Instruction specifications - Xact via Swift and Xact File Transfer - Iceland

09.12.2020

Introduction

For taxation purposes only:

All internal and domestic instructions in Icelandic domestic securities must contain the following as indicated:

  • Deal price: The clean price in ISK or the denomination currency of the security; and
  • Settlement Processing Narrative:
    Tax ID: ///Tax/tax identification number
    /DP/dirty price

The Tax Identification Number (TIN), which must be entered in the first line of the narrative, must be one that was specified in the documentation received from the client concerned and the exact format must be input.

Important note:

In order to withhold the appropriate amounts of applicable withholding tax, CBL relies on the information contained in the settlement instructions. Clients are therefore reminded that it is solely their responsibility to ensure that any information provided in the settlement instructions for tax purposes, including Deal Price and Tax ID, is complete, accurate and up to date and that they shall hold CBL harmless of any loss or liability incurred by CBL as a result of their breach of this responsibility.

In the following table, M=Mandatory; O=Optional; C=Conditional;
Seq=Swift message (sub)sequence.

MT540Receive Free
Seq
M

:98a:

:TRAD

//Trade date/time

B

M

:90a:

:DEAL

//Deal price a 
O

:70E:

:SPRO

///TAX/Tax identification number b 
/DP/dirty price c
M

:95P:

:PSET

//LCDELV22XXX

E1

M

:95P:

:DEAG

//Counterparty’s BIC

O

:95P:

:SELL

//Ordering party’s BIC

O

:97A:

:SAFE

//Ordering party’s account



MT541

Receive Against Payment

Seq
M

:98a:

:TRAD

//Trade date/time

B

M

:90a:

:DEAL

//Deal price a 
O

:70E:

:SPRO

///TAX/Tax identification number b
/DP/dirty price c
M

:95P:

:PSET

//LCDELV22XXX

E1

M

:95P:

:DEAG

//Counterparty’s BIC

O

:95P:

:SELL

//Ordering party’s BIC

O

:97A:

:SAFE

//Ordering party’s account



MT542

Deliver Free

Seq
M

:98a:

:TRAD

//Trade date/time

B

M

:90a:

:DEAL

//Deal price a
O

:70E:

:SPRO

///TAX/Tax identification number b
/DP/dirty price c
M

:95P:

:PSET

//LCDELV22XXX

E1

M

:95P:

:REAG

//Counterparty’s BIC

O

:95P:

:BUYR

//Beneficiary’s BIC

O

:97A:

:SAFE

//Beneficiary’s account



MT543

Deliver Against Payment

Seq
M

:98a:

:TRAD

//Trade date/time

B

M

:90a:

:DEAL

//Deal price a
O

:70E:

:SPRO

///TAX/Tax identification number b
/DP/dirty price c
M

:95P:

:PSET

//LCDELV22XXX

E1

M

:95P:

:REAG

//Counterparty’s BIC

O

:95P:

:BUYR

//Beneficiary’s BIC

O

:97A:

:SAFE

//Beneficiary’s account

------------------------------------------
a. Must be the clean price in ISK or the denomination currency of the security.
b. For taxation purposes only, the TIN must be provided in the first line of the narrative and must be the TIN specified in the documentation received from the client concerned, in the exact format. If omitted, the maximum tax rate will be applied on account level.
c. For fixed income securities only, the second line of the narrative must contain the dirty price expressed as a percentage of the face value. If omitted, CBL will use the closing price of the previous trading day, if available; otherwise, the last available market price will be used.

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