ISO 20022 Project SHARP

Straight Through Processing

for the Hedge Funds Industry

Standard Business Requirements for Order

Processing and Holdings Publication
Version 1.00.03

SHARP01.00.03.doc
Version History
Version Change Author Release date

00.00.01 Original draft SW

st
00.00.03 Included questions from SWIFT/DTCC message SW 21 July 2008
comparison in Appendix A
th
00.00.04 Updated following the working group meeting in SW 30 July 2008
rd
Dublin on 22/23 July 2008 and receipt of
comments from Luxembourg and documentation
from DTCC. The appendix about differences
between ISO 20022 and AIP messaging has been
removed.
th
00.00.05 Updated following meetings in Luxembourg on the SW 5 Sep 2008
rd th
3 Sep 2008 and Zurich on the 4 Sep 2008

th th
00.00.06 Updated following meetings in Dublin on the 8 SW 26 Sep 2008
th
and 9 of September 2008
rd
00.06.01 Promoted the version number. Formatting errors SW 3 Oct 2008
and punctuation. Edited proposal three.
th
00.07.00 Updated following meetings in Geneva and Dublin SW 20 Oct 2008
th
00.07.02 Updated and uploaded to SWIFT Community.Net SW 27 Oct 2008
th
00.08.00 Updated following meeting in Luxembourg on 4th SW 10 Nov 2008
Nov 2008. Added redemption order and
confirmation examples.
th
01.00.00 Release candidate version 01.00.00 released SW 17 Nov 2008
th
01.00.01 Some typing errors fixed and a small change to SW 18 Nov 2008
the introduction mentioning the global nature of
this market practice
th
01.00.02 Corrections following feedback during the sign off SW 27 Feb 2009
process

Changes in version 01.00.02

On page 31, the arrow labelled "Alternative Funds Subscription Order

CS_JAN09_01
Confirmation" changed to "Alternative Funds Redemption Order
Confirmation".
On page 90, in the definition of the glossary item "Series Funds" the
CS_JAN09_02
comment "ACTION: EH to confirm” was removed.
Change the definition of nominee as proposed by Caceis
CC_JAN09_01
Clarify the date definition table; the current definition for 'Value Date' is for
CC_JAN09_02
subscription orders only and ‘Cash Payment Date’ applies to redemptions.

Remove the Unit Settlement Date item from Figure 1

CC_JAN09_03

SHARP01.00.03.doc
 Out of Scope - Add a warning that switch orders are currently out of scope
CC_JAN09_04
and that a work around using a redemption and subscription order should
not be attempted as it could cause confusion over capital gains tax
liability.
Page 14 – Extend cash settlement scenarios to cover unit driven
CC_JAN09_05
transactions. If the subscription order is unit driven then the executing
party can use the 'Expected execution amount' element to indicate the
amount of cash that should be settled to cover the unit driven subscription.
Add a paragraph about this in the 'receiving an order' section.

Figure 1 label add ‘for subscription’

CC_JAN09_06
Figure 1 Remove “(Cash Payment Date) – as this has now been defined
CC_JAN09_07
as applying to redemptions
Create a new illustrative date timeline for redemptions. Cash Payment
CC_JAN09_08
Date to be placed after Trade Date. Indicate that the “Order Cut Off Date”
could be around 40/45 days before the NAV date.

Changes in version 01.00.03

Corrections to the optional item indicators for subscription order
SW
confirmations. Equalisation items, order type and partial execution flags
are optional. (Page 50)
Order status schema maps updated. Conditional acceptance reasons no
SW
longer required. (Schema Map 2)
Redemption order schema map updated – missing waiver contact details
SW
added. (Page 60)
Corrections made to the statement of holdings schema map, missing
SW
price\value\amount element added. (Schema Map 11)

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SHARP01.00.03.doc
1 Introduction ........................................................................................................................1
2 Definitions ..........................................................................................................................3
3 Scope .................................................................................................................................7
4 Out of scope.......................................................................................................................8
5 In scope for the next phase of this project .........................................................................8
6 Creating an Order ..............................................................................................................9
7 Receiving an order – the order status message ..............................................................17
8 Order Confirmations – The Contract Note .......................................................................23
9 Cancelling an order ..........................................................................................................27
10 Accounting Statement of Holdings...................................................................................28
11 Order Processing Message Summaries ..........................................................................29
12 Scenarios .........................................................................................................................33
13 Message References .......................................................................................................44
14 Order Statuses .................................................................................................................45
15 Subscription Orders .........................................................................................................49
16 Redemption Orders..........................................................................................................59
17 Accounting Statement of Holdings...................................................................................79

SHARP01.00.03.doc
Scenario 1 Basic subscription processing – with cash alongside the order.............................34
Scenario 2 Basic redemption processing .................................................................................34
Scenario 3 Acceptance with cash settlement information provided by the executing party.....35
Scenario 4 Conditional acceptance and rejection ....................................................................35
Scenario 5 Rejection.................................................................................................................36
Scenario 6 Instant rejection ......................................................................................................36
Scenario 7 Gated redemption – Type One...............................................................................37
Scenario 8 Gated redemption – Type Two...............................................................................37
Scenario 9 Redemption with holdback .....................................................................................38
Scenario 10 Order cancellation (pending status is mandatory) ...............................................39
Scenario 11 Cancellation rejection ...........................................................................................39

Asynchronous 1 Basic Order Processing with delayed Order Status ......................................41

Asynchronous 2 Delayed status message on conditional acceptance ....................................41
Asynchronous 3 Cancellation arrives before the Order............................................................42
Asynchronous 4 Overlapping order rejection and cancellation ................................................42
Asynchronous 5 Non STP order cancellation...........................................................................43

SHARP01.00.03.doc
Schema Map 1 Alternative Funds Subscription Order .............................................................50
Schema Map 2 Alternative Funds Order Instruction Status Report .........................................51
Schema Map 3 Alternative Funds Subscription Confirmation..................................................52
Schema Map 4 Investment Fund Order Cancellation Request ................................................52
Schema Map 5 Order Cancellation Status Report ...................................................................53
Schema Map 6 Alternative Funds Redemption Order..............................................................60
Schema Map 7 Alternative Funds Order Status Report for Redemptions ...............................61
Schema Map 8 Alternative Funds Redemption Order Confirmation ........................................63
Schema Map 9 Investment Fund Order Cancellation Request ................................................64
Schema Map 10 Order Cancellation Status Report .................................................................64
Schema Map 11 Alternative Funds Accounting Statement of Holdings...................................82

SHARP01.00.03.doc
XML Example 1 Basic subscription order.................................................................................54
XML Example 2 Basic subscription order with cash settlement information ............................55
XML Example 3 AF Subscription with requested trade date, waiver and side pocket options 55
XML Example 4 Subscription order including a change to the beneficiary details...................56
XML Example 5 Basic subscription order confirmation ............................................................57
XML Example 6 AF Subscription Order Confirmation with new series declaration. ................58
XML Example 7 Subscription Confirmation with FX details .....................................................58
XML Example 8 Basic redemption denominated in Units ........................................................65
XML Example 9 Basic redemption denominated in cash - with a generic waiver ....................66
XML Example 10 Redemption order. Includes lot identification. ..............................................67
XML Example 11 Basic redemption confirmation of unit denominated order ..........................68
XML Example 12 Basic redemption confirmation of cash denominated order.........................69
XML Example 13 Redemption confirmation with side pocket details.......................................70
XML Example 14 Redemption confirmation with holdback details...........................................71
XML Example 15 Redemption confirmation with prepayment and equalisation ......................72
XML Example 16 Redemption confirmation. Gated “Open”. First confirmation. ......................73
XML Example 17 Redemption confirmation. Gated “Open”. Second confirmation. .................74
XML Example 18 Redemption confirmation. Gated "Closed" ..................................................75
XML Example 19 Redemption confirmation with FX details.....................................................76
XML Example 20 Redemption confirmation with prepayment, holdback, equalisation and
charges .....................................................................................................................................78
XML Example 21 Alternative Funds Accounting Statement of Holdings..................................85

SHARP01.00.03.doc
 Project SHARP. STP order processing for the Hedge Fund Industry.

Introduction

1 Introduction
This document contains the market practice for the automation of order processing in the
global hedge fund industry. It has been developed as the result of an international project
over many months and describes market practice which, the project group believe, is suitable
for use worldwide.

The document includes business rules and business scenarios to give a high level view of the
automated processes. It also includes definitions of the data items required in each message
and shows how these data items can be communicated using the ISO 20022 message
standard. Finally, the document includes worked examples of business scenarios and the
messages themselves.

Background
This document is the result of a collaborative effort by companies in the hedge fund industry
worldwide. They have contributed their time and expertise to developing a new standard
message set for the industry and to defining this agreed market practice that supports it. The
impetus to do this work comes from the belief that the time is now right to build a common
and standardised messaging infrastructure that the whole industry can use.

See the sign off pages in Appendix B of this document for the list of companies involved in the
creation of this document.

Approach
The development of this market practice has been under way since 2006. The work
culminated in a series of workshops held in Q3 and Q4 2008 and the publication of this
document.

How this document was produced

A first draft of the document was produced by Idea Group based on SWIFT documentation
and the draft market practice documentation produced by the SHARP group. The document
was distributed to a wide ranging list of participants prior to a series of workshop sessions
held in Dublin, Luxembourg and Zurich. The interests of the United States of America were
represented by DTCC who attended meetings in Dublin and contributed to other meetings via
conference call.

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 Project SHARP. STP order processing for the Hedge Fund Industry.

Introduction

The purpose of the workshop sessions was to work through market practice discussion in a
highly focussed way, the minutes of each session and updated drafts of the document were
circulated to all interested parties. Comments on the document received from both attendees
and non-attendees were then incorporated into the minutes prior to the next workshop
session. The aim was to involve everyone as much as possible even if they were not able to
attend all the meetings.

This market practice document is the agreed and signed off result of this cooperative
approach.

Support
This document was produced by Idea Group Ltd (UK) on behalf of the SHARP group and
SWIFT. If you have any comments or suggestions about this document please contact
Steve Wallace ([email protected]) or
Derek Mansell ([email protected])

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 Project SHARP. STP order processing for the Hedge Fund Industry.

Scope

2 Definitions

Key Roles

Role Name Description Hedge Fund Industry Context Role

Abbreviation
Instructing Party A party that instructs or An investment manager, IP
sends a hedge fund order. custodian or its authorised
representative. (LX_SEP_007)
Executing Party A party that receives and A transfer agent or EP
1
executes hedge fund administrator.
orders.
Intermediary A party that both sends A platform provider, a hub or IN
and receives hedge fund distributor.
orders.
Table 1 Key Roles

1
All orders are subject to the approval or a fund manager. Fund managers can also act as
instructing parties.

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 Project SHARP. STP order processing for the Hedge Fund Industry.

Scope

Actors
Actor Type Description Typical
Role
Beneficial Owner The party entitled to the benefits of ownership,
even though another party such as a broker or
bank--the nominal owner--actually has
possession.
Custodian The party who holds and safeguards assets on IP
behalf of an individual or institutional investor.
They may be asked to send orders on behalf of
the investor. (LX_SEP_004)
Fund Manager See Investment Manager.

Fund of Hedge Funds A (hedge) fund with a diversified portfolio of

(LX_SEP_006) numerous underlying hedge funds.

Investment Manager The party that is responsible for the management EP

and operation of a fund. The investment manager
determines the investment strategy, appoints the
service providers, and makes major decisions for
the fund.
Investor The purchaser of an investment. (LX_SEP_008) IP

Investor Relations See Transfer Agent.

Nominee The party in whose name a security is registered

even though true ownership is held by another
party. (CC_JAN09_01)
Prime Broker A large bank or securities firm that gives IP
administrative and back office support to hedge
funds and other professional investors.
Registered Shareholder A registered shareholder is a shareholder who
holds shares directly in their own name, in
certificate or book-entry form, and is listed on the
records of a corporation as owning the shares of
the corporation. (LX_SEP_009)
Registrar The party that is responsible for keeping track of
the owners of funds. (LX_SEP_005, GV_OCT_010)
Shareholder Services See Transfer Agent.

Transfer Agent The Transfer agent affects the subscription, EP

redemption, switch orders and transfers in and out
on behalf of the fund. (LX_SEP_010)
Trustee See Custodian.

Wealth Manager An investment administrator who manages client IP

transactions using either an omnibus or
segregated account structure. (GV_OCT_008, GV_OCT_009)
Table 2 Actors

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 Project SHARP. STP order processing for the Hedge Fund Industry.

Scope

Hedge Fund Order Lifecycle – Date/Datetime Definitions

Date Time Definition
Cash Payment Date For redemption orders. The date that the cash proceeds of a
redemption order are paid out by the executing party. A
redemption may be settled by more than one payment.
EP or Order Cut-Off The time by which the executing party requires to receive an order
for a particular NAV date.
NAV Date The date that a new Net Asset Value for a fund is calculated and
new unit prices applied to order transactions.
Trade Date The date that the order transactions are executed and the unit
register updated. The booking date for the units. The investor is in
the fund from this date. Typically the first day of the month (for
monthly dealing funds).
Value Date For subscription orders. The date by which cash must be settled
for an order to be included in the activity for a particular trade date.
Typically the last business day of a month (for monthly dealing
funds).
Table 3 Order Lifecycle Date/Datetime definitions
(ZR_SEP_012, GV_OCT_002, LU_NOV_001, CC_JAN09_02)

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 Project SHARP. STP order processing for the Hedge Fund Industry.

Scope

NAV Date
Order Cut Off Date
(could be a range of dates up to the NAV date)

Value Date
(could be a range of dates up to the NAV date)

18 19 20 21 22 23 24 25 26 27 28 29 30 1 2 3 4 5 6 7

Trade Date
(Does not have to be a working day)

= Weekends

Figure 1 Illustrative date timeline for subscription orders

(GV_OCT_003, CC_JAN09_03, CC_JAN09_06, CC_JAN09_07)

NAV Date Cash Payment Date

Order Cut Off Date (any time after the trade date,
(a range of dates up to the NAV date – could be as depending on the terms of the fund
much as 40/45 days for a monthly dealing fund) prospectus)

20 21 22 23 24 25 26 27 28 29 30 1 2 3 4 5 6 7

Trade Date
(Does not have to be a working day)

= Weekends

Figure 2 Illustrative date timeline for redemption orders (CC_JAN09_08)

Figures 1 and 2 are designed to help explain the date definitions in the Table 3. It is for
illustrative purposes only and represents a ‘typical’ dealing cycle. For details of the dealing
cycle of any particular fund please consult its prospectus.

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 Project SHARP. STP order processing for the Hedge Fund Industry.

Scope

Scope
The purpose of this document is to define market practice to support order processing in the
hedge funds industry. It sets out not just individual messages, but whole business scenarios
around the funds ordering process.

The document focuses on how the communication behind these business processes can be
automated using a set of messages designed for use by the hedge fund industry. The
messages supported by this market practice are listed below.

Message Version Description Sender

Alternative Funds MX semt.012.001.01 The message provides, at a moment in time, valuations Executing
Accounting Statement of the portfolio together with details of each financial Party
Of Holdings instrument holding.

Alternative Funds MX setr.059.001.01 Sent by the instructing party to the executing party to Instructing
Subscription Order instruct a single subscription order, i.e., a message Party
containing one order for one financial instrument and
related to one investment account.

Alternative Funds MX setr.060.001.01 Sent by the instructing party to the executing party to Instructing
Redemption Order instruct the redemption of one financial instrument for Party
one investment fund account.

Alternative Funds MX setr.061.001.01 Sent by the executing party to the instructing party to Executing
Subscription Order confirm the details of the execution of a Hedge Fund Party
Confirmation Subscription Order.

Alternative Funds MX setr.062.001.01 Sent by the executing party to the instructing party to Executing
Redemption Order confirm the details of execution for a previously received Party
Confirmation Hedge Fund Redemption Order message.
Alternative Funds Order MX setr.064.001.01 Sent by the executing party to the instructing party to Executing
Instruction Status report the status of an order (subscription or Party
Report redemption).

Investment Funds Order MX setr.065.001.01 Sent by an instructing party to the executing party to Instructing
Cancellation Request request the cancellation of a previously sent Party
subscription or redemption order.

Investment Funds MX setr.066.001.01 Sent by the executing party to the instructing party to Executing
Cancellation Advice cancel a previously sent investment fund order Party
confirmation or statement message.

Securities Message MX semt.001.001.01 Can be sent by any party in response to any incoming All
Rejection message. It rejects the incoming message.

Order Cancellation MX setr.017.001.03 Sent by the executing party to the instructing party to Executing
Status Report report the status of an order cancellation request that Party
was previously received.

Full technical documentation and message schemas for these messages are available from
SWIFT Standards.

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 Project SHARP. STP order processing for the Hedge Fund Industry.

Scope

3 Out of scope
The following areas are out of scope in this set of business requirements:

• Account opening and initial subscriptions related to account opening in the time
before the account number is known.

4 In scope for the next phase of this project

• Switches or Transfers between funds. In the meantime we would advise participants
against the use of separate redemption and subscription messages in an attempt to
communicate a switch transaction since this may lead to confusion with the
authorities over capital gains tax liability. In some countries a switch is not considered
an event for capital gains tax purposes but a redemption and subscription would be.
(CC_JAN09_04)

• The electronic messaging for fund events such as side pocket creation, series fund
rollups and forced redemptions (corporate actions).
• Statement of Transactions messages (LX_SEP_013)

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 Project SHARP. STP order processing for the Hedge Fund Industry.

Business Rules for creating an order

5 Creating an Order
This section deals with the business rules that should be followed when constructing an order
in line with the hedge fund industry’s best market practice.

Investment Account Identification

The instructing party should use the executing party’s identifier for the investor’s account.
The identification of an investor’s account will be provided by the executing party to the
instructing party at the account (not fund) level. Accounts can be maintained either at an
omnibus or investor level or both.

Declarations
The industry tends to use the term ERISA to refer to the whole legislative framework for
2
pensions in the United States .

The ‘No change to beneficiary’ flag is the key to understanding how beneficiary declarations
will work. If the ‘No change to beneficiary’ flag can be set true in the message, then no
further details are required about the beneficiary in the message. The ‘No change to
beneficiary’ flag can only be set to false (i.e. changes have been made) if the message also
contains all the details of the changes. If the changes to the beneficiary cannot be contained
within the order message, then no further orders should be sent for this beneficiary until the
records at the executing party have been brought up to date.

A change request will be raised with SWIFT Standards to make the ERISA Eligibility and
Benefit Plan Declaration Indicator optional items in the message. Until this change is made
the following rule should be applied: The contents of the beneficiary details element should be
IGNORED unless the ‘No change to beneficiary’ indicator is set false.
(DB_OCT_004, DB_OCT_005)

Financial Instrument Identification

3
The primary Hedge Fund identifier will be the ISIN code.

Unlisted ISIN codes can be obtained from the national numbering agency for each country;
normally these are the Stock Exchanges (Cayman, Irish, and London), Clearstream in

2
See Glossary
3
See Glossary

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 Project SHARP. STP order processing for the Hedge Fund Industry.

