Offeror Initiated Bid Election Process

Table of Contents

Offeror Initiated Bid Election Process Flow

Offeror Bid Election Process

StepDescriptionPartyRecipientMessage Reference
1

The Offeror populates the Corporate Action Election with the following:

  1. Mandatory ISO 20022 elements defined in the Message Usage Guidelines;
  2. Optional ISO 20022 elements defined in the Message Usage Guidelines where applicable to the request; and
  3. Related ASX business values and rules applicable to the request.

The Offeror sends a Corporate Action Election to the CSP, initiating a Bid Election on behalf of the Account Holder.

OfferorCSP

Corporate Action Election (evnt_742)

2

The CSP validates the Corporate Action Election against the schema and business validation rules.

If the Corporate Action Election is schema and business valid, then refer to Step 3; "On Success".

If the Corporate Action Election is not schema or business valid, then refer to Step 22; "On Fail".

CSP--
On Success
3The CSP requests authorisation from the Controlling Participant.CSP--
4The CSP sends a Corporate Action Election Status Advice (Pending) to the Offeror, advising that their Corporate Action Election has been accepted by the CSP and is pending authorisation from the Controlling Participant.CSPOfferorCorporate Action Election Status Advice (evnt_743)
5

The CSP sends a Corporate Action Election to the Controlling Participant, providing the Bid Election details that were submitted in the Corporate Action Election sent by the Offeror.

CSPControlling ParticipantCorporate Action Election (evnt_742)
6

The Controlling Participant receives the Offeror Bid Election.

If the Controlling Participant accepts the Bid Election, refer to Step 7; "Acceptance".

If the Controlling Participant rejects the Bid Election, refer to Step 13; "Rejection".

If the Controlling Participant takes no action within two business days, refer to Step 18; "No Response".

Controlling Participant--
Acceptance
7

The Controlling Participant populates the Corporate Action Election Status Advice (Accepted) with the following:

  1. Mandatory ISO 20022 elements defined in the Message Usage Guidelines;
  2. Optional ISO 20022 elements defined in the Message Usage Guidelines where applicable to the request; and
  3. Related ASX business values and rules applicable to the request.

The Controlling Participant sends a Corporate Action Election Status Advice (Accepted) to the CSP, advising that they accept the Offeror Bid Election.

Controlling ParticipantCSPCorporate Action Election Status Advice (evnt_743)
8

The CSP validates the Corporate Action Election Election Status Advice (Accepted) against the schema and business validation rules.

If the Corporate Action Election is schema and business valid, then refer to Step 9; "Acceptance".

If the Corporate Action Election is not schema or business valid, then refer to Step 23; "On Fail".

CSP--
9The CSP reduces the available units, creating or increasing a sub-position in the Account (HIN) by locking the units for the security that is the target of the Bid Offer.CSP--
10The CSP sends an Account Notification to the Offeror, providing the Account (HIN) details that are subject to the Bid Offer.CSPOfferorAccount Notification (acct_002)
11The CSP sends a Corporate Action Election Status Advice (Accepted) to the Offeror, advising that their Corporate Action Election has been accepted by the Controlling Participant, and that a sub-position has been created or increased in the Account (HIN) for the security that is that target of the Bid Offer.CSPOfferorCorporate Action Election Status Advice (evnt_743)
12The CSP sends a Transaction Acknowledgement Advice (Accepted) [CDE9] / Corporate Action Election Status Advice (Accepted) [Post CDE9] to the Controlling Participant, acknowledging the acceptance of the Offeror Bid Election and advising that the sub-position was created or increased.CSPControlling Participant

CDE9: Transaction Acknowledgement Advice (comm_809)


Post CDE9: Corporate Action Election Status Advice (evnt_743)

Rejection
13

The Controlling Participant populates the Corporate Action Election Status Advice (Rejected) with the following:

  1. Mandatory ISO 20022 elements defined in the Message Usage Guidelines;
  2. Optional ISO 20022 elements defined in the Message Usage Guidelines where applicable to the request; and
  3. Related ASX business values and rules applicable to the request.

