The European Central Bank has published a harmonised implementation guide for corporate events in a T+1 settlement environment, providing detailed operational rules for market stakeholders in AMI-SeCo markets. The guide complements the T+1 High-Level Roadmap issued by the EU T+1 Industry Committee and focuses on how corporate events should be handled once the settlement cycle shortens, especially where unsettled transactions affect who is entitled to proceeds or how pending instructions should be adjusted. The guide standardises key date sequencing across the main event types. For mandatory distributions, the ex-date and record date should fall on the same date and the payment date should be one day later. For mandatory reorganisations, the last trading date should be one business day before the record date and the payment date one business day after. For elective events, the guaranteed participation date should be at least one business day before both the buyer protection deadline and the market deadline, the buyer protection deadline should be no later than 11:00 am on the market deadline date, and payment should follow one business day after the market deadline. It also sets transaction management rules for market claims, transformations and buyer protection, including when central securities depositories or, where relevant, central counterparties must create claims or transform pending transactions, the use of a 10 business day post-record-date or post-market-deadline processing window, and the treatment of holds, matching, partial settlement and fractions. For the transition to T+1, issuers are generally advised not to announce corporate events with key dates falling between 4 October 2027 and 15 October 2027, with specific ex-date treatment set out if events during that period cannot be avoided. The document will also be incorporated into the Single Rulebook for Corporate Events being prepared by AMI-SeCo.
European Central Bank2026-07-23
European Central Bank publishes T+1 corporate events guide, setting harmonised key dates and processing rules for AMI-SeCo markets
The European Central Bank has issued a T+1 corporate events implementation guide for AMI-SeCo markets, setting harmonised timelines and processing rules for distributions, reorganisations and elective events. It defines how market claims, transformations and buyer protection should work for unsettled trades, including key deadlines and operational rules for CSDs and CCPs. The guidance will also feed into AMI-SeCo’s Single Rulebook for Corporate Events.