What does 25D::IPRC//REJT mean in an MT567?

Your corporate action instruction (MT565) was rejected and will not be processed. The :24B::REJT// reason explains why. Send a corrected new instruction; until one is accepted, your election does not count.

What is the difference between ADEA and LATE in an MT567?

ADEA means the instruction reached the account servicer after its own response deadline, which is earlier than the market deadline. It may still be possible to process it on a best effort basis. LATE means the market deadline itself was missed.

What does DFLA mean in an MT567?

Default action: no valid instruction was received in time, so the account servicer applied the event’s default option, usually the one flagged as default in the MT564.

Do I need to cancel a rejected MT565?

No. A rejected instruction is not held by the account servicer. Send a new MT565 with a new :20C::SEME and the same CORP reference.

What is the ISO 20022 equivalent of the MT567?

seev.034, the corporate action instruction status advice. The instruction it answers is seev.033, and the notification is seev.031.

Corporate actions and custody

MT567: why was my corporate action instruction rejected?

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

An MT567 with :25D::IPRC//REJT tells you the account servicer refused your corporate action instruction (MT565). The :24B::REJT// reason names the problem: the option, the quantity, the account, the event reference or the deadline. The election does not count until you send a corrected instruction that is accepted, and the response deadline keeps running.

What it means

For a voluntary event or a mandatory event with options (an offer, a rights issue, a dividend with a currency or reinvestment choice), you send your election in an MT565 that names the event (:20C::CORP), the option (:13A::CAON and :22F::CAOP) and the quantity. The account servicer answers with an MT567 whose :23G: is INST for an instruction status. :25D::IPRC//PACK means accepted; REJT means rejected; PEND means received but not yet processed, with a reason such as missing certification or securities not yet received.

The other values of IPRC tell a different story. CAND means the instruction has been cancelled, DFLA means the default action was applied because no valid instruction arrived in time, and STIN means a standing instruction was applied. A status message about your cancellation request uses :23G:CAST and :25D::CPRC; an event processing status uses :23G:EVST and :25D::EPRC.

Two deadlines matter. The market deadline (:98a::MKDT in the MT564 option sequence) is set by the issuer or its agent. The response deadline (:98a::RDDT) is the account servicer’s own cut-off, earlier than the market deadline because it must pass your election up the chain. Reason ADEA means you missed the account servicer’s deadline; LATE means the market deadline was missed.

In ISO 20022 the status message is seev.034 (corporate action instruction status advice): the rejection is under InstrPrcgSts/Rjctd, with the code in InstrPrcgSts/Rjctd/Rsn/RsnCd/Cd. The instruction itself is seev.033.

Common causes

The instructed quantity is more than you can elect: more than the eligible balance, or more than what is still uninstructed after earlier elections. Reason LACK (in an MT567 rejection it means the instructed position exceeds the eligible balance) or DQUA.
Wrong option: an option number that does not exist (OPNM), an invalid option code (OPTY), a number and code that do not belong together (NMTY), or an option the issuer has withdrawn (CANC) or that has expired (INTV).
Wrong event or links: the CORP reference is unknown (EVNM) or a linked reference cannot be found (ULNK).
Wrong account or security: an unknown safekeeping account (SAFE) or an ISIN that does not match the event (DSEC).
Missing paperwork: certification incorrect or incomplete (CERT), beneficial owner details missing (BOIS).
Too late: after the account servicer’s response deadline (ADEA) or the market deadline (LATE).

How to fix it

Read the :24B::REJT// reason and any :70D::REAS narrative. Match the MT567 to your instruction through the linkage: :13A::LINK//565 and :20C::RELA with your MT565’s :20C::SEME.
Open the latest MT564 for the event (same :20C::CORP). Check that it has not been replaced (:23G:REPL) since you instructed, and that the option you chose is still offered.
Fix the field: copy the option number and option code exactly from the MT564, use your safekeeping account as the account servicer knows it, and check the quantity against the eligible and uninstructed balances in the MT564 (:93a::ELIG, :93a::UNBA) and against your other instructions on the same event.
For CERT or BOIS, provide the documents or beneficial owner details the event requires. The MT564 or a linked MT568 usually says what is needed.
Send a new MT565 with :23G:NEWM and a new :20C::SEME, keeping the same :20C::CORP. A rejected instruction is not held, so there is nothing to cancel.
Check the time: if the response deadline (RDDT) has passed, contact the account servicer before re-instructing and ask whether a late election can still be accepted on a best effort basis before the market deadline. Watch for the next MT567 with :25D::IPRC//PACK.

