This white paper introduces the following fields:
OFCA000001 Corporate Action Notification Type
OFCA000005 Corporate Action Level
OFCA000060 Corporate Action Umbrella LEI
OFCA000070 Corporate Action Fund LEI
OFCA000080 Corporate Action Share Class ISIN
OFCA000150 Corporate Action Declared Date
OFCA000160 Corporate Action Effective Date
OFCA000300 Corporate Action Grouping Key
OFCA000310 Corporate Action Type
OFCA000320 Corporate Action URL
OFCA000330 Corporate Action Data OFID
OFCA000340 Corporate Action Data Field Name
OFCA000500 Corporate Action Data Old Value
OFCA000510 Corporate Action Data New Value
A number of related, non-OFCA fields are also addressed later in the white paper.
Introduction
In the dynamic landscape of financial markets, corporate actions play a pivotal role. Whether it’s dividends, mergers, or stock splits, accurate and timely data is essential for informed decision-making. Transmission of corporate actions data in the fund industry remains largely manual, with minimal automation. Where standard formats are available, they are not widely adopted or freely available. With this issue in mind, openfunds held a working group of corporate actions data experts to align and agree on an open format that could be adopted to provide clarity and ease-of-use to users wishing to disseminate or receive fund corporate actions data.
This white paper aims to introduce the set of corporate actions data fields proposed by the group, and describe how these can be used for data transmission. It was the aim of the working group to create an initial structure for the most essential corporate action types and leave room for this to be expanded upon in future iterations.
It should be noted that individual openfunds users will have varying field requirements for data provision. While this white paper sets out example file structures that can be used to report corporate actions, none of these formats is mandatory and each user should decide what best fits their own requirements.
Data structure
The following openfunds fields have been created to give a formal structure for the reporting of corporate actions data. Which of these is required for data reporting will depend on the data transmission format selected, described in the next section of this document.
- OFCA000001 – Corporate Action Notification Type
- Values: “New” / “Infill” / “Cancellation”
- Definition: A field to indicate the type of entry for the action:
- New – reporting a new corporate action, which has not been previously reported.
- Infill – adding data to a previously reported corporate action. E.g. a given merger action had previously been reported, without the merger ratio data as this was not available at time of reporting. An infill record could be sent for the corporate action later, reporting the merger ratio value. OFCA000310 Corporate Action Type, OFCA000160 Corporate Action Effective Date, and an instrument identifier (fromOFCA000060 Corporate Action Umbrella LEI, OFCA000070 Corporate Action Fund LEI, OFCA000080 Corporate Action Share Class ISIN) should be used to link this with the previously stated corporate action.
- Cancellation – a record to state that a previously reported corporate action should be cancelled. OFCA000310 Corporate Action Type, OFCA000160 Corporate Action Effective Date, and an instrument identifier (fromOFCA000060 Corporate Action Umbrella LEI, OFCA000070 Corporate Action Fund LEI, OFCA000080 Corporate Action Share Class ISIN) should be used to link this with the previously stated corporate action.
- OFCA000005 – Corporate Action Level
- Values: “Umbrella” / “Fund” / “Share Class”
- Definition: A field to indicate the hierarchical level on which the action has occurred. This can be used to show that the action applies at a higher level than the ID supplied, but should not be used in the reverse context. For example, the value “Umbrella” could be used here alongside a value in OFCA000080 Corporate Action Share Class ISIN to indicate that the action applies to all share classes within the umbrella that the given share class belongs to. This cannot be used in reverse, stating “Share Class” but giving a fund or umbrella ID in OFCA000060 Corporate Action Umbrella LEI or OFCA000070 Corporate Action Fund LEI, as it would not be clear to which share class the action applied. For best clarity, all identifiers affected by the action should be given.
- OFCA000060 – Corporate Action Umbrella LEI
- Values: The LEI of the umbrella instrument relevant to the corporate action.
- Definition: An ID to link the corporate action to the relevant financial instrument at the correct hierarchical level. One of the three ID fields (OFCA000060 Corporate Action Umbrella LEI, OFCA000070 Corporate Action Fund LEI, OFCA000080 Corporate Action Share Class ISIN) must be completed for any corporate action. This should only be filled in the case that the corporate action is relevant to an entire umbrella (OFST005010 Umbrella, referred to as “fund” in some regions, such as Luxembourg).
