seev.033 Corporate Action Instruction

When seev.033 is used

A broker, asset manager or bank holding securities with a custodian receives a seev.031 for an elective event, such as a tender offer (TEND), an exercise of subscription rights (EXRI) or a dividend with a cash or stock choice (DVOP). It sends one seev.033 per account and option to say what it wants: tender 40,000 shares for cash, subscribe for new shares, take the stock option.

The instruction quotes the servicer’s event reference (CorpActnGnlInf/CorpActnEvtId), the safekeeping account and the option number and type exactly as they appear in the notification. A holder can split its position over several options by sending several instructions, each for part of the eligible balance.

The custodian answers with a seev.034 (Corporate Action Instruction Status Advice): accepted, pending or rejected with a reason. To withdraw an instruction, the account owner sends a seev.040 (Corporate Action Instruction Cancellation Request), not a new seev.033; the custodian replies to that with a seev.041. The result of the election is confirmed later in a seev.036.

Where beneficial owner disclosure or tax certification is needed, the instruction carries it in BnfclOwnrDtls. Some options also need a protect instruction or a conditional quantity, both available in the message.

Versions in common use

seev.033 key elements

Paths are relative to Document/CorpActnInstr. Occurrence is from the base message (seev.033.001.13); market practice such as CBPR+ or a CSD’s rules can make an optional element mandatory or forbid it.

Rules worth knowing

• There is no function-of-message element: a new instruction is a seev.033, a cancellation is a separate seev.040. The sender’s message reference travels in the Business Application Header (head.001), where MT users would put 20C::SEME.
• SctiesQtyOrInstdAmt holds exactly one of SctiesQty or InstdAmt; OptnNb, OptnTp and every date are choices with exactly one child.
• The option number and option type must belong together as announced in the notification. A pair that does not exist in the notification is rejected.
• The total of all instructions on one account should not exceed the eligible balance; most custodians block the instructed securities until the event is processed.

seev.033 XML example

A cash tender offer has been announced for the shares with ISIN AEZAGT000016 under the custodian’s event reference ZT26TEND0007, with option 001 (CASH, tender the shares) and option 002 (NOAC, take no action). ZagTrader Test Bank (ZAGTAEADXXX), holding 100,000 shares in safekeeping account ZAG-SAFE-0001 with CUSTAEADXXX, tenders 40,000 shares into the cash option. This is the Document only; the Business Application Header would carry the message reference and both BICs.

<?xml version="1.0" encoding="UTF-8"?>
<Document xmlns="urn:iso:std:iso:20022:tech:xsd:seev.033.001.13">
  <CorpActnInstr>
    <CorpActnGnlInf>
      <CorpActnEvtId>ZT26TEND0007</CorpActnEvtId>
      <EvtTp>
        <Cd>TEND</Cd>
      </EvtTp>
      <UndrlygScty>
        <FinInstrmId>
          <ISIN>AEZAGT000016</ISIN>
        </FinInstrmId>
      </UndrlygScty>
    </CorpActnGnlInf>
    <AcctDtls>
      <SfkpgAcct>ZAG-SAFE-0001</SfkpgAcct>
      <Bal>
        <TtlElgblBal>
          <QtyChc>
            <SgndQty>
              <ShrtLngPos>LONG</ShrtLngPos>
              <Qty>
                <Unit>100000</Unit>
              </Qty>
            </SgndQty>
          </QtyChc>
        </TtlElgblBal>
      </Bal>
    </AcctDtls>
    <CorpActnInstr>
      <OptnNb>
        <Nb>001</Nb>
      </OptnNb>
      <OptnTp>
        <Cd>CASH</Cd>
      </OptnTp>
      <SctiesQtyOrInstdAmt>
        <SctiesQty>
          <InstdQty>
            <Qty>
              <Unit>40000</Unit>
            </Qty>
          </InstdQty>
        </SctiesQty>
      </SctiesQtyOrInstdAmt>
    </CorpActnInstr>
  </CorpActnInstr>
</Document>

The event reference, option number and option type are copied from the notification. A typing error in any of them is the most common reason for a reject.

