 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) |
Optional in mandatory sequence C
(Error code(s): T89)
| Order |
M/O |
Qualifier |
R/N |
CR |
Options |
Qualifier Description |
|---|---|---|---|---|---|---|
| 1 |
O |
SAFE |
R |
C18 |
B, C, F, or L |
Place of Safekeeping |
This qualified generic field specifies:
| SAFE |
Place of Safekeeping |
Location where the financial instruments are/will be safekept. |
In option B, if Data Source Scheme is not present, Place Code must contain the following code (Error code(s): K94):
| 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. |
In option F, Place Code must contain one of the following codes (Error code(s): K94):
| 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. |
Country Code must be a valid ISO country code (Error code(s): T73).
Identifier Code must be a registered BIC (Error code(s): T27,T28,T29,T45).
Narrative (Format Option B) must not start or end with a slash '/' and must not contain two consecutive slashes '//' (Error code(s): T26).
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.
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.
