The Depository Trust & Clearing Corporation (DTCC), SWIFT and XBRL US have announced the creation of a stakeholder group as a part of its Issuer to Investor: Corporate Actions initiative, which was launched in May 2009, to improve the processing of corporate actions data in the US. Composed of key players from the industry, the US Issuer to Investor Stakeholder Group will represent the needs of the corporate actions reporting and processing supply chain.
The group will be divided into three subgroups – issuers, intermediaries and investors – and will provide input, make recommendations and help articulate the pros and cons for electronically capturing data directly from issuers and their agents in a standardised format at the point at which a corporate action is announced. Each group will be tasked with providing input to the current process as well as determining what changes would be required if issuers produced corporate actions messages in XBRL format aligned with ISO 20022.
The Issuers are represented by AGL Resources, Duke Energy, ENGlobal, Pfizer and United Technologies and by issuer agents including Merrill Corporation, NYSE Euronext and PR Newswire, among others. The National Investor Relations Institute (NIRI) has also joined the group to observe and to provide an investor relations perspective.
In addition to establishing the Stakeholder Group, other key milestones for the initiative include:
- Building an XBRL corporate actions taxonomy (digital dictionary) that is aligned with ISO 20022 repository elements that will enable issuers to electronically capture key data items within a corporate action document such as a press release or prospectus.
- Making all DTCC corporate action announcements available in the ISO 20022 format beginning in 2010 as part of plans to complete the migration of all corporate actions processing to ISO 20022 in 2015.
- Rolling out the ISO 20022 messages globally and promoting the adoption of XBRL for corporate actions by working with other jurisdictions and XBRL International using the US initiative as a foundation.
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