Live sessions: November 29, 30 and December 6, 7
14.30-18.00 CET | Time Zone Converter

Corporate actions arise on both equity and debt (bond) securities. Even the most basic type of corporate action can prove a challenge from a processing perspective, requiring highly accurate event details combined with accurate (fully reconciled) internal books & records to be certain of controlled and risk-free processing.

Some event types (optional and voluntary events) contain deadlines that increase the risk of processing error, should such cut-off times be missed.

Furthermore, when complex event types are combined with certain trading and operational strategies, the scope for misunderstanding and confusion increases the processing risks further.

Course Outcomes

By completing this course you will be able to:
  • Become familiar with a variety of challenging corporate action events
  • Raise awareness of the possibility that the details of some corporate action events can change during the event
  • Appreciate the risks and associated controls employed in the processing of a range of challenging corporate action events
  • Emphasise the need for complete internal control when processing more complex corporate action events

The course addresses two challenging aspects of corporate actions processing, namely:

  • the complex end of corporate action events (e.g. Impact of Corporate Actions on Option Contracts, and Bond Tender Offers), and
  •  trading strategies (e.g. short selling, and securities lending & borrowing) which have an impact on corporate actions.

Who should attend?

This course is targeted at an existing corporate action audience and is designed to develop their basic level understanding to the next level. It is suitable for professionals who are familiar with basic corporate action processing and who wish to expand their corporate actions and securities operations knowledge.

The course contains essential concepts that impact both trades and positions, in both Front Office as well as in Operations. As such, besides corporate actions personnel, this course is of value to Reconciliation staff, Collateral Management personnel, Risk professionals and Accounting personnel.

This course is intended to be the natural follow-on to the course Corporate Actions: An Introduction.

Certification and Programme Recognition

This course has been approved by the Securities & Futures Commission of Hong Kong for Continuous Professional Training (CPT).
ICMA is also a member of the CPD® Certification Service which helps organisations formalise knowledge into a structured and recognised approach to meet professional development expectations.

ICMA recommends that 20 learning hours can be associated with this course, based on attended/undertaken hours of study required to successfully complete the learning outcomes.

The course is certified by ICMA and the ICMA Centre, Henley Business School, University of Reading. A Certificate of Completion will be awarded to those who meet minimum attendance requirements. Please note that while course recordings will be made available to delegates, it is a course requirement that delegates meet the minimum attendance requirements to be eligible for a certificate. Please contact if you have any questions regarding certification.

Please note that your course certificate of attendance or completion should be sufficient to satisfy any professional development requirements – if you require further evidence, please contact us at


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

*Special bundle discount for this course when booked in combination with Corporate Actions: An Introduction:

ICMA members bundle discount: EUR 2,500 per person for both courses (discounted from EUR 3,300)
Non ICMA members bundle discount: EUR 3,000 per person for both courses (discounted from EUR 4,100)

Course Trainer

Mike Simmons

  • Overview of Capital Markets
  • Failed Trades & Partially Settled Trades
  • Short Selling
  • Securities Lending & Borrowing
  • Special-Cum and Special-Ex Trading
  • Australian Dividend Tax
  • Depositary Receipt Issuance Fees
  • UK Stamp Duty (on New Stock)
  • Warrant Exercise
  • Impact of Corporate Actions on Option Contracts
  • Accelerated Rights Issues
  • Rights Issues with Preferential Subscription Rights
  • Financial Restructuring (Bonds & Equity)
  • Share Capital Decrease
  • Interest on Equity Capital
  • Mortgage-Backed Securities: Interest & Capital
  • Bond Tender Offers

Course Delivery

If you are taking the livestreamed course, you have six months to study the material.

If you’re taking the classroom-based course, the training is delivered on two consecutive days between Monday and Friday.

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 Corporate Actions: Operational Challenges 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 four weeks from the first live session. During these four weeks you will have the option to keep working through the course materials at your own pace.

Live sessions: November 29, 30 and December 6, 7
14.30-18.00 CET | 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.


Should you have any queries, please contact

Test your knowledge

The payment date
The record date
The ex-dividend date
The announcement date
The borrower of the security
The party that has a close-of-business record date position at the CSD/custodian
The beneficial owner of the security
The lending agent
The buyer is entitled to the coupon payment, requiring the buyer to 'manufacture' the coupon
The seller is entitled to the coupon payment, requiring the seller to 'manufacture' the coupon
The seller is entitled to the coupon, requiring the buyer to 'manufacture' the coupon
The buyer is entitled to the coupon payment, requiring the seller to 'manufacture' the coupon
a reduction in the MBS face value (outstanding capital)
an increase in the MBS face value (outstanding capital)
a reduction in the MBS face value (outstanding capital) and the interest amount payable in future
an increase in the MBS face value (outstanding capital) and the interest amount payable in future
An Exchange Offer
A Rights Issue
A Repurchase Offer

Please complete the fields below to get your quiz results

*mandatory fields

Mailing List*


Terms and conditions*

I agree that ICMA may retain the information supplied on this form on a database and use it for the purpose of administration only when applicable. 

Privacy, data and cookiesSubscribe/Update your preferences

Please tick here to agree to the terms and conditions
I agree to the above terms and conditions
Follow ICMA Education:

ICMA Zurich

T: +41 44 363 4222
Dreikönigstrasse 8
8002 Zurich
ICMA London

T: +44 20 7213 0310
110 Cannon Street
London EC4N 6EU
ICMA Paris

T: +33 1 70 17 64 72
62 rue la Boétie
75008 Paris
ICMA Brussels

T: +32 2 801 13 88
Avenue des Arts 56
1000 Brussels
ICMA Hong Kong

T: +852 2531 6592
Unit 3603, Tower 2
Lippo Centre
89 Queensway, Admiralty
Hong Kong
Copyright © 2021 International Capital Market Association.