Corporate Actions: A Guide to Securities Event Management

Introduction xvii

Acknowledgements xxi

About the Authors xxiii

PART I INTRODUCTORY ELEMENTS 1

1 Basic Corporate Action Concepts 3

2 Event Description and Classification 9

3 The Securities (and Corporate Actions) Market Place 23

4 Static Data 37

5 Securities Position Management 49

PART II MANDATORY EVENTS 57

6 Overview of the Generic Corporate Action Lifecycle 59

7 Straight Through Processing 63

8 Event Terms Capture and Cleansing 67

9 Determining Entitlement 79

10 Communication of Event Information 113

11 Calculation of Resultant Entitlements 123

12 Passing of Internal Entries 139

13 Collection/Disbursement of Resultant Entitlements 151

14 Updating of Internal Entries 161

15 Examples of Mandatory Events 167

PART III EVENTS WITH ELECTIONS 185

16 Concepts of Events with Elections 187

17 Management of Mandatory with Options Events 193

18 Management of Voluntary Events 219

PART IV MULTI-STAGE EVENTS 233

19 Concepts of Multi-Stage Events 235

20 Management of a Rights Issue 247

21 Example of a Rights Issue 261

22 Concepts of Takeover Events 275

23 Management of Takeover Events 285

PART V TAXATION 299

24 Concepts and Management of Taxation 301

25 Management of Income Tax 307

PART VI ISSUER NOTICES 331

26 Concepts and Management of Issuer Notices 333

PART VII OBJECTIVES AND INITIATIVES 341

27 Objectives and Initiatives 343

Glossary of Terms 353

Index 383