seev.031 Corporate Action Notification

When seev.031 is used

An issuer announces an event, for example a cash dividend (DVCA), a tender offer (TEND) or a rights issue (RHTS). Each custodian in the holding chain sends a seev.031 down to its own clients: the CSD to the global custodian, the global custodian to the local broker or asset manager. Each one gives the event its own reference in CorpActnGnlInf/CorpActnEvtId, and the official reference, when there is one, goes in OffclCorpActnEvtId.

The notification can describe the event for all accounts (AcctDtls/ForAllAccts) or per account with balances (AcctDtls/AcctsListAndBalDtls). Once positions are known on record date, the account servicer usually sends a replacement (NtfctnTp = REPL) with eligible balances and entitlements per option. RMDR is a reminder, typically for an elective event where the account owner has not yet instructed.

For elective events (MndtryVlntryEvtTp = CHOS or VOLU) the account owner answers with a seev.033 instruction, quoting the event reference and an option number from CorpActnOptnDtls/OptnNb. Payment and delivery are later confirmed with a seev.036. A preliminary advice of payment travels in seev.035 (Corporate Action Movement Preliminary Advice), the status of the event in seev.032 (Corporate Action Event Processing Status Advice), and a cancelled or withdrawn event in seev.039 (Corporate Action Cancellation Advice). See the corporate action lifecycle.

In the Eurosystem collateral management system (ECMS), live since 16 June 2025 under the SCoRE corporate action standards, the system sends seev.031, seev.035 and seev.036 to its counterparties. Clearstream has said it keeps supporting ISO 15022 for client communication alongside ISO 20022 until further notice, so most custodians still run MT564 and seev.031 side by side.

Versions in common use

seev.031 key elements

Paths are relative to Document/CorpActnNtfctn. Occurrence is from the base message (seev.031.001.15); market practice such as CBPR+ or a CSD’s rules can make an optional element mandatory or forbid it.

Rules worth knowing

• The Document has no mandatory message reference or creation date (NtfctnGnlInf/NtfctnId is optional). On Swift these travel in the Business Application Header (head.001), which usually carries what an MT user would put in 20C::SEME and 98a::PREP.
• AcctDtls holds exactly one of ForAllAccts or AcctsListAndBalDtls.
• Each choice element (EvtTp, MndtryVlntryEvtTp, OptnTp, each date) holds exactly one child: a code or a proprietary value, an actual date or a date code.
• Every cash movement needs CdtDbtInd and DtDtls/PmtDt; every securities movement needs the security, CdtDbtInd and a payment date.
• Amounts carry the currency as an attribute (<EntitldAmt Ccy="AED">25000.00</EntitldAmt>) and use a dot as the decimal mark, unlike the comma in MT fields.

seev.031 XML example

CUSTAEADXXX, the custodian, notifies its client ZagTrader Test Bank (ZAGTAEADXXX) of a cash dividend of AED 0.25 per share on ISIN AEZAGT000016. The client holds 100,000 shares in safekeeping account ZAG-SAFE-0001, so it is entitled to AED 25,000.00. Ex-date 27 October 2026, record date 28 October 2026, payment 5 November 2026. The event is mandatory with one cash option, and the details are complete and confirmed. This is the Document only; the Business Application Header would carry the message reference and the two BICs.

<?xml version="1.0" encoding="UTF-8"?>
<Document xmlns="urn:iso:std:iso:20022:tech:xsd:seev.031.001.15">
  <CorpActnNtfctn>
    <NtfctnGnlInf>
      <NtfctnTp>NEWM</NtfctnTp>
      <PrcgSts>
        <Cd>
          <EvtCmpltnsSts>COMP</EvtCmpltnsSts>
          <EvtConfSts>CONF</EvtConfSts>
        </Cd>
      </PrcgSts>
    </NtfctnGnlInf>
    <CorpActnGnlInf>
      <CorpActnEvtId>ZT26DVCA0001</CorpActnEvtId>
      <EvtTp>
        <Cd>DVCA</Cd>
      </EvtTp>
      <MndtryVlntryEvtTp>
        <Cd>MAND</Cd>
      </MndtryVlntryEvtTp>
      <UndrlygScty>
        <FinInstrmId>
          <ISIN>AEZAGT000016</ISIN>
          <Desc>ZAGTRADER TEST HOLDING ORD SHS</Desc>
        </FinInstrmId>
      </UndrlygScty>
    </CorpActnGnlInf>
    <AcctDtls>
      <AcctsListAndBalDtls>
        <SfkpgAcct>ZAG-SAFE-0001</SfkpgAcct>
        <Bal>
          <TtlElgblBal>
            <Bal>
              <QtyChc>
                <SgndQty>
                  <ShrtLngPos>LONG</ShrtLngPos>
                  <Qty>
                    <Unit>100000</Unit>
                  </Qty>
                </SgndQty>
              </QtyChc>
            </Bal>
          </TtlElgblBal>
        </Bal>
      </AcctsListAndBalDtls>
    </AcctDtls>
    <CorpActnDtls>
      <DtDtls>
        <RcrdDt>
          <Dt>2026-10-28</Dt>
        </RcrdDt>
        <ExDvddDt>
          <Dt>2026-10-27</Dt>
        </ExDvddDt>
        <PmtDt>
          <Dt>2026-11-05</Dt>
        </PmtDt>
      </DtDtls>
    </CorpActnDtls>
    <CorpActnOptnDtls>
      <OptnNb>001</OptnNb>
      <OptnTp>
        <Cd>CASH</Cd>
      </OptnTp>
      <DfltPrcgOrStgInstr>
        <DfltOptnInd>true</DfltOptnInd>
      </DfltPrcgOrStgInstr>
      <CshMvmntDtls>
        <CdtDbtInd>CRDT</CdtDbtInd>
        <AmtDtls>
          <GrssAmt Ccy="AED">25000.00</GrssAmt>
          <EntitldAmt Ccy="AED">25000.00</EntitldAmt>
        </AmtDtls>
        <DtDtls>
          <PmtDt>
            <Dt>2026-11-05</Dt>
          </PmtDt>
        </DtDtls>
        <RateAndAmtDtls>
          <GrssDstrbtnRate>
            <Amt Ccy="AED">0.25</Amt>
          </GrssDstrbtnRate>
        </RateAndAmtDtls>
      </CshMvmntDtls>
    </CorpActnOptnDtls>
  </CorpActnNtfctn>
</Document>

