Timeline

Background

Corporate actions processing is fraught with problems. Many of these problems derive from the complexity in the process of delivering information from issuers or offerors on corporate actions to the ultimate investors. The current process does not rely on standard information generated electronically by issuers/offerors. Instead, the investors' intermediaries are responsible for manually generating the electronic records of corporate actions details that investors need. As a consequence, intermediaries create multiple versions of the same information and pass these to subsequent intermediaries along the chain. The process of creating these versions inherently incorporates the possibility of inaccuracies, event misidentification and delays; these errors are worsened as information is keyed and rekeyed as it passes among the intermediaries.

Goal

l          XBRL will be implemented to enable issuers and offerors to identify ("tag") key corporate actions data in offering documents;

l          XBRL tags used by issuers and offerors will be kept fully aligned with the data dictionary used by the industry under the ISO 20022 global standard, and

l          DTCC will adopt the ISO 20022 global standard for corporate action messages to U.S. market participants

Participants

DTCC        SWIFT        XBRL US

Direction

Two components：

First, DTCC, SWIFT and XBRL US will support implementation of XBRL for corporate actions data；Second, DTCC and SWIFT will work together to implement the new ISO 20022 corporate action messages.

Going Forward —the Opportunities Ahead

The Corporate Action XBRL Taxonomy in development today will be based upon the business model within the ISO 20022 repository, which, for financial services, is maintained by ISO’s Registration Authority, SWIFT Standards, supported by national and global market practice groups.

The Benefits to the Industry

The benefits of this initiative will be significant as it aims to fundamentally change the corporate actions process, by capturing data from the “source” in a standard format.

The Next Steps

Build‐out all filters for corporate action events; Expand mapping logic for all events; Create event specific element labels; Test Taxonomy with historical messages; Build Sample Instances; Work with Issuers to ensure that the taxonomy is easy to use; Build UUID Issuance Service; Public Review.