ISO 20022-2:2004

Financial services — UNIversal Financial Industry message scheme — Part 2: Roles and responsibilities of the registration bodies

ISO 20022-2:2004 specifies the responsibilities of the bodies involved in the registration and maintenance of the Data Dictionary and Business Process Catalogue items in the ISO 20022 Repository. The Registration Authority (RA) is the operating authority responsible for the above-mentioned tasks, and is assisted by different Standards Management Groups (SMG), i.e. groups of industry experts responsible for specific Business Areas of the Repository. The Registration Management Group (RMG) is the governing body of the overall registration process and the appeal body for the communities of users, the RA and the SMGs, and monitors the registration process performance.

Services financiers — Schéma universel de messages pour l'industrie financière — Partie 2: Rôles et responsabilités des organismes d'enregistrement

General Information

• Status: Withdrawn
• Publication Date: 01-Dec-2004
• Withdrawal Date: 01-Dec-2004
• ICS: 03.060 - Finances. Banking. Monetary systems. Insurance
• Technical Committee: ISO/TC 68 - Financial services
• Drafting Committee: ISO/TC 68 - Financial services
• Current Stage: 9599 - Withdrawal of International Standard
• Completion Date: 04-Apr-2007

Relations

• Revised: ISO 20022-2:2007 - Financial services — UNIversal Financial Industry message scheme — Part 2: Roles and responsibilities of the registration bodies
• Effective Date: 15-Apr-2008
• Revised: ISO 15022-2:1999 - Securities — Scheme for messages (Data Field Dictionary) — Part 2: Maintenance of the Data Field Dictionary and Catalogue of Messages
• Effective Date: 15-Apr-2008

Standards Content (Sample)

INTERNATIONAL ISO
STANDARD 20022-2
First edition
2004-12-15

Financial services — UNIversal Financial
Industry message scheme —
Part 2:
Roles and responsibilities of the
registration bodies
Services financiers — Schéma universel de messages universel pour
l'industrie financière —
Partie 2: Rôles et responsabilités des organismes d'enregistrement




Reference number
ISO 20022-2:2004(E)
©
ISO 2004

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ISO 20022-2:2004(E)
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ISO 20022-2:2004(E)
Contents Page
Foreword. iv
Introduction . v
1 Scope. 1
2 Normative references . 1
3 Terms and definitions. 1
4 Structure . 1
5 Contract with the Registration Authority. 2
6 Membership . 2
6.1 Registration Authority . 2
6.2 Registration Management Group . 2
6.3 Standards Management Groups. 3
7 Functions and responsibilities . 3
7.1 Registration Management Group . 3
7.2 Registration Authority . 3
7.2.1 General responsibilities . 3
7.2.2 Responsibilities to requesters. 4
7.3 Standards Management Groups. 4
8 Registration request process . 5
9 Ownership of the data . 6
10 Service level changes. 6
11 Appeals . 6
12 Complaints. 7
13 Voting . 7
Annex A (normative) Designation of the Registration Authority. 8
Annex B (normative) Registration Management Group . 9
Annex C (normative) Service Level Agreement . 10
Annex D (normative) Accessing the Data Dictionary and Business Process Catalogue . 14

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ISO 20022-2:2004(E)
Foreword
ISO (the International Organization for Standardization) is a worldwide federation of national standards bodies
(ISO member bodies). The work of preparing International Standards is normally carried out through ISO
technical committees. Each member body interested in a subject for which a technical committee has been
established has the right to be represented on that committee. International organizations, governmental and
non-governmental, in liaison with ISO, also take part in the work. ISO collaborates closely with the
International Electrotechnical Commission (IEC) on all matters of electrotechnical standardization.
International Standards are drafted in accordance with the rules given in the ISO/IEC Directives, Part 2.
The main task of technical committees is to prepare International Standards. Draft International Standards
adopted by the technical committees are circulated to the member bodies for voting. Publication as an
International Standard requires approval by at least 75 % of the member bodies casting a vote.
Attention is drawn to the possibility that some of the elements of this document may be the subject of patent
rights. ISO shall not be held responsible for identifying any or all such patent rights.
ISO 20022-2 was prepared by Technical Committee ISO/TC 68, Financial services.
ISO 20022 consists of the following parts, under the general title Financial services — UNIversal Financial
Industry message scheme:
 Part 1: Overall methodology and format specifications for inputs to and outputs from the ISO 20022
Repository
 Part 2: Roles and responsibilities of the registration bodies
 Part 3: ISO 20022 modelling guidelines [Technical Specification]
 Part 4: ISO 20022 XML design rules [Technical Specification]
 Part 5: ISO 20022 reverse engineering [Technical Specification]

