Category 5: Securities markets
MT568 Corporate Action Narrative
Written and maintained by ZagTrader. Last reviewed . How this page is sourced and checked
The MT568 is the Swift message an account servicer sends to an account owner to pass on free-text information about a corporate action that is too long or too complex for the structured fields of the MT564: offer conditions, legal restrictions, registration or certification procedures. It carries the same CORP reference as the event it belongs to. In ISO 20022 its content moves into seev.031 or, on its own, into seev.038.
- Message type
- MT568
- Category
- 5
- Structure
- 5 sequences, 25 fields listed
When MT568 is used
Most information about a corporate action fits in the structured fields of the MT564. Some does not: the full terms of a tender offer (TEND), restrictions on who may take part in a rights issue (RHTS, EXRI), certification wording, instructions for registering new shares, or a long issuer statement. The account servicer then sends an MT568 next to the MT564, with the same CORP reference, so the reader can find the text that belongs to the event.
The MT568 is the narrative companion of the MT564, not a replacement for it. Rates, dates, ratios, options and deadlines belong in the MT564, where systems can read them. The usage rules of the standard say narrative must not repeat information that has a structured field, and many custodians will not process an event announced only in narrative. See MT564 or MT568.
Long texts can be split across several messages with field 28E (1/MORE, 2/MORE ... n/LAST). A replacement MT568 (23G REPL) links to the one it replaces, and an MT568 can be cancelled (CANC) or withdrawn (WITH) along with the event.
MT568 format: sequences and fields
Sequence AGeneral InformationMandatory
| 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 | Page number and MORE, LAST or ONLY, used when the narrative is split over several MT568s. | |
| 20C | CORP | Corporate Action Reference | M | :4!c//16x | Event reference, the same as in the MT564. It is what ties the narrative to the event. |
| 20C | SEME | Sender's Message Reference | M | :4!c//16x | Unique reference of this message. |
| 20C | COAF | Official Corporate Action Event Reference | O | :4!c//16x | Official event identifier, when known. |
| 23G | Function of the Message | M | 4!c[/4!c] | NEWM, REPL, REPE, RMDR, CANC or WITH, with the same meanings as in the MT564. Subfunction COPY, DUPL or CODU for copies and duplicates. | |
| 22F | CAEV | Corporate Action Event Indicator | M | :4!c/[8c]/4!c | Event type, the same as in the MT564, for example TEND or MEET. |
| 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. |
| 16S | End of block | M | GENL | Closes the General Information block. |
Sequence A1LinkagesOptional, repeatable
| Tag | Qualifier | Name | Status | Format | Meaning |
|---|---|---|---|---|---|
| 16R | Start of block | M | LINK | Opens the Linkages block. | |
| 13a | LINK | Linked MessageOptions A or B | O | A: :4!c//3!c B: :4!c/[8c]/30x | 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 MT568 being replaced or cancelled) or RELA (a related message). |
| 16S | End of block | M | LINK | Closes the Linkages block. |
Sequence BUnderlying SecuritiesOptional
Optional: narrative can concern an event in general or one account.
| Tag | Qualifier | Name | Status | Format | Meaning |
|---|---|---|---|---|---|
| 16R | Start of block | M | USECU | Opens the Underlying Securities block. | |
| 95a | ACOW | Account OwnerOptions P or R | O | P: :4!c//4!a2!a2!c[3!c] R: :4!c/8c/34x | Owner of the account, when not the receiver. |
| 97a | SAFE | Safekeeping AccountOptions A or C | M | A: :4!c//35x C: :4!c//4!c | The account concerned, or GENR in option C for a general message. |
| 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. |
| 35B | Identification of the Financial Instrument | O | [ISIN1!e12!c] [4*35x] | The underlying security of the event. | |
| 93a | ELIG | Total Eligible for Corporate Action BalanceOptions BRepeatable | O | B: :4!c/[8c]/4!c/[N]15d | Eligible balance on the account, when relevant to the text. |
| 16S | End of block | M | USECU | Closes the Underlying Securities block. |
Sequence B1Financial Instrument AttributesOptional
Rarely used. Same qualifiers as in the MT564.