Business Rules for creating an order

Luxembourg and Standard & Poor’s in the United States. Telekurs offers an ISIN service in
Switzerland and is also one of a group of companies who can issue substitute or ‘XD’ ISINS
which can be used in the case where the local numbering agency does not issue ISINS for
(DB_JUL_011)
the alternative investment fund concerned.

The name of the fund can be provided for information purposes only but it is not validated by
the executing party.

Series Fund Identification

When an order needs to identify a particular series within a fund it must always use an ISIN
identifier plus a date series identifier formatted as an ISO DATE (YYYYDDMM). The ISIN
identifier will either be the ‘series A1’ identifier for the fund plus the date formatted series
identifier, or the ISIN identifier will identify the particular fund series absolutely.

The date formatted series identifier must always be used even if an ISIN code has been
issued for the fund series.

The executing party can inform the instructing party of the creation of a new series identifier in
the subscription confirmation message. Both the series date identifier and any new ISIN code
can be notified.

Lot Identifiers for Redemptions

A lot corresponds to the units purchased by a previous subscription order. Lots can therefore
be identified by a combination of the instructing party’s previous order reference and the
executing party’s deal reference.
(DB_JUL_005)

Requested Trade Date

The instructing party can request an order to be traded on a particular future trade date. This
is an optional item. Where a requested trade date is not included in an order, the executing
party will execute the deal on the first available date.

There is no requirement to issue a waiver when requesting a future trade date.

Where a fund is dealt monthly there is a three day tolerance around the date requested in the
order. This tolerance is designed to reduce the number of queries on requested trade dates
for these funds. These queries often arise from systems which may be set to request a trade
th
date for a particular day in the month, for example the 30 day of the month, when in reality

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 Project SHARP. STP order processing for the Hedge Fund Industry.

Business Rules for creating an order

the PPM states that dealing will be on the ‘last day’ of the month. This tolerance is not
available for daily or weekly valued funds.

This tolerance does not imply that an order can be received after the cut-off date for the fund.

The estimated trade date for the order will be confirmed back to the instructing party in an
order status message. This may not be the same date they requested in the order if the
tolerance feature has been used, or if the order has missed the executing party notification
cut-off.

The actual trade date will be confirmed in the order confirmation message.

Actual trade date

Order message
received before The estimated
the dealing trade date is
date Requested stated in the order
future status message
trade date and the order
tolerance confirmation
zone

Timeline (days)
3 days 3 days
before after

(LX_SEP_011)
Figure 3 Tolerance on requested trade date for monthly valued funds

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 Project SHARP. STP order processing for the Hedge Fund Industry.

Business Rules for creating an order

Waiver Codes
Waiver codes can be used by the instructing party to advise the executing party where they
are requesting to process orders outside the terms of the PPM.

Waiver Codes and Intermediaries

Intermediaries receive unstructured waiver details in orders from their instructing parties, and
are not able to parse this data and choose an appropriate waiver reason code. Intermediaries
will send the waiver information they receive by using the “Information Value” free text
element in the order message along with a generic waiver code.

At the present time there is no generic waiver code available for this purpose. A request will
be made to SWIFT Standards for a general waiver code to be added to the code list.

The suggested general waiver code is WAIV. Until the code is available on the order waiver
reason code list, it is proposed that the proprietary identifier be used. The issuer code should
be set to ‘SHARP’ to identify this market practice. (GV_OCT_011)

Name Definition Code

Below Minimum Amount of subscription is below the BMIN

Investment Amount minimum initial investment amount.

Commission Standard commission is waived. COMW

Waiver

Cut Off Date Cut off date has been passed. CUTO

Front End Load Front end load charge differs from PPM. FEND
Charge
4
Generic Waiver A general waiver – typically passed on by WAIV
an intermediary without interpretation

Late Trade Dealing Dealing of the trade is outside the normal LATE
limit. Do not use. We do not support
the use of this code as it gives
the impression that we allow
late dealing.
Table 4 Waiver codes

4
This is a proprietary identifier

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 Project SHARP. STP order processing for the Hedge Fund Industry.

Business Rules for creating an order

When a waiver code is being used in an order the instructing party should also indicate the
contact person at the executing party with whom they agreed to trade outside the terms of the
PPM. This is optional for intermediaries who are merely passing on unstructured waiver data.

Name Definition Code

Contact Person At Instructing Party acting as the contact person CONI

Party Institution at the instructing party

Contact Person At Executing Party acting as the contact person CONE

Party Institution at the executing party institution.

Name Of Agent To Order Name of Agent to the order, if CONA

different from the instructing
party.

Contact at fund management FMCO

company
Table 5 Waivers. Contact role codes.

For each contact associated with a waiver the following details should be supplied:
• BIC of the institution
• The name of the individual
• Telephone number
• Email address
• The role of the individual using the appropriate code.
LU_NOV_002)

The Order Reference

A unique order reference number must be assigned to the order by the instructing party.
The order reference becomes the primary method of identifying the transaction both in order
status messages and in order confirmations.

The Order Quantity

Subscription orders can be denominated as a quantity of fund units or as an amount of cash.
Redemption orders can be denominated as a quantity of fund units or as an amount of cash.
Redemption orders denominated as percentages are not supported.

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 Project SHARP. STP order processing for the Hedge Fund Industry.

Business Rules for creating an order

Cash Settlement of Subscription Orders

SHARP market practice is designed to support two cash settlement scenarios for cash
denominated subscription orders.

In scenario one the instructing party:

• Calculates the cash settlement date for a given NAV date with reference to the fund
prospectus
• Makes settlement accordingly. If the order is unit driven the cash settlement will be an
estimated value based on an estimated unit price. (CC_JAN09_05)
• Includes the cash settlement date in the subscription order and, if possible, a
(DB_JUL_015)
payment reference to aid the executing party’s cash reconciliation process.

In scenario two the instructing party:

• Sends the subscription order message before any cash settlement is made
• Waits to be informed of the appropriate cash settlement date by the executing party.
• The cash settlement date (or pre-payment date) is communicated by the executing
(LU_NOV_002)
party to the instructing party using a ‘PACK’ status message. The status
message also contains the expected trade date for the order. Additionally, the status
message also contains the estimated execution amount for the order; in the case of a
unit driven subscription order this will be an estimated value judged to be high
enough to cover the number of units to be purchased. (CC_JAN09_05)
• If the instructing party makes cash settlement by the pre-payment date then the order
will be processed by the expected trading date.

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 Project SHARP. STP order processing for the Hedge Fund Industry.

Business Rules for creating an order

Payment Reference
The use of payment references is encouraged to help with the cash reconciliation process.

Order Message Instructing Party’s Payment Executing Party’s Payment

Reference Reference

Subscription Order Indicates a payment Not applicable

reference which will be/has
been used to settle the cash
to support this order

Redemption Order A payment reference which Not applicable

the instructing party requests
the executing party to use
when settling redemption
proceeds for this order

Redemption Confirmation Not applicable The payment reference

which will be used when
settling redemption proceeds.
This may be the one
requested by the instructing
party in the original order
message
Table 6 Payment references

Side Pockets5 (DB_SEP_004)

Side pockets should not be referred to when constructing a redemption or subscription order.
When a side pocket matures the investor/consignee will be notified of the event in a letter.
This is a fund event and it is likely that it will eventually be handled using corporate action
messages. This will be covered in phase two of this project.

Amendments to Orders
Amendments to a subscription or a redemption order are not permitted. The process will be to
cancel the original order using its order reference and to issue a new fund order with a new
order reference.

Charge Details
The instructing party and the fund manager may negotiate a change to a charge above and
beyond the terms of the PPM.

5
See Glossary

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Business Rules for creating an order

The instructing party should then make reference to the charge by putting a waiver on the
order to say that a new charge has been agreed. The code ‘FEND’ – front end load fees –
should be used to identify the new charge.

Taxes
Details of taxes affecting an order may be included both in subscription and redemption
orders and subscription and redemption confirmation messages.

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Business rules for receiving an order

6 Receiving an order – the order status message

The standard approach to order status messages

The industry has agreed a common approach to the use of status messages. This agreement
constitutes a minimum service level agreement which instructing parties can expect the
executing parties to implement.

The timings defined in this agreed practice are all relative to the arrival of the message in the
executing party’s incoming mailbox. If the order messages are being delivered via the SWIFT
InterAct service then this delivery time will be found in the SWIFT message wrapper and
6
located in an element called DeliveryTime .

When a subscription or redemption message is received by an executing party the order

status will be reported back to the instructing party using order status messages as follows:

Within 1 hour of the delivery time the executing party will acknowledge the receipt of the order
by sending a status message quoting the order reference and either the code RECE
(received), PACK (conditionally accepted) or a rejection status.

A status message should also be issued by the executing party within 48 hours of the delivery
time indicating that the order has either been rejected or accepted.

These times represent the longest acceptable time. In automated systems it is expected that
the response should be issued within a few seconds of the order being received.
(LU_NOV_003)

It is very important to note that the receipt of a ‘PACK’ message does not signify confirmation
of entry in the fund. All subscription and redemption orders are subject to fund manager
approval. Subscriptions are always conditional on cash settlement being made in accordance
with the PPM. An order may be rejected even after a ‘PACK’ message has been received.

6
See Appendix A

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Business rules for receiving an order

Cash Settlement Dates (ZR_SEP_010, DB_OCT_003)

Orders should always be placed in accordance with the fund PPM, unless a specific waiver is
in place. Instructing parties and executing parties may wish to help each other out in the
following ways:

• The instructing party may include a requested trade date and cash settlement date in
a subscription order. The purpose of adding cash settlement information is to assist
the executing party with their cash reconciliation. This is optional.
(LU_NOV_006)

• If no cash settlement details are received in a subscription instruction, the executing

party may issue a PACK (LU_NOV_002) status message: containing the next available
trading date for the order instruction and a prepayment date by which cash settlement
should be made.

Whatever approach the counterparties take, a PACK (LU_NOV_002) status message should be
issued for all accepted orders. The status message should contain the expected trading date
for the order. If cash settlement is not received in time, then the order will not be executed on
the expected trading date stated in the status message and the order will either be rejected or
held over until the next available trade date.

The PPM is always the final word on the settlement requirements of the fund. Any dates
provided by the executing party in a PACK status message are purely indicative and some
executing parties may choose not to give details of settlement dates in their status messages
at all. The executing party should make their policy on this matter clear to their counterparties.

Unit driven subscription orders

When a subscription order is denominated in units rather than cash the instructing party will
be expected to settle a cash amount based on an estimated value for the order.

There are two possible approaches here:

• The instructing party makes cash settlement at the same time as the order is
submitted based on their own estimation of value of the order, this may include a
safety margin to cover a possible rise in the unit price.
• The instructing party may wait to make cash settlement until they receive an order
instruction status report from the executing party containing the estimated execution
amount for the order.

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Business rules for receiving an order

Counter parties should agree which approach they will take before starting to handle unit
driven subscription orders via STP. (CC_JAN09_05)

Conditional Acceptance
Order acceptance within the SHARP market practice is always conditional on fund manager
approval, and cash settlement for subscriptions. Thus any acceptance of an order should
always be made using a PACK order status message. The use of the “conditional
acceptance” status message is not required.(LU_NOV_002, ZR_SEP_010)

Acceptance – PACK
The code “PACK” indicates that the order has been accepted subject to fund manager
approval and cash settlement for subscriptions.

Notifying a Gated Redemption in a PACK status message (DB_SEP_006)

We have identified two methods by which a redemption order can be limited or gated.

Gate Open
In the first method, the executing party confirms the first tranche of the redemption using the
redemption order confirmation message. The executing party then schedules and executes
subsequent redemption deals, without a further order being required from the instructing
party, until the full redemption amount has been executed.

Every time a further tranche of the redemption is executed the executing party raises a new
deal reference and sends a redemption order confirmation message to the instructing party
quoting their original order reference. Once all the redemption tranches have been completed,
the executing party indicates that no further activity will take place under that order reference.

Because the order is held open until all the redemption tranches have been executed this
method is known as ‘GATE OPEN’.

Gate Closed
The second method is known as ‘GATE CLOSED’. The executing party confirms a single
tranche of the redemption using the redemption order confirmation message. The order is
then closed and no further redemptions are made under that order reference. It is up to the
instructing party to raise further orders to complete the desired redemption. Thus, the original
order is closed after the first redemption tranche is executed.

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Business rules for receiving an order

An instructing party must be aware that when an order has been subject to a ‘closed gate’,
they are required to raise more order instructions to achieve the redemption they require. An
‘open gate’ indicates that the instructing party need take no further action and that the
executing party will carry on executing redemptions until the redemption amount from the
order is achieved.

Informing the instructing party of a gated redemption

It is agreed best market practice that the executing party should inform the instructing party
that a redemption order will be subject to gating as soon as possible after the decision has
been made. Wherever possible, the instructing party should be notified by the use of an order
status message prior to the order confirmation being issued. Where this is not possible, then
the details of the redemption gating must be included in the redemption order confirmation.

At the time of writing the codes to communicate redemption gating details are not available
within the redemption confirmation or order status message, so it will be necessary to use
extension fields to hold this information.

The proposed code list is:

GATO = Gate Open.

GATC = Gate Closed
GAFS = Gated Order Fully Settled

It is also proposed that executing parties should pass the gated redemption rate (%) along
with the gated type code.

These codes will be passed in the extension section of the order status and redemption order
confirmation messages (see examples in the messaging section) and a change request will
be raised with SWIFT Standards to ask them to implement the required changes to the
messages.

The communication of gating (including the gate percentage) is mandatory, but not the
method of communication. Ideally, ISO 20022 messages should be used, but a telephone call
is still acceptable.

(DB_OCT_002)

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Business rules for receiving an order

Rejecting an Order
An order status message can be used to reject an order. These messages can contain up to
ten reasons why the order has been rejected.

If an order is rejected it is considered dead and its order reference should not be reused. A
new order must be instructed.

Top Up Orders – orders below the de minimus

The concept of a ‘Top Up’ order is not supported by SHARP market practice. Each order is
taken on its own merits and there is no market practice for grouping orders together to build a
total greater than the fund de minimus.

In some cases executing parties will reject an order below the minimum size immediately, in
other cases they may wish to refer the order to the fund manager for authorisation.

(ZR_SEP_005, LU_NOV_002)

Request for order status

We do not support the use of the request for order status message. The SHARP group
believes that the number of status messages defined by best market practice mean that the
request for additional status messages is redundant.

See Section 14 for a selection of order status message examples.

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Business rules for receiving an order

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Business rules for confirming an order

7 Order Confirmations – The Contract Note

Declarations
The confirmation should contain the ERISA percentage which was used when processing the
deal.

The deal reference

A unique deal reference will be assigned by the executing party for the dealing activity which
is being confirmed in one confirmation message.

One order reference may give rise to several order confirmation messages being sent, for
example in the case of gated redemptions. Each confirmation will have a unique deal
reference. So a single order reference can have many deal references associated with it.

NOTE: The true unique identifier of an order is the order reference plus the instructing
counterparty identifier. In the same way a deal reference is only unique in respect of a
particular executing party and so the unique deal reference is a combination of deal reference
and the executing party’s identifier.

Identifying a new series in the Order Confirmation

New fund series are identified using a date type series identifier (in the ISO DATE format
YYYYMMDD) and the series 1A fund ISIN.

In the event that the fund prospectus stipulates that series identifiers are to use a different
format then this identifier will be confirmed back to the instructing party as a ‘supplementary
identifier’.

Some executing parties create ISIN codes to identify the new series. If a new ISIN is created
it can be also be communicated back to the instructing party as a ‘supplementary identifier’.

Lot identifiers
When a subscription order is confirmed to the instructing party the units purchased can be
identified as a lot by using the instructing party’s order reference and executing party’s deal
reference.

An instructing party can target one or more previously purchased lots for redemption in a
redemption order. (GV_OCT_013, GV_OCT_014)

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Business rules for confirming an order

If a lot is not specified in the redemption then units are redeemed in accordance with the
PPM. (FIFO or LIFO for example)

Confirming the executed quantity

The confirmation should include the actual cash amount of the order execution. Where this
differs from the original order amount the original order amount should be confirmed too.

Partial settlement and multiple confirmations

It is possible for a redemption or subscription order to be executed in several tranches and
therefore it is entirely possible for one order to be confirmed with several confirmation
messages. Each of the confirmations should have its own unique deal reference and contain
the order reference of the original order.

Holdbacks7
Holdback provisions allow the fund manager to retain a proportion of redemption proceeds.
This can be used to protect the fund in case of an overstatement of the NAV and may be
released after a final audit of the funds is complete.

A holdback does not have any impact on the number of units redeemed in an order. The
order is executed in full and the value of the holding reduces accordingly. The redemption
proceeds are settled to the client in the usual way, except that a proportion is held back. The
redemption confirmation shows the full amount of the redemption and the amount held back.

The amount held back can be released to the client in several tranches or in one amount.
(GV_OCT_015, LU_NOV_009)

Charge Details
The order confirmation message can be used to confirm charges applied to the order. The
charges can be itemised or merely included as total charges.

Prices – GAV/NAV
8
For funds with equalisation there will be two prices. The GAV price must be quoted as the
Dealing Price and the NAV price must be quoted as the Informative Price.
9
For funds without equalisation, the Dealing price type must be NAV .

7
See Glossary
8
See Glossary
9
See Glossary

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Business rules for confirming an order

Taxes
Details of taxes affecting an order may be included both in subscription and redemption
orders and subscription and redemption confirmation messages

Side Pockets and Order Confirmations

• Whenever there is a side pocket allocation linked to a redemption, details of the side
pocket must be included in the redemption order confirmation.
• The preference is for the side pocket information to be expressed in cash.
• If the “units” element of the side pocket information is used then the cash element
must also be completed. The number of units provided here should be the number of
units created in the new side pocket. (LX_NOV_015)
• It is proposed that a unique identifier should be created for the side pocket and that
this should be included in the side pocket confirmation details. The form of the
identifier is unimportant, provided it uniquely identifies each side pocket. In some
cases the identifier will be simply the name of the side pocket. 35 characters are
available in the side pocket identifier field.

A redemption confirmation may include side pocket, holdback and gated redemption details.
(DB_OCT_001)

Equalisation10
The total effect of equalisation on a subscription or redemption order can be included in the
order confirmation as an amount or percentage rate. In addition equalisation events may
occur that are not associated with a particular order – these events will be covered in phase
two of this project and it is likely that they will be communicated using corporate actions
messages and statements of transactions.

Number of units
The order confirmation should confirm the number of units that were actually subscribed or
redeemed to execute the order. This is, however, an optional item to allow for the
confirmation of orders on non-unitised funds.

