Course description
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.
Upcoming start dates
Suitability - 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.
This course is intended to be the natural introduction to the courseCorporate Actions: Operational Challenges.
Outcome / Qualification etc.
By completing this course you will be able to:
- 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
Training Course Content
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
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.
Course delivery details
Livestreamed Course
ICMA courses are delivered via video conferencing accessed on our digital learning platform, using the most effective pedagogical approaches and incorporating interactive functions like virtual breakout rooms.
The Collateral Management live sessions are delivered in four 3.5 hour sessions over the course of two weeks. You will be given access to the course materials before the live sessions, and will have access to those for a total of three months from the first live session. During these three months you will have the option to keep working through the course materials at your own pace.
Expenses
Livestreamed course fees
- ICMA Members: EUR 2,100 + VAT (if applicable)
- ICMA Non-members: EUR 2,700 + VAT (if applicable)
*Special bundle discount for this course when booked in combination with Corporate Actions: Operational Challenges:
- ICMA members bundle discount: EUR 2,750 per person for both courses (discounted from EUR 4,200)
- ICMA non-members bundle discount: EUR 3,300 per person for both courses (discounted from EUR 5,400)
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