The Controlling Participant sends a Corporate Action Election Status Advice (Rejected) to the CSP, advising that they reject the Offeror Bid Election.

Controlling ParticipantCSPCorporate Action Election Status Advice (evnt_743)
14

The CSP validates the Corporate Action Election Status Advice (Rejected) against the schema and business validation rules.

If the Corporate Action Election is schema and business valid, then refer to Step 15; "Rejection".

If the Corporate Action Election is not schema or business valid, then refer to Step 24; "On Fail".

CSP--
15The CSP performs rejection on the pending Bid Election, updating the status of the Corporate Action Election to rejected.CSP--
16The CSP sends a Corporate Action Election Status Advice (Rejected) to the Offeror, advising that their Bid Election was rejected by the Controlling Participant.CSPOfferorCorporate Action Election Status Advice (evnt_743)
17The CSP sends a Transaction Acknowledgement Advice to the Controlling Participant, confirming their Offeror Bid Election rejection.CSPControlling ParticipantTransaction Acknowledgement Advice (comm_809)
No Response
18The End of Day process is triggered to perform ASX Housekeeping of pending Bid Elections.CSP--
19The CSP performs cancellation of the Bid Elections pending authorisation and records the cancellation reason as ASX Housekeeping (HOUS).CSP--
20The CSP sends a Corporate Action Election Status Advice (Housekept) to the Offeror, advising that their Bid Election was cancelled by ASX Housekeeping.CSPOfferorCorporate Action Election Status Advice (evnt_743)
21The CSP sends a Corporate Action Election Status Advice (Housekept) to the Controlling Participant, advising that a pending Bid Election was cancelled by ASX Housekeeping.CSPControlling ParticipantCorporate Action Election Status Advice (evnt_743)
On Fail
22

If the Corporate Action Election fails schema or business validation, the CSP will send the Offeror:

  • An invalid Transaction Notification with the relevant error code for schema failure; or
  • A rejected Transaction for business validation failure.
CSPOfferor

Invalid Transaction Notification (comm_807)

Rejected Transaction (comm_808)

23

If the Corporate Action Election Status Advice (Accepted) fails schema or business validation, the CSP will send the Controlling Participant:

  • An invalid Transaction Notification with the relevant error code for schema failure; or
  • A rejected Transaction for business validation failure.
CSPControlling Participant

Invalid Transaction Notification (comm_807)

Rejected Transaction (comm_808)

24

If the Corporate Action Election Status Advice (Rejected) fails schema or business validation, the CSP will send the Controlling Participant:

  • An invalid Transaction Notification with the relevant error code for schema failure; or
  • A rejected Transaction for business validation failure.
CSPControlling Participant

Invalid Transaction Notification (comm_807)

Rejected Transaction (comm_808)

Business Values and Rules

Corporate Action Election - Offeror

The Offeror sends a Corporate Action Election to the CSP, indicating a Bid Election on behalf of the Account Holder.

ASX Element NameISO 20022 ElementGuidelines
Transaction IdAccount Owner Document IdentificationThe unique identifier of a transaction within the CSP. Further details of Transaction Identifications are detailed here.
Corporate Action Event IdCorporate Action Event IdentificationThe unique numeric identifier of the Corporate Action that the Bid Offer pertains to.
Unit QuantitySecurities Quantity or Instructed Amount / Quantity / Unit

Identifies the quantity of the units that are being accepted by the Offeror on behalf of the Account Holder.

Distinct Portion IndicatorAdditional Information / Instruction Additional Information

Identifies whether the number of securities covered by the Bid Election relate to a distinct portion of a security holding, either:

  • 'true', where the securities covered by the acceptance relate to a distinct portion of a security holding; or
  • 'false', where the securities covered by the acceptance do not relate to a distinct portion of a security holding.

'true' must be input where the Bid Offer Election is for a Takeover Offer for securities in an Account Holder's name and the Account Holder holds the securities on behalf of one or more parties and only one of those parties accepts the Offer.