The 60,000 shares that are not instructed fall under the default option of the event (here 002, no action) unless a second instruction is sent before the deadline.

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

seev.033 and its MT equivalent

The seev.033 is the ISO 20022 counterpart of the MT565 Corporate Action Instruction. The structure maps closely: MT565 sequence A (references and event type) goes to CorpActnGnlInf, sequence B (security and account) to CorpActnGnlInf/UndrlygScty and AcctDtls, sequence C (beneficial owner details) to BnfclOwnrDtls, sequence D (the instruction) to CorpActnInstr. An MT565 with 23G:CANC becomes a seev.040, and the status replies that MT users receive in an MT567 come as seev.034 (instruction status) or seev.041 (cancellation request status).

Corporate action instructions are not covered by the November 2025 payments deadline and MT565 remains in use on FIN. Custodians that accept seev.033 publish usage guidelines with the version and variant they support; agree them before you switch. See ISO 20022 migration for securities vs payments.

Common errors and rejects

1. Instruction after the deadline

   Instructions received after the servicer’s response deadline are rejected or handled on a best-effort basis. In the MT567 the reason is LATE; seev.034 uses the same code. Watch RspnDdln in the notification, which is earlier than the market deadline.

   How to fix it

2. Unknown event reference

   The CorpActnEvtId does not match an event at the custodian, often because the client quoted the official reference or its own reference instead of the servicer’s. The reject reason is EVNM. Copy the reference from the notification.

   How to fix it

3. Option number or type not valid

   An option number that does not exist (OPNM) or a type that does not match that number (OPTY). Common after a replacement notification renumbered the options. Re-read the latest notification before resending.

   How to fix it

4. Quantity above the eligible or available balance

   The instructed quantity exceeds what is eligible or not yet instructed. Expect LACK or DQUA as the reason. Check pending trades and earlier instructions on the same account; securities already instructed are often blocked.

   How to fix it

5. Wrong safekeeping account

   The account is not known to the servicer or does not hold the security (SAFE). Use the account from the notification, not an internal portfolio code.

   How to fix it

6. Cancelling with a new instruction

   Sending a second seev.033 to replace the first leaves both live and over-instructs the position. Cancel with a seev.040 first, wait for the status, then send the new instruction (or use ChngInstrInd where the servicer supports changes).

Related messages

• MT565Corporate Action Instruction
• MT567Corporate Action Status and Processing Advice
• MT564Corporate Action Notification
• seev.031Corporate Action Notification
• seev.036Corporate Action Movement Confirmation

• MT567 rejected instruction
• 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.033

• TEND
• EXRI
• DVOP
• BIDS
• RHTS

seev.033 questions

What is the difference between seev.033 and MT565?

Same purpose and nearly the same content: the holder elects an option on a corporate action. The seev.033 is XML, has no function-of-message field (cancellations go in seev.040) and carries the message reference in the Business Application Header instead of 20C::SEME.

How do I cancel a seev.033?

Send a seev.040 Corporate Action Instruction Cancellation Request quoting the instruction to cancel. The custodian answers with a seev.041. Only send a new instruction after the cancellation has been accepted.

What answer do I get to a seev.033?

A seev.034 Corporate Action Instruction Status Advice: accepted, pending or rejected with a reason code such as LATE, OPNM or EVNM. In MT this is an MT567; see why instructions are rejected.

Can I split a position across several options?

Yes, by sending one seev.033 per option, each with its own instructed quantity. The total must stay within the eligible balance, and whatever is left uninstructed follows the default option.

Do I need a seev.033 for a mandatory event?

No. Mandatory events such as a plain cash dividend (DVCA with MAND) are processed without an instruction. You instruct only for events flagged CHOS or VOLU in the notification.