MT567 rejection reasons (24B::REJT) from the MT567 code list, with what to check. Names are the official code names; the actions are our own.

Reason	Name	What to check
`ADEA`	Account Servicer Deadline Missed	The response deadline (98a::RDDT) in the MT564; ask about best effort processing.
`LATE`	Market Deadline Missed	The market deadline (98a::MKDT); the election can usually no longer be made.
`LACK`	Lack of Securities	Quantity against the eligible and uninstructed balances; earlier instructions on the same event.
`DQUA`	Quantity Rejection	Quantity format, minimum and multiple quantities for the option.
`OPNM`	Option Number Rejection	13A::CAON must be an option number from the MT564.
`OPTY`	Option Type Rejection	22F::CAOP must be a valid option code for the event.
`NMTY`	Mismatch Option Number and Option Type Rejection	The number and the code must describe the same option in the MT564.
`CANC`	Cancelled	The option was cancelled by the market or service provider; choose another option from an updated MT564.
`INTV`	Inactive	The option is no longer active, for example expired.
`EVNM`	Unrecognised Corporate Action Event Number Rejection	20C::CORP must be the account servicer’s reference from the MT564.
`ULNK`	Unknown	The linked reference in sequence A1 does not exist.
`SAFE`	Safekeeping Account Rejection	97A::SAFE must be your account as the account servicer holds it.
`DSEC`	Security Rejection	35B must be the event’s underlying security.
`CERT`	Incorrect Certification	Certification wording or documents required by the event.
`BOIS`	Missing Beneficiary Owner Details	Beneficial owner details required by the event (sequence C of the MT565).
`INIR`	Instruction Irrevocable	Seen when you try to change or cancel an election that can no longer be revoked.
`DCAN`, `DPRG`	Rejected Since Already Cancelled; Rejected Since In Progress	Replies to a cancellation request: the instruction is already cancelled, or is already being processed.

Example

ZagTrader Test Bank instructed 20,000 shares into the cash option of a tender offer, but only 15,000 shares are still uninstructed on that account. The custodian rejects the instruction.

{1:F01CUSTGB2LAXXX0000000000}{2:I567ZAGTAEADXXXXN}{4:
:16R:GENL
:20C::CORP//ZTCA2026000123
:20C::SEME//ZTS26102300007
:23G:INST
:22F::CAEV//TEND
:98C::PREP//20261023101500
:16R:LINK
:13A::LINK//565
:20C::RELA//ZTI26102200003
:16S:LINK
:16R:STAT
:25D::IPRC//REJT
:16R:REAS
:24B::REJT//LACK
:70D::REAS//INSTRUCTED 20000 EXCEEDS
UNINSTRUCTED BALANCE 15000
:16S:REAS
:16S:STAT
:16S:GENL
:16R:CADETL
:13A::CAON//001
:22F::CAOP//CASH
:97A::SAFE//ZAG-SAFE-0001
:35B:ISIN AEZAGT000016
ZAGTRADER TEST PJSC
:36B::STAQ//UNIT/20000,
:93B::UNBA//UNIT/15000,
:16S:CADETL
-}

Open this example in the parser

:20C::RELA holds the :20C::SEME of the rejected MT565; :20C::CORP is the event reference from the MT564.

In an MT567 rejection, LACK means the instructed quantity is more than the balance that can still be instructed, not a settlement shortage as in an MT548.

The fix is a new MT565 for 15,000 shares (or fewer) with a new reference, sent before the response deadline.

Questions

What does 25D::IPRC//REJT mean in an MT567?: Your corporate action instruction (MT565) was rejected and will not be processed. The :24B::REJT// reason explains why. Send a corrected new instruction; until one is accepted, your election does not count.
What is the difference between ADEA and LATE in an MT567?: ADEA means the instruction reached the account servicer after its own response deadline, which is earlier than the market deadline. It may still be possible to process it on a best effort basis. LATE means the market deadline itself was missed.
What does DFLA mean in an MT567?: Default action: no valid instruction was received in time, so the account servicer applied the event’s default option, usually the one flagged as default in the MT564.
Do I need to cancel a rejected MT565?: No. A rejected instruction is not held by the account servicer. Send a new MT565 with a new :20C::SEME and the same CORP reference.
What is the ISO 20022 equivalent of the MT567?: seev.034, the corporate action instruction status advice. The instruction it answers is seev.033, and the notification is seev.031.

Messages involved

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