Trans-Currency Orders (GV_OCT_016)

It is possible to settle subscriptions and redemptions in currencies other than the fund base
currency and foreign exchange details can be included in order confirmations. Example
messages are included later in this document to show how this can be achieved.

10
See Glossary

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Business rules for confirming an order

Cancelling a Previously Sent Confirmation

The cancellation of previously sent confirmations by the use of the Investment Funds
Cancellation Advice message is supported by this market practice, but it is not envisaged that
changes to previously issued order confirmations will be processed automatically by the
instructing party.

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Order cancellations

8 Cancelling an order
The instructing party may request an order cancellation using an Investment Funds Order
Cancellation Request message.

The executing party should take the same approach to acknowledging the receipt of an order
cancellation as to receipt of an order itself. A response must be made to the instructing party
using an Order Cancellation Status Report message within one hour. The three permitted
cancellation statuses are pending, completed or rejected.

If the executing party rejects the cancellation request, then it should send an Order
Cancellation Status Report reporting the rejection. If the cancellation is successful an Order
Cancellation Status Report should be sent to indicate that the order has now been cancelled.

Some executing parties will also send a final order status message confirming that the order
has been cancelled. This is optional.

The successful cancellation of an order should trigger the return of any cash that has been
settled against that order plus any interest due under the terms of the PPM. (GV_OCT_017)

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Alternative Funds Accounting Statement of Holdings

9 Accounting Statement of Holdings

( GV_OCT_018, GV_OCT_019 )

Statement of holding frequency

It was agreed that the statements should be issued at a frequency to be agreed between the
parties – probably, but not necessarily, based on the valuation cycle of the fund.
(LX_NOV_013)

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Messaging Summaries (DB_OCT_007)

10 Order Processing Message Summaries

This section contains summary diagrams representing the message interchanges required to
support the SHARP market practice for order processing. Instructing and executing parties
should support the full range of messages listed below if they wish to be in line with the best
market practice.

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Messaging Summaries (DB_OCT_007)

SHARP Alternative Funds Order Processing. Subscription Order Processing Summary

Instructing Party Executing Party

Alternative Funds Subscription Order

Optionally Includes payment reference and
settlement date

Alternative Funds Order Instruction Status Report (In all cases)

Status = RECE
Includes IP order reference Indicates that the order has been received

Alternative Funds Order Instruction Status Report(s)

Either
Order is accepted subject to conditions
Accepted
Or Order is accepted (subject to final fund manager approval)
Rejected
Or Order is rejected
Cancelled (LU_NOV_008)
Order has been cancelled

Investment Fund Order Cancellation Request

Includes the order reference

Order Cancellation Status Report(s)

Either
Cancellation request received
Pending
Or Order cancelled OK
Order Cancelled
Or Cancellation request rejected
Cancellation Rejected

Alternative Funds Subscription Order Confirmation(s)

Includes IP order reference, EP deal The electronic contract note
reference, series and lot identifiers

Investment Fund Cancellation Advice

Includes IP order reference, EP deal A previously sent contract note is cancelled

reference

Figure 4 Subscription order messaging summary (ZR_SEP_010, GV_OCT_004)

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Messaging Summaries (DB_OCT_007)

SHARP Alternative Funds Order Processing. Redemption Order Processing Summary

Instructing Party Executing Party

Alternative Funds Redemption Order

Alternative Funds Order Instruction Status Report (In all cases)

Status = RECE
Includes IP order reference Indicates that the order has been received

Alternative Funds Order Instruction Status Report(s)

Either Order is accepted subject to conditions
Accepted
Or Order is accepted (subject to final fund manager approval
Rejected
Or Order is rejected
Cancelled (LU_NOV_008)
Order has been cancelled

Investment Fund Order Cancellation Request

Includes the order reference

Order Cancellation Status Report(s)

Either Cancellation request received
Pending
Or Order cancelled OK
Order Cancelled
Or Cancellation request rejected
Cancellation Rejected

Alternative Funds Redemption Order Confirmation (Multiple confirmations are possible e.g. gated type 1)

Includes IP order reference and details The electronic contract note

of any holdbacks applied

Investment Fund Cancellation Advice

Includes IP order reference, EP deal A previously sent contract note is cancelled

reference

Figure 5 Redemption order messaging summary (GV_OCT_004, CS_JAN09_01)

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Messaging Summaries (DB_OCT_007)

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Business Scenarios (GV_OCT_006)

11 Scenarios

Business Scenarios
These scenarios deal with the basic process flows for orders and the variations required to
support this market practice.

Asynchronous Scenarios
Asynchronous scenarios are variants of the business scenarios which pose questions in the
technical arena. Asynchronous scenarios discuss what happens when the messages arrive in
an unexpected order. The final scenario is designed to provoke discussion about where
manual processes can be used when the client wishes to deal outside the rules of STP.

Scenario Timelines
Each scenario has a timeline down the left hand side indicating significant events during the
lifecycle of the order or the fund such as the NAV date and trade date.

It should be noted that the timelines down are not to scale and that the vertical spacing
between the events are not indicative of the elapsed time between them. The lines indicate
the sequence of events only.

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Business Scenarios (GV_OCT_006)

Basic subscription processing – with cash alongside the order

Instructing Store & Executing

Party Forward Party
Service

1. IP sends an order Order Cash settlement

to EP via the store Order 2. The order is
& forward service received by the EP

3. Status message
Status sent, acknowledging
Status
4. Acknowledgement receipt of the order
received (optional)

5. Status message
Status
Status sent indicating
time

6. Conditional conditional
Acceptance received acceptance of the
order (PACK)
NAV Date
Trade Date

7. Order priced and

Confirmation executed and
Confirmation
8.Confirmation message sent to
received confirm

Scenario 1 Basic subscription processing – with cash alongside the order

Basic redemption processing

Instructing Store & Executing
Party Forward Party
Service

1. IP sends an order Order

to EP via the store Order 2. The order is
& forward service received by the EP

3. Status message
Status
Status sent, acknowledging
4. Acknowledgement receipt of the order
received (optional)

5. Status message
Status
Status sent indicating
time

conditional
6. Conditional acceptance of the
acceptance received order (PACK)
NAV Date
Trade Date

7. Order priced and

Confirmation executed and
Confirmation
8.Confirmation message sent to
received confirm

Cash settlement

Scenario 2 Basic redemption processing

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Business Scenarios (GV_OCT_006)

Subscription. Acceptance with cash settlement information

Instructing Store & Executing

Party Forward Party
Service

1. IP sends an order to EP via

Order
Order
the store & forward service 2. The order is received by the EP

Status 3. Status message sent

Status
4. Acknowledgement received acknowledging receipt (optional)

Status 5. Status message sent indicating

Status conditional acceptance, estimated
6. Conditional acceptance trade date and prepayment date
received (PACK)

Cash settlement
time

Status 7. Status message sent indicating

cash has been received (PACK)
8. Conditional acceptance Status
(optional)
received
NAV Date
Dealing Date

Confirmation
9. Order priced and executed and
Confirmation message sent to confirm
10. Confirmation received

Scenario 3 Acceptance with cash settlement information provided by the executing party

Acceptance and rejection

Instructing Store & Executing

Party Forward Party
Service

1. IP sends an order to EP via

Order
Order
the store & forward service 2. The order is received by the EP

Status 3. Status message sent

Status
4. Acknowledgement received acknowledging receipt (optional)

Status 5. Status message sent indicating

6. Conditional acceptance Status conditional acceptance (PACK)
received

Status 7. Status message sent indicating

Status rejection of the order
time

8. Rejection received

NAV Date
Trade Date

Scenario 4 Conditional acceptance and rejection

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Business Scenarios (GV_OCT_006)

Rejection

Instructing Store & Executing

Party Forward Party
Service

1. IP sends an order to EP via

Order
Order
the store & forward service 2. The order is received by the EP

Status 3. Status message sent

Status
4. Acknowledgement received acknowledging receipt (optional)

Status 5. Status message sent indicating

rejection of the order
time

Status
6. Rejection received

NAV Date
Trade Date

Scenario 5 Rejection

Instant rejection

Instructing Store & Executing

Party Forward Party
Service

1. IP sends an order to EP via

Order
Order
the store & forward service 2. The order is received by the EP

Status 3. Status message sent indicating

Status rejection of the order
4. Rejection received
time

NAV Date
Dealing Date

Scenario 6 Instant rejection

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Business Scenarios (GV_OCT_006)

Gated redemption – “Gate Open”

Instructing Store & Executing
Party Forward Party
Service

1. IP sends an order Order

to EP via the store Order
2. The order is received by the EP
& forward service

Status 3. Status message sent,

4. Acknowledgement Status acknowledging receipt of the order
received (optional)

Status 5. Status message sent indicating

6. Conditional Status
conditional acceptance of the order
acceptance received
and that the redemption will be gated
NAV Date
open (PACK)
time

Trade Date

8.Confirmation
Confirmation 7. Order priced and executed and
Confirmation
received message sent to confirm
Cash settlement

10.Confirmation
Confirmation 9. Order priced and executed and
Confirmation
received message sent to confirm
Cash settlement
Confirmation 11. Order priced and executed and
12.Confirmation Confirmation
received message sent to confirm and
Cash settlement indicate that settlement is complete

Scenario 7 Gated redemption – Type One (ZR_SEP_009)

Gated redemption – “Gate Closed”

Instructing Store & Executing
Party Forward Party
Service

1. IP sends an order Order

to EP via the store Order
2. The order is received by the EP
& forward service

Status 3. Status message sent, acknowledging

Status
4. Acknowledgement receipt of the order (optional)
received

5. Status message sent indicating

Status conditional acceptance of the order and
time

Status that the redemption will be gated closed

6. Conditional (PACK)
acceptance received

NAV Date
Trade Date

Confirmation 7. Order priced and executed and

Confirmation
8.Confirmation message sent to confirm
received

Partial cash settlement

Scenario 8 Gated redemption – Type Two (LU_NOV_009, (ZR_SEP_009)

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Business Scenarios (GV_OCT_006)

Redemption with holdback

Instructing Store & Executing

Party Forward Party
Service

1. IP sends an order Order

to EP via the store Order
2. The order is received by the EP
& forward service

Status 3. Status message sent,

4. Acknowledgement Status acknowledging receipt of the order
received (optional)

Status 5. Status message sent indicating

6. Conditional Status conditional acceptance of the order
acceptance received (PACK)
NAV Date
time

Trade Date

8.Confirmation
Confirmation
Confirmation 7. Order priced and executed and
received message sent to confirm. Confirmation
gives details of holdbacks and when
Partial cash settlement liquidation of all holdbacks will be
completed

Scenario 9 Redemption with holdback (ZR_SEP_009)

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Business Scenarios (GV_OCT_006)

Order cancellation

Instructing Store & Executing

Party Forward Party
Service

Order Order
1. IP sends subscription order 2. Order is received by the EP

Status 3. Status message sent, acknowledging

Status
4. Acknowledgement received receipt of the order (optional)

Status 5. Status message sent indicating

Status conditional acceptance of the order
6. Conditional acceptance received

CR
7. Order cancellation request CR
8. Cancellation request received

9. Cancellation status report indicating

time

CS that that the cancellation request has

10. Order cancellation status received. CS been received and is pending.
Cancellation is pending. (optional)

CS 11. Cancellation status report indicating

12. Order cancellation status received. CS
Order has been cancelled. that the order has been cancelled

Status 13. Status message sent indicating

Status cancellation of the order (optional)
NAV Date 14. Order status indicating cancellation
received
Trade Date

Scenario 10 Order cancellation (pending status is mandatory)

Cancellation rejection

Instructing Store & Executing

Party Forward Party
Service

Order Order
1. IP sends an order 2. Order is received by the EP

Status 3. Status message sent, acknowledging

Status
4. Acknowledgement received receipt of the order (optional)

Status 5. Status message sent indicating

Status conditional acceptance of the order
6. Conditional acceptance received
NAV Date
time

CR
7. Order cancellation request CR
8. Cancellation request received

CS 9. Cancellation status report indicating

that that the cancellation request has
10. Order cancellation status received. CS
been received and is pending.
Cancellation is pending.
CS 11. Cancellation status report indicating
12. Order cancellation status rejected CS
received that cancellation is rejected

Trade Date

Confirmation Confirmation 13.The order is priced and executed and

14. Confirmation received message sent to confirm.

Scenario 11 Cancellation rejection

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Business Scenarios (GV_OCT_006)

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Asynchronous Scenarios

Asynchronous 1. Basic Order Processing with delayed order status

Instructing Store & Executing

Party Forward Party
Service

1. IP sends an order Order

to EP via the store Order 2. The order is
received and
& forward service
processed by the EP

Status 3. Status message

sent indicating
conditional
acceptance of the
time

order

NAV Date
Trade Date

5. Order priced and

Confirmation executed and
Confirmation
6. Confirmation message sent to
received confirm

Status
4. Conditional
acceptance received

Asynchronous 1 Basic Order Processing with delayed Order Status

Asynchronous 2. Delayed status message on conditional acceptance

Instructing Store & Executing

Party Forward Party
Service

1. IP sends an order to EP via

Order
Order
the store & forward service 2. The order is received by the EP

Status 3. Status message sent

Status
4. Acknowledgement received acknowledging receipt

5. Status message sent indicating

Status conditional acceptance, with
8. Conditional acceptance Status payment indicator showing
received payment has not been received.

Status
7. Status message sent indicating
time

6. Conditional acceptance Status conditional acceptance, with

received payment indicator showing that
payment has been received.
NAV Date
Trade Date

Confirmation
9. Order priced and executed and
Confirmation message sent to confirm
10. Confirmation received

Asynchronous 2 Delayed status message on conditional acceptance

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Asynchronous Scenarios

Asynchronous 3. Cancellation arrives before the order

Instructing Store & Executing

Party Forward Party
Service

Order CR 4. The order this cancellation refers to

1. IP sends an order has not arrived yet. The EP stores the
cancellation request.
CR
3. Order cancellation request
CS 5. The EP sends a cancellation status to
CS say the cancellation is now pending.
6. Order cancellation status message NOTE. The EP does not reject (CANP)
received

Order 2. The order arrives and the EP checks it

against the list of outstanding
cancellations.
time

Status Status
7. The order status message indicates
8. Order cancellation status received
that the order is cancelled

9. A cancellation status message is sent

Status to close of the original cancellation
10. The order cancellation request status Status request. (CAND)
is received

NAV Date

Trade Date

Asynchronous 3 Cancellation arrives before the Order

Asynchronous 4. Overlapping order rejection and cancellation

Instructing Store & Executing

Party Forward Party
Service

Order Order 2. The order is received but does not

1. IP sends subscription order
pass EP validation

Status 3. Status message sent to indicate

CR rejection of the order
5. IP sends a cancellation request for the
order
CR
6. Order cancellation request received

CS 8. The cancellation request is rejected

7. The cancellation request rejection CS since the order has already been rejected
time

status is received

4. Order rejection status message

Status
received

NAV Date

Trade Date

Asynchronous 4 Overlapping order rejection and cancellation

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Asynchronous Scenarios

Asynchronous 5. Non STP order cancellation

Instructing Store & Executing

Party Forward Party
Service

Order Order
1. IP sends subscription order 2. Order is received by the EP

Status 3. Status message sent, acknowledging

Status
4. Acknowledgement received receipt of the order

Status 5. Status message sent indicating

Status conditional acceptance of the order
6. Conditional cceptance received

NAV Date
time

7. IP calls on the phone or sends a fax to Phone call and fax

attempt to cancel the order once the 8. EP cancels the order by hand
dealing cut-off has passed

9. EP system generates an order status

Status message to indicate the order has been
10. Order cancellation status message Status cancelled. “A process that starts with an
received electronic message should end with an
electronic message”
Trade Date

Asynchronous 5 Non STP order cancellation

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Message References

12 Message References
Only business references will be used in this market practice. There is no requirement that
messages should be linked together using the ‘related’ or ‘previous’ message references
which are available in the message set.
( GV_OCT_020 )

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Order Statuses

13 Order Statuses
The table below contains examples of order status messages an instructing party can expect
to receive from the executing party based on the business processes agreed in this market
practice.

