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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.
Download brochureThe 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

Please note:

Please bring to the course a normal/standard calculator (for use during the course and during the exam if permitted and required) that is capable of accepting at least 12 digits (e.g. 999,999,999.99); examples of such calculators are the Office Depot AT-814 and the Canon LS-123K. Kindly note that bond calculators are not permitted for use during the course or (where applicable) exam.

Details of the next seminar

10-11 May 2016


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.


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

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, thus reducing the overall administration fee.

Terms and conditions

Please click here to view our terms and conditions before registering.


Should you have any queries, please contact education@icmagroup.org.

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