| 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 underlying security. |
| 16S | End of block | M | FIA | Closes the Financial Instrument Attributes block. |
Sequence CAdditional InformationMandatory
The narrative itself. Field 70a is mandatory and each qualifier is optional, so at least one narrative qualifier must be present.
| Tag | Qualifier | Name | Status | Format | Meaning |
|---|---|---|---|---|---|
| 16R | Start of block | M | ADDINFO | Opens the Additional Information block. | |
| 70a | ADTX | Additional TextOptions E or FRepeatable | O | E: :4!c//10*35x F: :4!c//8000z | General information about the event that cannot be coded. Option F allows up to 8,000 characters in the extended character set. |
| 70a | INCO | Information ConditionsOptions E or FRepeatable | O | E: :4!c//10*35x F: :4!c//8000z | Conditions of the offer or event, for example acceptance conditions of a tender. |
| 70a | COMP | Information to be Complied WithOptions E or FRepeatable | O | E: :4!c//10*35x F: :4!c//8000z | Requirements the holder must meet to take part, for example investor restrictions. |
| 70a | TAXE | Taxation ConditionsOptions E or FRepeatable | O | E: :4!c//10*35x F: :4!c//8000z | Tax treatment and documentation requirements. |
| 70a | DISC | DisclaimerOptions E or FRepeatable | O | E: :4!c//10*35x F: :4!c//8000z | The account servicer’s disclaimer about the information passed on. |
| 70a | REGI | Registration DetailsOptions E or FRepeatable | O | E: :4!c//10*35x F: :4!c//8000z | How securities are to be registered. |
| 70a | WEBB | Web Site AddressOptions E or FRepeatable | O | E: :4!c//10*35x F: :4!c//8000z | Where the offer document or issuer information can be read. |
| 70a | TXNR | Narrative VersionOptions E or FRepeatable | O | E: :4!c//10*35x F: :4!c//8000z | The narrative in another language, for example a translation of the issuer text. |
| 70E | PACO | Party NarrativeRepeatable | O | :4!c//10*35x | Contact details for questions about the event. |
| 95a | MEOR | Originator of MessageOptions P, Q or R | O | P: :4!c//4!a2!a2!c[3!c] Q: :4!c//4*35x R: :4!c/8c/34x | The party that originated the information, when different from the sender. MERE names the final recipient. |
| 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
- Use the same CORP reference as the MT564 for the event. Without it the narrative cannot be attached to the event in the receiver’s system.
- Do not put information in the MT568 that has a structured field in the MT564. Narrative is read by people, not systems.
- Option F of field 70a (8000z) holds long text in one block; option E holds 10 lines of 35 characters. Account servicers state in their guides which option they send and accept.
- A replacement or cancellation of an earlier MT568 links to it with
:20C::PREV//in a LINK block.
MT568 example
ZagTrader Test Bank (ZAGTAEADXXX) sends its client FUNDLULLXXX the main conditions of the tender offer it announced in an MT564 (CORP TE26ZAG000456). The structured details (price, deadlines, options) are in the MT564; the MT568 carries the conditions that cannot be coded.
{1:F01ZAGTAEADAXXX0000000000}{2:I568FUNDLULLXXXXN}{4:
:16R:GENL
:28E:1/ONLY
:20C::CORP//TE26ZAG000456
:20C::SEME//ZT568TE0000001
:23G:NEWM
:22F::CAEV//TEND
:98C::PREP//20261020120000
:16S:GENL
:16R:USECU
:97A::SAFE//ZAG-SAFE-0001
:35B:ISIN AEZAGT000024
:16S:USECU
:16R:ADDINFO
:70E::INCO//THE OFFER IS CONDITIONAL ON
ACCEPTANCES FOR AT LEAST 50 PERCENT
OF THE ISSUED SHARES BY THE EXPIRY
DATE. IF THE CONDITION IS NOT MET
ALL TENDERED SHARES WILL BE
RELEASED.
