ISO 20022-2:2007
(Main)Financial services — UNIversal Financial Industry message scheme — Part 2: Roles and responsibilities of the registration bodies
Financial services — UNIversal Financial Industry message scheme — Part 2: Roles and responsibilities of the registration bodies
ISO 20022-2:2007 specifies the responsibilities of the bodies involved in the registration and maintenance of the ISO 20022 Repository. The Registration Authority (RA) is the operating authority responsible for the above-mentioned tasks and is assisted by different Standards Evaluation Groups (SEGs), 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, the SEGs and the Submitting Organizations, 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
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Standards Content (Sample)
INTERNATIONAL ISO
STANDARD 20022-2
Second edition
2007-04-15
Financial services — UNIversal Financial
Industry message scheme —
Part 2:
Roles and responsibilities of the
registration bodies
Services financiers — Schéma universel de messages pour l'industrie
financière —
Partie 2: Rôles et responsabilités des organismes d'enregistrement
Reference number
ISO 20022-2:2007(E)
©
ISO 2007
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ISO 20022-2:2007(E)
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ISO 20022-2:2007(E)
Contents Page
Foreword. iv
Introduction . v
1 Scope . 1
2 Normative references . 1
3 Terms and definitions. 1
4 Structure . 1
5 Registration Authority (RA) . 2
5.1 Contract . 2
5.2 Service Level Agreement . 2
5.3 Membership. 2
5.4 Functions and responsibilities. 2
6 Registration Management Group (RMG) . 4
6.1 Service Level Agreement . 4
6.2 Membership. 4
6.3 Functions and responsibilities. 4
6.4 Decision process . 5
7 Standards Evaluation Group (SEG) . 6
7.1 Service Level Agreement . 6
7.2 Membership. 6
7.3 Functions and responsibilities. 6
7.4 Decision process . 7
8 Submitting Organizations . 7
8.1 Membership. 7
8.2 Responsibilities . 7
9 Registration request process . 7
10 Ownership of the data . 8
11 Service level changes. 8
12 Appeals . 8
13 Complaints . 8
14 ISO/TC 68 . 8
Annex A (normative) Designation of the Registration Authority . 9
Annex B (normative) Registration Management Group . 10
Annex C (normative) Service Level Agreement . 11
Annex D (normative) Accessing the Data Dictionary and Business Process Catalogue. 15
Bibliography . 16
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ISO 20022-2:2007(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.
This second edition cancels and replaces the first edition (ISO 20022-2:2004), of which this constitutes a
minor revision.
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 20022-2:2007(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).
⎯ A financial Data Dictionary, containing
⎯ Business Concepts, Data Types and Message Concepts used in Business Areas, Business
Processes, Business Transactions and Message Sets.
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ISO 20022-2:2007(E)
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 Evaluation 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 Evaluation 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 1 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).
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 can be used when submitting
requests to the Registration Authority for inclusion into the ISO 20022 Repository.
NOTE 2 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,
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ISO 20022-2:2007(E)
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 20022-2:2007(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
1)
of the ISO 20022 Repository. The Registration Authority (RA) is the operating authority responsible for the
above-mentioned tasks and is assisted by different Standards Evaluation Groups (SEGs), i.e. groups of
industry experts responsible for specific Business Areas of the Repository. The Registration Management
2)
Group (RMG) is the governing body of the overall registration process and the appeal body for the
communities of users, the RA, the SEGs and the Submitting Organizations, 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 ISO Technical Management Board appoints an organization as the Registration Authority (RA) upon the
proposal of ISO Technical Committee ISO/TC 68. The contract, Service Level Agreement, membership,
functions and responsibilities of the RA are set out in Clause 5.
4.2 ISO/TC 68 appoints a Registration Management Group (RMG). The Service Level Agreement,
membership, functions and responsibilities of the RMG are set out in Clause 6.
1) See Annex A.
2) See Annex B.
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ISO 20022-2:2007(E)
4.3 ISO/TC 68 appoints a number of Standards Evaluation Groups (SEGs) upon the proposal of the RMG
which defines the scope of their responsibility in terms of Business Area(s) or Asset Class(es). The Service
Level Agreement, membership, functions and responsibilities of the SEGs are set out in Clause 7.
NOTE See 6.3.1 for the definition of the scope of an Asset Class and a Business Area.
4.4 Organizations submitting updates to the ISO 20022 Repository (e.g. new message sets or updates to
existing message sets) may be a user community or a standards development organisation. The
responsibilities of Submitting Organizations are set out in Clause 8.
5 Registration Authority (RA)
5.1 Contract
There is a contract between ISO and the organization fulfilling the responsibilities of the RA.
NOTE 1 The contract between ISO and the RA is not part of ISO 20022.
The Registration Authority (RA) is responsible for maintaining the ISO 20022 Repository, the Submission
Templates and for providing access to the information as described in ISO 20022-1.
NOTE 2 Annex D specifies procedures relating to accessing the Data Dictionary and Business Process Catalogue.