- OFCA000070 – Corporate Action Fund LEI
- Values: The LEI of the fund instrument relevant to the corporate action.
- Definition: An ID to link the corporate action to the relevant financial instrument at the correct hierarchical level. One of the three ID fields (OFCA000060 Corporate Action Umbrella LEI, OFCA000070 Corporate Action Fund LEI, OFCA000080 Corporate Action Share Class ISIN) must be completed for any corporate action. This should only be filled in the case that the corporate action is relevant to an entire fund (OFST010110 Legal Fund Name Only, referred to as “sub-fund” in some regions, such as Luxembourg).
- OFCA000080 – Corporate Action Share Class ISIN
- Values: The ISIN of the share class relevant to the corporate action.
- Definition: An ID to link the corporate action to the relevant financial instrument at the correct hierarchical level. One of the three ID fields (OFCA000060 Corporate Action Umbrella LEI, OFCA000070 Corporate Action Fund LEI, OFCA000080 Corporate Action Share Class ISIN) must be completed for any corporate action. This should only be filled in the case that the corporate action is specific to a single share class (OFST020060 Full Share Class Name).
- OFCA000150 – Corporate Action Declared Date
- Values: Date (YYYY-MM-DD)
- Definition: The date at which the corporate action was declared.
- OFCA000160 – Corporate Action Effective Date
- Values: Date (YYYY-MM-DD)
- Definition: The date at which the corporate action will occur or has occurred.
- OFCA000300 – Corporate Action Grouping Key
- Values: Alphanumeric string
- Definition: An internal ID that can be used to link multiple corporate action records into a single corporate action group. E.g. linking a Currency Change and Re-domiciliation corporate action together where these corporate actions are happening in concert. Should be assigned as a GUID by a given user and not reused for other corporate actions by their system. As openfunds does not store data, there is no way to make this a universal GUID and this should be managed per user.
- OFCA000310 – Corporate Action Type
- Values: “Currency change” / “Identifier change” / “Liquidation” / “Merger” / “Legal structure change” / “Dormancy” / “Name change” / “Split” / “Investor information” / “Distribution” / “Re-domiciliation” / “Management Company change” / “Distribution Policy or Frequency change” / “Maturity Date change” / “Fiscal Year End change” / “Index or Benchmark change” / “Change in execution or settlement” / “Investment status change” / “Tender Offer” (as of v2.1 of openfunds)
- Definition: The type of corporate action being reported. Each corporate action has different data reporting requirements, which are detailed further below.
- OFCA000320 – Corporate Action URL
- Values: Website URL
- Definition: A URL, if available, providing a link to information about the corporate action, such as a link to a PDF giving information about a merger action.
- OFCA000330 – Corporate Action Data OFID
- Values: OFID (e.g. OFST020000)
- Definition: The OFID of the data field being reported in the data record. This should only be used for reporting in a narrow/deep table format. More information on narrow/deep table reporting can be found in the section below.
- OFCA000340 – Corporate Action Data Field Name
- Values: Field name
- Definition: The openfunds field name of the data field being reported in the data record. This should only be used for reporting in a narrow/deep table format. More information on narrow/deep table reporting can be found in the section below.
- OFCA000500 – Corporate Action Data Old Value
- Values: Variable, depending on the value of OFCA000330 – Corporate Action Data OFID
- Definition: The old value of the data field being reported in the data record. Some corporate action data will not have an old value, in which case this field may be left blank. For example, Merger ratio, where there is only a single value for the merger ratio for a given merger action.
- OFCA000510 – Corporate Action Data New Value
- Values: Variable, depending on the value of OFCA000330 – Corporate Action Data OFID
- Definition: The new value of the data field being reported in the data record. Some corporate action data will not have an old value, in which case only this field must be populated. For example, Merger ratio, where there is only a single value for the merger ratio for a given merger action.
Data transmission
Detailed dynamic data on varying action types can be reported in spreadsheets in two contrasting ways, wide/flat or narrow/deep format. Each has use cases to which it is better suited and has its place in reporting corporate actions. As such, openfunds has created two transmission structures for reporting this data, depending on use case.
