Corporate Actions and Processing
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PROGRAM OUTLINE for this 2 day course in English

Corporate actions are in its simplest terms actions taken by the corporate. Processing corporate actions relies in-part on having a good understanding of them, the trade lifecycle and position management. 

The management of Corporate Actions is a key operational function and many staff joining Corporate Actions departments have little understanding of the activities of their new department. This course begins with an understanding of what corporate actions are and why they happen and takes attendees through the main types, in a logical way, explaining industry jargon along the way. 

We discover the:  

  • Relationship between corporate finance and corporate actions
  • The market participants involved in corporate actions
  • Discover 50 different types of corporate actions. 
  • A structured approach in getting to grips with corporate actions. 
  • The financial instruments affected by corporate actions.
  • Understand the reasons for corporate actions (both equity and debt)
  • You will learn about the corporate actions resulting from capital restructuring, rewarding shareholders, Debt management, the competitive environment, governance, regulation and tax, Liquidation & default and trading, exercising and processing.
  • The processing life cycle
  • The event creation process
  • The processing flow
  • Reporting to participants
  • Messaging types, MT564, MT565, MR566, MT567, MT568.
  • Target 2 Securities


Recommended background

It is suitable for people working in the securities trade life-cycle or professionals who have to deal with these departments, or wish to expand their securities operations knowledge.

What you will learn

You will learn the diversity of corporate actions, and how these corporate actions are processed from announcements through to settlement for mandatory and voluntary events. How the industry operates globally, the risk involved of non-processing, the diversity of market participants and market practices employed. The changes in the industry and Target 2 Securities.

Course format

Practice-based learning and critical engagement is a key theme through all of our courses allowing delegates to acquire the needed skills and techniques to be applied as soon as they are learned and developed.

The course material will be available on the day and online, including a discussion forum allowing delegates to raise issues, during or after the training dates.


Day 1:

Corporate Actions Introduction: 

  • Definition of Corporate actions.
  • What are they?
  • Why do they occur?
  • Who is involved?
  • The complexity
  • The market differences


Corporate Finance and Corporate Actions:

  • Back to the Roots
  • Corporate Finance Principles
  • The Debt / Equity Structure
  • Finance decisions resulting in Corporate Actions.


Financial Instruments:

  • Equity, Debt, Derivatives & Rights.


The Market Participants:

  • Understanding the Market Participants
  • The Different roles of the market participants
  • Market Participants and the processing chain


CA Types and structure:

  • Exploring +/- 50 different types of CA
  • Structuring and classifying corporate actions:
  • From a Treasury perspective
  • From a Corporate Finance perspective


Corporate actions in detail:

  • CA - from debt management
  • CA - shareholders reward -
  • CA - From Competitive Environment
  • CA - From Capital Restructuring
  • CA - Governance, Regulation and Tax
  • CA - Liquidation and Default
  • CA - Trading and Processing
Day 2:

Internal Processing of Corporate actions:

  • Introduction to processing
  • Risks in corporate actions processing


The Processing Life Cycle:

  • Announcement and creation
  • Processing and Accounting
  • Reporting to Participants.


The Event Creation Process: 

  • Capturing the Announcement
  • Setting up the Event
  • Security balances


The Processing Flow: 

  • Calculate the entitlement
  • Event Timing
  • Payments and Accounting
  • Reconciliation


Reporting to participants: 

  • Notifications
  • Instruction status
  • Confirmation
  • Market Claims
  • Reverse Payments.


Tax Management and Proxy Voting: 

  • Proxy voting
  • Tax


Introduction to SWIFT: 

  • MT564
  • MT565
  • MT566
  • MT567
  • MT568


A Changing Landscape: 

  • Target 2 securities
  • The industry and industry standards

Participant feedback

*** Through this course, I have learned not only technical Corporate actions terms but much deeper meaning of the business & financial markets which I always wanted to understand. Thank you!

*** A pleasant and knowledgeable instructor with a lot of interaction among participants.

*** A superb overview of Corporate actions, with pointers to additional learning materials. I believe this course is useful both from an academic and day-to-day perspective.

*** I really appreciated the empathy and skills of the lecturer. Also, the size of the group (7 persons) was perfect to have the necessary interactivity throughout the course.

Learn the way that suits you most!

Course Lecturers

Kris De Clercq, MBA

Kris has lectured finance to managers for more than 25 years in Europe and Eastern Europe. His teaching as an associate for a UK based global business school included “Issues in International Finance and Investments”,” Corporate Finance” and “Issues in IFRS”. His industry experience is over 20 years working for asset managers, investment banks, global custodians in the UK, Luxembourg and Belgium. He received a universities award for innovation in finance teaching and learning.  

Dr. Johannes Hofinger, MBA, FRM

Dr. Johannes Hofinger is specialized in Risk Management, Basel III, IFRS and regulatory reporting. His professional skills are reinforced by strong academic roots. He lectures for global business schools in corporate finance, managerial accounting and financial reporting. The main roles undertaken are lecturing, consulting and project management.  


Books we studied for you

Corporate Actions: A Guide to Securities Event Management (The Wiley Finance Series)
Corporate Actions: A Guide to Securities Event Management (The Wiley Finance Series)

Corporate actions are events that affect large corporations through to the individual investor - even those that own a single-share! All organizations that hold equity and debt securities for themselves and/or on behalf of others are affected when the issuer of a security announces an income or corporate action event.  

