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ISO 15022
Data Field Dictionary

MT548: (51) Field 24B: Reason Code

FORMAT

Option B :4!c/[8c]/4!c (Qualifier)(Data Source Scheme)(Reason Code)

PRESENCE

Optional in optional subsequence C1a1

QUALIFIER

(Error code(s): T89)

Order

M/O

Qualifier

R/N

CR

Options

Qualifier Description

1

O

ACTV

N

 

B

Active Reason

2

O

REMO

N

 

B

Remove Reason

3

O

UPDT

N

 

B

Not Computed Reason

DEFINITION

This qualified generic field specifies:

ACTV

Active Reason

Provides the reason why a penalty is active. The penalty can be new or can become active again, for example, as the result of a re-allocation or a re-inclusion.

REMO

Remove Reason

Specifies the reason why the instruction is cancelled.

UPDT

Not Computed Reason

Reason for the status Active (ACTV) provided when the penalty has been updated by T2S due to the change in the relevant reference data or after the re-inclusion of the penalty. It also includes the situation of a penalty that is reincluded (every time a penalty is reincluded, T2S recalculates it to ensure latest data is taken).

CODES

If Qualifier is ACTV and Data Source Scheme is not present, Reason Code must contain one of the following codes:

NEWP

New Penalty

Penalty is new.

OTHR

Other

See narrative.

RALO

Reallocated Reason

Re-allocation of a Late Matching Fail Penalty (LMFP) from the instructing party to the delivering/receiving party.

SWIC

Switch Reason

Switch between the failing and non-failing party of a cash penalty.

UPDT

Update Reason

Updated of previously calculated penalty.

CODES

If Qualifier is REMO and Data Source Scheme is not present, Reason Code must contain one of the following codes:

CORP

Corporate Action

Specifies that due to a specific corporate action, the security does no longer exists.

OTHR

Other

See narrative.

RALO

Reallocated Reason

Re-allocation of a Late Matching Fail Penalty (LMFP) from the instructing party to the delivering/receiving party.

SEMP

Settlement on Multiple Platforms

Settlement on multiple platforms where one of the platforms is closed for settlement (either cash or securities).

SWIC

Switch Reason

Switch between the failing and non-failing party of a cash penalty.

CODES

If Qualifier is UPDT and Data Source Scheme is not present, Reason Code must contain the following code:

OTHR

Other

See narrative.