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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.
Learning 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
ICMA is a member of the CPD® Certification Service, an FCA-approved qualifications provider and approved by the Securities & Futures Commission of Hong Kong as provider of Continuous Professional Training (CPT).
This course is certified by ICMA and the ICMA Centre, Henley Business School, University of Reading.
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.
A Certificate of Attendance will be awarded to those who meet the minimum attendance requirements for this course.
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 education@icmagroup.org.
Course Trainer
Hasse Brandt
- 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
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 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.
Livestreamed course fees
Members: EUR 2,100 (VAT not applicable)
Non-members: EUR 2,700 (VAT not applicable)
*Special bundle discount for this course when booked in combination with Corporate Actions: An Introduction:
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)
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.
Contact
Should you have any queries, please contact education@icmagroup.org.