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ISO 20022-2:2004(E)
Introduction
In the mid-1990s, it was felt strongly that the International Standard for communication between securities
industry participants required an urgent review aiming at (1) reducing the time taken to deliver new
standardized Message Sets to the market place and (2) improving “straight through processing” capabilities.
ISO 15022 set the principles necessary to provide the different communities of users with the tools to design
Message Definitions to support their specific information flows. These tools consisted of
 a set of syntax and message design rules;
 a Data Field Dictionary uniquely identifying Business Elements to be communicated and their technical
representation;
 a Catalogue of Messages built by the industry with the above-mentioned fields and rules.
To address the evolving needs of the industry as they emerge, the Data Field Dictionary and the Catalogue of
Messages had been kept outside ISO 15022 though maintained according to it. They were made available by
a Registration Authority, which updated them as necessary upon the request of industry participants.
The early 2000s saw the widespread growth of IP (Internet Protocol) networking and the emergence of XML
(eXtensible Mark-up Language) as the “de facto” open technical standard for electronic communications. It
was felt that ISO 15022 needed to be extended to offer the whole financial industry a common platform for the
development of messages in a standardized XML syntax. At the same time, to shield the platform from further
syntax changes, it was felt necessary to better split messaging into its business dimension, on one hand, and
its technical representation, on the other hand. Therefore, while capitalizing on the original ISO 15022 tool set,
ISO 20022 proposes
 to use a modelling methodology (e.g. based on formal notation such as UML – Unified Modelling
Language) to capture, analyse and describe in a syntax-independent way the Business Areas, Business
Processes, Business Transactions, Business Actors, Business Roles, Business Information and
associated Message Flow Diagrams and Message Definitions which allow the industry to exchange the
information required to achieve its business objectives;
 to define the design rules to be used to convert Message Definitions described in a modelling notation
into a standardized syntax representation. At the moment of the publication of ISO 20022 the preferred
syntax for all electronic documents (including the subset of electronic STP-messages) is XML [as defined
by the World Wide Web Consortium (W3C)]. On request of the financial industry, the design rules can
later be extended to cover other future open syntaxes.
Under this approach, which is in line with the messaging developments undertaken by other industries, the
complete models and the derived syntax output are stored in a central Repository (the ISO 20022 Repository),
serviced by the Registration Authority. The ISO 20022 Repository offers industry participants access to the
following.
 A financial Business Process Catalogue, containing
 the description of the financial Business Model;
 the description of financial Business Transactions, including Message Definitions;
 the Message Schemes represented in an agreed syntax (such as ISO 20022 XML).
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ISO 20022-2:2004(E)
 A financial Data Dictionary, containing
 Business Concepts, Data Types and Message Concepts used in Business Areas, Business
Processes, Business Transactions and Message Sets.
It is expected that this flexible framework will allow communities of users to build Business Transactions and
Message Sets according to an internationally agreed approach and to migrate to the use of a common syntax
(such as ISO 20022 XML). If the existing set of Business Transactions and Message Definitions stored in the
ISO 20022 Repository does not address their requirements, the communities of users can agree on the use of
other Business Transactions and Message Definitions and design them from the items registered in the Data
Dictionary. They can submit these Business Transactions and Message Definitions to the Registration
Authority. The Registration Authority, with the support of Standards Management Groups, will validate the
requests and update the ISO 20022 Repository as necessary and generate the corresponding ISO 20022
syntax output using the agreed ISO 20022 Syntax Design Rules for XML or for other future open syntaxes.
