Livestreamed
Live sessions: June 3, 4, 10 and 11
14.30-18.00 CEST | Time Zone Converter


OVERVIEW
COURSE SYLLABUS
COURSE DETAILS
TEST YOUR KNOWLEDGE

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.


Course Outcomes

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

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 course Corporate Actions: Operational Challenges.


Course Trainer

Mike Simmons

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.


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 six months. During these six months you will have the option to keep working through the course materials at your own pace.

Live sessions: June 3, 4, 10 and 11
14.30-18.00 CEST | Time Zone Converter




Livestreamed course fees

Members: EUR 1,650 + VAT (if applicable)
Non-members: EUR 2,050 + VAT (if applicable)

For security reasons, delegates who have not registered in advance will not be admitted to the live sessions.

Please note:
  • All payments must be made in Euro.
  • Invoices for single registrations are subject to an additional Euro 50 to cover administration costs*. No administration fee applies for invoices covering two or more registrations
*Administration costs cover the provision of supporting documents, which are often requested along with the invoice, to become an approved supplier.




Contact

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



Test your knowledge

A reduced share par value, an increase in the investor's shareholding, and an increase in market price
An increase in the share par value, an increase in the investor's shareholding, and a reduced market price
An increase in the share par value, a decrease in the investor's shareholding, and an increase in the market price
A reduced share par value, an increase in the investor's shareholding, and a reduced market price
Between two issuers which permits investors in both issues to benefit from beneficial rates of withholding tax
Between two countries which permits investors in both countries to benefit from beneficial rates of domestic income tax
Between two issuers which permits investors in both issues to benefit from beneficial rates of domestic income tax
Between two countries which permits investors in both countries to benefit from beneficial rates of withholding tax
A mandatory corporate action event
A voluntary corporate action event
An optional corporate action event
A non-compulsory corporate action event
The investor receiving (from the issuer) equity in place of the bond
The investor delivering (to the issuer) equity as well as the bond
The investor receiving (from the issuer) the bond in place of equity
The investor delivering (to the issuer) the bond in place of equity
A Bonus Re-Finance Strategy
A Dividend Re-Finance Strategy
A Dividend Re-Investment Plan
A Bonus Re-Investment Plan

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