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Introduction to Corporate Actions Fee: £1,500 + VAT
London - UK
Corporate actions until recently has been treated as the ugly stepchild An introductory course providing a detailed understanding of corporate actions, what they are, where they originate and why they happen. Critical factors and alternative choices for the investors as well as the relevant calculations and the critical time scales involved are included. The course covers a wide variety of corporate actions with examples and difference in practices taken from many different global markets
05 - 06 February 2020 London
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Course Director(s)
Bruce Lawrence
Guest Speaker(s)
None Required
What You Will Learn Is This Course Right For You?  
Overview of corporate actions
➢ Definition
➢ Purpose
➢ Links to trade and position management
Fundamental concepts
➢ Classification of events
➢ Issuers objectives
➢ How events are initiated
➢ Sources of information
➢ Impact of the event
➢ Responsibilities of corporate action operations department
➢ Major processing steps
➢ Major risks
➢ Key dates
➢ Cum and Ex trading
➢ Execution of special trades

Corporate action lifecycle
➢ Characteristics
➢ Similarities and differences
➢ Mandatory events
➢ Mandatory with option events
➢ Voluntary events
➢ Multi-stage events
➢ Issuer notices

Corporate action event types In-depth focus on numerous events, including:
➢ Cash dividends
➢ Stock dividends
➢ Optional dividends
➢ Dividend reinvestment plans (DRIPS)
➢ Fixed rate/floating rate coupon payments
➢ Capital repayments
➢ Bonus issues
➢ Stock splits and consolidations
➢ Share buy-backs
➢ Odd-lot offers
➢ Bond conversions
➢ Early/partial/voluntary redemptions
➢ Rights issues
➢ Takeovers
➢ Poison pills
➢ Chewable pills

Event type characteristics
➢ How each event type is expressed
➢ Whether the event is scheduled or announced by the issuer
➢ Is there a benefit to the holder?
➢ Effects on the holders securities/cash positions

Tax on income events
Tax implications on the payment and receipt of income
➢ Withholding tax (WHT)
➢ Domestic
➢ Double taxation treaties (DTT)

Key corporate actions challenges
➢ Mounting transaction volume and complexity
➢ Advance event notification
➢ Data capture
➢ Timely processing
➢ Tax implications
➢ Changing regulations
➢ Best practice

Corporate action problems
➢ Operational error
➢ Market inefficiencies
➢ Payment delays
➢ Client pressure
➢ Costs

Corporate action risks
➢ People
➢ Processes
➢ Technology
➢ Events

Course Overview    

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