:70E::COMP//THE OFFER IS NOT OPEN TO HOLDERS
RESIDENT IN RESTRICTED
JURISDICTIONS LISTED IN THE OFFER
DOCUMENT.
:16S:ADDINFO
-}Decode this example in the parserLine by line
| Line | What it says |
|---|---|
| {1:F01ZAGTAEADAXXX0000000000}{2:I568FUNDLULLXXXXN}{4: | Sender ZAGTAEADXXX (account servicer), receiver FUNDLULLXXX (account owner). |
| :16R:GENL | |
| :28E:1/ONLY | The narrative fits in one message. |
| :20C::CORP//TE26ZAG000456 | Same CORP reference as the MT564 tender notification. |
| :20C::SEME//ZT568TE0000001 | |
| :23G:NEWM | |
| :22F::CAEV//TEND | Tender offer. |
| :98C::PREP//20261020120000 | |
| :16S:GENL | |
| :16R:USECU | |
| :97A::SAFE//ZAG-SAFE-0001 | |
| :35B:ISIN AEZAGT000024 | The share subject to the offer (test ISIN). |
| :16S:USECU | |
| :16R:ADDINFO | |
| :70E::INCO//THE OFFER IS CONDITIONAL ON | Offer conditions in option E: up to 10 lines of 35 characters. |
| ACCEPTANCES FOR AT LEAST 50 PERCENT | |
| OF THE ISSUED SHARES BY THE EXPIRY | |
| DATE. IF THE CONDITION IS NOT MET | |
| ALL TENDERED SHARES WILL BE | |
| RELEASED. | |
| :70E::COMP//THE OFFER IS NOT OPEN TO HOLDERS | Restrictions the holder must comply with. |
| RESIDENT IN RESTRICTED | |
| JURISDICTIONS LISTED IN THE OFFER | |
| DOCUMENT. | |
| :16S:ADDINFO | |
| -} | End of block 4. |
BICs, ISIN and references are made up; the ISIN carries a valid check digit.
The offer price, the response deadline and the CASH and NOAC options stay in the MT564, where systems can process them.
Common errors and rejects
Event announced only in narrative
An MT568 without a structured MT564 forces manual set-up of the event. Ask the account servicer for the MT564; most custodians process events only from structured data.
How to fix itNarrative cannot be linked to the event
The CORP reference differs from the MT564, or is missing in the receiver’s system because the MT564 arrived later. Match on CORP first, then on security and event type.
How to fix itLine too long in option E
Each line of 70E holds at most 35 characters and the field at most 10 lines. Longer text must be split across qualifiers or messages (28E), or sent in option F where the account servicer supports it.
Structured information hidden in text
A new deadline or rate sent only in an MT568 is easily missed by systems. Send a replacement MT564 for every change to structured details.
How to fix it
MT568 in ISO 20022
ISO 20022 has no need for a separate narrative message alongside the notification: seev.031 Corporate Action Notification has room for the additional information that an MT564 user sends in an accompanying MT568. A stand-alone narrative that is not tied to a notification maps to seev.038 Corporate Action Narrative.
The MT568 stays in use on FIN alongside the ISO 20022 messages; securities messages were not part of the November 2025 payments deadline. When an seev.031 is translated back to MT, its long narrative may not fit an MT564 and is often sent in an MT568, which is one source of truncation problems.
MT568 questions
- What is the difference between MT564 and MT568?
- The MT564 carries the event in structured fields that systems process: dates, rates, options, balances. The MT568 carries free text about the same event, linked by the CORP reference. See MT564 or MT568.
- When should an MT568 be sent?
- When information about an event cannot be coded in the MT564 and is too long for its narrative fields, for example offer conditions, legal restrictions or registration procedures.
- How long can an MT568 narrative be?
- Option E of field 70a holds 10 lines of 35 characters per qualifier, option F up to 8,000 characters. Longer texts can be split over several messages with field 28E.
- What is the ISO 20022 equivalent of MT568?
- Narrative that accompanies a notification goes into seev.031. A stand-alone narrative maps to seev.038 Corporate Action Narrative.
All MT messages · Category 5 messages · ISO 20022 messages · Codes · Troubleshooting