5.2 Service Level Agreement
There is a Service Level Agreement which determines the RA’s responsibilities and terms of reference
specified in this part of ISO 20022.
NOTE See Annex C.
5.3 Membership
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 ISO 20022 Repository.
5.4 Functions and responsibilities
5.4.1 General responsibilities
The organization appointed as the RA shall maintain strict confidentiality between the RA operating functions
and other parts of its organization.
The RA is responsible for the maintenance and publication of the ISO 20022 Repository.
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 RA is responsible for applying registration requests to the ISO 20022 Repository.
The RA shall explicitly notify the RMG each time repository items are approved by the relevant SEG(s) for
publication in the ISO 20022 Repository.
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ISO 20022-2:2007(E)
The RA shall make available to any interested parties the ISO 20022 Repository outputs (as described in
ISO 20022-1) in electronic form.
The RA shall maintain records of all ISO 20022 Repository item registration requests for a minimum period of
three years. The registration requests include all additions, changes and deletions, as well as requests
rejected by the RMG or relevant SEG(s) together with the full justification thereof.
The RA shall comply with the appeal process administered by the RMG.
The RA may refer to the RMG for determination if it regards a request as being frivolous or unreasonable for
any reason.
The RA shall appoint a non-voting RA delegation to the RMG which shall be expected to attend all meetings.
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 between reporting periods. The RMG shall
inform the RA of the scheduled meeting at least four weeks in advance.
The RA shall publish on the ISO 20022 website a list of appointed SEGs, their scope and their members.
The RA shall publish on the ISO 20022 website a Business Justification Template and the Submission
Templates to the ISO 20022 Repository.
The RA shall publish on the ISO 20022 website the detailed process flow for registration requests, as
approved by the RMG, including a diagrammatical representation.
The RA shall publish on the ISO 20022 website operating procedures for the registration bodies, as approved
by the RMG.
5.4.2 Responsibilities to Submitting Organizations
The RA shall assist the Submitting Organization with the compilation of the Business Justification before
forwarding it to the RMG. When a request is received, the RA validates the request for completeness and
consistency as per the template and, if required, informs the Submitting Organization that the submitted
Business Justification cannot be incomplete or cannot lack consistency.
The RA shall assist the Submitting Organization with the compilation of the Submission Templates. 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 Submitting Organization that the submitted Repository
registration request cannot be incomplete or cannot lack consistency.
With the help of the Submitting Organization, the RA shall generate the expected Repository outputs and
additional documentation as required to permit a thorough evaluation of registration requests and related
updates to the ISO 20022 Repository by the relevant SEG(s).
The RA shall provide assistance for general information and service issues relating to the ISO 20022
Repository.
The RA shall notify the Submitting Organization of the appeal process, if the Submitting Organization is
dissatisfied with the RA, RMG or SEG decision.
5.4.3 Responsibilities shared with the RMG and the SEGs
The RA shall provide timely response to all requests. This includes acknowledgement, processing and
notification of the request(s).
The RA shall provide, if required, detailed explanation of all responses in English.
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ISO 20022-2:2007(E)
6 Registration Management Group (RMG)
6.1 Service Level Agreement
There is a Service Level Agreement which determines the RMG’s responsibilities and terms of reference
specified in this part of ISO 20022.
NOTE See Annex C.
6.2 Membership
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. The website address is
also given in Annex B.
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. Members are approved by ISO/TC 68.
The members shall be comprised of 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.
Each country or Liaison A Organization is entitled to nominate a delegation of one principal and two alternates
to the RMG. No more than two delegates may attend any meeting, and an alternate is entitled to vote only in
the absence of the principal delegate.
The organization which performs the RA function shall appoint a non-voting RA delegation to the RMG which
shall be expected to attend all meetings.
The convenor of each SEG shall be an “ex-officio” non-voting member of the RMG and shall be expected to
attend all meetings. The RMG may appoint other individuals as non-voting members, as required.
The RMG shall appoint a convenor and vice-convenor from its voting membership.
Each of the voting members shall serve for a period of three years, after which time ISO/TC 68 may renew the
membership or ask the relevant country or Liaison Organization to nominate a replacement.
ISO/TC 68 shall, in consultation with the relevant ISO/TC 68 subcommittees, verify on a regular 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.
6.3 Functions and responsibilities
6.3.1 General responsibilities
The RMG shall be responsible for approving Business Justifications for any update requests to the ISO 20022
Repository and assign them to the relevant SEG(s), thereby authorising the related work of the RA and SEGs.
When the RMG decides to involve more than one SEG in the processing of a request, the RMG shall
nominate a Lead SEG that will coordinate the overall validation process.
The RMG has overall responsibility for assigning priorities to Business Justifications, for processing by the
SEG(s) and RA.
The RMG shall define the scope of responsibility of each SEG [i.e. in terms of Business Area(s) / Asset
Class(es) subset].
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ISO 20022-2:2007(E)
The SEGs' scopes of responsibility shall be based on meaningful subsets of the financial industry business
activities. These
...
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