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The XBRL International Corporate Actions Working Group is being formed as a subgroup of the XSB to standardize the transmission and consumption of corporate actions events with the goal of allowing straight through processing of these events through the worlds financial systems. This working group will build upon the successful proof of concept involving communication of corporate action information originating from issuers of American Depositary Receipts.
The scope of the corporate actions taxonomy will cover those events that are reported by a securities issuer that will have a financial or administrative impact on the owner or custodian of such securities. The corporate actions taxonomy will only cover those events that can occur on an ad hoc basis and will not include financial statements, proxy reports or voting at annual general meetings. The group will work to standardize the communication of events that impact the shareholding and distributions to security holders. This will include the reporting of tax information and fee information. This information for example is not currently included in the ISO 20022 format. Securities will include all classes of securities such as equities, fixed income, derivatives and mutual funds. The group will work collectively to
- Act as the governing body for the adoption and advancement of the XBRL taxonomy for corporate actions
- Ensure that governance and proper guidelines are followed in support of the XBRL taxonomy
- Identify corporate action event types and issue types that could benefit from being transmitted in an XBRL format and agree upon those events that should be included.
- Identify and agree upon modifications to the corporate actions taxonomy as needed to support expansion of XBRL to additional event and issue types
- Institute and adhere to a schedule for annual adoption of new taxonomy releases that coincides with SWIFT’s November ISO 20022 releases
- Collectively engage local regulators and industry groups such as SIFMA and other trade organizations
- Collectively promote use of XBRL taxonomy and advance its adoption
- Updated corporate actions taxonomy on a yearly basis where required.
- Conversion scripts to convert instances from prior years
- Sample Instances
- Architecture document
- Entry point list
The corporate actions taxonomy will be applicable to all jurisdictions and will be the first global taxonomy created by XBRL International. The users of this taxonomy will be the following:
- Issuers of securities
- Stock Transfer Agents
- Security Clearing Houses
- Data Aggregators
- Trust Departments
- Broker Dealers
- Bond Holders