Type Purpose Data Items Schema Map

A To inform the 1. Technical message ID A.F.OrderInstructionStatusReportV01
instructing party 2. Message creation MessageIdentification
that the order Datetime Identification 1. Technical message ID
has been 3. Order reference CreationDateTime 2. Message creation
received. 4. RECE status datetime
OrderDetailsReport
OrderReference 3. Order reference
StatusDetails
Status 4. RECE
<Document
xmlns="urn:iso:std:iso:20022:tech:xsd:FINALDRAFTsetr.064.001.01"
xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
>
<AltrntvFndsOrdrInstrStsRpt>
<MsgId>
<Id>SharpStatusMsgExampleA01</Id>
<CreDtTm>2008-10-22T08:21:00Z</CreDtTm>
</MsgId>
<OrdrDtlsRpt>
<OrdrRef>ORDERREFERENCE</OrdrRef>
<StsDtls>
<Sts>RECE</Sts>
</StsDtls>
</OrdrDtlsRpt>
</AltrntvFndsOrdrInstrStsRpt>
</Document>
B To accept a 1. Technical message ID A.F.OrderInstructionStatusReportV01
subscription or 2. Message creation MessageIdentification
redemption datetime Identification 1. Technical message ID
order. 3. Order reference CreationDateTime 2. Message creation
The expected 4. Status code datetime
trade date and 5. Expected trade date OrderDetailsReport
expected 6. Expected executed OrderReference 3. Order Reference
executed amount StatusDetails
amount are Status 4. Status code
provided. NewDetails
ExpectedTradeDateTime
Date 5. Expected trade date
ExpectedExecutedAmount 6. Expected executed
amount
<Document
xmlns="urn:iso:std:iso:20022:tech:xsd:FINALDRAFTsetr.064.001.01"
xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<AltrntvFndsOrdrInstrStsRpt>
<MsgId>
<Id>SharpStatusMsgExampleB02</Id>
<CreDtTm>2008-10-22T08:21:00Z</CreDtTm>
</MsgId>
<OrdrDtlsRpt>
<OrdrRef>ORDERREFERENCE</OrdrRef>
<StsDtls>
<Sts>PACK</Sts>
</StsDtls>
<NewDtls>
<XpctdTradDtTm>
<Dt>2008-10-24</Dt>
</XpctdTradDtTm>
<XpctdExctdAmt Ccy="EUR">100</XpctdExctdAmt>
</NewDtls>

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Order Statuses

Type Purpose Data Items Schema Map

</OrdrDtlsRpt>
</AltrntvFndsOrdrInstrStsRpt>
</Document>
C To conditionally 1. Technical message ID A.F.OrderInstructionStatusReportV01
accept a 2. Message creation MessageIdentification
subscription datetime Identification 1. Technical message ID
order. The 3. Order reference CreationDateTime 2. Message creation
expected trade 4. Acceptance code datetime
date is provided, 5. Expected trade date OrderDetailsReport
and the date by 6. Expected executed OrderReference 3. Order Reference
which cash amount StatusDetails
should be 7. Pre-payment date Status 4. Status code
settled. NewDetails
ExpectedTradeDateTime
Date 5. Expected trade date
ExpectedExecutedAmount 6. Expected executed
amount
PrepaymentDate 7.Pre-payment date
The executing party <Document
provides the pre- xmlns="urn:iso:std:iso:20022:tech:xsd:FINALDRAFTsetr.064.001.
payment date for 01"
information only – the xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
PPM is the ultimate <AltrntvFndsOrdrInstrStsRpt>
source for information <MsgId>
on cash settlement. <Id>SharpStatusMsgExampleC02</Id>
<CreDtTm>2008-10-22T08:21:00Z</CreDtTm>
</MsgId>
<OrdrDtlsRpt>
<OrdrRef>ORDERREFERENCE</OrdrRef>
<StsDtls>
<Sts>PACK</Sts>
</StsDtls>
<NewDtls>
<XpctdTradDtTm>
<Dt>2008-10-24</Dt>
</XpctdTradDtTm>
<XpctdExctdAmt Ccy="EUR">100</XpctdExctdAmt>
<PrepmtDt>2008-10-23</PrepmtDt>
</NewDtls>
</OrdrDtlsRpt>
</AltrntvFndsOrdrInstrStsRpt>
</Document>
D To accept a 1. Technical message ID A.F.OrderInstructionStatusReportV01
subscription 2. Message creation MessageIdentification
order, cash datetime Identification 1. Technical message ID
settlement has 3. Order reference CreationDateTime 2. Message creation
been received. 4. Accepted status datetime
The expected 5. Expected trade date OrderDetailsReport
trade date is 6. Expected executed OrderReference 3. Order Reference
provided. amount StatusDetails
7. Payment indicator Status
NewDetails
ExpectedTradeDateTime
Date 5. Expected trade date
ExpectedExecutedAmount 6. Expected executed
amount
PaymentInIndicator 7. Payment Indicator

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Order Statuses

Type Purpose Data Items Schema Map

The PACK status is <Document
issued because xmlns="urn:iso:std:iso:20022:tech:xsd:FINALDRAFTsetr.064.001.01"
payment has been xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
received. <AltrntvFndsOrdrInstrStsRpt>
<MsgId>
<Id>SharpStatusMsgExampleD01</Id>
<CreDtTm>2008-10-22T08:21:00Z</CreDtTm>
</MsgId>
<OrdrDtlsRpt>
<OrdrRef>ORDERREFERENCE</OrdrRef>
<StsDtls>
<Sts>PACK</Sts>
</StsDtls>
<NewDtls>
<XpctdTradDtTm>
<Dt>2008-10-24</Dt>
</XpctdTradDtTm>
<XpctdExctdAmt Ccy="EUR">100</XpctdExctdAmt>
<PmtInInd>true</PmtInInd>
</NewDtls>
</OrdrDtlsRpt>
</AltrntvFndsOrdrInstrStsRpt>
</Document>
E To accept a 1. Technical message ID A.F.OrderInstructionStatusReportV01
redemption order 2. Message creation MessageIdentification
and to warn of a datetime Identification 1. Technical message ID
gated 3. Order reference CreationDateTime 2. Message creation datetime
redemption. The 4. Accepted status OrderDetailsReport
expected trade 5. Expected trade date OrderReference 3. Order Reference
date is provided. 6. Expected executed StatusDetails
amount Status 4. Accepted status
7. Gated redemption NewDetails
indicator place and ExpectedTradeDateTime
name Date 5. Expected trade date
8. Gated redemption ExpectedExecutedAmount 6. Expected executed amount
code Extension
9. Gated redemption PlaceAndName 7. GatedRedemptionIndicator
rate place and name Text 8. GATO
10. Gated rate value PlaceAndName 9. GatedRate
Text 10. Gated Rate Value
This is a “Gate Open” <Document
gated redemption. The xmlns="urn:iso:std:iso:20022:tech:xsd:FINALDRAFTsetr.064.001.01"
expected executed xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
amount for the first <AltrntvFndsOrdrInstrStsRpt>
tranche is shown and <MsgId>
the extension element is <Id>SharpStatusMsgExampleE01</Id>
used to hold the GATO <CreDtTm>2008-10-22T08:21:00Z</CreDtTm>
code. The place and </MsgId>
name for gated <OrdrDtlsRpt>
redemption codes is <OrdrRef>ORDERREFERENCE</OrdrRef>
“GARE”, and for the rate <StsDtls>
“GARR” <Sts>PACK</Sts>
</StsDtls>
<NewDtls>
<XpctdTradDtTm>
<Dt>2008-10-24</Dt>
</XpctdTradDtTm>
<XpctdExctdAmt Ccy="EUR">20</XpctdExctdAmt>
</NewDtls>
</OrdrDtlsRpt>
<Xtnsn>
<PlcAndNm>GARE</PlcAndNm>
<Txt>GATO</Txt>
</Xtnsn>
<Xtnsn>
<PlcAndNm>GARR</PlcAndNm>
<Txt>20</Txt>
</Xtnsn>
</AltrntvFndsOrdrInstrStsRpt>
</Document>

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Order Statuses

Type Purpose Data Items Schema Map

F To reject an 1. Technical message ID A.F.OrderInstructionStatusReportV01
order. 2. Message creation MessageIdentification
datetime Identification 1. Technical message ID
3. Order reference CreationDateTime 2. Message creation
4. Rejection reason datetime
code(s) OrderDetailsReport
OrderReference 3. Order reference
StatusDetails
Rejected 4. Rejection reason(s)
The order is rejected <Document
with code DSEC. xmlns="urn:iso:std:iso:20022:tech:xsd:FINALDRAFTsetr.064.001.01"
xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
“Identification of the <AltrntvFndsOrdrInstrStsRpt>
security is not <MsgId>
recognised or is invalid.” <Id>SharpStatusMsgExampleF01</Id>
<CreDtTm>2008-10-22T08:21:00Z</CreDtTm>
Any of the available </MsgId>
codes are allowable <OrdrDtlsRpt>
here. <OrdrRef>ORDERREFERENCE</OrdrRef>
<StsDtls>
The default rejection <Rjctd>
reason is proposed as <Rsn>DSEC</Rsn>
NSLA – although a more </Rjctd>
appropriate code for </StsDtls>
alternative funds is </OrdrDtlsRpt>
being sought. </AltrntvFndsOrdrInstrStsRpt>
</Document>

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Alternative Funds Subscription Orders

14 Subscription Orders

Logical Data Items (GV_OCT_23, GV_OCT_24, GV_OCT_25, GV_OCT_26, GV_OCT_27, DB_OCT_002, DB_OCT_007, LU_NOV_011)

A.F. Subscription Order A.F. Subscription Order Confirmation

Investment Account Investment Account

Requested Trade Date1 Requested Trade Date1
Order Reference Order Reference
Order type indicator (Unitised/Non-unitised) Deal Reference
ERISA Eligibility Indicator Order type indicator (Unitised/Non-unitised)
ERISA Rate1 ERISA Eligibility Indicator
Benefit Plan Indicator ERISA Rate1
“No change to beneficiary” indicator Benefit Plan Indicator
Beneficiary New Issue Eligibility Flag “No change to beneficiary” indicator
Fund Identifier Beneficiary New Issue Eligibility Flag
Fund Name1 Fund Identifier
Series Date Identifier1 Series Identifier1
Series Supplementary Identifier1 Series Supplementary Identifier1
Order Quantity (Units)2 Order Quantity (Units)
Order Amount (Currency)2 Order Amount (Currency)1
Waiver Reason(s)1 Executed Amount (Currency) (Total Consideration)
Waiver Reason(s)Additional Information1 Dealing Price
Waiver Contact(s)1 Dealing Price Type?
Payment Reference1 Informative Price1
Cash Settlement Date1 Informative Price Type1
Requested Settlement Currency1 Trade DateTime
NAV Date
Payment Reference1
Cash Settlement Date1
Requested Settlement Currency1
I.F. Order Cancellation Request
Foreign Exchange Details1
Order Reference Total Charges1
Charge Details1
Equalisation Details1
Order Cancellation Status Report Tax Details1
Refund1
Order Reference Partially Executed Indicator1
Status2 Partially Executed Units Rate1
Rejection Reason2 Partially Executed Cash Rate1
Free Text Rejection Reason2

A.F. Order Instruction Status Report

Order Reference
Order Status2
1
Conditions2 Optional Item
Rejection Reasons2
2
Expected Trade Date1 Choice
Prepayment Date1
Payment Reference1
Expected Executed Amount1
Payment Received Indicator1

Technical Data Items

These data items are required for technical purposes in the message and are mandatory
items:
• Message Reference
• Message Creation Date and Time

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Alternative Funds Subscription Orders

Subscription Order Schema Map

XML Schema Data Item SHARP Content
AlternativeFundsSubscriptionOrderV01
MessageIdentification
Identification Message Reference
CreationDateTime Message Creation DateTime
OrderDetails
OrderReference Order Reference
RequestedTradeDate Requested Trade Date1
HedgeFundOrderType Order type indicator (Unitised/Non-unitised)1
InvestmentAccountDetails
Account
Identification Investment Account
BeneficiaryDetails
ERISAEligibility ERISA Eligibility Indicator
ERISARate ERISA Rate1
BenefitPlanDeclarationIndicator Benefit Plan Indicator
NoChangeToBeneficiaryDetailsIndicator “No change to beneficiary” indicator
FinancialInstrumentDetails
Identification
SecurityIdentification
ISIN Fund Identifier
Name Fund name1
SeriesIssueIdentificationDate Series Date Identifier1
SupplementaryIdentification Series Supplementary Identifier1
FinancialInstrumentQuantity
Choice between
UnitsNumber
Unit Order Quantity (Units)2
Or
OrderedAmount Order Amount (Currency)2
OrderWaiverDetails (optional)
OrderWaiverReason
Choice between
Reason Waiver Reason(s) - CODE
Or
Proprietary
Identification Waiver reasons generic waiver code 'WAIV'
Issuer Proprietary code issuer - 'SHARP'
InformationValue Waiver Reason(s)Additional Information1
CashSettlementDate Cash Settlement Date1
RequestedSettlementCurrency Requested Settlement Currency1
PaymentReference Payment Reference1
RelatedPartyDetails (optional)
Identification
BICOrBEI Waiver Contact(s) - BIC
RoleType
Role Waiver Contact(s) - ROLE
CommunicationInformation
Name Waiver Contact(s) - NAME
TelephoneNumber Waiver Contact(s) - TELEPHONE NUMBER
EmailAddress Waiver Contact(s) - EMAIL ADDRESS
Extension (optional)
PlaceAndName BNEF
Text Beneficiary New Issue Eligiblity Flag (true/false)

Schema Map 1 Alternative Funds Subscription Order

1 = optional item, 2 = a choice

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Alternative Funds Subscription Orders

Order Status Schema Map

XML Schema Data Item SHARP Content
AlternativeFundsOrderInstructionStatusReportV01
MessageIdentification
Identification Message Reference
CreationDateTime Message Creation DateTime
OrderDetailsReport
OrderReference Order Reference
StatusDetails
Choice between
Status Order Status2
Or
Rejected (Repeating up to 10 times)
Reason Rejection Reasons2
NewDetails
ExpectedTradeDateTime
DateTime Expected Trade Date1
ExpectedCashSettlementDate Expected Cash Settlement Date1
ExpectedExecutedAmount Expected Executed Amount1
PaymentInIndicator Payment Received Indicator1
PaymentReference Payment Reference1
PrepaymentDate Prepayment Date1
Schema Map 2 Alternative Funds Order Instruction Status Report
1 = optional item, 2 = a choice

Subscription Order Confirmation Schema Map

XML Schema Data Item SHARP Content
AlternativeFundsSubscriptionOrderConfirmationV01
MessageIdentification
Identification Message Reference
CreationDateTime Message Creation DateTime
OrderExecutionDetails
OrderReference Order Reference
DealReference Deal Reference
RequestedTradeDate Requested Trade Date1
HedgeFundOrderType Order type indicator (Unitised/Non-unitised)
InvestmentAccountDetails
Account
Identification Investment Account
BeneficiaryDetails
ERISAEligibility ERISA Eligibility Indicator
ERISARate ERISA Rate1
BenefitPlanDeclarationIndicator Benefit Plan Indicator
NoChangeToBeneficiaryDetailsIndicator “No change to beneficiary” indicator
FinancialInstrumentDetails
Identification
SecurityIdentification
ISIN Fund Identifier
SeriesIssueIdentificationDate Series Identifier1
SupplementaryIdentification Series Supplementary Identifier1
OrderedAmount Order Amount (Currency)1
ExecutedAmount Executed Amount (Currency) (Total Consideration)
UnitsNumber
Unit Order Quantity (Units)
DealingPriceDetails
UnitPriceType Dealing Price Type
Value
Amount Dealing Price
InformativePriceDetails
UnitPriceType Informative Price Type1
Value
Amount Informative Price1
TradeDateTime
Choice between
Date Trade Date
Or

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Alternative Funds Subscription Orders

XML Schema Data Item SHARP Content

DateTime Trade DateTime
NAVDate NAV Date
CashSettlementDate Cash Settlement Date1
RequestedSettlementCurrency Requested Settlement Currency1
PaymentReference Payment Reference1
ForeignExchangeDetails Foreign Exchange Details1
ToAmount Foreign Exchange Details - TO AMOUNT
FromAmount Foreign Exchange Details - FROM AMOUNT
UnitCurrency Foreign Exchange Details - UNIT CURRENCY
QuotedCurrency Foreign Exchange Details - QUOTED CURRENCY
ExchangeRate Foreign Exchange Details - EXCHANGE RATE
QuotationDate Foreign Exchange Details - QUOTATION DATE
TotalCharges
TotalAmountOfCharges Total Charges1
ChargeDetails (Repeating) Charge Details1
ChargeType
Type Charge Details - CHARGE TYPE
ChargeAmountOrRate
Choice between
Amount Charge Details - CHARGE AMOUNT
Or
Rate Charge Details - CHARGE RATE
RecipientIdentification
BICOrBEI Charge Details - Recipient's BIC
TaxGeneralDetails Tax Details1
TotalAmountOfTaxes Tax Details - TOTAL AMOUNT OF TAXES
TaxableIncomePerDividend Tax Details - TAXABLE INCOME PER DIVIDEND
PercentageOfDebtClaim Tax Details - PERCENTAGE OF DEBT CLAIM
TaxDetails
TaxType Tax Details - TAX TYPE
Type
Amount Tax Details - AMOUNT
Rate Tax Details - RATE1
Country Tax Details - COUNTRY1
EUDividendStatusType
EUDividendStatus Tax Details - EU DIVIDEND STATUS TYPE1
EUCapitalGainType
EUCapitalGain Tax Details - EU CAPITAL GAIN1
RecipientIdentification
BICOrBEI Tax Details - RECIPIENT1
ExemptionReasonType
ExemptionReason Tax Details - EXEMPTION REASON1
ExemptionIndicator Tax Details - EXEMPTION INDICATOR
Equalisation
Amount Equalisation Details - AMOUNT
Rate Equalisation Details - RATE
CreditDebitIndicator Equalisation Details - CREDIT DEBIT INDICATOR
Refund Refund1
PartiallyExecutedIndicator Partially Executed Indicator
PartialSettlementOfUnits Partially Executed Units Rate
PartialSettlementOfCash Partially Executed Cash Rate
Schema Map 3 Alternative Funds Subscription Confirmation
1 = optional item, 2 = a choice

Investment Fund Order Cancellation Request

XML Schema Data Item SHARP Content
InvestmentFundOrderCancellationRequestV01
MessageIdentification
Identification Message Reference
CreationDateTime Message Creation DateTime
OrderCancellationDetails
OrderReference Order Reference
Schema Map 4 Investment Fund Order Cancellation Request
1 = optional item, 2 = a choice

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Alternative Funds Subscription Orders

Order Cancellation Status Report

XML Schema Data Item SHARP Content
OrderCancellationStatusReportV03
MessageIdentification
Identification Message Reference
CreationDateTime Message Creation DateTime
IndividualCancellationStatusReport
OrderReference
Choice between
Status Status
Or
Rejected
Choice between
Reason Rejection Reason
Or
ExtendedReason Free Text Rejection Reason
Schema Map 5 Order Cancellation Status Report
1 = optional item, 2 = a choice

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Alternative Funds Subscription Processing - Examples

Basic subscription order

<Document
xmlns="urn:iso:std:iso:20022:tech:xsd:FINALDRAFTsetr.059.001.01"
xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<AltrntvFndsSbcptOrdr>
<MsgId>
<Id>SHARP01.00.XML</Id> The message ID must be unique for
<CreDtTm>2008-07-30T09:31:00+01:00</CreDtTm> this sender
</MsgId>
<OrdrDtls>
<OrdrRef>ORDERREF_01</OrdrRef> The order reference must also be
<InvstmtAcctDtls> unique
<Acct>
<Id>INVESTMENT ACCOUNT ID</Id> The investment account identifier is
</Acct> the one supplied by the executing
</InvstmtAcctDtls> party
<BnfcryDtls>
<ERISAElgblty>ELIG</ERISAElgblty>
Because the NoChngToBnfcryDtlsInd
<BnftPlanDclrtnInd>true</BnftPlanDclrtnInd>
element is set to true – there is no
<NoChngToBnfcryDtlsInd>true</NoChngToBnfcryDtlsInd>
change to the beneficial owner and
</BnfcryDtls>
so the ERISA eligibility flag and the
<FinInstrmDtls>
Benefit plan declaration flag must be
<Id>
ignored. The true state of ERISA
<SctyId>
<ISIN>ISINCODE0001</ISIN> eligibility will have been established
</SctyId> before this order was sent.
</Id>
</FinInstrmDtls>
<FinInstrmQty>
<OrdrdAmt Ccy="EUR">1000000</OrdrdAmt> This order is denominated in cash.
</FinInstrmQty>
</OrdrDtls>
</AltrntvFndsSbcptOrdr>
</Document>

XML Example 1 Basic subscription order

Basic subscription order with cash settlement information

<Document This example is the same as XML
xmlns="urn:iso:std:iso:20022:tech:xsd:FINALDRAFTsetr.059.001.01" Example 1 – except that the
xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" instructing party has chosen to
> include cash settlement
<AltrntvFndsSbcptOrdr> information to help the executing
<MsgId> party with their cash reconciliation.
<Id>SHARP02.00.XML</Id>
<CreDtTm>2008-07-30T09:31:00+01:00</CreDtTm>
</MsgId>
<OrdrDtls>
<OrdrRef>ORDERREF_01</OrdrRef>
<InvstmtAcctDtls>
<Acct>
<Id>INVESTMENT ACCOUNT ID</Id>
</Acct>
</InvstmtAcctDtls>
<BnfcryDtls>
<ERISAElgblty>ELIG</ERISAElgblty>
<BnftPlanDclrtnInd>true</BnftPlanDclrtnInd>
<NoChngToBnfcryDtlsInd>true</NoChngToBnfcryDtlsInd>
</BnfcryDtls>
<FinInstrmDtls>
<Id>
<SctyId>
<ISIN>ISINCODE0001</ISIN>
</SctyId>
</Id>
</FinInstrmDtls>
<FinInstrmQty>

