The European Central Bank has published the fourth version of the Corporate Actions section of the Single Collateral Management Rulebook for Europe (SCoRE), updating the harmonised standards for processing corporate actions and meeting events across AMI-SeCo markets based on ISO 20022. The update includes additional clarifications on the handling of cancellation instructions and incorporates ISO messaging changes effective as of November 2025. The rulebook sets out harmonised business processes, workflows, data elements and messaging for corporate actions and meeting events on securities issued in European (international) central securities depositories, covering debt instruments, equities and investment funds. It addresses information exchange across the custody chain and in bilateral and triparty collateral management, including rules on data needed to calculate proceeds, consistency of event information across issuer and investor CSDs and custodians, rounding, negative cash flows, business day conventions, payment timing and delay notifications, soft blocking for elective events, default option identification, meeting-fee handling via a Consent event, and the ISO 20022 message set for corporate actions and meetings. Implementation of Standards 1 to 14 is mandatory by June 2025, with an ultimate deadline of November 2025 for specified elements limited to non-debt instruments under Standards 2 and 3, which AMI-SeCo will further analyse. ISO 20022 messaging (Standard 15) follows a two-wave approach, with (international) CSDs, Eurosystem central banks and Eurosystem counterparties migrating by June 2025 and other actors by November 2025, with Wave 2 to be further analysed by an AMI-SeCo task force.

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