAND	Mandatory, no instruction required.
:98C::PREP//20261016091500	Prepared on 16 October 2026 at 09:15.
:25D::PROC//COMP	Details are complete and confirmed by the official source.
:16S:GENL
:16R:USECU	Sequence B, Underlying Securities.
:35B:ISIN LU00ZAGT0013	The share paying the dividend (a test ISIN with a valid check digit).
ZAG TEST INDUSTRIES SA
:16R:ACCTINFO	Sequence B2, one account.
:97A::SAFE//ZAG-SAFE-0001	Safekeeping account of the asset manager’s fund.
:93B::ELIG//UNIT/100000,	Eligible balance: 100,000 shares.
:16S:ACCTINFO
:16S:USECU
:16R:CADETL	Sequence D, Corporate Action Details.
:98A::ANOU//20261015	Announced 15 October 2026.
:98A::XDTE//20261027	Ex date 27 October 2026.
:98A::RDTE//20261028	Record date 28 October 2026.
:22F::DIVI//FINL	A final dividend.
:16S:CADETL
:16R:CAOPTN	Sequence E: the only option of a mandatory event.
:13A::CAON//001	Option number 001.
:22F::CAOP//CASH	The option pays cash.
:11A::OPTN//EUR	Paid in euro.
:17B::DFLT//Y	This option applies by default (it is the only one).
:16R:CASHMOVE	Sequence E2, the cash movement.
:22H::CRDB//CRED	Cash will be credited.
:98A::PAYD//20261104	Payment date 4 November 2026.
:92F::GRSS//EUR0,40	Gross dividend EUR 0.40 per share.
:92A::TAXR//15,	Withholding tax rate 15%.
:16S:CASHMOVE
:16S:CAOPTN
-}	End of block 4.

BICs, ISIN, references and account are made up. The ISIN carries a valid check digit.

Around the record date the custodian may send a REPE for the same CORP reference with the entitlement, for example :19B::ENTL//EUR40000, in the CASHMOVE block, and after payment an MT566 confirming EUR 40,000.00 gross, EUR 6,000.00 tax and EUR 34,000.00 net.

Common errors and rejects

Replacement cannot be matched to the original event
The REPL or REPE carries a different CORP reference, or no :20C::PREV// link to the message it replaces, so the receiver books it as a second event. Keep CORP stable for the life of the event and always link updates to the previous SEME.
How to fix it
CAMV does not match the options
An event sent as MAND with several options, or as CHOS without any option flagged as default, leaves the holder unsure whether to instruct. Check the flag and the default against the SMPG Event Interpretation Grid for the event code.
Dates or rates guessed instead of flagged unknown
A placeholder pay date or rate that later changes causes wrong cash forecasts and booking breaks. Use the UKWN code (:98B::PAYD//UKWN, :92K::GRSS//UKWN) and set 25D::PROC to PREU or PREC until the details are confirmed.
Eligible balance differs from the holder’s own position
The 93B::ELIG at record date does not agree with the account owner’s books, usually because of trades pending settlement, securities on loan or market claims. Reconcile with the custody statement (MT535) and pending transactions (MT536, MT548) before the response deadline.
Key terms only in narrative
Rates, ratios or deadlines written in 70E text instead of structured fields defeat automatic processing. Use the structured qualifiers and put only what cannot be coded in narrative or an MT568.
How to fix it
Instruction rejected because option numbers changed
A replacement renumbered the options, so instructions already sent with the old CAON and CAOP no longer match. Keep option numbers stable; if an option is withdrawn, flag it with :22F::OSTA//CANC or INTV instead of reusing its number.
How to fix it

MT564 in ISO 20022

The ISO 20022 equivalent of the announcement is seev.031 Corporate Action Notification, which covers MT564 NEWM, REPL and RMDR, including narrative that an MT564 would push into a separate MT568. Other MT564 uses map to separate ISO 20022 messages: CANC and WITH to seev.039 Corporate Action Cancellation Advice; the entitlement and preliminary advice of payment (REPE, typically with :22F::ADDB//CAPA) to seev.035 Corporate Action Movement Preliminary Advice, as CSDs such as Clearstream and Euronext Securities map it; and the cancellation of such a pre-advice to seev.044.

Corporate action messages (category 5) were not part of the November 2025 payments deadline and remain in use on FIN alongside their ISO 20022 equivalents. One area has moved: under the SCoRE corporate action standards, CSDs and agents exchange corporate action information with the Eurosystem collateral management system (ECMS, live since 16 June 2025) in ISO 20022, and CSDs such as Clearstream offer seev messages to clients while continuing to support MT564.

Mapping is not one to one. seev.031 has room for structured data that MT564 carries only as narrative or not at all, so translating back to MT can cut data off; see truncation when translating MX to MT.

MT564 questions

What is an MT564 used for?: To announce a corporate action to the holder of a security: the event type, the key dates, the options and, closer to the record date, the eligible balance and expected entitlement. Custodians and CSDs send it to their clients for every event on securities they hold.
What do MAND, CHOS and VOLU mean in an MT564?: They are the values of :22F::CAMV//. MAND: the event happens and no instruction is needed. CHOS: the event happens but the holder can pick an option, otherwise the default applies. VOLU: the holder takes part only if it sends an instruction (MT565).
What is the difference between REPL and REPE?: Both replace an earlier MT564. REPL updates the event details. REPE is the eligible balance notification: it reports the holding that qualifies and may include the calculated entitlement. A REPE with :22F::ADDB//CAPA is a preliminary advice of payment.
What do PREU, PREC, COMU and COMP mean in field 25D?: They tell how complete and how reliable the announcement is. PREU: preliminary and unconfirmed. PREC: preliminary but confirmed by the official source. COMU: complete but unconfirmed. COMP: complete and confirmed. ENTL marks a message that contains entitlements.
What is the difference between MT564 and MT568?: The MT564 carries the event in structured fields. The MT568 carries narrative that is too long or too complex for the MT564, with the same CORP reference. See MT564 or MT568.
What is the ISO 20022 equivalent of MT564?: seev.031 for the notification, its replacements and reminders. Cancellations and withdrawals map to seev.039, and the entitlement or preliminary advice of payment (REPE) to seev.035.

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