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Alternative Funds Subscription Processing - Examples

<OrdrdAmt Ccy="EUR">1000000</OrdrdAmt>
</FinInstrmQty>
<CshSttlmDt>2008-07-30</CshSttlmDt> Here is the cash settlement date
<PmtRef>PAYMENT_REFERENCE</PmtRef> and the payment reference.
</OrdrDtls>
</AltrntvFndsSbcptOrdr>
</Document>

XML Example 2 Basic subscription order with cash settlement information

Subscription Order with requested trading date and a waiver

<Document
xmlns="urn:iso:std:iso:20022:tech:xsd:FINALDRAFTsetr.059.001.01"
xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
>
<AltrntvFndsSbcptOrdr>
<MsgId>
<Id>SHARP03.00.XML</Id> The message ID is unique.
<CreDtTm>2008-07-30T09:31:00+01:00</CreDtTm>
</MsgId>
<OrdrDtls> The order reference is unique
<OrdrRef>ORDERREF_02</OrdrRef> This order requests a future trade
<ReqdTradDt>2009-01-10</ReqdTradDt> date
<InvstmtAcctDtls>
<Acct> The investment account ID is the
<Id>INVESTMENT ACCOUNT ID</Id> one recognised by the executing
</Acct> party.
</InvstmtAcctDtls>
<BnfcryDtls> This order includes ERISA
<ERISAElgblty>ELIG</ERISAElgblty> eligibility information
<ERISARate>25</ERISARate>
<BnftPlanDclrtnInd>true</BnftPlanDclrtnInd>
<NoChngToBnfcryDtlsInd>true</NoChngToBnfcryDtlsInd>
</BnfcryDtls>
<FinInstrmDtls>
<Id>
<SctyId>
<ISIN>ISINCODE0001</ISIN>
</SctyId>
</Id>
</FinInstrmDtls>
<FinInstrmQty>
<OrdrdAmt Ccy="EUR">2000000</OrdrdAmt>
</FinInstrmQty>
<OrdrWvrDtls>
A waiver code is introduced here.
<OrdrWvrRsn>
<Rsn>BMIN</Rsn>
</OrdrWvrRsn>
</OrdrWvrDtls>
<RltdPtyDtls>
<Id>
<BICOrBEI>EPIDGB2SRC1</BICOrBEI>
</Id>
<RoleTp> The role code identifies this person
<Role>CONE</Role> as the person at the executing
</RoleTp> company who agreed the waiver.
<ComInf>
<Nm>CONTACT NAME</Nm>
<TelNb>+44-1903-200005</TelNb>
<EmailAdr>contact@executingparty</EmailAdr>
</ComInf>
</RltdPtyDtls>
</OrdrDtls>
</AltrntvFndsSbcptOrdr>
</Document>

XML Example 3 AF Subscription with requested trade date, waiver and side pocket options

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Subscription order containing details of a change to the beneficiary

<Document
xmlns="urn:iso:std:iso:20022:tech:xsd:FINALDRAFTsetr.059.001.01"
xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
>
<AltrntvFndsSbcptOrdr>
<MsgId>
<Id>SHARP04.00.XML</Id>
<CreDtTm>2008-07-30T09:31:00+01:00</CreDtTm>
</MsgId>
<OrdrDtls>
<OrdrRef>ORDERREF_01</OrdrRef>
<InvstmtAcctDtls>
<Acct>
<Id>INVESTMENT ACCOUNT ID</Id>
</Acct>
</InvstmtAcctDtls>
<BnfcryDtls>
<ERISAElgblty>ELIG</ERISAElgblty> Because the
<ERISARate>50</ERISARate> NoChngToBnfcryDtlsInd
<BnftPlanDclrtnInd>true</BnftPlanDclrtnInd> indicator is set to false –
<NoChngToBnfcryDtlsInd>false</NoChngToBnfcryDtlsInd> it means there has been
</BnfcryDtls> a change to the
<FinInstrmDtls> beneficiary details. The
<Id> rule here that if the
<SctyId> indicator is set false
<ISIN>ISINCODE0001</ISIN> then ALL the changed
</SctyId> details must be in the
</Id> message. The change
</FinInstrmDtls> here is that the ERISA
<FinInstrmQty> rate has become 50%.
<OrdrdAmt Ccy="EUR">1000000</OrdrdAmt>
</FinInstrmQty>
<CshSttlmDt>2008-07-30</CshSttlmDt>
<PmtRef>PAYMENT REFERENCE</PmtRef>
</OrdrDtls>
</AltrntvFndsSbcptOrdr>
</Document>

XML Example 4 Subscription order including a change to the beneficiary details

Basic subscription confirmation

<Document
xmlns="urn:iso:std:iso:20022:tech:xsd:FINALDRAFTsetr.061.001.01"
xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
>
<AltrntvFndsSbcptOrdrConf>
<MsgId>
<Id>SHARP05.00.XML</Id>
<CreDtTm>2008-07-30T11:05:00+01:00</CreDtTm>
</MsgId>
<OrdrExctnDtls>
<OrdrRef>ORDERREF_01</OrdrRef> The confirmation quotes
<DealRef>DEALREF_01</DealRef> the instructing party’s
<InvstmtAcctDtls> order reference and
<Acct> new deal reference that
<Id>INVESTMENT ACCOUNT ID</Id> has been generated.
</Acct>
</InvstmtAcctDtls> The beneficiary details
<BnfcryDtls> from the original order
<ERISAElgblty>ELIG</ERISAElgblty> are reflected back in the
<BnftPlanDclrtnInd>true</BnftPlanDclrtnInd> confirmation
<NoChngToBnfcryDtlsInd>true</NoChngToBnfcryDtlsInd>
</BnfcryDtls>
<FinInstrmDtls>
<Id>
<SctyId>
<ISIN>ISINCODE0001</ISIN>

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</SctyId>
</Id>
</FinInstrmDtls>
<ExctdAmt Ccy="EUR">1000000</ExctdAmt> The subscription
<UnitsNb> amount of EUR
<Unit>500000</Unit> 1,000,000 has
</UnitsNb> purchased 500,000
<DealgPricDtls> units at a price of EUR
<UnitPricTp> 2.00.
<Tp>BIDE</Tp>
</UnitPricTp>
<Val>
<Amt Ccy="EUR">2.00</Amt>
</Val>
</DealgPricDtls>
<TradDtTm><DtTm>2008-08-01T12:00:00</DtTm></TradDtTm>
<NAVDt>2008-08-01</NAVDt>
</OrdrExctnDtls>
</AltrntvFndsSbcptOrdrConf>
</Document>

XML Example 5 Basic subscription order confirmation

Subscription Order Confirmation with new series creation

<Document
xmlns="urn:iso:std:iso:20022:tech:xsd:FINALDRAFTsetr.061.001.01"
xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
>
<AltrntvFndsSbcptOrdrConf>
<MsgId>
<Id>SHARP06.00.XML</Id>
<CreDtTm>2008-07-30T11:05:00+01:00</CreDtTm>
</MsgId>
<OrdrExctnDtls>
<OrdrRef>ORDERREF_01</OrdrRef> The confirmation quotes
<DealRef>DEALREF_01</DealRef> the instructing party’s
<InvstmtAcctDtls> order reference and
<Acct> new deal reference that
<Id>INVESTMENT ACCOUNT ID</Id> has been generated.
</Acct>
</InvstmtAcctDtls>
<BnfcryDtls>
<ERISAElgblty>ELIG</ERISAElgblty>
<ERISARate>100</ERISARate>
<BnftPlanDclrtnInd>true</BnftPlanDclrtnInd>
<NoChngToBnfcryDtlsInd>true</NoChngToBnfcryDtlsInd>
</BnfcryDtls>
<FinInstrmDtls> A new series has been
<Id> created in the fund. The
<SctyId> series date is provided
<ISIN>ISINCODE0001</ISIN> and the new issue
</SctyId> indicator set to true.
</Id> The new series also
<SrsIsseIdDt>2008-08-01</SrsIsseIdDt> has an ISIN code
<NewIsseInd>true</NewIsseInd> allocated to it.
<SplmtryId>ISINCODE00100</SplmtryId>
</FinInstrmDtls>
<ExctdAmt Ccy="EUR">1000000</ExctdAmt>
<UnitsNb>
<Unit>500000</Unit>
</UnitsNb>
<DealgPricDtls> The subscription
<UnitPricTp> amount of EUR
<Tp>BIDE</Tp> 1,000,000 has
</UnitPricTp> purchased 500,000
<Val> units at a price of EUR
<Amt Ccy="EUR">2.00</Amt> 2.00.
</Val>
</DealgPricDtls>
<TradDtTm><DtTm>2008-08-01T12:00:00</DtTm></TradDtTm>

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<NAVDt>2008-08-01</NAVDt>
</OrdrExctnDtls>
</AltrntvFndsSbcptOrdrConf>
</Document>

XML Example 6 AF Subscription Order Confirmation with new series declaration.

Alternative Funds Subscription Order Confirmation – including foreign

exchange details
<Document
xmlns="urn:iso:std:iso:20022:tech:xsd:FINALDRAFTsetr.061.001.01" This is a first draft of a
xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" subscription order
> confirmation showing
<AltrntvFndsSbcptOrdrConf> how an FX has been
<MsgId> applied to the order.
<Id>SHARP07.00.XML</Id>
<CreDtTm>2008-09-30T12:31:00+01:00</CreDtTm>
</MsgId>
<OrdrExctnDtls>
<OrdrRef>ORDERREF_31</OrdrRef>
<DealRef>DEALREF_21</DealRef>
<InvstmtAcctDtls>
<Acct>
<Id>INVESTMENT ACCOUNT ID</Id>
</Acct>
</InvstmtAcctDtls>
<BnfcryDtls>
<ERISAElgblty>NELI</ERISAElgblty>
<BnftPlanDclrtnInd>false</BnftPlanDclrtnInd>
<NoChngToBnfcryDtlsInd>true</NoChngToBnfcryDtlsInd>
</BnfcryDtls>
<FinInstrmDtls>
<Id>
<SctyId>
<ISIN>ISINCODE0001</ISIN>
</SctyId> 1,000,000 EUR were
</Id> settled for this order for
</FinInstrmDtls> a fund that is based in
<OrdrdAmt Ccy="EUR">1000000.00</OrdrdAmt> USD. The executed
<ExctdAmt Ccy="USD">1458500.00</ExctdAmt> amount is shown in the
<UnitsNb> base currency whilst the
<Unit>729250</Unit> ordered amount are the
</UnitsNb> number of EUR that
<DealgPricDtls> were actually settled by
<UnitPricTp> the IP.
<Tp>BIDE</Tp>
</UnitPricTp> The fund is priced in
<Val> USD,
<Amt Ccy="USD">2.00</Amt>
</Val>
</DealgPricDtls>
<TradDtTm><DtTm>2008-08-01T12:00:00</DtTm></TradDtTm>
<NAVDt>2008-08-01</NAVDt> The exchange rate
<FrgnXchgDtls> details are here.
<ToAmt Ccy="USD">1458500.00</ToAmt>
<FrAmt Ccy="EUR">1000000.00</FrAmt> Because the ordered
<UnitCcy>USD</UnitCcy> amount and executed
<QtdCcy>EUR</QtdCcy> amount have different
<XchgRate>1.45850</XchgRate> numeric values I have
</FrgnXchgDtls> set the partly executed
<PrtlyExctdInd>false</PrtlyExctdInd>
indicator to be false to
</OrdrExctnDtls> show that the deal has
</AltrntvFndsSbcptOrdrConf>
been fully executed.
</Document>

XML Example 7 Subscription Confirmation with FX details

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Alternative Funds Redemption Orders

15 Redemption Orders

Logical Data Items (GV_OCT_028, DB_OCT_007)

A.F. Redemption Order A.F. Redemption Order Confirmation

Investment Account Investment Account

Requested Trade Date1 Requested Trade Date1
Hedge Fund Order Type1 Hedge Fund Order Type1
Order Reference Order Reference
Fund Identifier Deal Reference
Fund Name1 Fund Identifier
Series Date Identifier1 Series Identifier1
Series Supplementary Identifier1 Series Supplementary Identifier1
Lot Identification1 New Issue Indicator1
Lot Quantity (Units)1 Order Amount (Currency)1
Lot Quantity (Currency)1 Executed Amount (Units)1
Order Quantity (Units)2 Executed Amount (Currency)
Order Amount (Currency)2 Dealing Price
Waiver Reason(s)1 Dealing Price Type
Waiver Reason(s)Additional Information1 Informative Price1
Waiver Contact(s)1 Informative Price Type1
Requested Settlement Currency1 Trade DateTime
NAV Date
Payment Reference1
Cash Settlement Date1
Cash Settlement Amount1
I.F. Order Cancellation Request Requested Settlement Currency1
Foreign Exchange Details
Order Reference Charge Details1
Equalisation Details1
Tax Details1
Order Cancellation Status Report Prepayment Amount1
Holdback Details – Amount1
Order Reference Holdback Details – Liquidation Date1
Status2 Side Pocket Identifier1
Rejection Reason2 Side Pocket Amount (Currency)1
Free Text Rejection Reason2 Side Pocket Quantity (Units)1
Lot Identification1
Lot Quantity (Units)1
A.F. Order Instruction Status Report Lot Quantity (Currency)1
Partially Executed Indicator1
Order Reference Gated redemption type code1
Order Status2 Gated redemption rate1
Conditions2
Rejection Reasons2
Partial Settlement Reason2
Expected Trade Date1
Expected Cash Settlement Date1
Expected Executed Amount1
Gated redemption type code1 1
Gated redemption rate1 Optional Item
2
Choice

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Alternative Funds Redemption Orders

Redemption Order Schema Map

XML Schema Data Item SHARP Content
AlternativeFundsRedemptionOrderV01
MessageIdentification
Identification Message Reference
CreationDateTime Message Creation DateTime
OrderDetails
OrderReference Order Reference
RequestedTradeDate Requested Trade Date1
HedgeFundOrderType Hedge Fund Order Type1
InvestmentAccountDetails
Account
Identification Investment Account
FinancialInstrumentDetails
Identification
ISIN Fund Identifier
Name Fund Name
SeriesIssueIdentificationDate Series Date Identifier1
SupplementaryIdentification Series Supplementary Identifier1
FinancialInstrumentQuantity
Choice between
UnitsNumber
Unit Order Quantity (Units)2
Or
OrderedAmount Order Amount (Currency)2
LotDetails (repeating) (optional)
TradeDate Lot Identification - TRADE DATE
OrderReference Lot Identification - ORDER REFERENCE
DealReference Lot Identification - DEAL REFERENCE
LotQuantityAndAmount
UnitsNumber
Unit Lot Quantity (Units)1
OrderedAmount Lot Quantity (Currency)1
OrderWaiverDetails (repeating) (optional)
OrderWaiverReason
Choice between
Reason Waiver Reason - CODE
Or
Proprietary
Identification Waiver reasons generic waiver code 'WAIV'
Issuer Proprietary code issuer - 'SHARP'
InformationValue
RequestedSettlementCurrency Requested Settlement Currency1
RelatedPartyDetails (optional)
Identification
BICOrBEI Waiver Contact(s) - BIC
RoleType
Role Waiver Contact(s) - ROLE
CommunicationInformation
Name Waiver Contact(s) - NAME
TelephoneNumber Waiver Contact(s) - TELEPHONE NUMBER
EmailAddress Waiver Contact(s) - EMAIL ADDRESS
Schema Map 6 Alternative Funds Redemption Order
1 = optional item, 2 = a choice

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Order Status Schema Map

XML Schema Data Item SHARP Content
AlternativeFundsOrderInstructionStatusReportV01
MessageIdentification
Identification Message Reference
CreationDateTime Message Creation DateTime
OrderDetailsReport
OrderReference Order Reference
StatusDetails
Choice between
Status Order Status2
Or
Rejected
Reason Rejection Reasons2
Or
PartiallySettled
Reason Partial Settlement Reason2
NewDetails
ExpectedTradeDateTime
Date Expected Trade Date1
ExpectedCashSettlementDate Expected Cash Settlement Date1
ExpectedExecutedAmount Expected Executed Amount1
Extension
PlaceAndName "GARI"
Text Gated redemption type code1
Extension
PlaceAndName "GARR"
Text Gated redemption rate1

Schema Map 7 Alternative Funds Order Status Report for Redemptions

1 = optional item, 2 = a choice

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Alternative Funds Redemption Orders

Redemption Order Confirmation Schema Map

XML Schema Data Item SHARP Content
AlternativeFundsRedemptionOrderConfirmationV01
MessageIdentification
Identification Message Reference
CreationDateTime Message Creation DateTime
OrderExecutionDetails
OrderReference Order Reference
DealReference Deal Reference
RequestedTradeDate Requested Trade Date1
HedgeFundOrderType Hedge Fund Order Type1
InvestmentAccountDetails
Account
Identification Investment Account
FinancialInstrumentDetails
Identification
SecurityIdentification
ISIN Fund Identifier
SeriesIssueIdentificationDate Series Identifier1
NewIssueIndicator New Issue Indicator1
SupplementaryIdentification Series Supplementary Identifier1
OrderedAmount Order Amount (Currency)1
ExecutedAmount Executed Amount (Currency)
UnitsNumber Executed Amount (Units)1
DealingPriceDetails
UnitPriceType
Type Dealing Price Type
Value
Amount Dealing Price
InformativePriceDetails
UnitPriceType
Type Informative Price Type1
Value
Amount Informative Price1
HoldBackDetails
HoldBackAmount Holdback Details – Amount1
HoldBackReleaseDate Holdback Details – Liquidation Date1
Side pocketDetails
Side pocketIdentification Side Pocket Identifier1
Side pocketQuantity
UnitsNumber
Unit Side Pocket Quantity (Units)1
OrderedAmount Side Pocket Amount (Currency)1
LotDetails
TradeDate Lot Identification1 - TRADE DATE
OrderReference Lot Identification1 - ORDER REFERENCE
DealReference Lot Identification1 - DEAL REFERENCE
LotQuantityAndAmount
UnitsNumber
Unit Lot Quantity (Units)1
OrderedAmount Lot Quantity (Currency)1
TradeDateTime
Choice between
Date Trade Date
Or
DateTime Trade DateTime
NAVDate NAV Date
CashSettlementDate Cash Settlement Date1
RequestedSettlementCurrency Requested Settlement Currency1
PaymentReference Payment Reference1
ForeignExchangeDetails Foreign Exchange Details1
ToAmount Foreign Exchange Details - TO AMOUNT
FromAmount Foreign Exchange Details - FROM AMOUNT
UnitCurrency Foreign Exchange Details - UNIT CURRENCY
QuotedCurrency Foreign Exchange Details - QUOTED CURRENCY
ExchangeRate Foreign Exchange Details - EXCHANGE RATE
QuotationDate Foreign Exchange Details - QUOTATION DATE
TotalCharges
TotalAmountOfCharges Total Charges1