The wide format consists of a wide table including columns for all data fields for all possible actions. This is a more traditional structure for reporting this data and is more accessible to a human user, giving a clear picture of every possible field relevant to each action type. As such, it is well suited to manual data entry reporting for a relatively small (e.g. under 100 records) set of actions. However, as the name suggests, this format can lead to very wide tables, which have a lot of blank spaces in them where most columns are not relevant to a given action. This format also presents issues with reporting previous values in the case of value changes, such as currency change, as separate columns and fields would be required for each old and new value if this data was shown. An example wide/flat table for openfunds corporate actions might look like this (with the table cut off after a certain point due to the width, a full table might have over 100 columns, doubling if the old values were also reported):
The deep format instead uses a smaller set of columns, with “Old value”/”New value” columns used to enter all data changes. For some values (e.g. Merger ratio), “Old value” will not be relevant and should be left blank. This format can be more complex for a human user and is less approachable for manual data entry, but delivers the same data in a more efficient and compact format. Thus it is often better suited to automated data reporting for large sets of data. The same data shown above would look like this when reported in a deep table:
Larger versions of both these files can be found in the Appendix of this document.
Wide/flat format
The wide/flat format uses the following columns as its core, followed by all action data columns as required by the report user:
- OFCA000001 – Corporate Action Notification Type
- OFCA000005 – Corporate Action Level
- OFCA000060 – Corporate Action Umbrella LEI
- OFCA000070 – Corporate Action Fund LEI
- OFCA000080 – Corporate Action Share Class ISIN
- OFCA000150 – Corporate Action Declared Date
- OFCA000160 – Corporate Action Effective Date
- OFCA000300 – Corporate Action Grouping Key
- OFCA000310 – Corporate Action Type
- OFCA000320 – Corporate Action URL
The action-specific data fields are listed below alongside their relevant actions. When designing a template for reporting, a user can choose which of these fields are and are not necessary for their own requirements and design their template accordingly.
Providing “Old Value” in a wide/flat format
The wide/flat format does not offer specific field slots in which to provide the “old” or previous value of a data point. If this data is required in the wide/flat format, the previous field value should be indicated in a separate column using *old* as a suffix to the field ID and name. e.g. the previous value of OFST010410 Fund Currency would be indicated with the headers OFST010410*old* and Fund Currency*old*.
Narrow/deep format
The narrow/deep format uses the same fields as above, but with the following fields in place of action-specific data fields:
- OFCA000330 – Corporate Action Data OFID
- OFCA000340 – Corporate Action Data Field Name
- OFCA000500 – Corporate Action Data Old Value
- OFCA000510 – Corporate Action Data New Value
Corporate action types
This standard separates corporate actions into a number of different types, which can then be grouped into categories. Each of these changes could either be an independent change, or associated with another corporate action, in which case they can be linked using OFCA000300 Corporate Action Grouping Key. Each action below gives a list of expected data fields that might be shown for the action and the field level on which the data might be required, but which of these is actually required is subject to the requirements of the individual user, and the field level of the data may vary beyond what is shown here.
An initial list of corporate actions is given here, valid at time of writing (October 2024), but further actions may be added to the list of options for OFCA000310 Corporate Action Type without this white paper being updated.
Finally, while openfunds lists all options for OFCA000310 Corporate Action Type as “corporate actions”, some of these may not be considered true corporate actions by all openfunds users, as each user may have their own definition for what a corporate action is. Data transmission partners should confirm between themselves which options are valid for them. In openfunds definition, a corporate action is any change to a financial instrument that merits advance notification. This definition is deliberately open to interpretation and the list of options is expected to change over time.
