diff --git a/README.md b/README.md
index 7aff809..38e786d 100644
--- a/README.md
+++ b/README.md
@@ -106,7 +106,7 @@ You need the following permissions to run this module.
 | Name | Version |
 |------|---------|
 | <a name="requirement_terraform"></a> [terraform](#requirement\_terraform) | >= 1.3.0 |
-| <a name="requirement_ibm"></a> [ibm](#requirement\_ibm) | >= 1.70.0, <2.0.0 |
+| <a name="requirement_ibm"></a> [ibm](#requirement\_ibm) | >= 1.71.0, <2.0.0 |
 | <a name="requirement_time"></a> [time](#requirement\_time) | >= 0.9.1 |
 
 ### Modules
@@ -120,6 +120,7 @@ You need the following permissions to run this module.
 | Name | Type |
 |------|------|
 | [ibm_event_streams_schema.es_schema](https://registry.terraform.io/providers/IBM-Cloud/ibm/latest/docs/resources/event_streams_schema) | resource |
+| [ibm_event_streams_schema_global_rule.es_globalrule](https://registry.terraform.io/providers/IBM-Cloud/ibm/latest/docs/resources/event_streams_schema_global_rule) | resource |
 | [ibm_event_streams_topic.es_topic](https://registry.terraform.io/providers/IBM-Cloud/ibm/latest/docs/resources/event_streams_topic) | resource |
 | [ibm_iam_authorization_policy.kms_policy](https://registry.terraform.io/providers/IBM-Cloud/ibm/latest/docs/resources/iam_authorization_policy) | resource |
 | [ibm_resource_instance.es_instance](https://registry.terraform.io/providers/IBM-Cloud/ibm/latest/docs/resources/resource_instance) | resource |
@@ -143,6 +144,7 @@ You need the following permissions to run this module.
 | <a name="input_plan"></a> [plan](#input\_plan) | The plan for the Event Streams instance. Possible values: `lite`, `standard`, `enterprise-3nodes-2tb`. | `string` | `"standard"` | no |
 | <a name="input_region"></a> [region](#input\_region) | The region where the Event Streams are created. | `string` | `"us-south"` | no |
 | <a name="input_resource_group_id"></a> [resource\_group\_id](#input\_resource\_group\_id) | The resource group ID where the Event Streams instance is created. | `string` | n/a | yes |
+| <a name="input_schema_global_rule"></a> [schema\_global\_rule](#input\_schema\_global\_rule) | Schema global compatibility rule. Only allowed for enterprise plan, must be '' for other plans. Allowed values are 'NONE', 'FULL', 'FULL\_TRANSITIVE', 'FORWARD', 'FORWARD\_TRANSITIVE', 'BACKWARD', 'BACKWARD\_TRANSITIVE'. | `string` | `""` | no |
 | <a name="input_schemas"></a> [schemas](#input\_schemas) | The list of schema objects. Include the `schema_id` and the `type` and `name` of the schema in the `schema` object. | <pre>list(object(<br/>    {<br/>      schema_id = string<br/>      schema = object({<br/>        type = string<br/>        name = string<br/>        fields = optional(list(object({<br/>          name = string<br/>          type = string<br/>        })))<br/>      })<br/>    }<br/>  ))</pre> | `[]` | no |
 | <a name="input_service_credential_names"></a> [service\_credential\_names](#input\_service\_credential\_names) | The mapping of names and roles for service credentials that you want to create for the Event streams. | `map(string)` | `{}` | no |
 | <a name="input_service_endpoints"></a> [service\_endpoints](#input\_service\_endpoints) | The type of service endpoints. Possible values: 'public', 'private', 'public-and-private'. | `string` | `"public"` | no |
diff --git a/examples/basic/version.tf b/examples/basic/version.tf
index 9279e8c..1a06bdf 100644
--- a/examples/basic/version.tf
+++ b/examples/basic/version.tf
@@ -3,7 +3,7 @@ terraform {
   required_providers {
     ibm = {
       source  = "IBM-Cloud/ibm"
-      version = "= 1.70.0"
+      version = "= 1.71.0"
     }
   }
 }
diff --git a/examples/complete/version.tf b/examples/complete/version.tf
index 56d317d..5e41cfe 100644
--- a/examples/complete/version.tf
+++ b/examples/complete/version.tf
@@ -4,7 +4,7 @@ terraform {
     # Use latest version of provider in non-basic examples to verify latest version works with module
     ibm = {
       source  = "IBM-Cloud/ibm"
-      version = ">= 1.70.0"
+      version = ">= 1.71.0"
     }
   }
 }
diff --git a/examples/fscloud/main.tf b/examples/fscloud/main.tf
index 7608b50..667a7c8 100644
--- a/examples/fscloud/main.tf
+++ b/examples/fscloud/main.tf
@@ -63,6 +63,7 @@ module "event_streams" {
   topics                     = var.topics
   existing_kms_instance_guid = var.existing_kms_instance_guid
   metrics                    = ["topic", "partition", "consumers"]
+  schema_global_rule         = "FORWARD"
   service_credential_names = {
     "es_writer" : "Writer",
     "es_reader" : "Reader",
diff --git a/examples/fscloud/version.tf b/examples/fscloud/version.tf
index 29e820c..5e41cfe 100644
--- a/examples/fscloud/version.tf
+++ b/examples/fscloud/version.tf
@@ -4,7 +4,7 @@ terraform {
     # Use latest version of provider in non-basic examples to verify latest version works with module
     ibm = {
       source  = "IBM-Cloud/ibm"
-      version = ">= 1.70.1"
+      version = ">= 1.71.0"
     }
   }
 }
diff --git a/main.tf b/main.tf
index 138222c..70dc0ec 100644
--- a/main.tf
+++ b/main.tf
@@ -26,6 +26,8 @@ locals {
   ) : null
   # tflint-ignore: terraform_unused_declarations
   validate_metrics = var.plan != "enterprise-3nodes-2tb" && length(var.metrics) > 0 ? tobool("metrics are only supported for enterprise plan") : true
+  # tflint-ignore: terraform_unused_declarations
+  validate_schema_global_rule = var.plan != "enterprise-3nodes-2tb" && var.schema_global_rule != "" ? tobool("schema global rule is only supported for enterprise plan") : true
 }
 