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Alternative Funds Redemption Orders

XML Schema Data Item SHARP Content

ChargeDetails Charge Details1
ChargeType
Type Charge Details - CHARGE TYPE
ChargeAmountOrRate
Choice between
Amount Charge Details - CHARGE AMOUNT
Or
Rate Charge Details - CHARGE RATE
RecipientIdentification
BICOrBEI Charge Details - Recipient's BIC
TaxGeneralDetails Tax Details1
TotalAmountOfTaxes Tax Details - TOTAL AMOUNT OF TAXES
TaxableIncomePerDividend Tax Details - TAXABLE INCOME PER DIVIDEND
PercentageOfDebtClaim Tax Details - PERCENTAGE OF DEBT CLAIM
TaxDetails
TaxType Tax Details - TAX TYPE
Type
Amount Tax Details - AMOUNT
Rate Tax Details - RATE1
Country Tax Details - COUNTRY1
EUDividendStatusType
EUDividendStatus Tax Details - EU DIVIDEND STATUS TYPE1
EUCapitalGainType
EUCapitalGain Tax Details - EU CAPITAL GAIN1
RecipientIdentification
BICOrBEI Tax Details - RECIPIENT1
ExemptionReasonType
ExemptionReason Tax Details - EXEMPTION REASON1
ExemptionIndicator Tax Details - EXEMPTION INDICATOR
Equalisation Equalisation Details1
Amount Equalisation Details - AMOUNT
Rate Equalisation Details - RATE
CreditDebitIndicator Equalisation Details - CREDIT DEBIT INDICATOR
PartiallyExecutedIndicator Partially Executed Indicator1
Extension
PlaceAndName "CSAM CCY AND AMOUNT"
Text Cash Settlement Amount1
Extension
PlaceAndName "PREP CCY AND AMOUNT"
Text Prepayment Amount1
Extension
PlaceAndName "GARE"
Text Gated redemption type code1
Extension
PlaceAndName "GARR"
Text Gated redemption rate1
Schema Map 8 Alternative Funds Redemption Order Confirmation
1 = optional item, 2 = a choice

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Alternative Funds Redemption Orders

Investment Fund Order Cancellation Request

XML Schema Data Item SHARP Content
InvestmentFundOrderCancellationRequestV01
MessageIdentification
Identification Message Reference
CreationDateTime Message Creation DateTime
OrderCancellationDetails
OrderReference Order Reference
Schema Map 9 Investment Fund Order Cancellation Request
1 = optional item, 2 = a choice

Order Cancellation Status Report

XML Schema Data Item SHARP Content
OrderCancellationStatusReportV03
MessageIdentification
Identification Message Reference
CreationDateTime Message Creation DateTime
IndividualCancellationStatusReport
OrderReference
Choice between
Status Status
Or
Rejected
Choice between
Reason Rejection Reason
Or
ExtendedReason Free Text Rejection Reason
Schema Map 10 Order Cancellation Status Report
1 = optional item, 2 = a choice

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Alternative Funds Redemption Processing - Examples

Basic redemption denominated in units

<Document
xmlns="urn:iso:std:iso:20022:tech:xsd:FINALDRAFTsetr.060.001.01"
xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<AltrntvFndsRedOrdr> The message has a
<MsgId> unique reference and
<Id>SHARP08.00.XML</Id> the date and time it was
<CreDtTm>2008-11-12T09:56:00Z</CreDtTm> created.
</MsgId>
<OrdrDtls> The unique order
<OrdrRef>ORDERREF100</OrdrRef>
reference
<InvstmtAcctDtls>
<Acct>
<Id>INVESTMENT ACCOUNT</Id>
</Acct>
</InvstmtAcctDtls>
<FinInstrmDtls>
<Id>
This order is for the
<SctyId>
redemption of 2,500
<ISIN>ISINCODE1000</ISIN>
units in fund
</SctyId>
ISINCODE1000
</Id>
</FinInstrmDtls>
<FinInstrmQty>
<UnitsNb>
<Unit>2500</Unit>
</UnitsNb>
</FinInstrmQty>
</OrdrDtls>
</AltrntvFndsRedOrdr>
</Document>

XML Example 8 Basic redemption denominated in Units

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Basic redemption denominated in cash - with a generic waiver

<Document
xmlns="urn:iso:std:iso:20022:tech:xsd:FINALDRAFTsetr.060.001.01"
xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<AltrntvFndsRedOrdr>
<MsgId>
<Id>SHARP09.00.XML</Id>
<CreDtTm>2008-11-12T09:56:00Z</CreDtTm>
</MsgId>
<OrdrDtls>
<OrdrRef>ORDERREF101</OrdrRef>
<InvstmtAcctDtls>
<Acct>
<Id>INVESTMENT ACCOUNT</Id>
</Acct>
</InvstmtAcctDtls>
<FinInstrmDtls>
<Id>
<SctyId> This order was sent by
<ISIN>ISINCODE1000</ISIN> an intermediary, who
</SctyId> has passed on the
</Id> unstructured waiver
</FinInstrmDtls> information exactly it
<FinInstrmQty> was received.
<OrdrdAmt Ccy="EUR">500000</OrdrdAmt>
</FinInstrmQty>
The generic waiver
<OrdrWvrDtls>
code ‘WAIV’ is used to
<OrdrWvrRsn>
satisfy the mandatory
<Prtry>
<Id>WAIV</Id> requirement for a
<Issr>SHARP</Issr> waiver identifier. It is
</Prtry> passed as a proprietary
</OrdrWvrRsn> identifier with the issuer
<InfVal>Here is some unstructured data to explain the given as ‘SHARP’ –
waiver - this has been passed in untouched by an intermediary</InfVal> thus referencing this
</OrdrWvrDtls> market practice
</OrdrDtls> document.
</AltrntvFndsRedOrdr>
</Document>

XML Example 9 Basic redemption denominated in cash - with a generic waiver

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Alternative Funds Redemption Processing - Examples

Redemption requesting the redemption of particular lots

<Document
xmlns="urn:iso:std:iso:20022:tech:xsd:FINALDRAFTsetr.060.001.01"
xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<AltrntvFndsRedOrdr>
<MsgId>
<Id>SHARP10.00.XML</Id>
<CreDtTm>2008-11-12T09:56:00Z</CreDtTm>
</MsgId>
<OrdrDtls>
<OrdrRef>ORDERREF102</OrdrRef>
<InvstmtAcctDtls>
<Acct>
<Id>INVESTMENT ACCOUNT</Id>
</Acct>
</InvstmtAcctDtls>
<FinInstrmDtls>
<Id>
<SctyId>
<ISIN>ISINCODE1000</ISIN>
</SctyId> This order is a request
</Id> to redeem 1000 units.
</FinInstrmDtls>
<FinInstrmQty>
<UnitsNb>
<Unit>1000</Unit>
</UnitsNb>
</FinInstrmQty>
<LotDtls>
<TradDt>2008-06-12</TradDt>
<OrdrRef>005</OrdrRef>
<DealRef>999</DealRef> Here the order requests
<LotQtyAndAmt> that the units be
<UnitsNb> redeemed from lots
<Unit>750</Unit> created by previous
</UnitsNb> subscriptions. The lots
</LotQtyAndAmt> are identified by trade
</LotDtls> date, order reference
<LotDtls> and executing party's
<TradDt>2008-07-12</TradDt> deal reference.
<OrdrRef>010</OrdrRef>
<DealRef>1050</DealRef>
<LotQtyAndAmt>
<UnitsNb>
<Unit>250</Unit>
</UnitsNb>
</LotQtyAndAmt>
</LotDtls>
</OrdrDtls>
</AltrntvFndsRedOrdr>
</Document>

XML Example 10 Redemption order. Includes lot identification.

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Basic order confirmation of unit denominated order (with cash

settlement amount)
<Document
xmlns="urn:iso:std:iso:20022:tech:xsd:FINALDRAFTsetr.062.001.01"
xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<AltrntvFndsRedOrdrConf>
<MsgId>
<Id>SHARP11.00.XML</Id>
<CreDtTm>2008-11-12T10:42:00Z</CreDtTm>
</MsgId>
<OrdrExctnDtls> The instructing party’s
<OrdrRef>ORDERREF100</OrdrRef> order reference is
<DealRef>DEALREF100</DealRef> quoted. The executing
<InvstmtAcctDtls> party’s deal reference is
<Acct> now added in the
<Id>INVESTMENT ACCOUNT</Id> confirmation.
</Acct>
</InvstmtAcctDtls> The original order was
<FinInstrmDtls> denominated in units.
<Id> The currency value of
<SctyId>ISINCODE1000</SctyId> the executed amount is
</Id> included in the
</FinInstrmDtls> confirmation.
<ExctdAmt Ccy="EUR">308625.00</ExctdAmt>
<UnitsNb>
<Unit>2500</Unit> The dealing price is
</UnitsNb> quoted.
<DealgPricDtls>
<UnitPricTp>
<Tp>OFFR</Tp>
</UnitPricTp>
<Val>
<Amt Ccy="EUR">123.45</Amt>
</Val>
</DealgPricDtls>
<TradDtTm>
<Dt>2008-03-11</Dt>
</TradDtTm>
<NAVDt>2008-10-31</NAVDt>
</OrdrExctnDtls>
<Xtnsn> The cash settlement
<PlcAndNm>CSAM CCY AND AMOUNT</PlcAndNm> amount is included in
<Txt>EUR 308625.00</Txt> the extension element.
</Xtnsn>
</AltrntvFndsRedOrdrConf>
</Document>
XML Example 11 Basic redemption confirmation of unit denominated order

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Alternative Funds Redemption Processing - Examples

Basic confirmation of cash denominated order with cash settlement

information
<Document
xmlns="urn:iso:std:iso:20022:tech:xsd:FINALDRAFTsetr.062.001.01"
xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<AltrntvFndsRedOrdrConf>
<MsgId>
<Id>SHARP12.00.XML</Id>
<CreDtTm>2008-11-04T10:42:00Z</CreDtTm>
</MsgId>
<OrdrExctnDtls>
<OrdrRef>ORDERREF101</OrdrRef>
<DealRef>DEALREF101</DealRef>
<InvstmtAcctDtls>
<Acct>
<Id>INVESTMENT ACCOUNT</Id>
</Acct>
</InvstmtAcctDtls>
<FinInstrmDtls>
<Id>
<SctyId>
<ISIN>ISINCODE1000</ISIN>
</SctyId>
</Id>
</FinInstrmDtls>
<OrdrdAmt Ccy="EUR">500000.00</OrdrdAmt>
<ExctdAmt Ccy="EUR">499999.66</ExctdAmt>
<UnitsNb>
<Unit>4050.22</Unit>
</UnitsNb>
<DealgPricDtls>
<UnitPricTp>
<Tp>OFFR</Tp>
</UnitPricTp>
<Val>
<Amt Ccy="EUR">123.45</Amt>
</Val>
</DealgPricDtls>
<TradDtTm>
<Dt>2008-11-03</Dt>
</TradDtTm> The confirmation
<NAVDt>2008-10-31</NAVDt> includes the cash
<CshSttlmDt>2008-11-05</CshSttlmDt> settlement date and the
<PmtRef>PAYMENTREFERENCE</PmtRef> payment reference.
</OrdrExctnDtls>
<Xtnsn>
<PlcAndNm>CSAM CCY AND AMOUNT</PlcAndNm>
<Txt>EUR 499999.66</Txt>
</Xtnsn>
</AltrntvFndsRedOrdrConf>
</Document>

XML Example 12 Basic redemption confirmation of cash denominated order

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Alternative Funds Redemption Processing - Examples

Confirmation of unit denominated order - with side pocket details

<Document
xmlns="urn:iso:std:iso:20022:tech:xsd:FINALDRAFTsetr.062.001.01"
xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<AltrntvFndsRedOrdrConf>
<MsgId>
<Id>SHARP13.00.XML</Id>
<CreDtTm>2008-11-04T10:42:00Z</CreDtTm>
</MsgId>
<OrdrExctnDtls>
<OrdrRef>ORDERREF100</OrdrRef>
<DealRef>DEALREF102</DealRef>
<InvstmtAcctDtls>
<Acct>
<Id>INVESTMENT ACCOUNT</Id>
</Acct>
</InvstmtAcctDtls>
<FinInstrmDtls>
<Id>
<SctyId>
<ISIN>ISINCODE1000</ISIN>
</SctyId>
</Id>
</FinInstrmDtls>
<ExctdAmt Ccy="EUR">308625.00</ExctdAmt>
<UnitsNb> The total consideration
<Unit>2500</Unit> for this order (units *
</UnitsNb> price) is EUR
<DealgPricDtls> 308625.00.
<UnitPricTp>
<Tp>OFFR</Tp>
</UnitPricTp>
<Val>
<Amt Ccy="EUR">123.45</Amt>
</Val>
</DealgPricDtls> The redemption has
<SdPcktDtls> been affected by the
<SdPcktId>NEWSIDEPOCKETID</SdPcktId> creation of a side
<SdPcktQty> pocket The cash value
<UnitsNb> of the side pocket is
<Unit>10000</Unit> EUR 100,000 and
</UnitsNb> 10,000 units have been
<OrdrdAmt Ccy="EUR">100000</OrdrdAmt> created in it.
</SdPcktQty>
</SdPcktDtls>
<TradDtTm> The unit holding in
<Dt>2008-11-03</Dt> ISINCODE1000 has
</TradDtTm> been reduced by the full
<NAVDt>2008-10-31</NAVDt> amount of the order
<CshSttlmDt>2008-11-05</CshSttlmDt> (2,500).
<PmtRef>PAYMENTREFERENCE</PmtRef>
</OrdrExctnDtls> The cash settlement
<Xtnsn> amount is the total
<PlcAndNm>CSAM CCY AND AMOUNT</PlcAndNm> consideration less the
<Txt>EUR 208625.00</Txt> value of the side
</Xtnsn> pocket.
</AltrntvFndsRedOrdrConf>
</Document>

XML Example 13 Redemption confirmation with side pocket details

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Alternative Funds Redemption Processing - Examples

Confirmation of cash denominated order - with holdback

<Document
xmlns="urn:iso:std:iso:20022:tech:xsd:FINALDRAFTsetr.062.001.01"
xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<AltrntvFndsRedOrdrConf>
<MsgId>
<Id>SHARP14.00.XML</Id>
<CreDtTm>2008-11-12T10:42:00Z</CreDtTm>
</MsgId>
<OrdrExctnDtls>
<OrdrRef>ORDERREF100</OrdrRef>
<DealRef>DEALREF102</DealRef>
<InvstmtAcctDtls>
<Acct>
<Id>INVESTMENT ACCOUNT</Id>
</Acct>
</InvstmtAcctDtls>
<FinInstrmDtls>
<Id>
<SctyId>
<ISIN>ISINCODE1000</ISIN>
</SctyId>
</Id>
</FinInstrmDtls>
<OrdrdAmt Ccy="EUR">500000</OrdrdAmt>
<ExctdAmt Ccy="EUR">499999.66</ExctdAmt> The total consideration
<UnitsNb> for this order (units *
<Unit>4050.22</Unit> price) is EUR
</UnitsNb> 499999.66. There is a
<DealgPricDtls> difference from the
<UnitPricTp> ordered amount in this
<Tp>OFFR</Tp> example - units are only
</UnitPricTp> quoted to 2 decimal
<Val> places and so it is not
<Amt Ccy="EUR">123.45</Amt> possible to make the
</Val> executed amount the
</DealgPricDtls> same as the ordered
<HldBckDtls> cash amount.
<HldBckAmt Ccy="EUR">49999.97</HldBckAmt>
<HldBckRlsDt>2009-02-01</HldBckRlsDt>
</HldBckDtls> The holdback is
<TradDtTm> approximately 10% of
<Dt>2008-03-11</Dt> the total consideration
</TradDtTm> (although the
<NAVDt>2008-10-31</NAVDt> percentage rate does
<CshSttlmDt>2008-03-15</CshSttlmDt> not appear in the
<PmtRef>PAYMENTREFERENCE</PmtRef> message).
</OrdrExctnDtls>
<Xtnsn> The cash settlement
<PlcAndNm>CSAM CCY AND AMOUNT</PlcAndNm> amount is reduced by
<Txt>EUR 449999.69</Txt> the cash amount held
</Xtnsn> back.
</AltrntvFndsRedOrdrConf>
</Document>

XML Example 14 Redemption confirmation with holdback details

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Alternative Funds Redemption Processing - Examples

Confirmation of unit denominated order with prepayment and

equalisation
<Document
xmlns="urn:iso:std:iso:20022:tech:xsd:FINALDRAFTsetr.062.001.01"
xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<AltrntvFndsRedOrdrConf>
<MsgId>
<Id>SHARP15.00.XML</Id>
<CreDtTm>2008-11-04T10:42:00Z</CreDtTm>
</MsgId>
<OrdrExctnDtls>
<OrdrRef>ORDERREF100</OrdrRef>
<DealRef>DEALREF103</DealRef>
<InvstmtAcctDtls>
<Acct>
<Id>INVESTMENT ACCOUNT</Id>
</Acct>
</InvstmtAcctDtls>
<FinInstrmDtls>
<Id>
<SctyId>
<ISIN>ISINCODE1000</ISIN>
</SctyId>
</Id>
</FinInstrmDtls>
<ExctdAmt Ccy="EUR">308625.00</ExctdAmt>
<UnitsNb>
<Unit>2500</Unit>
</UnitsNb>
<DealgPricDtls>
<UnitPricTp>
<Tp>OFFR</Tp>
</UnitPricTp>
<Val> The cash settlement
<Amt Ccy="EUR">123.45</Amt> amount for this order is
</Val> the total consideration
</DealgPricDtls>
<TradDtTm>
EUR 308625.00
<Dt>2008-11-03</Dt>
</TradDtTm>
<NAVDt>2008-10-31</NAVDt> Less
<CshSttlmDt>2008-11-05</CshSttlmDt>
<PmtRef>PAYMENTREFERENCE</PmtRef> EUR 4000.00
<Equlstn> equalisation debit
<Amt Ccy="EUR">4000</Amt>
<CdtDbtInd>DBIT</CdtDbtInd>
And the EUR 200,000
</Equlstn>
which has already been
</OrdrExctnDtls>
pre-paid.
<Xtnsn>
<PlcAndNm>PREP CCY AND AMOUNT</PlcAndNm>
<Txt>EUR 200000</Txt> The pre-payment
</Xtnsn> amount is held in an
<Xtnsn> extension element – as
<PlcAndNm>CSAM CCY AND AMOUNT</PlcAndNm> is the cash settlement
<Txt>EUR 104625.00</Txt> amount.
</Xtnsn>
</AltrntvFndsRedOrdrConf>
</Document>