NEWM with COMP and CONF is the MX way of saying 23G:NEWM with 25D::PROC//COMP in an MT564.

The record date sits before the ex-dividend date inside DtDtls because the schema fixes the order of the date elements, not because of the business sequence.

The dividend is mandatory, so there is a single CASH option flagged as the default. A dividend with a currency or stock choice would be DVOP with CHOS and two or more options.

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

seev.031 and its MT equivalent

The seev.031 is the ISO 20022 counterpart of the MT564 Corporate Action Notification. Free text that MT users send in a separate MT568 fits inside the seev.031 AddtlInf block, so one MX message can do the job of an MT564 plus MT568; see MT564 vs MT568. The ISO 20022 corporate action messages were built from the ISO 15022 ones, so most fields map one to one, but the function of the message is split differently: MT564 CANC and WITH become seev.039, and an MT564 used as a preliminary advice of payment becomes seev.035.

Securities messages were not part of the November 2025 payments deadline. MT564 remains in use on FIN, and custodians that offer seev.031 usually run both formats. Before switching a counterparty, agree which version and variant (001 or 002) it expects and test the elements your system needs, such as balances and option deadlines. See ISO 20022 migration for securities vs payments.

Common errors and rejects

1. Replacement that cannot be linked

   A REPL notification without PrvsNtfctnId, or with a reference the receiver never got, leaves two versions of the event in the receiver’s system. Always send the reference of the notification being replaced and keep CorpActnEvtId unchanged for the life of the event.

   How to fix it

2. Event code and mandatory/voluntary flag do not agree

   A dividend with a currency or stock choice sent as DVCA with MAND, or a tender offer sent as MAND, makes the receiver skip the election. Check the event against the issuer’s terms: an elective dividend is DVOP with CHOS, a tender offer is TEND with VOLU.

3. Option numbers change between versions

   If a replacement renumbers the options, instructions the clients already sent against option 001 or 002 point to the wrong choice and come back rejected with an option number reason. Keep option numbers stable and add new options with new numbers.

   How to fix it

4. Gross and net rates mixed up

   Putting the net amount per share in GrssDstrbtnRate (or the reverse) makes every entitlement wrong by the tax rate and only shows up when the seev.036 arrives. Check the rate type against the issuer announcement and fill NetDstrbtnRate only when tax is known.

5. Deadlines missing or in the wrong element

   A voluntary event without RspnDdln leaves clients working to the market deadline, which is too late for the custodian. Fill both deadlines and give times with the time zone when the servicer’s cut-off is intraday.

6. Narrative lost when converting to MT

   Long AddtlInf text does not fit in the MT564 sequence F and is often moved to an MT568 or cut. If your clients still take MT, check what the translation keeps. See truncation in MX to MT translation.

   How to fix it

Related messages

• MT564Corporate Action Notification
• MT568Corporate Action Narrative
• MT565Corporate Action Instruction
• MT567Corporate Action Status and Processing Advice
• seev.033Corporate Action Instruction
• seev.036Corporate Action Movement Confirmation

• MT564 vs MT568
• Announcement, entitlement, instruction, status, payment and reversal with MT564-568 and seev messages.
• Securities messages stay on ISO 15022 alongside ISO 20022 after the November 2025 payments switch; the MT to MX map.

Codes used in seev.031

• DVCA
• DVOP
• TEND
• RHTS
• EXRI
• INTR
• REDM

seev.031 questions

What is the difference between seev.031 and MT564?

They carry the same business content: event, security, account, dates, options and entitlements. The seev.031 is XML with named elements and also holds the narrative that MT users send in an MT568. Cancellations and withdrawals, which the MT564 does with 23G CANC or WITH, have their own message in ISO 20022 (seev.039).

Where is the message reference in a seev.031?

Usually not in the Document: NtfctnGnlInf/NtfctnId is optional, and the sender’s message reference and creation date travel in the Business Application Header (head.001) that goes with the message on Swift. The event reference, which matters most for matching, is CorpActnGnlInf/CorpActnEvtId.

How do I know if a seev.031 is final?

Look at NtfctnGnlInf/PrcgSts/Cd. COMP with CONF means the details are complete and confirmed by the servicer’s source. INCO or UCON means more updates will come, usually as a REPL notification.

Which seev.031 version should I use?

The one your counterparty supports. Swift’s 2025 release uses seev.031.001.15 (and the 002 variant seev.031.002.15); the 2026 version seev.031.001.16 was deferred to June 2027. Market infrastructures publish their own usage guidelines.

Does a seev.031 confirm a payment?

No. It announces the event and the expected entitlement. The actual booking of cash or securities is confirmed in a seev.036 (MX form of the MT566), and a preliminary advice of payment can come in seev.035 before that.