Security CodeFinancial Instrument IdentificationIdentifies the security that is the target of the Bid Offer. Either a Security Code, an ISIN or both elements may be populated. Where both elements are present, the ISIN and Security Code must refer to the same security. Further details of Security Identification are detailed here.
Account Identifier (HIN)Safekeeping Account

Uniquely identifies an Account (HIN) within the CSP.

The Account (HIN) identified must not have an Account Status of Locked (LOCK).
Option NumberOption Number

Identifies the Option Number of the Corporate Action Event Id that the Offeror is accepting on behalf of the Account Holder.

The below attributes identify the Event Type <EvtTp>. The Event Type provided in the Corporate Action Election must match the Event Type of the Corporate Action identified by the Corporate Action Event Id
Other eventCode / Other EventIdentifies that the Corporate Action Event Id is for a Corporate Action which operates similarly to a Takeover or a Buy-back such as a Reinvestment Offer identified as Other Event (OTHR).
BuybackCode / Repurchase OfferIdentifies that the Corporate Action Event Id is for a Buy-back (BIDS). Where a Buy-back is identified in the Corporate Action Election, it must be an applicable Equal Access Buy-back.
TakeoverCode / TenderIdentifies that the Corporate Action Event Id is for a Takeover (TEND). Where a Takeover is identified in the Corporate Action Election, it must be an applicable Off-Market Takeover.
The below attributes identify the Option Type <OptnTp>. The Option Type provided in the Corporate Action Election must match the Option Type of Option identified by the Option Number
Cash and SecurityCash and SecurityIdentifies that the Bid Offer consideration is paid in Cash and Securities (CASE).
CashCashIdentifies that the Bid Offer consideration is paid in Cash (CASH).
SecuritySecurityIdentifies that the Bid Offer consideration is paid in Securities (SECU).

Corporate Action Election Status Advice - Pending Authorisation, Acceptance, Rejection and Housekept

In CDE8, the CSP will send a Transaction Acknowledgement Advice (Accepted) to the Controlling Participant, acknowledging the acceptance of the Offeror Bid Election and advising that the sub-position was created or increased. Post CDE8, the CSP sends a Corporate Action Election Status Advice (Accepted). The Business Values and Rules table for this change will be made available in a subsequent release. For further details, refer to the messaging August 2020 - Documentation Release Notes.

The CSP sends a Corporate Action Election Status Advice to the Offeror:

  • advising that their Corporate Action Election has been accepted by the CSP and is pending authorisation from the Controlling Participant;
  • advising that their Bid Election was accepted by the Controlling Participant;
  • advising that their Bid Election was rejected by the Controlling Participant; or
  • advising that a Bid Election was cancelled by ASX Housekeeping.
ASX Element NameISO 20022 ElementGuidelines
Transaction IdInstruction Identification / IdentificationIndicates the Transaction Id provided on the Corporate Action Election. Further details of Transaction Identifications are detailed here.
Corporate Action Event IdCorporate Action Event IdentificationIndicates the Corporate Action Event Id provided on the Corporate Action Election.
Status QuantityStatus Quantity / Quantity / Unit

Where the Corporate Action Election Status Advice flows from a CSP acceptance, the Status Quantity indicates the quantity of the units which are pending authorisation to be locked in a new or existing sub-position.

Where the Corporate Action Election Status Advice flows from a Controlling Participant Acceptance, the Status Quantity indicates the additional quantity locked for that option following a Corporate Action Election.

Where the Corporate Action Election Status Advice flows from a Controlling Participant Rejection, the Status Quantity indicates the the quantity of units rejected that will not be locked for that option.

Where the Corporate Action Election Status Advice flows from ASX Housekeeping, the Status Quantity indicates the pending quantity of units cancelled and which will not be locked for that option.

