Corporate Actions – Operational Challenges

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Corporate Actions – Operational Challenges

Objectives

This course is aimed at developing existing fundamental knowledge of corporate actions into a range of more challenging and more complex corporation action types. This course is equally relevant to both the buy-side and sell-side of the business.

This training course is designed to educate staff currently working within the corporate actions department in the more demanding aspects of corporate actions so as to maximise awareness with the ultimate objective of minimising risks and financial loss.

Target Audience

This course is suitable for practitioners who have existing knowledge of corporate actions at an elementary level, and who are looking to develop their understanding to the next level. This course is an extension of the ICMA Operations Certificate Programme (OCP) but there are no formal pre-requisites to taking this course. Suitable for front and middle office staff as well as operational employees.

Length and Structure of the Course

The course consists of two days of lectures, case studies and group exercises. Each day typically consists of four 90 minute sessions with coffee breaks in the morning and afternoon and lunch break in the middle. There is no exam for this course but candidates will get a certificate of attendance.

Course Tutor

Mike Simmons

Mike Simmons – Mike is an independent training consultant and has been involved with capital markets and operations throughout his career, focusing originally upon securities settlement and more recently on the broader aspects of operations (e.g. collateral management, foreign exchange, derivatives). Mike is the author of two books on Operations ‘Corporate Actions: A Guide to Securities Event Management’ and ‘Securities Operations: A guide to Trade and Position Management’ both published by Wiley Finance. Mike is also a regular instructor on the ICMA Operations Certificate Programme.

Course Brochure

Click here to download the course brochure.

Course Outline

Session 1	Contents
Introductory Session	• Review of the Types of Corporate Action • Lifecycle of a Corporate Action: Overview • Responsibilities of the Corporate Actions Department: Overview

Session 2	Contents
Short Selling	• Definition of Short Selling • Role of prime brokers • The impact of short selling on a corporate action

Session 3	Contents
Securities Lending & Borrowing	• Definition of & reasons for securities lending & borrowing • Methods of securities lending & borrowing and their implications • The impact of securities lending & borrowing on corporate action events.

Session 4	Contents
Special Cum & Ex Trading	• Definition & meaning of special-cum & special-ex trading • Comparison of special versus normal trades • The impact on corporate action events

Session 5	Contents
The impact on corporate action events	• Definition of WHT and the circumstances when it is charged • How the correct tax rates are deducted • WHT in Australia and dividend imputation

Session 6	Contents
American Depository Receipts (ADRs)	• Definition and purpose of ADRs • ADR creation and cancellation • Circumstances when issuance fees are charged

Session 7	Contents
UK Stamp Duty	• Definition and application of stamp duty in the UK • Transaction types attracting stamp duty • Circumstances when stamp duty is charged on corporate

Session 8	Contents
Rights Issues	• Definition and purpose of rights issues • Conventional rights issue lifecycle • Comparison versus ‘Accelerated’ issues & ‘Preferential Subscription’ issues

Thomson Reuters Details of the next seminar

London, Great Britain
3-4 May 2012

Venue:
Thomson Reuters
30 South Colonnade
Canary Wharf
London, E14 5EP

This is an ICMA Executive Education course hosted by Thomson Reuters. Thomson Reuters is the leading source of intelligent information for the world’s businesses and professionals.

Costs

The cost is £1,000.00 for ICMA Members and £1,300.00 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.

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 (0)20 7213 0329 or e-mail: education@icmagroup.org

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“I now have a better understanding of the mechanics of the corporate actions processing and can understand the frustration and cost involved if corporate actions are not processed or processed incorrectly. The course delivery was very clear, easy to follow and I will never forget "books and records" and “the importance of dates”.
Jackie Van 't Hof-Weldon, Product Specialist, Enterprise Information Products, Pricing and Reference Data, Thomson Reuters

“I am full of admiration for the course, as the discussions and educational content were very useful. Course focus and organisation were perfect”
Mario Mekys, Domestic and Foreign Currency Settlement Section,

National Bank of Slovakia

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