The following rules apply when sending/exchanging an MT300:
For the actual transfer of funds or the confirmation of credits and debits, other messages outside Category 3 are available, such as the MTs 202/203/205, Financial Institution Transfer messages and the MTs 900/910/950, Confirmation of Debit/Credit and Statement, respectively.
In all cases, the common reference of the MT 300 must be quoted in the relevant reference field, that is, field 21 of the MTs 202, 203, 205. When an MT 202 covers the deal, the party identification fields 56a, 57a and 58a of the MT 300 directly map onto the same fields in the MT 202 with the exception of the account number, as the account number indicated in the party identification fields 56a and 57a of the MT 300 is serviced (not owned) by the party indicated in the same field.
The MT 300, split settlement is used when an amount is too big to be settled as a whole because of certain limits. The beneficiary is the same for each part.
When cancelling a previously sent message (field 22A is CANC) using MT 300:
field 21 must contain the reference, that is, the content of field 20, of the message containing the instruction to be cancelled;
the cancellation message must contain a copy of at least the mandatory fields of the general information and transaction details sequences.
Sending an MT 300 with code word CANC in field 22A, cancels both the underlying contract and the previously sent confirmation message as referred to in field 21 Related Reference.
To amend a previously sent message (field 22A is AMND):
field 21 must contain the reference, that is, the content of field 20, of the message containing the instruction to be amended;
the amendment message must contain both the unchanged and the changed/new fields of the original message;
the amendment message replaces the original message.
When the MT 300 is used to confirm the exercise of a foreign currency option, that is, when the preceding message was an MT 305 or an MT 306, field 21 should contain the contents of field 20 of the related MT 305 or MT 306.
For NDF reminders, an MT 399 should be used.
If field 77H specifies ISDA as the type of master agreement, the 1998 FX and Currency Option Definitions (the FX definitions, as published by the International Swaps and Derivatives Association, Inc., the Emerging Markets Traders Association and The Foreign Exchange Committee) as amended and supplemented from time to time are incorporated into this confirmation unless field 14C states another version of the above mentioned FX definitions.
If field 77H specifies ISDA as the type of master agreement and Party A and Party B are parties to an ISDA Master Agreement or an Interest Rate and Currency Exchange Agreement (each an Agreement), this Confirmation constitutes a Confirmation as referred to in, and supplements, forms a part of, and is subject to that Agreement .
If Party A and Party B are not parties to an agreement, this Confirmation evidences a complete and binding agreement between Party A and Party B as to the terms of the Transaction to which this Confirmation relates. Party A and Party B agree to use all reasonable efforts promptly to negotiate, execute, and deliver an agreement in the form of a 2002 ISDA Master Agreement (Multicurrency-Cross Border) (the "ISDA Form"), with such modifications as Party A and Party B will in good faith agree. Upon the execution by Party A and Party B of such an agreement, this Confirmation will supplement, form part of, and be subject to that agreement. All provisions contained or incorporated by reference in that agreement upon its execution will govern this Confirmation except as expressly modified below. Until Party A and Party B execute and deliver that agreement, this Confirmation, together with all other documents referring to the ISDA Form (each a "Confirmation") confirming transactions (each a "Transaction") entered into between Party A and Party B (notwithstanding anything to the contrary in a Confirmation) shall supplement, form a part of, and be subject to an agreement in the form of the ISDA Form as if Party and Party B had executed that agreement in such form (but without any Schedule thereto except for the election of English Law as the governing law, EUR as Termination Currency and Automatic Early Termination not applicable to Party A and Party B, provided, however, that where the Event of Default specified in Sections 5(a)(vii)(1), (3), (4), (5), (6) of the ISDA Form or, to the extent analogous thereto, Section 5(a)(vii)(8) of the ISDA Form is governed by a system of law which does not permit termination to take place after the occurrence of the relevant Event of Default, then the Automatic Early Termination provision of Section 6(a) of the ISDA Form shall apply to the Defaulting Party) on the Trade Date of the first such Transaction between us. In the event of any inconsistency between the provisions of that agreement and this Confirmation, this Confirmation will prevail for the purpose of this Transaction.
If field 77H specifies DERV as the type of master agreement and if Party A and Party B are parties to a Rahmenvertrag für Finanztermingeschäfte (the German Master Agreement), this Transaction is subject to the terms and conditions of that German Master Agreement.
If Party A and Party B are not parties to a German Master Agreement, this Transaction evidences a complete and binding agreement between Party A and B. Until Party A and B execute and deliver a German Master Agreement, this Transaction and any other transaction between the parties within the scope of the German Master Agreement form a single agreement. Upon execution of the German Master Agreement between Party A and B, this Transaction will become an Einzelabschluß as defined in Section 1(2) of the German Master Agreement.
If some of the standard definitions linked to the agreement specified in field 77H do not apply to the confirmation of a trade under that agreement, a long form confirmation must be sent.