Corporate Actions - A Concise Guide: An Introduction to Securities Events - Francis Groves
Corporate Actions - A Concise Guide: An Introduction to Securities Events - Francis Groves

Corporate actions have been sidelined for too long and deserve to be treated with more respect. No type of investment security can be fully understood without knowledge of its corporate actions. They have implications for the sustainability of an investment's performance but repeatedly more beguiling investment preoccupations put them into the shade. Together with bank clearing and exchange settlement systems, the administration of corporate actions is one of the key co-operative functions tying our highly competitive global finance industry together.In the financial markets of the developed world the efficiency and 'risklessness' of corporate actions processing is entirely taken for granted. Yet the volume of complex corporate actions and a common sense estimate of the likelihood of mistakes occurring suggest that industry practitioners and investing clients may be deluding themselves.  

Global Custody and Clearing Services (Finance and Capital Markets) Ross McGill, Naren Patel
Global Custody and Clearing Services (Finance and Capital Markets) Ross McGill, Naren Patel

The global custody product was conceived out of changes to United States pension law. In 1974, the Employee Retirement Income Security Act came to the Statute books, forcing US pension plan sponsors to segregate investment management and custody of the underlying assets. Today, service providers act for clients in many countries worldwide, handling assets across 100 countries of investment.  

Clearing, Settlement and Custody - David Loader (Auth.)
Clearing, Settlement and Custody - David Loader (Auth.)

Four new chapters and updates throughout help this 2e of Clearing, Settlement and Custody summarize worldwide changes in the process of concluding a financial transaction. Noted consultant David Loader provides a highly detailed analysis of the central clearing counterparty concept, the drivers behind it, and its effects on operations teams. He also clearly illustrates the life cycle of a series of transactions to broaden the comparison process.  

Companies who attended our courses


AG Insurance
Allianz Benelux
Argenta NV
AXA Belgium
Baloise Insurance
Banca Monte Paschi Belgio S.A.
Bank De Groof
Banking Association (Kosovo)
Belfius Investment Partners
BNP Paribas Fortis
Bpost Bank
Buy Way
CBC Bank
Celio Finance SPRL
Delen Private Bank
Delta Lloyd Life
Deutsche Bank AG
DKV Belgium
Ethias SA
Euler Hermes Services
Euroclear Bank SA/NV
Euroclear Investments
Europ Assistance
European Investment Bank - EIB (Luxembourg)
European Union - EDFIMC / ElectriFI
Flanders Investment & Trade
Gras Savoye Belgium
Incofin Investment Management
ING Bank België
KBC Bank
Ministry of European Integration (Kosovo)
National Bank of Belgium
NN Insurance Belgium
Record Bank
Société Générale Private Banking
The Royal Bank of Scotland (RBS)
Triodos Bank
VGD International -Audit & Tax
Wolters Kluwer Financial Services
Zurich Insurance plc, Belgium branch
Vanbreda International
Afton Chemical SPRL
Air Liquide
Allnex Belgium SA/NV
ANL Plastics
Arcelor Mittal ( Belgium & Luxembourg)
Axalta Coating Systems 
BASF Antwerpen
BASF Belgium Coordination Center
Beaulieu International Group
Borealis Polymers NV
Bridgestone Europe SA
CNH Industrial Belgium NV
Cofely Fabricom
Cytec Belgium
DOMO Chemicals (Germany)
Dow Corning
Electrolux Appliances AB - EMA- EMEA (SEE)
Engineered Pressure Systems International
European Owens Corning Fiberglas
Fost Plus
GDF Suez
Griffith Foods
Hamon & Cie
Heraeus Electro-Nite International NV
Jacobs Belgium
Milliken Europe
Niko Group
NXP Semiconductors - Prodis  (Netherlands)
SPX Cooling Technologies
Synventive Molding Solutions (Germany)
Vinçotte International
VPK Packaging Group NV
Yara Belgium NV
Antwerp World Diamond Centre
AVEVE Biochem NV
Carrefour Belgium
Delhaize Corporate Group
Abbott Logistics B.V. (Netherlands)
AbbVie (Canada)
Agfa HealthCare NV
AZ Sint-Blasius
Baxter International (Austria)
Catalent Pharma Solutions
CinnaGen (Tehran)
Datwyler Pharma Packaging International
Groep OZ ESV
Landelijke Christelijke mutualiteit (LCM)
Mutualités Libres: MLOZ
Novartis Pharma
SA Bristol- Myers Squibb Belgium NV
Stryker (Netherlands)
Terumo BCT Europe NV
Zorgbedrijf Antwerpen
AW Europe
Belgian Nuclear Research Centre (SCK-CEN)
Corelio Printing
De Persgroep Publishing nv
EDF Luminus
Elia System Operator
Engie Electrabel NV/SA
Eni Gas & power
Fluxys Belgium
Itineris NV
Agentschap Innoveren en Ondernemen
Europees Parlement
Ministry of European Integration
National Agency for Protection of Personal Data
Nationale Loterij
SD Diensten NV (SD Worx)
SESAR Joint Undertaking
Stad Antwerpen
Stadsbestuur Harelbeke
Syntra Brussel
UGent - FBW
Vrije Universiteit Brussel (VUB)
Acturus sprl
ARC Europe
BIA Africa
Bia Overseas
Brooser BE Operations 
Cipal Schaubroeck
Computer Task Group
Deloitte Accountancy
Egemin International
Enhesa International
FIS (former Clear2Pay)
Interel Group
K&L Gates
Matexi NV
Pricewaterhouse Coopers
PwC Tax Consultants
Vinçotte International sa
Alstom Belgium
ARC Europe 
Brussels Airport Company
De Lijn
D'Ieteren Auto
Gemeentelijk Havenbedrijf Antwerpen
Globachem nv
GSC Greensea Chartering 
HONDA Motor Logistics
Neovia Logistics
PSA Antwerp nv
Retail & Wholesale
Seatrade Reefer Chartering
Thalys International
Trimble T&L
Volkswagen Group Services
Wallenius Wilhelmsen Logistics Zeebrugge NV
Witzenmann Benelux nv

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