Security CodeFinancial Instrument IdentificationIndicates the Security Code provided on the Corporate Action Election. Both Security Code and ISIN will always be present on the Corporate Action Election Status Advice sent from the CSP. Further details of Security Identification are detailed here.
Account Identifier (HIN)Safekeeping AccountUniquely identifies an Account (HIN) within the CSP.
Option NumberOption Number / NumberIndicates the Option Number recorded against the Corporate Action Event Id provided on the Corporate Action Election.
Accepted BalanceHolding BalanceWhere the balance has changed as a result of the instruction, indicates the aggregate number of units that are pledged to the Offeror on a sub-position in acceptance of their Bid Offer.
The below attributes identity the Event Type <EvtTp>. The Event Type present will match the Event Type of the Corporate Action identified by the Corporate Action Event Id
Other eventCode / Other EventIndicates that the Corporate Action Event Id is for a Corporate Action which operates similarly to a Takeover or a Buy-back such as a Reinvestment Offer identified as Other Event (OTHR).
BuybackCode / Repurchase OfferIndicates that the Corporate Action Event Id is for a Buy-back (BIDS). Where a Buy-back is identified in the Corporate Action Election, it will be an applicable Equal Access Buy-back.
TakeoverCode / TenderIndicates that the Corporate Action Event Id is for a Takeover (TEND). Where a Takeover is identified in the Corporate Action Election, it will be an applicable Off-Market Takeover.
The below attributes identify the Option Type <OptnTp>. The Option Type present will match the Option Type of the Option identified in Corporate Action Election
Cash and SecurityCash and SecurityIndicates that the Bid Offer consideration is paid in Cash and Securities (CASE).
CashCashIndicates that the Bid Offer consideration is paid in Cash (CASH).
SecuritySecurityIndicates that the Bid Offer consideration is paid in Securities (SECU).
The attributes in below section will be populated under Instruction Processing Status <InstrPrcgSts>, indicating the processing status of the Bid Offer
Where the Corporate Action Election Status Advice is indicating acceptance from the Controlling Participant, the below attribute will be provided under Accepted for Further Processing <AccptdForFrthrPrcg>
Accepted for Further ProcessingNo ReasonIndicates that the Corporate Action Election was Accepted (NORE) by the Controlling Participant.
Where the Corporate Action Election Status Advice is indicating rejection from the Controlling participant, the below attribute will be provided under Rejected <Rjcted>
RejectedReason / IdentificationIndicates that the Corporate Action Election was Rejected (NORE) by the Controlling Participant.
Where the Corporate Action Election Status Advice is indicating acceptance from the CSP and pending Controlling Participant authorisation, the below attribute will be provided under Pending <Pdg>

Accepted Pending Authorisation

No ReasonIndicates that the Corporate Action Election was accepted by the CSP for further processing and is Pending (NORE) from the Controlling Participant.
Where the Corporate Action Election Status Advice is indicating cancelled by ASX Housekeeping, the below attribute will be provided under Cancelled <Canc>
CancelledReason / IdentificationIndicates that the Corporate Action Election was cancelled by ASX Housekeeping (HOUS).

Corporate Action Election - CSP

The CSP sends a Corporate Action Election to the Controlling Participant, providing the Bid Election details that were submitted in Corporate Action Election sent by the Offeror.

ASX Element NameISO 20022 ElementGuidelines
Transaction IdAccount Owner Document IdentificationThe unique identifier of a transaction within the CSP. Further details of Transaction Identifications are detailed here.
Corporate Action Event IdCorporate Action Event IdentificationIndicates the Corporate Action Event Id provided on the Corporate Action Election.
Unit QuantitySecurities Quantity or Instructed Amount / Quantity / Unit

Indicates the quantity of the units that are being accepted by the Offeror on behalf of the Account Holder.