Currency change
The fund changes the currency in which its assets and liabilities are denominated. This can impact the fund’s valuation and the returns experienced by investors, especially if they are based in a different currency area. The following fields are relevant to this action type:
| OFID | Affected data field | Field level |
| OFST010410 | Fund Currency | Fund |
| OFST020540 | Share Class Currency | Share Class |
| OFDY100110 | Dynamic Currency | Listing |
Identifier change
The fund updates its identification code, such as ISIN (International Securities Identification Number) or CUSIP (Committee on Uniform Securities Identification Procedures). This change helps in accurately tracking and trading the fund. The following fields are relevant to this action type (please note this list is not necessarily exhaustive in this case):
| OFID | Affected data field | Field level |
| OFST005025 | CBI Code of Umbrella | Umbrella |
| OFST005030 | CSSF Code of Umbrella | Umbrella |
| OFST005035 | FSMA Code of Umbrella | Umbrella |
| OFST010035 | LEI Of Umbrella | Umbrella |
| OFST010030 | LEI Of Fund | Fund |
| OFST010070 | CBI Code Of Fund | Fund |
| OFST010075 | CSSF Code Of Fund | Fund |
| OFST010080 | FSMA Code Of Fund | Fund |
| OFST020000 | ISIN | Share Class |
| OFST020040 | SEDOL | Share Class |
| OFST020005 | CUSIP | Share Class |
| OFST020020 | Bloomberg Code | Share Class |
| OFST020025 | FIGI Code | Share Class |
| OFST020037 | Swiss Fund Data Identifier | Share Class |
| OFST020042 | APIR Code | Share Class |
| OFST020047 | KOFIA Code | Share Class |
| OFST020105 | CSSF Code Of Share Class | Share Class |
| OFST020110 | FSMA Code Of Share Class | Share Class |
| OFST020115 | Dirección General de Seguros y Fondos de Pensiones (DGSFP) Plan Code | Share Class |
| … | … | … |
Liquidation
The fund is closed, and its assets are sold off. The proceeds from the sale are distributed to the investors. This often occurs when the fund is underperforming or when the management decides to cease operations. The following fields are relevant to this action type:
| OFID | Affected data field | Field level |
| OFST020545 | Share Class Lifecycle | Fund |
| OFST023100 | Investment Status | Fund |
| OFST020545 | Share Class Lifecycle | Share Class |
| OFST023100 | Investment Status | Share Class |
Merger
Two or more funds combine into a single entity. This can be done to consolidate resources, reduce costs, or streamline operations. Investors in the merging funds receive shares in the new, combined fund. The following fields are relevant to this action type:
| OFID | Affected data field | Field level |
| OFST020571 | Merger Ratio | Share Class |
| OFST020576 | Has Track Record Extension | Share Class |
| OFST020577 | Track Record Extension ISIN | Share Class |
| OFST020578 | Absorbed share class ISIN | Share Class |
| OFST020572 | Absorbing Fund Full Share Class Name | Share Class |
| OFST020575 | Absorbing Fund Share Class ISIN | Share Class |
| OFDY005080 | Merger Ratio Calculation Date | Share Class |
| OFDY005085 | Merger Redemption Cut-Off Date | Share Class |
| OFDY005090 | Merger Beginning of Redemption and Conversion Period | Share Class |
Legal structure change
The fund alters its legal form, such as converting from a mutual fund to an exchange-traded fund (ETF). This can affect the fund’s regulatory requirements, tax treatment, and how it is traded. The following fields are relevant to this action type:
| OFID | Affected data field | Field level |
| OFST010271 | Type of Alternative Fund Structure / Vehicle | Fund |
| OFST160100 | Legal Form | Fund |
| OFST160150 | Home Country Legal Type Of Fund | Fund |
| OFST010271 | Type of Alternative Fund Structure / Vehicle | Umbrella |
| OFST160100 | Legal Form | Umbrella |
| OFST160150 | Home Country Legal Type Of Fund | Umbrella |
Dormancy
The fund becomes inactive, often due to low investor interest or poor performance. During dormancy, the fund may not accept new investments or may limit its operations until conditions improve. The following fields are relevant to this action type:
| OFID | Affected data field | Field level |
| OFST020545 | Share Class Lifecycle | Fund |
| OFST020562 | Dormant Start Date | Fund |
| OFST020563 | Dormant End Date | Fund |
| OFST020545 | Share Class Lifecycle | Share Class |
| OFST020562 | Dormant Start Date | Share Class |
