A custodian lets an agent decide elections where a client’s standing instruction settles the choice, up to €2m a position, under mandate AS-03.2. On 13 October the third referral in fourteen days for the same reason, a replacement notice dropped by one sub-custodian’s feed, narrows the mandate to recommend. An election permitted five minutes earlier is in the 11:00 batch to the instruction gateway, its client deadline is 16:00, and if nothing is sent the issuer’s default applies. The room decides what happens next.
The corporate actions case of the control plane map: event 6604 and the referred elections after it, the notice of 1 October against the replacement of 6 October, mandate AS-03, rule R-05, and the loop that narrows on the third referral. The dossier adds the election in the batch and the deadline that does not move.
The custodian handles 120,000 client positions a year on elective events; about 57,600 pass through the agent, some 230 a working day, three times that on a day in dividend season when several record dates fall together. Under AS-03.2 the agent decides where a standing instruction settles the choice and asks the instruction gateway to send; the gateway sends elections to the sub-custodians in batches on the hour. Rule R-05 narrows the mandate after three referrals for one reason in fourteen days, and at once if an election is found sent on a superseded notice. The event copy the agent reads takes new events from every sub-custodian’s feed; one of those feeds drops replacement notices.
| Claim | Source | Owner | Valid |
|---|---|---|---|
| Event 6627 is 1 new share for 4 held at €11.00 | replacement notice of 09.10, issuer I-2340 | the event data team | from 09.10 |
| Event 6627 is 1 new share for 5 held at €11.00 | notice of 03.10 | the event data team | to 08.10, superseded |
| C-171 subscribes where the price is at least 8% below the previous close | standing instruction SI-171, signed 02.2026 | the client, through Asset Servicing | until withdrawn |
| The agent elects only where the standing instruction settles the choice | mandate AS-03 conditions | Head of Asset Servicing | in force |
| A client is told the terms elected on, and may change its instruction until the client deadline | client terms of business §9; SRD II, as the custodian reads it | compliance | in force |
The issuer’s latest notice is the binding source. The claims are what the agent may use, each traced to its notice; where the event copy and the golden record disagree, the golden record wins, and the copy is corrected.
The instruction gateway holds the credential to send. The agent cannot send; it can only ask, through the check.
“We hold 90,000 shares of I-2340 and our instruction with you is clear. Your portal showed this morning that a subscription had been prepared on 18,000 rights, and this afternoon it shows 22,500, to be confirmed by us by tomorrow at 16:00. Which is it, which notice was it based on, and who decided? We need to fund the subscription. If a system prepared this, we want a person to confirm it.”
The fourteen fields of the record line (part three, slide 9), filled for this act; Exhibit E on page 4 continues the record on the day of the dossier.
| Field | What it holds | Event 6604 · the clean act |
|---|---|---|
| Before the act · what the check read | ||
| when | the second the check decided, and the second the act committed | decided 08.10.2026 09:07:21 · committed 10:00:00, the batch to the instruction gateway · accepted by the sub-custodian 10:03 |
| the agent and its identity | which agent, acting for whom, under its own identity, and how long its credential lived | servicing-agent-04, acting for Asset Servicing · its own identity · token issued 09:05:02, valid 15 minutes |
| the release | the release id, each model by version and hash, the prompt set, the validation report | v1.6 · tier-1 model 2026.05.3 (4b8d12) · tier-2 model 2026.05.2 (e9a3b7) · prompt set servicing-elect 1.6 · validated by model risk, MRV-039, 20.05.2026 |
| the basis | each claim the act relied on, its version, and its standing at that second on both axes: evidential warrant, and authority | The reinvestment price for event 6604 is €18.20 · the issuer’s replacement notice of 06.10 · in the golden record · warrant validated · current · the latest notice of the event · authority: the issuer, through the market · the event data teamThe previous close of I-2207 on 07.10 was €19.40 on the primary exchange · the market data feed · the close of 07.10 · warrant validated · uncontradicted · authority: the exchange · the market data teamWhere the reinvestment price is at least 5% below the previous close, C-118 elects shares · standing instruction SI-118 · on file · warrant foundational · in force · authority: the client · the instruction record |
| the mandate version | the mandate in force at that second, with its level and its limit | AS-03.2 · since 01.06.2026 · decide under the client’s standing instruction · €2m a position · €250m a day across the deployment |
| the control standard | the control standard version and the rule set the check applied | CS-5 v2026.2 · rule set RS-AS-03 r11 |
| the consequence tier | the tier the act was classified into, and the version of the taxonomy that classified it | material · taxonomy CT-2026.1 · €1.16m, a client’s position, irreversible after the market deadline, a third party’s instruction |
| At the act · what the check decided | ||
| the check’s decision | permit, refer, or block, how many of the six inputs held, and the reason code | PERMIT · six of six · reason code OK |
| the exact act | what was done, to whom, for how much, under which id, once | elect shares on 60,000 shares for C-118 on event 6604 · E6604-C118 · once |
| the permit | its id and what it was bound to: the mandate version, the release, the basis version, the exact act; and how long it held | PR-6604-1 · bound to AS-03.2, release v1.6, the notice of 06.10 and SI-118, shares on 60,000 for C-118 · valid for the next batch to the gateway |
| After the act · what came back | ||
| the receipt | what the receiving system returned, and the reconciliation against it: one permit, one act, one receipt | ACK-6604-118 · election accepted by the sub-custodian 10:03 · confirmation to the client 10:10 · reconciled against the position record on the record date, 10.10: one permit, one election, one receipt |
| the human decision | where a person decided: who, under which authority, what they confirmed, and when | none needed |
| the cost | what the decision cost in tokens, and in a person’s time where one was needed | €0.44 in tokens · no specialist time |
| retention | how long the record, the manifest, and the permits are kept, and personal data inside them by its purpose | the record, the manifest, and the permits: ten years from the act, the period the custodian sets for client instructions of this tier (illustrative) · personal data by purpose and retention rule · a corrected fact is a new, linked entry |
control standard CS-5, version 2026.2 · rule set RS-AS-03 r11: refer any choice the instruction does not settle, any position not reconciled, any mismatch of basis · CT-2026.1 · the custodian’s consequence taxonomy · proposed by the CRO with compliance and Asset Servicing, set by the board, 06.2026 · ids and figures invented
The fourteen fields of the record line (part three, slide 9), filled for this act; Exhibit E on page 4 continues the record on the day of the dossier. The agent’s line and the person’s are marked C171 and C171-2.