Agreement of common financial Business Models and Message Definitions, which address the business
requirements of the communities of users and include a common syntax solution (such as ISO 20022 XML),
facilitates end-to-end straight through processing. Furthermore, the agreed Business Models and Message
Definitions serve as a reference to migrate to an agreed ISO 20022 syntax (such as ISO 20022 XML). Indeed,
communities using another syntax may link the content of their Industry Message Sets to items already
existing in the ISO 20022 Repository. The relation between these items could be provided to the communities
of users as “Convergence Documentation”. It is expected that this new, dual split of business standard and
technical standard will facilitate the convergence and the development of any required conversion
mechanisms.
ISO 20022 contains
 the overall description of the modelling approach (Part 1);
 the overall description of the ISO 20022 Repository contents (Part 1);
 a high-level description of the input to be accepted by the Registration Authority to feed/modify the
Repository’s Data Dictionary and Business Process Catalogue (Part 1);
 a high-level description of the Repository output to be made publicly available by the Registration
Authority (Part 1);
 the responsibilities, service levels and procedures for the Registration Bodies, including the role of
Standards Management Groups and the supervision by a Registration Management Group and ISO
(Part 2);
 the detailed modelling guidelines to be used to construct ISO 20022 compliant Business Transactions
and Message Sets (Part 3);
 the syntax design rules applied by the ISO 20022 Registration Authority to translate an ISO 20022
compliant Message Definition into an ISO 20022 syntax solution. The actual document shall specify a
particular syntax such as “XML Design Rules” for the production of ISO 20022 XML Message Schemes
and ISO 20022 XML Message instances (Part 4).
NOTE The Syntax Message Schemes published by the Registration Authority for the Message Definitions
registered into the ISO 20022 Business Process Catalogue constitutes the reference against which Syntax Message
Schemes generated by proprietary implementations of the ISO 20022 syntax design rules can be compared in order
to validate the compliance of those implementations with the design rules.
 the reverse engineering guidelines explaining how to extract relevant information from existing Industry
Message Sets in order to prepare the submission to the ISO 20022 Registration Authority of equivalent
ISO 20022 compliant Business Transactions and Message Sets (Part 5).
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ISO 20022-2:2004(E)
The ISO 20022 Registration Authority keeps a set of Submission Templates to the Data Dictionary and
Business Process Catalogue available outside of ISO 20022. These templates are to be used when
submitting requests to the Registration Authority for inclusion into the ISO 20022 Repository.
NOTE Even though ISO 20022 deals with the standardization of the communication between financial industry
players, it should be clear that it does not deal directly with any of the seven layers of the ISO Open Systems Interconnect
model (OSI model). In fact, one could state that ISO 20022 starts where the OSI-model ends, i.e. ISO 20022 standardizes
the content of the “file” (i.e. the message content) that is transported in the OSI Application Layer. The standardization of
the message content deals itself with two separate layers: the “syntax layer”, i.e. the standardization of the physical
representation of the information that is transported, which deals with aspects related to the use of XML, Enhanced 7775,
EDIFACT or other syntaxes; and the “semantic layer”, i.e. the standardization of the meaning of the information that is
transported. Although these layers were already covered in ISO 15022, ISO 20022 makes the standardization of these
layers more formal and makes the separation between both layers more explicit and complete. The introduction of this
formal approach improves (1) the interoperability and convergence across existing Industry Message Sets, (2) the
re-usability across business domains and market practices and (3) the stability of the standardized Business Transactions
and Message Sets. Another important factor in ISO 20022 is the introduction of open syntaxes, such as XML, which
removes the necessity to describe the technical specification of a particular syntax (such as Enhanced 7775 in ISO 15022).
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INTERNATIONAL STANDARD ISO 20022-2:2004(E)

