| ISO20022

MT542: (65) Field 95a: Party

FORMAT

Option C	:4!c//2!a	(Qualifier)(Country Code)
Option L	:4!c//18!c2!n	(Qualifier)(Legal Entity Identifier)
Option P	:4!c//4!a2!a2!c[3!c]	(Qualifier)(Identifier Code)
Option Q	:4!c//4*35x	(Qualifier)(Name and Address)
Option R	:4!c/8c/34x	(Qualifier)(Data Source Scheme)(Proprietary Code)
Option S	:4!c/[8c]/4!c/2!a/30x	(Qualifier)(Data Source Scheme)(Type of ID)(Country Code)(Alternate ID)

PRESENCE

Mandatory in mandatory subsequence E1

QUALIFIER

(Error code(s): T89)

Order	M/O	Qualifier	R/N	CR	Options	Qualifier Description
1	M	BUYR	N	C4, C6, C10	P, Q, or R	Buyer
	or	DEAG	N	C4	P, Q, or R	Delivering Agent
	or	DECU	N	C4, C6	P, Q, or R	Deliverer's Custodian
	or	DEI1	N	C4, C6	P, Q, or R	Deliverer's Intermediary 1
	or	DEI2	N	C4, C6	P, Q, or R	Deliverer's Intermediary 2
	or	PSET	N	C4, C5, C8	C, P, or Q	Place of Settlement
	or	REAG	N	C4, C5	P, Q, or R	Receiving Agent
	or	RECU	N	C4, C6	P, Q, or R	Receiver's Custodian
	or	REI1	N	C4, C6	P, Q, or R	Receiver's Intermediary 1
	or	REI2	N	C4, C6	P, Q, or R	Receiver's Intermediary 2
	or	SELL	N	C4, C6	P, Q, or R	Seller
2	O	ALTE	R	C16	L or S	Alternate Identification

DEFINITION

This qualified generic field specifies:

ALTE	Alternate Identification	Alternate identification for a party.
BUYR	Buyer	Party that receives the financial instrument.
DEAG	Delivering Agent	Delivering party that interacts with the Place of Settlement.
DECU	Deliverer's Custodian	Party that interacts with the delivering agent unless intermediaries exist.
DEI1	Deliverer's Intermediary 1	Party that interacts with the delivering intermediary 2, if present. If the delivering intermediary 2 is not present, this is the party that interacts with the delivering agent.
DEI2	Deliverer's Intermediary 2	When present, party that interacts with the delivering agent.
PSET	Place of Settlement	Place of settlement.
REAG	Receiving Agent	Receiving party that interacts with the place of settlement.
RECU	Receiver's Custodian	Party that interacts with the receiving agent unless intermediaries exist.
REI1	Receiver's Intermediary 1	Party that interacts with the receiving intermediary 2, if present. If the receiving intermediary 2 is not present, this is the party that interacts with the receiving agent.
REI2	Receiver's Intermediary 2	When present, party that interacts with the receiving agent.
SELL	Seller	Party that delivers the financial instrument.

CODES

In option S, if Qualifier is ALTE and Data Source Scheme is not present, Type of ID must contain one of the following codes:

ARNU	Alien Registration Number	Number assigned by a government agency to identify foreign nationals.
CCPT	Passport Number	Number assigned by a passport authority.
CHTY	Tax Exempt Identification Number	Number assigned to a tax exempt entity.
CORP	Corporate Identification	Number assigned to a corporate entity.
DRLC	Driver's Licence Number	Number assigned to a driver's licence.
FIIN	Foreign Investment Identity Number	Number assigned to a foreign investor (other than the alien number).
TXID	Tax Identification Number	Number assigned by a tax authority to an entity.

NETWORK VALIDATED RULES

Country Code must be a valid ISO country code.

Identifier Code must be a registered BIC.

Proprietary code (Format Option R), Alternate ID (Format Option S) and Name and Address (Format Option Q) must not start or end with a slash '/' and must not contain two consecutive slashes '//'. For field formats with more than 1 line, the rule applies for each line.

USAGE RULES

In option R, Proprietary Code specifies a local national code or market segment code identifying the party.

In option C, Country Code specifies in physical settlement transactions the country of settlement. This allows the custodian to direct instructions to a local agent in the country of settlement.

In option S:

Type of ID specifies the type of alternate identification that can be used to give an alternate identification of the party identified in this sequence.
Country Code specifies the country for which the alternate identification is relevant.
Alternate ID specifies an alternate identification of the party identified in this sequence.

Qualifiers used to identify the parties do not specify the business role of the parties but their position in the settlement chain and the relationship which the parties have with one another.

Further explanations and examples are available in the Category 5 Securities Markets Message Usage Guidelines.

Market Practice Rules

10 common elements:
SMPG recommends that at least three settlement parties be instructed in equity or fixed income delivery free or against payment settlement instructions; the place of settlement, the receiving agent and the client of the receiving agent.
The data format for the identification of the receiving agent depends on the market. If no country-specific requirement is available, BIC is recommended.
If the buyer is not the direct client of the receiving agent, then an intermediary must also be provided - RECU.
Place of settlement:
The place of settlement is to be understood as the requested place of settlement of the counterparty. The indicated place of settlement in the message is always relating to the counterparty.
The field must be populated with the BIC of a national or international CSD. When no CSD exists in a particular market, the stock exchange BIC will be used.
Country code should be used for settlement taking place outside of an institution published in the PSET's BIC list. This includes physical deliveries and investment funds not settling at a CSD.
The format and content of the settlement party sequences will comply with the market practices published for the place of settlement included in the message.
Physical settlement:
Place of settlement must be used with format 95C::PSET// followed by the ISO country code of the country where the physical securities will be delivered to.
The receiving party will be identified as the REAG with its name and address (format Q) or with its BIC.
- If the receiving party is a local agent or depository, REAG will identify the agent's address or BIC. BUYR (and RECU) will also be present to identify the underlying receiving party(ies).
- If the receiving party is a physical client, REAG will identify the physical client. BUYR is not needed. Indeed, the first (and only) receiving party in the settlement chain is the physical client. It will therefore be identified using the first settlement party level qualifier: REAG

For more details, see the relevant market practice document on www.smpg.info.