 # workaround for https://github.com/IBM-Cloud/terraform-provider-ibm/issues/4478
@@ -68,7 +70,7 @@ resource "ibm_resource_instance" "es_instance" {
 }
 
 ##############################################################################
-# SCHEMA
+# SCHEMA AND COMPATIBILITY RULE
 ##############################################################################
 
 resource "ibm_event_streams_schema" "es_schema" {
@@ -78,6 +80,12 @@ resource "ibm_event_streams_schema" "es_schema" {
   schema               = jsonencode(var.schemas[count.index].schema)
 }
 
+resource "ibm_event_streams_schema_global_rule" "es_globalrule" {
+  count                = var.schema_global_rule != "" ? 1 : 0
+  resource_instance_id = ibm_resource_instance.es_instance.id
+  config               = var.schema_global_rule
+}
+
 ##############################################################################
 # TOPIC
 ##############################################################################
diff --git a/modules/fscloud/README.md b/modules/fscloud/README.md
index 7605bc2..e76cc94 100644
--- a/modules/fscloud/README.md
+++ b/modules/fscloud/README.md
@@ -10,7 +10,7 @@ The default values in this profile were scanned by [IBM Code Risk Analyzer (CRA)
 | Name | Version |
 |------|---------|
 | <a name="requirement_terraform"></a> [terraform](#requirement\_terraform) | >= 1.3.0 |
-| <a name="requirement_ibm"></a> [ibm](#requirement\_ibm) | >= 1.70.0, <2.0.0 |
+| <a name="requirement_ibm"></a> [ibm](#requirement\_ibm) | >= 1.71.0, <2.0.0 |
 