XML Example 15 Redemption confirmation with prepayment and equalisation

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Alternative Funds Redemption Processing - Examples

First confirmation of cash denominated redemption gated "open"

<Document
xmlns="urn:iso:std:iso:20022:tech:xsd:FINALDRAFTsetr.062.001.01"
xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<AltrntvFndsRedOrdrConf>
<MsgId>
<Id>SHARP16.00.XML</Id>
<CreDtTm>2008-11-04T10:42:00Z</CreDtTm>
</MsgId>
<OrdrExctnDtls>
<OrdrRef>ORDERREF101</OrdrRef>
<DealRef>DEALREF101</DealRef>
<InvstmtAcctDtls>
<Acct>
<Id>INVESTMENT ACCOUNT</Id>
</Acct>
</InvstmtAcctDtls>
<FinInstrmDtls>
<Id>
<SctyId>
<ISIN>ISINCODE1000</ISIN>
</SctyId>
</Id>
</FinInstrmDtls> Because the original
<OrdrdAmt Ccy="EUR">500000.00</OrdrdAmt> order is cash
<ExctdAmt Ccy="EUR">99999.44</ExctdAmt> denominated it is
<UnitsNb> possible to show the
<Unit>810.04</Unit> ordered amount and the
</UnitsNb> executed amount. The
<DealgPricDtls> executed amount
<UnitPricTp> shows the effect of a
<Tp>OFFR</Tp> gate being applied to
</UnitPricTp> the redemption.
<Val>
<Amt Ccy="EUR">123.45</Amt> Where the order is
</Val> denominated in units
</DealgPricDtls> the ordered amount
<TradDtTm> element would not be
<Dt>2008-11-03</Dt> included in the
</TradDtTm> message.
<NAVDt>2008-10-31</NAVDt>
<CshSttlmDt>2008-11-05</CshSttlmDt>
<PmtRef>PAYMENTREFERENCE</PmtRef>
</OrdrExctnDtls>
<Xtnsn>
<PlcAndNm>CSAM CCY AND AMOUNT</PlcAndNm>
<Txt>EUR 99999.44</Txt> The code GATO means
</Xtnsn> that this order is subject
<Xtnsn> to an open gate.
<PlcAndNm>GARE</PlcAndNm>
<Txt>GATO</Txt>
</Xtnsn> The rate of the gate is
<Xtnsn> shown in an extension
<PlcAndNm>GARR</PlcAndNm> item.
<Txt>20</Txt>
</Xtnsn>
</AltrntvFndsRedOrdrConf>
</Document>
XML Example 16 Redemption confirmation. Gated “Open”. First confirmation.

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 Project SHARP. STP order processing for the Hedge Fund Industry.

Alternative Funds Redemption Processing - Examples

Second confirmation of cash order gated "open"

<Document
xmlns="urn:iso:std:iso:20022:tech:xsd:FINALDRAFTsetr.062.001.01"
xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<AltrntvFndsRedOrdrConf>
<MsgId>
<Id>SHARP17.00.XML</Id>
<CreDtTm>2008-12-01T10:42:00Z</CreDtTm>
</MsgId>
<OrdrExctnDtls>
<OrdrRef>ORDERREF101</OrdrRef>
<DealRef>DEALREF555</DealRef> The second
<InvstmtAcctDtls> confirmation gets a new
<Acct> deal reference. The
<Id>INVESTMENT ACCOUNT</Id> original order reference
</Acct> is re-stated.
</InvstmtAcctDtls>
<FinInstrmDtls>
<Id>
<SctyId>
<ISIN>ISINCODE1000</ISIN>
</SctyId>
</Id> The original ordered
</FinInstrmDtls> amount is re-stated
<OrdrdAmt Ccy="EUR">500000.00</OrdrdAmt> also. The executed
<ExctdAmt Ccy="EUR">99999.53</ExctdAmt> amount gives the cash
<UnitsNb> value of this second
<Unit>184.09</Unit> gated order.
</UnitsNb>
<DealgPricDtls>
<UnitPricTp>
<Tp>OFFR</Tp>
</UnitPricTp> The price has changed
<Val> for this fund since the
<Amt Ccy="EUR">543.21</Amt> first gated was
</Val> executed.
</DealgPricDtls>
<TradDtTm>
<Dt>2008-12-01</Dt>
</TradDtTm>
<NAVDt>2008-11-28</NAVDt>
<CshSttlmDt>2008-12-03</CshSttlmDt>
<PmtRef>PAYMENTREFERENCE</PmtRef>
</OrdrExctnDtls>
<Xtnsn>
<PlcAndNm>CSAM CCY AND AMOUNT</PlcAndNm>
<Txt>EUR 99999.53</Txt>
</Xtnsn>
<Xtnsn>
<PlcAndNm>GARE</PlcAndNm> The gated redemption
<Txt>GATO</Txt> type code and rate are
</Xtnsn> included in extension
<Xtnsn> items along with the
<PlcAndNm>GARR</PlcAndNm> cash settlement amount
<Txt>20</Txt> arising from this order
</Xtnsn> confirmation.
</AltrntvFndsRedOrdrConf>
</Document>

XML Example 17 Redemption confirmation. Gated “Open”. Second confirmation.

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Alternative Funds Redemption Processing - Examples

Confirmation of cash order gated "closed"

<Document
xmlns="urn:iso:std:iso:20022:tech:xsd:FINALDRAFTsetr.062.001.01"
xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<AltrntvFndsRedOrdrConf>
<MsgId>
<Id>SHARP18.00.XML</Id>
<CreDtTm>2008-11-04T10:42:00Z</CreDtTm>
</MsgId>
<OrdrExctnDtls>
<OrdrRef>ORDERREF101</OrdrRef>
<DealRef>DEALREF222</DealRef>
<InvstmtAcctDtls>
<Acct>
<Id>INVESTMENT ACCOUNT</Id>
</Acct>
</InvstmtAcctDtls>
<FinInstrmDtls>
<Id>
<SctyId>
<ISIN>ISINCODE1000</ISIN>
</SctyId>
</Id>
</FinInstrmDtls>
<OrdrdAmt Ccy="EUR">500000.00</OrdrdAmt>
<ExctdAmt Ccy="EUR">99999.44</ExctdAmt>
<UnitsNb>
<Unit>810.04</Unit>
</UnitsNb>
<DealgPricDtls>
<UnitPricTp> This example does not
<Tp>OFFR</Tp> use the partially
</UnitPricTp> executed indicator since
<Val> the GATC code carries
<Amt Ccy="EUR">123.45</Amt> this meaning.
</Val>
</DealgPricDtls>
<TradDtTm>
<Dt>2008-11-03</Dt>
</TradDtTm>
<NAVDt>2008-10-31</NAVDt>
<CshSttlmDt>2008-11-05</CshSttlmDt>
<PmtRef>PAYMENTREFERENCE</PmtRef>
</OrdrExctnDtls>
<Xtnsn>
<PlcAndNm>CSAM CCY AND AMOUNT</PlcAndNm>
<Txt>EUR 99999.44</Txt>
</Xtnsn>
<Xtnsn> This redemption is
<PlcAndNm>GARE</PlcAndNm> gated to 20%. The
<Txt>GATC</Txt> GATC code indicates
</Xtnsn> that the gate is closed.
<Xtnsn>
<PlcAndNm>GARR</PlcAndNm>
<Txt>20</Txt>
</Xtnsn>
</AltrntvFndsRedOrdrConf>
</Document>
XML Example 18 Redemption confirmation. Gated "Closed"

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Alternative Funds Redemption Processing - Examples

Confirmation of unit order with FX details

<Document
xmlns="urn:iso:std:iso:20022:tech:xsd:FINALDRAFTsetr.062.001.01"
xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
>
<AltrntvFndsRedOrdrConf>
<MsgId>
<Id>SHARP19.00.XML</Id>
<CreDtTm>2008-11-04T10:42:00Z</CreDtTm>
</MsgId>
<OrdrExctnDtls>
<OrdrRef>ORDERREF100</OrdrRef>
<DealRef>DEALREF103</DealRef>
<InvstmtAcctDtls>
<Acct>
<Id>INVESTMENT ACCOUNT</Id>
</Acct>
</InvstmtAcctDtls>
<FinInstrmDtls>
<Id>
<SctyId>
<ISIN>ISINCODE1000</ISIN>
</SctyId>
</Id> The fund
</FinInstrmDtls> ISINCODE1000 has
<ExctdAmt Ccy="EUR">308625.00</ExctdAmt> EUR as its base
<UnitsNb> currency.
<Unit>2500</Unit>
</UnitsNb> The original order
<DealgPricDtls> requested settlement in
<UnitPricTp> GBP.
<Tp>OFFR</Tp>
</UnitPricTp>
The executing party has
<Val>
<Amt Ccy="EUR">123.45</Amt> performed an FX to
produce the GBP that
</Val>
</DealgPricDtls> will be used in cash
<TradDtTm> settlement. The FX
<Dt>2008-11-03</Dt> section shows the total
</TradDtTm> consideration (less
<NAVDt>2008-10-31</NAVDt> deductions – there are
<CshSttlmDt>2008-11-05</CshSttlmDt> none in this case) being
<ReqdSttlmCcy>GBP</ReqdSttlmCcy> converted into GBP and
<PmtRef>PAYMENTREFERENCE</PmtRef> states the exchange
<FrgnXchgDtls> rate. The UnitCcy
<ToAmt Ccy="GBP">253672.78</ToAmt> element is the 1= side
<FrAmt Ccy="EUR">308625.00</FrAmt> of the equation. So in
<UnitCcy>EUR</UnitCcy> this example, 1 EUR =
<QtdCcy>GBP</QtdCcy> GBP 0.821945.
<XchgRate>0.821945</XchgRate>
</FrgnXchgDtls> The cash settlement
</OrdrExctnDtls> amount is shown in
<Xtnsn> GBP in the extension
<PlcAndNm>CSAM CCY AND AMOUNT</PlcAndNm> element.
<Txt>GBP 253672.78</Txt>
</Xtnsn>
</AltrntvFndsRedOrdrConf>
</Document>
XML Example 19 Redemption confirmation with FX details

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Alternative Funds Redemption Processing - Examples

Confirmation of cash order with prepayment, holdback, equalisation and

charges
<Document
xmlns="urn:iso:std:iso:20022:tech:xsd:FINALDRAFTsetr.062.001.01"
xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<AltrntvFndsRedOrdrConf>
<MsgId>
<Id>SHARP20.00.XML</Id>
<CreDtTm>2008-11-12T10:42:00Z</CreDtTm>
</MsgId>
<OrdrExctnDtls>
<OrdrRef>ORDERREF100</OrdrRef>
<DealRef>DEALREF132</DealRef>
<InvstmtAcctDtls>
<Acct>
<Id>INVESTMENT ACCOUNT</Id>
</Acct>
</InvstmtAcctDtls>
<FinInstrmDtls>
<Id>
<SctyId>
<ISIN>ISINCODE1000</ISIN>
</SctyId>
</Id>
</FinInstrmDtls>
<OrdrdAmt Ccy="EUR">500000</OrdrdAmt>
<ExctdAmt Ccy="EUR">499999.66</ExctdAmt> The total consideration
<UnitsNb> for this order is
<Unit>4050.22</Unit> EUR 499999.66
</UnitsNb>
<DealgPricDtls>
<UnitPricTp>
<Tp>OFFR</Tp>
</UnitPricTp>
<Val>
<Amt Ccy="EUR">123.45</Amt> The cash settlement
</Val> amount is the total
</DealgPricDtls> consideration less:
<HldBckDtls>
<HldBckAmt Ccy="EUR">49999.97</HldBckAmt>
<HldBckRlsDt>2009-02-01</HldBckRlsDt>
</HldBckDtls>
<TradDtTm>
<Dt>2008-03-11</Dt>
</TradDtTm>
<NAVDt>2008-10-31</NAVDt>
<CshSttlmDt>2008-03-15</CshSttlmDt>
<PmtRef>PAYMENTREFERENCE</PmtRef>
<TtlChrgs>
<TtlAmtOfChrgs Ccy="EUR">1000.00</TtlAmtOfChrgs> Charges
<ChrgDtls>
<ChrgTp>
<Tp>BEND</Tp>
</ChrgTp>
<ChrgAmtOrRate>
<Rate>2</Rate>
</ChrgAmtOrRate>
</ChrgDtls>
</TtlChrgs>
<Equlstn>
<Amt Ccy="EUR">5000</Amt>
<CdtDbtInd>DBIT</CdtDbtInd> Equalisation
</Equlstn>
</OrdrExctnDtls>
<Xtnsn>
<PlcAndNm>PREP CCY AND AMOUNT</PlcAndNm> Pre-payment already
<Txt>25000.00</Txt> made.
</Xtnsn>
<Xtnsn>

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Alternative Funds Redemption Processing - Examples

<PlcAndNm>CSAM CCY AND AMOUNT</PlcAndNm>

<Txt>EUR 18999.97</Txt>
</Xtnsn>
</AltrntvFndsRedOrdrConf>
</Document>
XML Example 20 Redemption confirmation with prepayment, holdback, equalisation and charges

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Alternative Funds Accounting Statement of Holdings

16 Accounting Statement of Holdings. (LU_NOV_014)

Business Rules for Statement of Holdings

Statement of holding frequency.
Statements will be issued at a frequency to be agreed between the parties – probably, but not
necessarily, based on the valuation cycle of the fund. (LU_NOV_013)

Logical Data Items

A.F. Accounting Statement Of Holdings

Investment Account
Statement Identifier
Statement Date
Statement Basis
Balances for this account (repeating)
Quantity (units)1
Holding (Capital) Value
Holding (Capital) Value currency
Financial Instrument Identifier
ISIN
Series Identification Date1
Side Pocket Amount1
Price
Price Type
Equalisation amount2
Equalisation rate2
Contingent redemption1
Availability flag1
Holdback amount1

1
Optional Item
2
Choice

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Alternative Funds Accounting Statement of Holdings

Sub balances in accounting statement of holding

The alternative funds accounting statement of holding message contains features which are
designed to enable the communication of the special features of an alternative fund holding.
The table below shows how they can be included in the report.

Data Item Treatment Availability Indicator

Contingent Redemption Included as a sub balance The items to be redeemed
using the proprietary identifier are not available for
“CTRD” general redemption.
Availability=false.
Equalisation Use the special equalisation Not applicable
elements
Holdbacks Included as a sub balance The cash in a holdback is
not available until the
holdback settlement date.
Availability=false.
Side Pockets If the side pocket has a unique The contents of a side
identifier then it can be pocket are not available.
included as a financial Availability=false.
instrument in its own right, or it
can be included as a sub
balance if, perhaps, it needs to
be linked to the holdings in a
particular ISIN.
Table 7 Sub-balances in the accounting statement of holdings (DB_SEP_005)

Statement Basis
The frequency of the statement must be bilaterally agreed between the counterparties. There
are three possible statement basis types:

Traded Basis
• Based on trade date positions to the knowledge of the sender at the time of the
statement preparation.

Settled Basis
• Based on effectively / actually settled positions to the knowledge of the sender at the
time of the statement preparation. The main objective of the statement is to reconcile
positions and minimise settlement issues.

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Alternative Funds Accounting Statement of Holdings

• The default basis for SHARP market practice

Contractual Basis
• In addition to the settled positions, it also considers positions contractually settled.
Contractually settled positions are pending positions that have reached their
requested / contractual settlement date.

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Alternative Funds Accounting Statement of Holdings

Alternative Funds Statement of Holdings

XML Schema Data Item SHARP Content
AlternativeFundsAccountingStatementOfHoldingsV01
MessageIdentification
Identification Message Reference
CreationDateTime Message Creation DateTime
MessagePagination
PageNumber Page Number
LastPageIndicator Last Page Indicator
InvestmentAccountDetails
Account
Identification Investment Account
StatementGeneralDetails
Identifier Statement Identifier
StatementDateTime
Choice between
Date Statement Date
Or
DateTime Statement DateTime
Frequency
FrequencyAsCode
UpdateType
StatementUpdateTypeAsCode
ActivityIndicator
StatementBasis
StatementBasisAsCode Statement Basis
BalanceForAccount
AggregateQuantity
Quantity
Unit Quantity (units)1
HoldingValue Holding (Capital) Value
FinancialInstrumentDetails
Identification
SecurityIdentification
ISIN Financial Instrument Identifier
SeriesIssueIdentificationDate Series Identification Date1
SubBalanceInformation
Quantity
QuantityAndAvailability
Quantity
Choice of
Unit Holdback/Contingent Redemption/Side Pocket (units)
Or
FaceAmount Holdback/Contingent Redemption/Side Pocket (cash)
AvailabilityIndicator Availability Indicator
SubBalanceType
Choice of
SubBalanceType Sub balance type (HOLD/SPCM)
Or
Proprietary
Identification Contingent redemption1 - CTRD
Issuer SHARP'
PriceDetails
Value
Amount Price
PriceType
Type Price Type
EqualisationBalance
Amount Equalisation amount2
Rate Equalisation rate2
CreditDebitIndicator Credit/Debit Indicator

Schema Map 11 Alternative Funds Accounting Statement of Holdings

1 = Optional Item, 2 = A Choice

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Accounting Statement of Holdings- Example

<?xml version="1.0" encoding="UTF-8"?>

<Document
xmlns="urn:iso:std:iso:20022:tech:xsd:FINALDRAFTsemt.012.001.01"
xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
>
<AltrntvFndsAcctgStmtOfHldgs>
<MsgId>
<Id>SHARP21.00.XML</Id>
<CreDtTm>2008-11-13T13:50:00Z</CreDtTm>
</MsgId>
<MsgPgntn> Message pagination
<PgNb>1</PgNb> details are mandatory
<LastPgInd>true</LastPgInd>
</MsgPgntn>
<InvstmtAcctDtls>
<Acct>
<Id>INVESTMENT ACCOUNT</Id>
</Acct>
</InvstmtAcctDtls>
<StmtGnlDtls>
<Idr>STATEMENTID</Idr>
<StmtDtTm>
<Dt>2008-11-12</Dt>
</StmtDtTm>
<Frqcy>
<FrqcyAsCd>MNTH</FrqcyAsCd>
</Frqcy>
<UpdTp>
<StmtUpdTpAsCd>COMP</StmtUpdTpAsCd>
</UpdTp>
<ActvtyInd>true</ActvtyInd> The statement basis is
<StmtBsis> ‘settled’
<StmtBsisAsCd>SETT</StmtBsisAsCd>
</StmtBsis>
</StmtGnlDtls>
<BalForAcct>
Balance example 1.
<AggtQty>
<Qty>
<Unit>1000</Unit> A simple statement
</Qty> giving the number of
</AggtQty> units held.
<HldgVal Ccy="EUR">1250.00</HldgVal>
<FinInstrmDtls> The value of the holding
<Id> at statement date.
<SctyId>
<ISIN>ISINCODE0001</ISIN>
</SctyId>
</Id>
</FinInstrmDtls>
<PricDtls>
<Val> The price of the fund at
<Amt Ccy="EUR">1.25</Amt> the statement date.
</Val>
<PricTp>
<Tp>MIDD</Tp>
</PricTp>
</PricDtls>
</BalForAcct>
<BalForAcct> Balance example 2 is
<AggtQty> the same as example 1
<Qty> – but also includes a
<Unit>2000</Unit> statement of a cash
</Qty> amount held back.
</AggtQty>
<HldgVal Ccy="EUR">1509.12</HldgVal>
<FinInstrmDtls>
<Id>
<SctyId>
<ISIN>ISINCODE0002</ISIN>
</SctyId>
</Id>
</FinInstrmDtls>
<SubBalInf>

