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Scope
An account owner, eg, and investor or its designated agent, sends the AccountModificationInstruction message to an account servicer, eg, a registrar, transfer agent or custodian bank to modify, ie, create, update or delete specific details of an existing investment fund account.
Usage
The AccountModificationInstruction message is used to modify the details of an existing account.
The AccountModificationInstruction message has three specific uses:
- to maintain/update any of the existing account details, eg, to update the address of the beneficiary or modify the preference to income from distribution to capitalisation, or,
- to add/create specific details to the existing account when these details were not yet recorded at the time of account creation, eg, to add a second address or to establish new cash settlement standing instructions, or,
- to delete specific account details, eg, delete cash standing instructions. This message cannot be used to delete an entire account, as institution specific and regulatory rules pertaining to account deletion are diverse.
The usage of this message may be subject to service level agreement (SLA) between the counterparties. Execution of the AccountModificationInstruction is confirmed via an AccountDetailsConfirmation message.
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