Distinct Portion IndicatorAdditional Information / Instruction Additional Information

Indicates whether the number of securities covered by the Bid Election relate to a distinct portion of a security holding, either:

  • 'true', where the securities covered by the acceptance relate to a distinct portion of a security holding; or
  • 'false', where the securities covered by the acceptance do not relate to a distinct portion of a security holding.
Security CodeFinancial Instrument IdentificationIndicates the Security Code provided on the Corporate Action Election. Both Security Code and ISIN will always be present on the Corporate Action Election sent from the CSP. Further details of Security Identification are detailed here.
Account Identifier (HIN)Safekeeping AccountUniquely identifies an Account (HIN) within the CSP.
Option NumberOption Number

Indicates the Option Number of the Corporate Action Event Id that the Offeror is accepting on behalf of the Account Holder.

The below attributes identify the Event Type <EvtTp>. The Event Type provided in the Corporate Action Election will match the Event Type of the Corporate Action identified by the Corporate Action Event Id
Other eventCode / Other EventIndicates that the Corporate Action Event Id is for a Corporate Action which operates similarly to a Takeover or a Buy-back such as a Reinvestment Offer identified as Other Event (OTHR).
BuybackCode / Repurchase OfferIndicates that the Corporate Action Event Id is for a Buy-back (BIDS). Where a Buy-back is identified in the Corporate Action Election, it will be an applicable Equal Access Buy-back.
TakeoverCode / TenderIndicates that the Corporate Action Event Id is for a Takeover (TEND). Where a Takeover is identified in the Corporate Action Election, it will be an applicable Off-Market Takeover.
The below attributes identify the Option Type <OptnTp>. The Option Type provided in the Corporate Action Election will match the Option Type of the Option identified by the Option Number
Cash and SecurityCash and SecurityIndicates that the Bid Offer consideration is paid in Cash and Securities (CASE).
CashCashIndicates that the Bid Offer consideration is paid in Cash (CASH).
SecuritySecurityIndicates that the Bid Offer consideration is paid in Securities (SECU).

Corporate Action Election Status Advice - Controlling Participant Acceptance and Rejection

The Controlling Participant sends a Corporate Action Election Status Advice to the CSP:

  • advising that they accept the Offeror Bid Election; or
  • advising that they reject the Offeror Bid Election.
ASX Element NameISO 20022 ElementGuidelines
Transaction IdInstruction Identification / IdentificationIdentifies the Transaction Id provided on the Corporate Action Election that is being rejectedFurther details of Transaction Identifications are detailed here.
Corporate Action Event IdCorporate Action Event IdentificationIdentifies the Corporate Action Event Id provided on the Corporate Action Election that is being accepted or rejected.
Option NumberOption Number / NumberIdentifies the Option Number recorded against the Corporate Action Event Id provided on the Corporate Action Election that is being accepted or rejected.
The below attributes identity the Event Type <EvtTp>. The Event Type present will match the Event Type of the Corporate Action identified by the Corporate Action Event Id
Other eventCode / Other EventIdentifies that the Corporate Action Event Id is for a Corporate Action which operates similarly to a Takeover or a Buy-back such as a Reinvestment Offer identified as Other Event (OTHR).
BuybackCode / Repurchase OfferIdentifies that the Corporate Action Event Id is for a Buy-back (BIDS). Where a Buy-back is identified in the Corporate Action Election, it must be an applicable Equal Access Buy-back.
TakeoverCode / TenderIdentifies that the Corporate Action Event Id is for a Takeover (TEND). Where a Takeover is identified in the Corporate Action Election, it must be an applicable Off-Market Takeover.
The below attributes identify the Option Type <OptnTp>. The Option Type provided in the Corporate Action Election must match the Option Type of Option identified by the Option Number
Cash and SecurityCash and SecurityIdentifies that the Bid Offer consideration is paid in Cash and Securities (CASE).
CashCashIdentifies that the Bid Offer consideration is paid in Cash (CASH).
SecuritySecurityIdentifies that the Bid Offer consideration is paid in Securities (SECU).
The below section must be populated under Instruction Processing Status <InstrPrcgSts>
Where the Corporate Action Election Status Advice is indicating acceptance of the Bid Election, the below attribute must be provided under Accepted for Further Processing <AccptdForFrthrPrcg>
Accepted for Further ProcessingNo ReasonIdentifies that the Corporate Action Election is being Accepted (NORE).
Where the Corporate Action Election Status Advice is indicating rejection of the Bid Election, the below attribute must be provided under Rejected <Rjctd>
RejectedReason / IdentificationIdentifies that the Corporate Action Election is being Rejected (NORE).

