Quick Find:
Corporate Actions - An Introduction
Attending the course will help you:
  • Understand the reasons for corporate actions (both equity and debt)
  • Look at the sequential steps in processing corporate actions
  • Cover the various risks, risk mitigation and  processing efficiency of corporate actions

Course background

The world of Corporate Actions is generally regarded within financial institutions as a mystery area requiring specialist knowledge in order to comprehend what lies beneath.  In reality, like many other aspects of securities processing, corporate actions work to a set of logical rules which, if followed, will result in controlled and risk-free processing.

Who should attend?

This course is designed as an introduction to corporate actions, and is suitable for those that are familiar with the securities trade lifecycle who wish to understand the more challenging aspects of the securities business.

Course Tutor

Mike Simmons
Mike is an operations specialist and independent training consultant and has been involved with the capital markets and operations throughout his career, focusing originally upon securities settlement and more recently on the broader aspects of operations (derivatives, trade finance, payments, corporate finance and corporate lending).  Mike is the author of two books on Operations - “Securities Operations: A Guide to Trade & Position Management” and “Corporate Actions: A Guide to Securities Event Management”, both published by Wiley Finance.  Mike is also a Course Director for ICMA’s Securities Operations Foundation Course (SOFC) and Operations Certificate Programme (OCP), and teaches various specialist operations courses.

Course Outline
Session 1 Contents
Fundamental Concepts • Definition & Purpose
• Impacts on Securities & Cash
• Processing Lifecycles: Overview
• Responsibilities of the Corporate Actions  Department: Overview
Session 2 Contents
Corporate Action Event Types • In each case stating: issuer's objective, scheduled or announced, mandatory or voluntary, effect on holder's securities & cash
• Including Dividends (3 types), coupons (fixed, floating)
• Odd-Lot Offers, Bonus Issues, Stock Splits, Reverse Splits
Session 3 Contents
Corporate Action Event Types - continued • Including Bond Conversions, Bond Redemptions (various types)
• Rights issues
• Takeovers
Session 4 Contents
The Generic (Mandatory Event) Lifecycle • Lifecycle Overview
• Declaration of Event Terms
• Capturing Event Terms
• Ascertaining Entitlement #1
Session 5 Contents
The Generic (Mandatory Event) Lifecycle - continued • Ascertaining Entitlement #2
• Informing Relevant Parties
• Calculating Resultant Entitlement
Session 6 Contents
The Generic (Mandatory Event) Lifecycle - continued • Updating Books & Records #1
• Receiving & Crediting Resultant Entitlement
• Updating Books & Records #2
Session 7 Contents
The Optional & Voluntary Event Lifecycle • Applicable Event Types
• Communication with Holders
• Monitoring & Controlling Responses
• Acting Within Deadlines
Session 8 Contents
Tax on Income Events • Withholding Tax: Definition & Purpose
• Treaty & Non-Treaty Concepts
• Ensuring Correct Rates are Applied
• Domestic Tax

Details of the next seminar

12-13 May 2015



ICE Education
5th Floor Milton Gate
60 Chiswell Street
London EC1Y 4SA

Please email education@icmagroup.org to register your interest to attend our next publicly scheduled course.

Based at ICE Education London offices: IntercontinentalExchange® (NYSE: ICE), is a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets.


The cost is £1,250.00 for ICMA Members and £1,650.00 for non-members.

The following discount scale is offered:
2-4 candidates – 5% discount each*
5+ candidates – 10% discount each*

*Please note that discounts are applied by way of a refund to the organisation when registration has closed and the final number of candidates from the firm has been determined.

Course materials will be provided to candidates in electronic format prior to the start of programme. Please ensure that you have access to this document during the course by either printing off a copy or by downloading it on your laptop, iPad or Tablet.

Should you require a hard copy of the course materials, there is a charge for printing off and sending the course materials to the training venue.  Please contact education@icmagroup.org a minimum of two weeks before the course start date for further details on this.

Payment can be made by secure online credit card or by invoice. Please note that the BACS invoice method has an additional £50 admin fee.

Note that anyone requiring accommodation to take the course will be required to arrange this on their own; it is a class-based but non-residential course.

For more information

This course is also available on a group booking basis.

Should you have any queries about this seminar please contact David Senior on +44 20 7213 0329 or at: education@icmagroup.org


Fixed Income Certficate (FIC)

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