1. Inclusion of “Research Fee” and other related MiFID items
Orders
Price report
Holdings statements
Last updated 21 April 2017

2. ORDER CONFIRMATION
Currently, the order confirmation messages do not contain a specific fee or commission type code for ‘research fee/commission” in the Individual Fee sequence of the message. Should there be a requirement to specify a 'research' fee or commission', an interim solution is specified for review.
SMPG IF Research Fee & other MiFID items

3. <Id>RESE</Id> <Issr>SMPG</Issr> </Prtry>
Research Fee
RESE: Charge or commission paid by the investor to a distributor/ intermediary or other service provider for the provision of financial research.
<TxOvrhd>
<IndvFee>
<Tp>
<Prtry>
<Id>RESE</Id>
<Issr>SMPG</Issr>
</Prtry>
</Tp>
<ApldAmt Ccy="EUR">100</ApldAmt>
<InftvInd>false</InftvInd>
</IndvFee>
</TxOvrhd>
The used of Proprietary should be agreed bilaterally.
If included in the settlement amount, then Informative Indicator is 'false' or '0'.
If included for information purposes only, then Informative Indicator is 'true' or '1'.
SMPG IF Research Fee & other MiFID items

4. Price Report - Structure
[1.1] Message Identification
[0.1] Pool Reference
[0.n] Previous Reference
[0.1] Related Reference
[1.1] Message Pagination
[1.1] Price Report Identification
[1.n] Price Valuation Details
[0.n] Extension
The impact will be in the Price Valuation Details sequence
Andrea Milanesio provided the input for this section
SMPG IF Research Fee & other MiFID items

5. Price Report - Structure
Price Valuation Details
[0.1] Identification
[0.1] Valuation Date Time
[1.1] NAV Date Time
[1.1] Financial Instrument Details
[0.1] Fund Management Company
[0.n] Total NAV
[0.1] Total Units
[0.1] Next Valuation Date
[0.1] Previous Valuation Date
[1.1] Valuation Type
[0.1] Valuation Frequency
[1.1] Official Valuation Indicator
[1.1] Suspended Indicator
[0.n] Price Details
[0.n] Valuation Statistics
[0.1] Performance Details
The impact will be in the Price Details sequence
SMPG IF Research Fee & other MiFID items

6. [1.n] Value in Investment Currency [0.n] Value in Alternative Currency
Price Report
Price Details
XOR [1.1] Type
[1.1] Extended Type
[0.1] Price Method
[1.n] Value in Investment Currency
[0.n] Value in Alternative Currency
[1.1] Cum Dividend Indicator
[0.1] Calculation Basis
[1.1] Estimated Price Indicator
[0.1] Number Of Days Accrued
[0.1] Taxable Income Per Share
XOR [0.1] Tax Inc Per Shr Calc
[0.1] Extended Tax Inc Per Shr Calc
[0.1] Taxable Income Per Dividend
[0.1] EU Dividend Status
[0.n] Charge Details
[0.1] Tax Liability Details
The XOR structures need to be replaced by choice
The impact will be in the Price Details sequence
SMPG IF Research Fee & other MiFID items

7. XOR [0.1] Calculation Basis [0.1] Extended Calculation Basis
Price Report
ThesXOR structures need to be replaced by choice
Charge Details
XOR [1.1] Type
[1.1] Extended Type
XOR [1.1] Amount
[1.n] Rate
XOR [0.1] Calculation Basis
[0.1] Extended Calculation
Basis
New type codes needed
New element: Reporting Type (codes ex ante and ex post
Ex ante – ‘based on forecast rather than actual result’, that is ‘estimated’
Ex post – ‘based on actual result rather than forecast’, that is ‘confirmed’
New element: Reporting Date
SMPG IF Research Fee & other MiFID items

8. Charge Details Type Codes – current list
Price Report
* This is XOR, needs to be replaced by choice
Charge Details Type Codes – current list
MANF
Management Fee
Fee paid to an investment manager for services. The fee usually includes fund administration costs and investor relationship management. Typically, the amount paid is a percentage of the assets under management.
BEND
BackEndLoad
Sales charge paid by the investor when redeeming an investment such as an investment fund.
FEND
FrontEndLoad
Sales charge paid immediately by the investor when subscribing to an investment such as an investment fund.
ADVI
AdvisoryFee
Fee paid for advisory services rendered.
CUST
CustodyFee
Fee paid to a custodian in respect of custodial services.
PUBL
PublicationFee
Fee paid in respect of publications made.
ACCT
AccountingFee
Fee paid for accounting services rendered.
EQUL
Equalisation
The part of an investor's subscription amount that is held by the fund in order to pay incentive or performance fees at the end of the fiscal year.
PENA
Penalty
Fee charged to the investor for early redemption of the fund.
SMPG IF Research Fee & other MiFID items

