This message is sent by an account owner to an account servicer (account servicing institution). The account owner may be a global custodian which has an account with its local agent (sub custodian), a local agent (sub custodian) which has an account with its clearing agent, or a registration provider or a financial institution which has an account with its local agent (sub custodian).
This message is used to:
instruct the registration, deregistration or reregistration of a financial instrument at the registration provider,
request the cancellation of a registration instruction previously sent by the account owner (the function of the message is CANC).
The registration instruction may be linked to other settlement instructions, eg, in case the settlement does not take place before the registration process is finished, using the linkages sequence.