| OFST020563 | Dormant End Date | Share Class |
Name change
The fund’s name is updated to reflect a new investment strategy, management team, or branding initiative. This can help in better aligning the fund’s identity with its objectives and market positioning. The following fields are relevant to this action type:
| OFID | Affected data field | Field level |
| OFST005010 | Umbrella | Umbrella |
| OFST010110 | Legal Fund Name Only | Fund |
| OFST020060 | Full Share Class Name | Share Class |
| OFST010020 | Legal Fund Name Including Umbrella | Fund |
| OFST020070 | Abbreviated Share Class Name | Share Class |
Split
The fund’s shares are divided into a greater number of shares, reducing the price per share. This can make the fund more accessible to smaller investors and increase liquidity. The following fields are relevant to this action type:
| OFID | Affected data field | Field level |
| OFDY005062 | Split Ratio | Share Class |
| OFDY005060 | Split Reference Date | Share Class |
| OFDY005065 | Split Type | Share Class |
Investor information
Updates or disclosures provided to investors about fund actions, such as AGMs. The following fields are relevant to this action type:
| OFID | Affected data field | Field level |
| OFST005200 | Annual General Meeting URL | Umbrella |
| OFST005210 | Extraordinary General Meeting URL | Umbrella |
| OFST005200 | Annual General Meeting URL | Fund |
| OFST005210 | Extraordinary General Meeting URL | Fund |
Distribution
Payments made to investors from the fund’s income (such as dividends or interest) or capital gains. Distributions can be made periodically and are a way for investors to receive a return on their investment. The following fields are relevant to this action type:
| OFID | Affected data field | Field level |
| OFST700670 | Is Swiss Affidavit Eligible | Share Class |
| OFDY005005 | Dividend Announcement Date | Share Class |
| OFDY005007 | Dividend Record Date | Share Class |
| OFDY005010 | Dividend Ex Date | Share Class |
| OFDY005015 | Dividend Payment Date | Share Class |
| OFDY005020 | Dividend Gross | Share Class |
| OFDY005022 | Dividend Net | Share Class |
| OFST020400 | Share Class Distribution Policy | Share Class |
| OFDY005000 | Dividend Currency | Share Class |
| OFST023552 | Distribution Declaration Frequency | Share Class |
| OFDY005030 | Is Dividend Final | Share Class |
Re-domiciliation
The fund moves its legal registration to a different jurisdiction. This can be done for regulatory, tax, or strategic reasons and can impact the fund’s operations and investor base. The following fields are relevant to this action type:
| OFID | Affected data field | Field level |
| OFST010010 | Fund Domicile Alpha-2 | Fund |
| OFST010011 | Fund Domicile Alpha-3 | Fund |
| OFST005015 | Domicile Of Umbrella | Umbrella |
Management Company change
The entity responsible for managing the fund is replaced. This can occur due to a change in ownership, performance issues, or strategic realignment. The new management company takes over the fund’s operations and investment decisions. The following fields are relevant to this action type:
| OFID | Affected data field | Field level |
| OFST001020 | ManCo | Variable |
| OFST001055 | Address of ManCo | Variable |
| OFPM000008 | Portfolio Manager Forename | Variable |
| OFPM000010 | Portfolio Manager Name | Variable |
| OFPM000111 | Portfolio Manager Type | Variable |
| OFPM000120 | Portfolio Manager Role Starting Date | Variable |
| OFPM000125 | Portfolio Manager Role End Date | Variable |
Distribution Policy or Frequency change
Adjustments to how and when distributions are made to investors. This can include changes in the frequency (e.g., monthly, quarterly) or the method of distribution (e.g., cash, reinvestment). The following fields are relevant to this action type:
| OFID | Affected data field | Field level |
| OFST020400 | Share Class Distribution Policy | Share Class |
| OFST023552 | Distribution Declaration Frequency | Share Class |
| OFST020450 | Ex-Dividend Date Calendar | Share Class |
| OFST020460 | Record Date Calendar | Share Class |
| OFST020470 | Payment Date Calendar | Share Class |
Maturity Date change
The date when the fund is set to mature is altered. This can extend or shorten the investment horizon for investors and may impact the fund’s strategy and performance. Changes to maturity date can also impact the naming of funds that use their maturity date in the fund name. The following fields are relevant to this action type:
