SocGen adopts SWIFT standard for French fund activity
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SocGen adopts SWIFT standard for French fund activity 22 February 2013Paris Reporter: Georgina Lavers
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In December 2012, Societe Generale Securities Services (SGSS) completed migration to the ISO 20022 (MX) standard for its routing and centralising of UCITS orders in France.
The SWIFT ISO 20022 standard: “is part of a more general worldwide movement in the funds industry, being driven in particular by French institutions,” said a statement from Societe Generale. Use of this standard in the framework of the SWIFT messaging system will become mandatory in 2015.
Between October and December 2012, SGSS migrated its routing and centralising of UCITS orders in France to this new standard, in collaboration with Euroclear.
This adoption of the ISO 20022 (MX) standard in France follows a range of developments, including SGSS obtaining ISAE 3402 certification for its internal control system and ISAE 3000 certification for control of departments producing Key Investor Information Documents (KIIDs).
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