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Corporate Actions - An Introduction
 
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.


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

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, but wish to understand the more challenging aspects of the securities business. No prior learning is required.


Course Director

Mike Simmons is an operations specialist and the Programme Director for ICMA’s Operations stream of training courses. He 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.

Mike is the author of several books on operations including ‘Securities Operations: A Guide to Trade & Position Management’. In addition to our Corporate Actions courses, Mike is the Programme Director for the Operations Certificate Programme (OCP), the Securities Operations Foundation Course (SOFC) and teaches various specialist operations courses.


The course content is divided into several topic areas, which are then broken down into multiple subtopics:

1. Fundamental Concepts
  • Definition & purpose
  • Impacts on securities & cash
  • Processing lifecycles: An overview
  • Responsibilities of the corporate actions department: An overview

2. 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
  • Bond conversions & bond redemptions (various types)
  • Rights issues
  • Takeovers

3. The Generic (Mandatory Event) Lifecycle
  • Lifecycle overview
  • Declaration of event terms
  • Capturing event terms
  • Ascertaining entitlement
  • Informing relevant parties
  • Calculating resultant entitlement
  • Updating books & records
  • Receiving & crediting resultant entitlement

4. The Optional & Voluntary Event Lifecycle
  • Applicable event types
  • Communication with holders
  • Monitoring & controlling responses
  • Acting within deadlines

5. Tax on Income Events
  • Withholding tax: Definition & purpose
  • Treaty & non-treaty concepts
  • Ensuring correct rates are applied
  • Domestic tax




Details of the next seminar

London
13-14 October 2015

  

Venue:

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

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.


Cost

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

ICMA Executive Education encourages all member and non-member companies to send multiple candidates on our courses, thereby ensuring that a range of individuals benefit from the experience at the same time. As a result, we are happy to offer the following discounts for multiple candidates:

2 to 4 candidates – 5% discount each*
5 to 9 candidates – 10% discount each*
10+ candidates - 15% 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.


The course fee includes all lunches, coffee breaks and training materials.

Payment can be made by secure online credit card or by invoice. Please note that selecting the invoice method will add £50 (administration fee) to the course price. Multiple candidates from the same company can request one invoice, reducing the overall administration fee.


Please note:

The course is a non-residential learning programme, so candidates are responsible for arranging their own travel and accommodation.

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 have any queries about the Corporate Actions – An Introduction course please contact education@icmagroup.org





 

Fixed Income Certficate (FIC)