| OFID | Affected data field | Field level |
| OFST010110 | Legal Fund Name Only | Fund |
| OFST020060 | Full Share Class Name | Share Class |
| OFST010020 | Legal Fund Name Including Umbrella | Fund |
| OFST010300 | Investment Objective | Fund |
| OFST010800 | Maturity Date | Share Class |
Fiscal Year End change
The end date of the fund’s fiscal year is modified. This can affect the timing of financial reporting, tax filings, and distributions. The following fields are relevant to this action type:
| OFID | Affected data field | Field level |
| OFST010440 | Fiscal Year End | Fund |
Index or Benchmark change
The index or benchmark that the fund tracks or uses for performance comparison is changed. This can alter the fund’s investment strategy and performance, as it will now aim to replicate or outperform a different set of securities. The following fields are relevant to this action type:
| OFID | Affected data field | Field level |
| OFST023200 | Benchmark | Share Class |
| OFST023800 | Index Name | Share Class |
| OFST023805 | Index Currency | Share Class |
| OFST023810 | Index Type | Share Class |
| OFST023205 | Benchmark Bloomberg Ticker | Share Class |
Change in execution or settlement
Modifications to how trades are executed or settled. This can impact the fund’s liquidity, transaction costs, and overall efficiency. The following fields are relevant to this action type:
| OFID | Affected data field | Field level |
| OFST020300 | Valuation Frequency | Share Class |
| OFST430100 | Cut-off Time For Redemption | Share Class |
| OFST410100 | Cut-off Time For Subscription | Share Class |
| OFST410700 | Settlement Period For Subscription | Share Class |
| OFST430150 | Settlement Period For Redemption | Share Class |
| OFST420700 | Settlement Period For Switch In | Share Class |
| OFST440150 | Settlement Period For Switch Out | Share Class |
Investment status change
The fund’s investment status, such as being open or closed to new investors, is updated. This can affect the fund’s asset base and its ability to attract new capital. The following fields are relevant to this action type:
| OFID | Affected data field | Field level |
| OFST023100 | Investment Status | Share Class |
Tender Offer
An offer to purchase some or all of the fund’s shares from investors at a specified price, usually at a premium to the market price. This can provide liquidity to investors and is often used in restructuring or buyout scenarios. The following fields are relevant to this action type:
| OFID | Affected data field | Field level |
| OFDY005300 | Offering Party | Share Class |
| OFDY005305 | Submission Period – Start Date | Share Class |
| OFDY005310 | Submission Period – End Date | Share Class |
| OFDY005315 | Submission Period – End Time | Share Class |
| OFDY005320 | Submission Period End Time Time Zone | Share Class |
| OFDY005325 | Extension of Deadline Date | Share Class |
| OFDY005330 | Withdrawal Until Date | Share Class |
| OFDY005335 | Offering Terms | Share Class |
| OFDY005340 | Offering Minimum per holder | Share Class |
| OFDY005345 | Offering Maximum per holder | Share Class |
| OFDY005350 | Number of Instruments Tendered | Share Class |
| OFDY005355 | Number of Instruments Accepted | Share Class |
Document Information
| Title: | Corporate Actions |
| Language: | English |
| Confidentiality: | Public |
| Authors: | Charlie Duffin |
Revision History
| Version | Date | Status | Notice |
| 1.2 | 2024-10-23 | Final | Update based on final feedback from working group |
| 1.1 | 2024-10-02 | Draft | Amendments and corrections for v2.1 of openfunds |
| 1.0 | 2024-08-29 | Draft | First version. |
Implementation
If you have any questions about the new data type or difficulties with implementation, please contact us at businessoffice@openfunds.org.
Joining openfunds
If your firm has a need to reliably send or receive fund data, you are more than welcome to use the openfunds fields and definitions free-of-charge. Interested parties can contact the openfunds association by sending an email to: businessoffice@openfunds.org
openfunds.org
c/o Balmer-Etienne AG
Bederstrasse 66
CH-8002 Zurich
Tel.: +41 44 286 80 20
Email: businessoffice@openfunds.org
If you wish to read or download this white paper as PDF, please click here.