T2S Release 4.0: Impact on customers
LuxCSD1 informs customers that after T2S Release 4.0 on
15 June 2020
the Beneficial Ownership indicator will be used throughout the securities processing chain.
Following Article 26 of the MIFIR regulation, any change of beneficial ownership must be reported within one business day if there is a change of beneficial ownership, whereas account transfers without a change of ownership are not subject to reporting.
With the Release 4.0, T2S will introduce the indicator throughout the securities processing chain and it will therefore be available in the settlement allegements.
Impact on customers
The Beneficial Ownership indicator will be shown in the MT578 Settlement Allegement and the MT586 Statement of Settlement Allegements Report.
Xact Web Portal
The Beneficial Owner Indicator will be available in allegements (via Query in Settlement, Securities, Security Instructions, Instruction type “Allegement”).
It will be displayed in the detail view of an allegement under Settlement parameters, Beneficial ownership, with the following possible values, “Change of Beneficial Owner”, or “No Change of Beneficial Owner”.
Xact via SWIFT
In the MT578 “Settlement Allegement”, the Beneficial Ownership Override Indicator will be reported in field :22F::BENE in Sequence E (Settlement Details).
In the MT586 “Statement of Settlement Allegements report”, the Beneficial Ownership Override Indicator will be reported in field :22F::BENE in Sequence B5 (Settlement Details).
For further information, please contact Client Services or your Relationship Officer.
1. LuxCSD refers to LuxCSD S.A. with registered office at 42, Avenue J.F. Kennedy, L-1855 Luxembourg, registered with the Luxembourg Trade and Companies Register under number B-154.449.