Financial services — UNIversal Financial Industry message
scheme —
Part 2:
Roles and responsibilities of the registration bodies
1 Scope
This part of ISO 20022 specifies the responsibilities of the bodies involved in the registration and maintenance
of the Data Dictionary and Business Process Catalogue items in the ISO 20022 Repository. The Registration
Authority (RA) is the operating authority responsible for the above-mentioned tasks, and is assisted by
different Standards Management Groups (SMG), i.e. groups of industry experts responsible for specific
Business Areas of the Repository. The Registration Management Group (RMG) is the governing body of the
overall registration process and the appeal body for the communities of users, the RA and the SMGs, and
monitors the registration process performance.
2 Normative references
The following referenced documents are indispensable for the application of this document. For dated
references, only the edition cited applies. For undated references, the latest edition of the referenced
document (including any amendments) applies.
ISO 20022-1, Financial services — UNIversal Financial Industry message scheme — Part 1: Overall
methodology and format specifications for inputs to and outputs from the ISO 20022 Repository
3 Terms and definitions
For the purposes of this document, the terms and definitions given in ISO 20022-1 apply.
4 Structure
4.1 There is a Service Level Agreement which determines the RA’s and SMG's responsibilities and terms of
reference specified in this part of ISO 20022.
NOTE See Annex C.
4.2 There is a contract between ISO and the organization fulfilling the responsibilities of the RA.
NOTE The contract between ISO and the RA is not part of ISO 20022.
4.3 ISO Technical Committee ISO/TC 68 appoints a Registration Management Group (RMG) which is made
up of senior industry experts nominated by P-member countries and Liaison A Organizations of ISO/TC 68
and the relevant ISO/TC 68 subcommittees.
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ISO 20022-2:2004(E)
4.4 An SMG is composed of recognized experts in the related SMG Business Area(s) or Asset Class(es)
nominated by the member countries and Liaison Organizations of ISO/TC 68 and the relevant ISO/TC 68
subcommittees.
NOTE See 6.3 for the definition of the scope of an Asset Class and a Business Area.
5 Contract with the Registration Authority
5.1 The Registration Authority (RA) is responsible for maintaining the Data Dictionary (DD), the Business
Process Catalogue (BPC), the Submission Templates and for providing access to the information as
described in ISO 20022-1.
5.2 The contract between ISO and the organization appointed as the RA shall be for an initial period of
three years. Thereafter, it may be terminated by either party on 6 months' written notice.
5.3 The contract may be terminated with immediate effect if, in the opinion of the ISO/TC 68, the
organization appointed as the RA seriously and consistently fails to perform its duties, or in the event of a
corporate failure (e.g. bankruptcy) of the organization appointed as the RA.
5.4 If the contract is to be terminated, the secretariat of ISO/TC 68 shall instruct the RMG to initiate a
search for a new Registration Authority. If no suitable alternative can be found within the relevant period, the
ISO/TC 68 secretariat shall assume the responsibilities of the RA on a temporary basis until a replacement is
found.
6 Membership
6.1 Registration Authority
The initial Registration Authority is specified in Annex A.
The organization which provides the RA function undertakes that its interests and those of its members and
subscribers cannot take precedence over the general interests of financial industry practitioners throughout
the world, especially when addressing the provision of the Data Dictionary (DD) and the Business Process
Catalogue (BPC).
6.2 Registration Management Group
The address of the Registration Management Group secretariat is given in Annex B. The list and contact
details of the members shall be posted and maintained on the ISO/TC 68 website at www.tc68.org.
The members of the RMG are nominated by P-member countries and Liaison A Organizations of ISO/TC 68
and the relevant ISO/TC 68 subcommittees and approved by ISO/TC 68. The members shall be comprised of
industry experts from not less than seven P-member countries or Liaison A Organizations, and at least five P-
member countries. There shall be only one voting member per country or Liaison Organization. The
organization which performs the RA function shall appoint a voting member to the RMG. The RMG shall
appoint a convenor from its voting membership, who shall not be the RA member. Each of the voting
members shall serve for a period of 3 years, after which time ISO/TC 68 may renew the membership or ask
the relevant P-member country or Liaison A Organization to nominate a replacement. ISO/TC 68 shall, in
consultation with the relevant ISO/TC 68 subcommittees, verify on a yearly basis that the membership of the
RMG correctly represents the Business Areas that are part of the ISO 20022 Repository. Any significant
mismatch in this representation shall result in a correction of the membership.
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ISO 20022-2:2004(E)
6.3 Standards Management Groups
The list of appointed SMGs and their members shall be posted on the ISO 20022 website maintained by the
RA.
The main purpose of the SMGs is to provide a business driven validation of the registration requests received
by the RA and of the repository business contents that are to be published under the auspices of ISO.
The SMGs' scopes of responsibility shall be based on meaningful subsets of the financial industry business
activities. These subsets take into account the Business Area(s) (e.g. pre-trade, trade, post-trade/pre-
settlement, settlement, post-settlement in the securities industry) and/or the financial asset class(es) (e.g.
bonds, equities, funds and derivatives in the securities industry). The RMG shall verify on a yearly basis that