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Accounting Statement of Holdings- Example

<Qty>
<QtyAndAvlbty>
<Qty>
<FaceAmt>100000</FaceAmt>
</Qty>
<AvlbtyInd>false</AvlbtyInd>
</QtyAndAvlbty>
</Qty>
<SubBalTp> Holdback
<SubBalTp>HOLD</SubBalTp>
</SubBalTp>
</SubBalInf>
<PricDtls>
<Val>
<Amt Ccy="EUR">0.75456</Amt>
</Val>
<PricTp>
<Tp>MIDD</Tp>
</PricTp>
</PricDtls>
</BalForAcct>
<BalForAcct>
<AggtQty> Balance example 3
<Qty> includes a unit quantity,
<Unit>400000</Unit> value and price, and an
</Qty> equalisation balance.
</AggtQty>
<HldgVal Ccy="EUR">9382400.00</HldgVal>
<FinInstrmDtls>
<Id>
<SctyId>
<ISIN>ISINCODE0003</ISIN>
</SctyId>
</Id>
</FinInstrmDtls>
<PricDtls>
<Val>
<Amt Ccy="EUR">23.456</Amt>
</Val>
<PricTp>
<Tp>MIDD</Tp>
</PricTp> Equalisation balance.
</PricDtls>
<EqulstnBal>
<Amt Ccy="EUR">2000.00</Amt>
<CdtDbtInd>DBIT</CdtDbtInd>
</EqulstnBal>
</BalForAcct>
<BalForAcct> Balance example 4.
<AggtQty>
<Qty>
<Unit>250000</Unit>
</Qty>
</AggtQty>
<HldgVal Ccy="EUR">803500.00</HldgVal>
<FinInstrmDtls>
<Id>
<SctyId>
<ISIN>ISINCODE0004</ISIN>
</SctyId>
</Id>
</FinInstrmDtls>
<SubBalInf>
<Qty>
<Qty>
<Unit>1500</Unit> Here we see an
</Qty> outstanding contingent
</Qty> redemption of 1,500
<SubBalTp> units.
<Prtry>
<Id>CTRD</Id>
<Issr>SHARP</Issr>
</Prtry>

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Accounting Statement of Holdings- Example

</SubBalTp>
</SubBalInf>
<PricDtls>
<Val>
<Amt Ccy="EUR">3.214</Amt>
</Val>
<PricTp>
<Tp>MIDD</Tp>
</PricTp>
</PricDtls>
</BalForAcct>
</AltrntvFndsAcctgStmtOfHldgs>
</Document>

XML Example 21 Alternative Funds Accounting Statement of Holdings

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Accounting Statement of Holdings- Example

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Glossary

The definitions within this glossary are those agreed by the SHARP working groups and are
intended for use strictly within the context of the market practice agreed by SHARP.

Term Definition
Acceptance The state of an order when it has received a status of PACK from the
executing party. The ISO 20022 code PACK is defined as ‘Order is
accepted and is ready for execution (execution is the moment when
pricing is applied).’
PACK stands for Positive ACKnowledgement
Please note that even though the PACK code has been received for
an order the trade can still be rejected by the executing party. The
PACK code is always conditional on the fund’s investment manager
accepting the trade.
Acknowledgement The state of an order when it has received a status of RECE from the
executing party. The ISO 20022 code RECE is defined as Order has
been received, i.e., technical validation of the message is ok, and the
message is now at the receiving side.
RECE stands for RECEived
Alternative Fund A fund having supporting features such as side pockets, holdbacks,
equalisation orders for which are best communicated using AF order
messages.(ZR_SEP_002)
BIC Bank Identification Code. An Institution identifier code used for parties
to a financial transaction, issued by SWIFT
Dealing Date The use of the term “Dealing Date” is not encouraged by the SHARP
community due. It is suggested that the term NAV date or Trade date
be used instead. (ZR_SEP_001)
Depreciation A means of taking performance fees. (ZR_SEP_006)
Deposit
A deduction from the subscription amount in settlement of
performance fees. The deduction/cancellation of units typically does
not take place on the order trade date. This can be a problematic
transaction for the instructing party to reconcile.
Equalisation The term used to describe the various accounting processes designed
to ensure that the performance fee due to the Investment Manager is
allocated fairly between all Shareholders.
Series funds are also a way of taking performance fees.
ERISA A United States federal law (The Employee Retirement Income
Security Act of 1974) that sets minimum standards for retirement and
health benefit plans in private industry. The act has subsequently
been amended, with a notable tightening of the definition of qualifying
investments taking place within the Pension Protection Act 2006.
The industry uses the term ERISA to refer to the current United States
legislation relating to investment into hedge funds by pension funds.

Forced Redemption The ability of a fund to repurchase an investor’s holding for any
reason deemed advisable by the board.
Gating A mechanism used by hedge funds to control the outflow of assets
from the fund. When gating is introduced on a fund it restricts the

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Glossary

Term Definition
amount of cash that can be redeemed from the fund. Gating is used to
limit the possible damage of a run on a fund.
GAV Gross asset value per unit. The GAV value is gross of performance
fees.
Hedge Fund A hedge fund is a private, largely unregulated pool of capital whose
managers can buy or sell any assets, bet on falling as well as rising
assets, and participate substantially in profits from money invested.
SOURCE: Wikipedia

Holdback Holdback provisions allow the hedge fund manager to retain a

proportion of redemption proceeds. This can be used to protect the
fund in case of an overstatement of the NAV and may be released
after a final audit of the funds is complete.
IBAN The International Bank Account Number (IBAN) is an international
standard for identifying bank accounts across national borders. It was
originally adopted by the European Committee for Banking Standards,
and was later adopted as ISO 13616:1997 and now as ISO
13616:2007. The official IBAN registrar under ISO 13616:2003 is
SWIFT and the IBAN registry is currently at SWIFT.
SOURCE: Wikipedia
(LX_SEP_002)
ISIN International Security Identification Number. Defined in ISO 6166.
ISINs are issued by the stock exchange of the country in which the
fund is domiciled.
ISO 6166 is the standard which defines the ISIN numbering system.
The standard provides a uniform structure for a number, known as the
lSIN, that uniquely identifies securities. It details organisations, known
as National Numbering Agencies (NNA's) that are responsible for
issuing the ISIN in each country. In those countries where no NNA is
in operation, four NNA's have agreed, on a regional basis, to act as a
substitute agency.
ISO 20022 The UNIFI (ISO 20022) standard is described in the document "ISO
20022 Financial Services - UNIversal Financial Industry message
scheme". It includes five parts:
* ISO 20022-1: Overall methodology and format specifications for
inputs to and outputs from the ISO 20022 Repository
* ISO 20022-2: Roles and responsibilities of the registration bodies
* ISO/TS 20022-3: Technical Specification - ISO 20022 modelling
guidelines
* ISO/TS 20022-4: Technical Specification - ISO 20022 XML design
rules
* ISO/TS 20022-5: Technical Specification - ISO 20022 reverse
engineering
SOURCE: www.iso20022.org

ISO 6166 See ISIN.

Lot Details A lot is created by a subscription into a fund. Each lot corresponds to
an individual order execution.
NAV Net Asset Value per unit.

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Glossary

Term Definition
NAV Confirmation The date and time when a NAV is applied to an order instruction and
Point the order is executed. This event is also called the Trade Date. (See
the table of date definitions on page 5) (LX_SEP_003)
New Issue An alternative fund asset class that can participate in initial public
offers.
Non-restricted An alternative fund asset class that can participate in initial public
offerings. (ZR_SEP_007)
Offering See PPM.
Memorandum
Omnibus Account An account in which the transactions for many investors are
combined.
Pension Protection See ERISA.
Act 2006
PPM Private Placement Memorandum (PPM).
The PPM is an extensive document individually created for each
hedge fund. Although there are no specific disclosure requirements
for the PPM (provided the offering is made solely to accredited
investors) and a lot of boilerplate language is used, basic information
about the hedge fund's manager and the hedge fund itself is
disclosed.
The information provided is general in nature, and it normally presents
in broad terms the fund's investment strategies and practices. For
example, disclosures generally include the fact that the hedge fund's
manager may invest fund assets in illiquid, difficult-to-value securities,
and that the hedge fund manager reserves the discretion to value
such securities as he believes appropriate under the circumstances.
Also often included is a disclosure about the hedge fund manager
having discretion to invest fund assets outside the stated strategies.
PPMs tend to be very protective of the hedge fund manager. As a
fallback measure, the PPM will list every type of security, commodity,
or futures contract in the financial market to provide the hedge fund
manager with freedom and latitude to make money.
The PPM usually provides information about the qualifications and
procedures for a prospective investor to become a limited partner. It
also provides information on fund operations, such as fund expenses,
allocations of gains and losses, and tax aspects of investing in the
fund. Disclosure of lock-up periods, redemption rights and
procedures, fund service providers, potential conflicts of interests to
investors, conflicts of interest due to fund valuation procedures, “side-
by-side management” of multiple accounts, and allocation of certain
investment opportunities among clients may be discussed briefly or in
greater detail, depending on the fund. The PPM also may include
disclosures concerning soft dollar arrangements, redirection of
business to brokerages that introduce investors to the fund, and
further disclosure of how soft dollars are used. Copies of financial
statements may be provided with the PPM.
SOURCE: www.moneyscience.com

Prospectus See PPM.

Restricted An alternative fund asset class that cannot participate in initial public

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Glossary

Term Definition
offerings. (ZR_SEP_007)
Segregated An account separate from the fund manager firm’s own accounts.
Account Holdings in these accounts are thus clearly separate from the fund
manager’s own assets.
Series Funds Series funds are those funds with segregated pools of assets and
investors with each series striking its own NAV. These are principally
used to segregate investors by date of investment, with each series
effectively being created by the acceptance of a subscription.
Typically, at year end series are “rolled up” with investors switched to
units in the initial series.
Series funds are a way for the administrator to take performance fees
and are a method of equalisation. (ZR_SEP_004, CS_JAN09_02, DB_JUL_006)
Side Pocket A sub class of a hedge fund.
A type of account used in hedge funds to separate illiquid assets from
other more liquid investments. Once an investment enters a side
pocket account, only the present participants in the hedge fund will be
entitled to a share of it. Future investors will not receive a share of the
proceeds when it is realized.
Investors who leave the hedge fund will still receive a share of the
side pocket's value when it gets realized. Usually only the most illiquid
assets, such as delisted shares of a company, receive this type of
treatment, because holding illiquid assets in a standard hedge fund
portfolio can cause a great deal of complexity when investors liquidate
their position. Overall, side pocket accounts resemble single asset
private equity funds in structure.
Side pockets have been used to contain liquid assets as well as a way
to prevent a run on a fund.
SWIFT SWIFT is the Society for Worldwide Interbank Financial
Telecommunication, a member-owned cooperative through which the
financial world conducts its business operations with speed, certainty
and confidence. Over 8,300 banking organisations, securities
institutions and corporate customers in more than 208 countries trust
us every day to exchange millions of standardised financial
messages.
SOURCE: www.swift.com

Top-Up Order A mechanism whereby a second order is used to build up a pool of

cash big enough to cover the de minimus order level for a fund. Not
supported in SHARP market practice. (ZR_SEP_005)
Trade Date See Dealing Date.
Valuation Date See NAV Confirmation Point.
Waiver Codes ISO 20022 codes to represent reasons why a deal can be done
outside the default terms of the PPM.

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Appendix A. Message delivery over SWIFT

SWIFTNet InterAct
Timestamps provided by the SWIFT network
SwiftRequestRef SwiftRef DeliveryTime
1. Reference added automatically by sender's 1. Unique SWIFT-assigned reference
SNL assigned when message arrives at central 1. GMT-based timestamp assigned by
2. Contains local timestamp converted to systems for input SWIFT
GMT 2. Contains the time in GMT 2. Corresponds to the time when SWIFT
3. This field is only visible in the returned 3. Returned to sender in technical response initiated the delivery [attempt]
technical response 4. Also available to receiver
4. Also available to the receiver

message
Queue for B
message delivery ack
input ack
Queue for C

Sender A Receiver B
Queue for D

SnFInputTime
1. SWIFT-provided GMT Timestamp
when message has been stored in
queue
2. Returned to sender as part of the
technical response
3. [As of R6.1] Also available to receiver

Timestamps <SwInt:RequestHandle> Slide 1

<SwInt:RequestDescriptor>
<SwInt:SwiftRequestRef>
SNL00115-2008-07-19T08:29:30.326.000005Z
</SwInt:SwiftRequestRef>
</SwInt:SwiftRef>
swi00002-2008-07-19T08:38:54.15526.243389Z
</SwInt:SwiftRef>
<Sw:SnFOutputInfo>
<Sw:SnFSessionId>bankwxyz_q:p:000458</Sw:SnFSessionId>
<Sw:SnFOutputSeq>93749</Sw:SnFOutputSeq>
<Sw:DeliveryTime>2008-07-19T08:58:37Z</Sw:DeliveryTime>
<Sw:SnFInputTime>0101:2008-07-19T08:25:07</Sw:SnFInputTime>
</Sw:SnFOutputInfo>

Figure 6 Timestamps provided by the SWIFT network

This diagram can be used documents the timestamps provided by the SWIFT network to
enable executing parties to calculate when an order has been received. The best practice is
to use the SWIFT delivery time as the measure for when a message was successfully
delivered. This information is included at the request of the SHARP group. The use of the
(DB_SEP_001)
SWIFT network is not mandatory to comply with this market practice.

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Appendix A. Message delivery over SWIFT

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Appendix B. Sign Off Pages (DB_JUL_001, GV_OCT_007)

We, the undersigned, confirm that this document is an accurate definition of our
agreed best practice for automated processing in the alternative funds industry and
that is our intention to develop STP interfaces in line with these business
requirements.

On behalf of AIG Private Bank

Signature Name
Date
Signature Name
Date

On behalf of Bank of New York Mellon

Signature Name
Date
Signature Name
Date

On behalf of BNP Paribas

Signature Name
Date
Signature Name
Date

On behalf of Brown Brothers Harriman

Signature Name
Date
Signature Name
Date

On behalf of CACEIS
Signature Name
Date
Signature Name
Date

On behalf of Citco Bank

Signature Name
Date
Signature Name
Date

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Appendix B. Sign Off Pages (DB_JUL_001, GV_OCT_007)

On behalf of CITCO Fund Services

Signature Name
Date
Signature Name
Date

On behalf of Citigroup
Signature Name
Date
Signature Name
Date

On behalf of Clearstream
Signature Name
Date
Signature Name
Date

On behalf of Credit Suisse

Signature Name
Date
Signature Name
Date

On behalf of Custom House

Signature Name
Date
Signature Name
Date

On behalf of DTCC
Signature Name
Date
Signature Name
Date

On behalf of Euroclear
Signature Name
Date
Signature Name
Date

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Appendix B. Sign Off Pages (DB_JUL_001, GV_OCT_007)

On behalf of Fortis Prime Fund Solutions

Signature Name
Date
Signature Name
Date

On behalf of Globe Op
Signature Name
Date
Signature Name
Date

On behalf of HSBC
Signature Name
Date
Signature Name
Date

On behalf of HSBC Private Bank

Signature Name
Date
Signature Name
Date

On behalf of IFS
Signature Name
Date
Signature Name
Date

On behalf of J. Vontobel
Signature Name
Date
Signature Name
Date

On behalf of Japan Trustee Services Bank

Signature Name
Date
Signature Name
Date

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Appendix B. Sign Off Pages (DB_JUL_001, GV_OCT_007)

On behalf of JPMorgan Hedge Fund Services

Signature Name
Date
Signature Name
Date

On behalf of Julius Baer

Signature Name
Date
Signature Name
Date

On behalf of Kleinwort Benson, Jersey

Signature Name
Date
Signature Name
Date

On behalf of Kredietbank SA Luxembourgeoise

Signature Name
Date
Signature Name
Date

On behalf of LaSalle Fund Services (ABN AMRO)

Signature Name
Date
Signature Name
Date

On behalf of LCF Rothschild

Signature Name
Date
Signature Name
Date

On behalf of Lombard Odier

Signature Name
Date
Signature Name
Date

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Appendix B. Sign Off Pages (DB_JUL_001, GV_OCT_007)

On behalf of Morgan Stanley Fund Services

Signature Name
Date
Signature Name
Date

On behalf of Northern Trust

Signature Name
Date
Signature Name
Date

On behalf of Pictet & Cie

Signature Name
Date
Signature Name
Date

On behalf of PNC Global Investment Services

Signature Name
Date
Signature Name
Date

On behalf of Quintillion
Signature Name
Date
Signature Name
Date

On behalf of RBC Dexia Investor Services

Signature Name
Date
Signature Name
Date

On behalf of Royal Bank of Canada, Jersey

Signature Name
Date
Signature Name
Date

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Appendix B. Sign Off Pages (DB_JUL_001, GV_OCT_007)

On behalf of SEI Investments

Signature Name
Date
Signature Name
Date

On behalf of SIS
Signature Name
Date
Signature Name
Date

On behalf of Sociéte Générale Bank & Trust

Signature Name
Date
Signature Name
Date

On behalf of Sociéte Générale Investor Services

Signature Name
Date
Signature Name
Date

On behalf of State Street Fund Services, Ireland

Signature Name
Date
Signature Name
Date

On behalf of The Master Trust Bank of Japan

Signature Name
Date
Signature Name
Date

On behalf of UBS Fund Services

Signature Name
Date
Signature Name
Date

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Appendix B. Sign Off Pages (DB_JUL_001, GV_OCT_007)

On behalf of UBS Investment Bank

Signature Name
Date
Signature Name
Date

On behalf of Union Bancaire Privée

Signature Name
Date
Signature Name
Date

On behalf of
Signature Name
Date
Signature Name
Date

On behalf of
Signature Name
Date
Signature Name
Date

On behalf of
Signature Name
Date
Signature Name
Date

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