Account Notification

The CSP sends an Account Notification to the Offeror, providing the Account (HIN) details that are subject to the Bid Offer.

Account Elements

ASX Element Name

 ISO 20022 Element

Guidelines

Transaction IdRelated Reference / ReferenceThe Transaction Id provided on the Corporate Action Election. Further details of Transaction Identifications are detailed here.
Notification ReasonConfirmation Details / Identification

Indicates the reason the Account (HIN) details are sent to Offeror. In this case; Bid Acceptance (BIAC).

Account IdentifierInvestment Account / Identification

Uniquely identifies an Account (HIN) within the CSP.

DesignationDesignationAdditional information about the Account (HIN).
Account NameOther Party Details / Account Name

Indicates the Account Name and can be used as the name for the purpose of the register of members.

Security CodeFinancial Instrument Details / IdentificationIndicates the security related to the Corporate Action Election. Both Security Code and ISIN will always be present on the Account Notification.
Controlling ParticipantAccount ServicerIndicates the Participant that controls an Account (HIN) within the CSP.
Account StatusAccount StatusIndicates the status of the Account(HIN), either:
  • Active (ACTV); or
  • Locked (LOCK).

Where the Account Status is Active (ACTV), this will be indicated under the Account Status /  Enabled tag.

Where the Account Status is not active (LOCK), this will be indicated under the Account Status / Other Status / Identification tag.

Registered Address
Address Line 1Other Party Details / Postal Address / Address Line

Indicates the registered address for the Account (HIN).

Address Line 2Other Party Details / Postal Address / Address Line
Address Line 3Other Party Details / Postal Address / Address Line
Post CodeOther Party Details / Postal Address / Post Code
Town NameOther Party Details / Postal Address / Town Name
State (Country sub-division)Other Party Details / Postal Address / State
CountryOther Party Details / Postal Address / Country
Residency IndicatorOther Party Details / Additional Information

Indicates the residency of the Account (HIN) for the purposes of Foreign Ownership Restriction. In this case, Unknown (UNKN) will be populated.

Holder Elements

ASX Element Name

ISO 20022 Element

Guidelines

Where ownership type is single holder, holder details are to be populated within Primary Owner <PmryOwnr>

Where ownership type is joint holder, holder details are to be populated within Joint Owner <JntOwnr>

Organisation holder attributes are to be populated within Organisation <Org>
Holder NameName

Refer to Holder Name for business validations.

Where the Holder is an individual, the name will be the full legal name of the Holder comprising of title, given names and last names.

Individual holder attributes are to be populated within Individual Person <IndvPrsn>
Holder NameName

Refer to Holder Name for business validations.

Where the Holder is a company, trust, partnership, superannuation fund, deceased individual, government organisation, other non-individual or unknown holder type, the name will be the registered name.

Following attributes are outside the Individual Person <IndvPrsn> and Organisation <Org> elements

Holder Identifier

Client Identification

Indicates the identifier associated to the Holder that was modified.

Holder StatusAdditional Information / Status

Indicates the current status of the Holder.

Transaction Acknowledgement Advice

The CSP sends a Transaction Acknowledgement Advice to the Controlling Participant:

  • CDE8: acknowledging the acceptance of the Offeror Bid Election and advising that the sub-position was created or increased; or
  • confirming their Offeror Bid Election rejection.
ASX Element NameISO 20022 ElementGuidelines
Transaction IdRelated Reference / ReferenceIndicates the Transaction Id provided on the Corporate Action ElectionFurther details of Transaction Identifications are detailed here.
Status CodeStatus CodeIndicates the status of the Corporate Action Election. In this case, Completed (COMP) will be present.




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