Corporate Actions
Objectives
The course is aimed at developing both a broad and in-depth knowledge of the key types of Corporate Actions and is equally relevant to the buy- and sell-side of the business.
This training course is designed to educate staff currently working within the corporate actions department in the more advanced 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 a good fundamental level of knowledge, and who are looking to develop their understanding to an advanced level. This course is an extension of the ICMA Operations Certificate Programme (OCP) but there are no formal pre-requisites to taking this course.
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 is an independent training consultant and has been involved with the capital markets and operations throughout his career, focusing originally upon securities settlement and more recently on the broader aspects of operations (e.g. derivatives, trade finance, payments, corporate finance and corporate lending). Mike is the author of two books on Operations "Corporate Actions: A Guide to Securities Event Management" and "Securities Operations: A Guide to Trade & Position Management" both published by Wiley Finance.
Mike is also a regular instructor on the ICMA Operations Certificate Programme.
Course Outline
Session 1 - Introductory Session
- Review of the Types of Corporate Action
- Lifecycle of a Corporate Action
- Responsibilities of the Corporate Actions Department
Session 2 - Short Selling
- Definition of Short Selling
- Role of prime brokers
- The impact of short selling on a corporate action
Session 3 - Securities Lending and Borrowing
- Definition of securities lending and borrowing
- Features of securities lending
- The impact of securities lending and borrowing on a corporate action
Session 4 - Special Cum and Ex Trading
- Definition of special-cum and special-ex trading
- Reason for execution of special trades
- The impact on corporate action events
Session 5 - Witholding Tax (WHT)
- Definition of WHT and the circumstances when it is charged
- How the correct tax rate is deducted
- The domestic tax implications, especially in Australia
Session 6 - American Depository Receipts (ADRs)
- Definition of an ADR
- ADR creation
- The rights and benefits of ADRs
Session 7 - UK Stamp Duty on New Stock
- Definition of stamp duty
- Application to corporate actions
- Stamp duty processing
Session 8 - Takeovers
- Fundamental Takeover Concepts
- Life Cycle of a Take-Over
- Regulatory Aspects
- Bidder's and Target's Perspective
Details of the next seminar
Coming soon.For more information
This course is available on a group booking basis only, for more information please email ca@icmacentre.ac.uk