the collection of all existing SMGs represents all Business Areas that are part of the ISO 20022 Repository.
An SMG is composed of recognized experts in the related SMG Business Area(s) or Asset Class(es). Those
experts shall be nominated by member countries or liaison organizations of ISO/TC 68 and the relevant
ISO/TC 68 subcommittees. Each SMG appoints a convenor and a secretary, both from amongst the SMG
membership.
7 Functions and responsibilities
7.1 Registration Management Group
a) The RMG shall define the scope of responsibility of each SMG [i.e. in terms of Business Area(s) / Asset
Class(es) subset].
b) Based on the Registration Authority reports (see 7.2, item g), the RMG shall monitor the performance of
the SMGs in accordance with the processes and service levels set out in ISO 20022.
c) The RMG shall monitor the performance of the RA in accordance with the conditions documented in both
the standard and the contract between ISO and the organization appointed as the RA.
d) The RMG shall submit to ISO/TC 68 a Registration Management Report consisting of any appeals or
complaints acknowledged by the RMG within the reporting period. The report shall be produced at least
six weeks prior to ISO/TC 68 meetings.
e) Any request for modification(s) to the standard shall be submitted to the RMG prior to circulation for
approval to the relevant ISO members. The RMG shall issue an expert opinion on the validity of the
request that shall be circulated with the modification request to the relevant ISO members.
7.2 Registration Authority
7.2.1 General responsibilities
a) The organization appointed as the RA shall maintain strict confidentiality between the RA operating
functions and other parts of its organization.
b) The RA is responsible for the overall consistency of the Repository across Business Areas and in that
capacity may challenge or reject registration requests that put at risk this cross-consistency or that do not
comply with the ISO 20022 specifications. The final naming of repository items shall also fall under the
responsibility of the RA.
c) The RA shall make available to any interested parties the DD and BPC outputs (as described in
ISO 20022-1) in electronic form.
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ISO 20022-2:2004(E)
d) The RA shall maintain records of all Data Dictionary and Business Process Catalogue item registration
requests for a minimum period of 3 years. The registration requests include all additions, changes and
deletions, as well as requests rejected by the related SMG(s) together with the full justification thereof.
e) The RA shall comply with the appeal process administered by the RMG.
f) The RA may refer to the RMG for determination if it regards a request as being frivolous or unreasonable
for any reason.
g) The RA shall submit to the RMG the Registration Authority Report two weeks prior to any scheduled
meeting or as required. The report shall summarise the activities of the RA and of the SMGs between
reporting periods. The RMG shall inform the RA of the scheduled meeting at least 4 weeks in advance.
h) The RA shall maintain and publish the Submission Templates to the Data Dictionary and Business
Process Catalogue.
7.2.2 Responsibilities to requesters
1)
The responsibilities of the RA to the requester of a Repository registration request shall be as follows:
 To assist the requester with the compilation of the submission templates before forwarding it to the
relevant SMG(s). When a request is received, the RA validates the request for completeness and
consistency as per the submission template specifications and, if required, informs the requester that the
submitted Repository registration request cannot be incomplete or cannot lack consistency.
 To provide assistance for general information and service issues relating to the DD and BPC.
 To fulfil the duties of applying the approved registration requests to the DD and BPC.
 To notify the requester of the appeal process, if the requester is dissatisfied with the RA or SMG decision.
The following responsibilities shall be shared with the SMG(s):
 To provide timely response to all requests. This includes acknowledgement, processing and notification of
the request(s).
 To provide, if required, detailed explanation of all responses in English.
7.3 Standards Management Groups
a) The SMGs shall comply with the appeal process administered by the RMG.
b) The SMG convenor shall always strive to reach a consensus about decisions to be taken by the group. If
no consensus can be reached, the issue shall be brought to the RMG for decision.
c) An SMG shall bear the following responsibilities:
 Proposal of Repository registration requests, related to their scope of responsibility. The RA shall use
this input to analyse the potential impact of the registration request on the Repository and identify
any other SMGs that might be impacted by the request.
 Acceptance of Repository registration requests submitted directly to the RA by a community of users.
As a result, the RA shall not start any Repository registration work before acceptance of a new
request by the related SMG(s). It is therefore advised that a community of users shall seek the
support from an SMG prior to submitting a request to the RA.

1) The requester may be either a user community or an SMG.
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ISO 20022-2:2004(E)
 Validation and approval of any additions and/or modifications to and/or deletions of Data Dictionary
items or Business Process Catalogue items before the RA applies those requests to the Repository.
In case a Repository update concerns several SMGs, the RA shall make sure that all impacted
SMGs are informed and participate in the validation of a registration request.
 The SMGs can request the support of the RA's experts having the required skills for the development
of business models for the Business Area(s) / asset class(es) under their scope of responsibility.
8 Registration request pro
...