MT527: (4) Field 23G: Function of the Message

FORMAT

Option G

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(Function)(Subfunction)

PRESENCE

Mandatory in mandatory sequence A

DEFINITION

This field identifies the function of the message.

CODES

Function must contain one of the following codes:

CANC	Cancellation Request	Message requesting the cancellation of a previously sent message.
NEWM	New	New message.
REPL	Replacement	Message replacing a previously sent message.

CODES

Subfunction, when present, must contain one of the following codes:

CODU	Copy Duplicate	Message is a copy to a party other than the account owner/account servicer, for information purposes and the message is a duplicate of a message previously sent.
COPY	Copy	Message is a copy to a party other than the account owner/account servicer, for information purposes.
DUPL	Duplicate	Message is for information/confirmation purposes. It is a duplicate of a message previously sent.

USAGE RULES

To cancel a previously sent instruction, Function is CANC. A copy of at least the mandatory fields of the message to be cancelled must be present; optional fields need not be present for SWIFT validation.

The replacement is used to, for example, for matched deals, to modify the list of proposed collateral without changing the terms of the deal. In case the terms of the deal need to be changed, the instruction must be cancelled and a new instruction sent.