 ### Modules
 
@@ -34,6 +34,7 @@ No resources.
 | <a name="input_metrics"></a> [metrics](#input\_metrics) | Enhanced metrics to activate, as list of strings. Allowed values: 'topic', 'partition', 'consumers'. | `list(string)` | `[]` | no |
 | <a name="input_region"></a> [region](#input\_region) | The region where the Event Streams are created. | `string` | `"us-south"` | no |
 | <a name="input_resource_group_id"></a> [resource\_group\_id](#input\_resource\_group\_id) | The resource group ID where the Event Streams instance is created. | `string` | n/a | yes |
+| <a name="input_schema_global_rule"></a> [schema\_global\_rule](#input\_schema\_global\_rule) | Schema global compatibility rule. Only allowed for enterprise plan, must be '' for other plans. Allowed values are 'NONE', 'FULL', 'FULL\_TRANSITIVE', 'FORWARD', 'FORWARD\_TRANSITIVE', 'BACKWARD', 'BACKWARD\_TRANSITIVE'. | `string` | `""` | no |
 | <a name="input_schemas"></a> [schemas](#input\_schemas) | The list of schema objects. Include the `schema_id` and the `type` and `name` of the schema in the `schema` object. | <pre>list(object(<br/>    {<br/>      schema_id = string<br/>      schema = object({<br/>        type = string<br/>        name = string<br/>        fields = optional(list(object({<br/>          name = string<br/>          type = string<br/>        })))<br/>      })<br/>    }<br/>  ))</pre> | `[]` | no |
 | <a name="input_service_credential_names"></a> [service\_credential\_names](#input\_service\_credential\_names) | The mapping of names and roles for service credentials that you want to create for the Event streams. | `map(string)` | `{}` | no |
 | <a name="input_tags"></a> [tags](#input\_tags) | The list of tags associated with the Event Steams instance. | `list(string)` | `[]` | no |
diff --git a/modules/fscloud/main.tf b/modules/fscloud/main.tf
index fb58a44..b6cb4bd 100644
--- a/modules/fscloud/main.tf
+++ b/modules/fscloud/main.tf
@@ -7,6 +7,7 @@ module "event_streams" {
   kms_key_crn                = var.kms_key_crn
   existing_kms_instance_guid = var.existing_kms_instance_guid
   schemas                    = var.schemas
+  schema_global_rule         = var.schema_global_rule
   tags                       = var.tags
   access_tags                = var.access_tags
   topics                     = var.topics
diff --git a/modules/fscloud/variables.tf b/modules/fscloud/variables.tf
index 1be0c4b..41466c8 100644
--- a/modules/fscloud/variables.tf
+++ b/modules/fscloud/variables.tf
@@ -46,6 +46,16 @@ variable "schemas" {
   default     = []
 }
 
+variable "schema_global_rule" {
+  type        = string
+  description = "Schema global compatibility rule. Only allowed for enterprise plan, must be '' for other plans. Allowed values are 'NONE', 'FULL', 'FULL_TRANSITIVE', 'FORWARD', 'FORWARD_TRANSITIVE', 'BACKWARD', 'BACKWARD_TRANSITIVE'."
+  default     = ""
+  validation {
+    condition     = contains(["", "NONE", "FULL", "FULL_TRANSITIVE", "FORWARD", "FORWARD_TRANSITIVE", "BACKWARD", "BACKWARD_TRANSITIVE"], var.schema_global_rule)
+    error_message = "The schema_global_rule must be one of '', 'NONE', 'FULL', 'FULL_TRANSITIVE', 'FORWARD', 'FORWARD_TRANSITIVE', 'BACKWARD', 'BACKWARD_TRANSITIVE'."
+  }
+}
+
 variable "topics" {
   type = list(object(
     {
diff --git a/modules/fscloud/version.tf b/modules/fscloud/version.tf
index 5383f9a..bc2af96 100644
--- a/modules/fscloud/version.tf
+++ b/modules/fscloud/version.tf
@@ -7,7 +7,7 @@ terraform {
     # tflint-ignore: terraform_unused_required_providers
     ibm = {
       source  = "IBM-Cloud/ibm"
-      version = ">= 1.70.0, <2.0.0"
+      version = ">= 1.71.0, <2.0.0"
     }
   }
 }
diff --git a/variables.tf b/variables.tf
index 1e5c64d..ab587fa 100644
--- a/variables.tf
+++ b/variables.tf
@@ -105,6 +105,16 @@ variable "schemas" {
   default     = []
 }
 
+variable "schema_global_rule" {
+  type        = string
+  description = "Schema global compatibility rule. Only allowed for enterprise plan, must be '' for other plans. Allowed values are 'NONE', 'FULL', 'FULL_TRANSITIVE', 'FORWARD', 'FORWARD_TRANSITIVE', 'BACKWARD', 'BACKWARD_TRANSITIVE'."
+  default     = ""
+  validation {
+    condition     = contains(["", "NONE", "FULL", "FULL_TRANSITIVE", "FORWARD", "FORWARD_TRANSITIVE", "BACKWARD", "BACKWARD_TRANSITIVE"], var.schema_global_rule)
+    error_message = "The schema_global_rule must be one of '', 'NONE', 'FULL', 'FULL_TRANSITIVE', 'FORWARD', 'FORWARD_TRANSITIVE', 'BACKWARD', 'BACKWARD_TRANSITIVE'."
+  }
+}
+
 variable "topics" {
   type = list(object(
     {
diff --git a/version.tf b/version.tf
index e8ac7f0..ae953f3 100644
--- a/version.tf
+++ b/version.tf
@@ -4,7 +4,7 @@ terraform {
     # Use "greater than or equal to" range in modules
     ibm = {
       source  = "IBM-Cloud/ibm"
-      version = ">= 1.70.0, <2.0.0"
+      version = ">= 1.71.0, <2.0.0"
     }
     time = {
       source  = "hashicorp/time"