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ISO 15022
Data Field Dictionary

MT540: (44) Field 94a: Place: Place of Safekeeping

FORMAT

Option B :4!c/[8c]/4!c[/30x] (Qualifier)(Data Source Scheme)(Place Code)(Narrative)
Option C :4!c//2!a (Qualifier)(Country Code)
Option F :4!c//4!c/4!a2!a2!c[3!c] (Qualifier)(Place Code)(Identifier Code)
Option L :4!c//18!c2!n (Qualifier)(Legal Entity Identifier)

PRESENCE

Optional in mandatory sequence C

QUALIFIER

(Error code(s): T89)

Order

M/O

Qualifier

R/N

CR

Options

Qualifier Description

1

O

SAFE

R

C16

B, C, F, or L

Place of Safekeeping

DEFINITION

This qualified generic field specifies:

SAFE

Place of Safekeeping

Location where the financial instruments are/will be safekept.

CODES

In option B, if Data Source Scheme is not present, Place Code must contain the following code:

SHHE

Shares Held Elsewhere

Used for certain financial instruments, for example, US mutual funds, where settlement is internal only, that is, there is no external movement of securities.

CODES

In option F, Place Code must contain one of the following codes:

CUST

Local Custodian

Financial instruments held at a local custodian.

ICSD

International Central Securities Depository

Financial instruments held at an International Central Securities Depository.

NCSD

National Central Securities Depository

Financial instruments held at a National Central Securities Depository.

SHHE

Shares Held Elsewhere

Used for certain financial instruments, for example, US mutual funds, where settlement is internal only, that is, there is no external movement of securities.

NETWORK VALIDATED RULES

Country Code must be a valid ISO country code.

Identifier Code must be a registered BIC.

Narrative (Format Option B) must not start or end with a slash '/' and must not contain two consecutive slashes '//'.

USAGE RULES

The Place of Safekeeping functionality in the settlement instructions is only to be used by global custodians that allow their clients to specify where the securities are to be held, for example, in an ICSD account versus an account at the local CSD.

Market Practice Rules

When used (see usage rule), unless special arrangements exist between the account servicer and the account owner, it is recommended to use the place of safekeeping field following the market practice described below:

  • :94F::SAFE//NCSD: an NCSD's BIC will be used for domestic and NCSD to NCSD settlement instructions.

  • :94F::SAFE//ICSD: an ICSD's BIC will be used for ICSD internal, ICSD/local and ICSD to ICSD settlement instructions.

  • :94F::SAFE//CUST: applicable, for instance, when the account servicer is a global custodian and provides the account owner with a position reporting at global custodian's agents' level. When instructing, the fund manager would therefore mention, as a place of safekeeping, the BIC of the global custodian's agent on the market.

Absence of place of safekeeping means that:

  • The place of safekeeping info is kept by the account servicer (SLA, account structure, ETC.) and should not be provided by the account owner.

  • The place of safekeeping is the counterparty's place of settlement field 95P::PSET//. The transaction is therefore domestic (to an NCSD) or internal to an ICSD.

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