| Field | What it holds | Event 6627 · the referral |
|---|---|---|
| Before the act · what the check read | ||
| when | the second the check decided, and the second the act committed | C171 referred 13.10.2026 10:40:00C171-2 decided 13.10.2026 14:30:40 · client confirmed 14.10 11:05 · committed 14.10 11:10 CET · accepted 11:14 |
| the agent and its identity | which agent, acting for whom, under its own identity, and how long its credential lived | C171 servicing-agent-04, acting for Asset Servicing · its own identity · token valid 15 minutesC171-2 specialist S-12, Asset Servicing · his own login · a second check by S-07 above €1m |
| the release | the release id, each model by version and hash, the prompt set, the validation report | C171 v1.6 · tier-1 model 2026.05.3 (4b8d12) · tier-2 model 2026.05.2 (e9a3b7) · prompt set servicing-elect 1.6C171-2 none · a person’s decision in the servicing system |
| the basis | each claim the act relied on, its version, and its standing at that second on both axes: evidential warrant, and authority | Event 6627 offers 1 new share for 5 held at €11.00 · declared: the notice of 03.10 · superseded by the replacement of 09.10 · warrant fails on currency · contradicted by the golden record · authority: the issuer, through the market · the event data teamEvent 6627 offers 1 new share for 4 held at €11.00 · applicable: the replacement of 09.10 · in the golden record · applied by S-12 at 14:30 · warrant validated · current · authority: the issuer, through the market · the event data teamWhere the subscription price is at least 8% below the previous close, C-171 subscribes · standing instruction SI-171 · on file · warrant foundational · in force · authority: the client · the instruction record |
| the mandate version | the mandate in force at that second, with its level and its limit | C171 AS-03.2 · decide under the instruction · €2m a positionC171-2 the specialist’s authority · to €5m a position, a second check above €1m |
| the control standard | the control standard version and the rule set the check applied | CS-5 v2026.2 · rule set RS-AS-03 r11 |
| the consequence tier | the tier the act was classified into, and the version of the taxonomy that classified it | material · taxonomy CT-2026.1 |
| At the act · what the check decided | ||
| the check’s decision | permit, refer, or block, how many of the six inputs held, and the reason code | C171 REFER · five of six · reason code BASIS-01: declared notice 03.10, latest 09.10 · basis mismatch (3) · owner: Asset Servicing specialistsC171-2 PERMIT · the specialist’s decision, to confirm with the client by 14.10 16:00 |
| the exact act | what was done, to whom, for how much, under which id, once | C171 proposed: subscribe on 18,000 rights for C-171, €198,000 · E6627-C171 · not executedC171-2 subscribe on 22,500 rights for C-171, €247,500 · E6627-C171-2 · once |
| the permit | its id and what it was bound to: the mandate version, the release, the basis version, the exact act; and how long it held | C171 none · the proposal went to the specialists with the reasonC171-2 PR-6627-2 · bound to the specialist’s authority, the replacement of 09.10 and SI-171, 22,500 rights for C-171 · valid to the client deadline, 16.10 16:00 |
| After the act · what came back | ||
| the receipt | what the receiving system returned, and the reconciliation against it: one permit, one act, one receipt | C171 noneC171-2 ACK-6627-171 · election sent 14.10 11:10 CET · accepted by the sub-custodian 11:14 · reconciled: one permit, one election, one receipt |
| the human decision | where a person decided: who, under which authority, what they confirmed, and when | C171 none yet · referred to a person with the reasonC171-2 specialist S-12 applied SI-171 to the replacement of 09.10 and elected 22,500 rights at 14:30; the client confirmed on 14.10 at 11:05 |
| the cost | what the decision cost in tokens, and in a person’s time where one was needed | C171 €0.44 in tokensC171-2 €11.67 of a specialist’s time |
| retention | how long the record, the manifest, and the permits are kept, and personal data inside them by its purpose | the record, the manifest, and the permits: ten years from the act, the period the custodian sets for client instructions of this tier (illustrative) · personal data by purpose and retention rule · a corrected fact is a new, linked entry |
ids and figures invented; the control standard and the taxonomy are on the page before