9. New code additions & updates to definitions
Price Report
New code additions & updates to definitions
ACCT
Accounting Fee
Fee paid for accounting services rendered or remuneration to an auditing firm, legal advisers, board of directors, transfer agent, and so on.
Code exists in reda.001. Definition expansion
CBCH
Correspondent Bank Charge
In investment funds, the charge of the correspondent bank for transferring money.
Code exists. New for reda.001
CHAR
Service Provision Fee
Fee paid by the investor to a distributor/intermediary or other service provider for the provision of financial services.
PLAC
Placement
Fee paid by the fund or asset management company for the placement of the fund (to whom?)
Not in ISO 20022
PERF
Performance
Remuneration to the asset management firm for the management of the fund based on over-performance (from whom?)
UTRA
Underlying Transaction
Fee attributed to the cost of the trading of the underlying assets of the fund.
Could this be ‘research fee’?
SMPG IF Research Fee & other MiFID items

10. Price Report Maintenance
When there is a maintenance, then following should also be considered for the same cycle
[1] Elimination of BIC or BEI, addition of LEI (generic CR exists)
[2] ISIN Identifier & Bloomberg Identifier data type update
[3] Financial Instrument Details: addition Short Name
[4] Change Name Of Charge Details to ‘Individual Fee’ (?)
[4] XOR  choice:
[a] Financial Instrument Details/Identification/Other Proprietary Identification
[b] Price Details (1) Type (2) Taxable Income Per Share Calculated (3) EU Dividend Status
[c] Charge Details (1) Type (2) Amount|Rate (3) Calculation Basis
[d] Tax Liability Details (1) Type (2) Tax Calculation Details (3) EU Capital Gain (4) EU Dividend Status
[e] Tax Refund Details / (1) Type (2) Tax Calculation Details (3) EU Capital Gain (4) EU Dividend Status
SMPG IF Research Fee & other MiFID items

11. Statement of Holdings
If the is a requirement for new data elements in the Custody Statement of Holdings semt or Account Statement Of Holdings semt we will not maintain the versions of the messages.
The current versions are Securities Balance Custody Report semt and Securities Balance Accounting Report semt
Changes to semt and semt must be agreed by the S & R team of the SEG and funds must then migrate to the maintained version (V10).
SMPG IF Research Fee & other MiFID items

12. Other MiFID related Data (1 of 4)
Should there be a need to specify other 'MiFID Article 59'-related data, the following is an overview of how the funds order confirmation messages can accommodate this. 3
Trading day
Individual Execution Details / Trade Date Time 4
Trading time 6
Venue identification
Individual Execution Details / Place Of Trade 7
Instrument identification
Individual Execution Details / Financial Instrument Identification 10
Quantity
Individual Execution Details / Units Number 11
Unit price
Individual Execution Details / Dealing Price Details / Type / Code and Value 12
Total consideration
Individual Execution Details / Settlement Amount
SMPG IF Research Fee & other MiFID items

13. Other MiFID related Data (2 of 4)14
Rate of exchange obtained where the transaction involves a conversion of currency
Individual Execution Details / Foreign Exchange Details / Unit Currency and Quoted Currency and Exchange Rate 8
Buy/sell indicator
Implicit in the message identifier 5
Type of the order
Implicit in the message identifier or Individual Execution Details / Order Type 9
Nature of the order if other than buy/sell
Implicit in the message identifier, that is, subscription, redemption or switch 1
Reporting firm identification
Investment Account Details / Account Servicer 2
Name or other designation of the client
Investment Account Details / Owner Identification or Beneficiary Details / Name
SMPG IF Research Fee & other MiFID items

14. Other MiFID related Data (3 of 4)13
Total sum of the commissions and expenses charged and, where the client so requests, an itemised breakdown including, where relevant, the amount of any mark-up or mark-down imposed where the transaction was executed by an investment firm when dealing on own account, and the investment firm owes a duty of best execution to the client
Individual Execution Details / Transaction Overhead / Total Fees.
For a breakdown of fees, Individual Fee (repetitive) 15
Client's responsibilities in relation to the settlement of the transaction, including the time limit for payment or delivery as well as the appropriate account details where these details and responsibilities have not previously been notified to the client
Individual Execution Details / Cash Settlement Date
SMPG IF Research Fee & other MiFID items

15. Other MiFID related Data (4 of 4)15
Where the client's counterparty was the investment firm itself or any person in the investment firm's group or another client of the investment firm, the fact that this was the case unless the order was executed through a trading system that facilitates anonymous trading
Related Party Details / identification and Role and Trading Party Capacity (Trading Agent, Trading Principal)
SMPG IF Research Fee & other MiFID items