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Claiming Back Your VAT
All attendees of a London based course incur VAT as a part of the cost of attendance.
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Claim the VAT that's rightfully yours in four simple steps:
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Why choose VAT IT
VAT IT have spent two decades identifying, researching and perfecting the foreign VAT Reclaim process and built the best back end technology in the industry. By partnering with Euromoney Learning, we can provide you with a fast and effective way to reclaim your VAT which helps reduce the cost of your training.
VAT IT will charge a percentage of the VAT refund if/when it is successful.
Can I claim back the VAT myself?
You can claim back VAT directly from the UK Tax Authority (HMRC) by completing the following form.
For European clients, please refer to form VAT 65.
All other clients, please refer to form VAT 65A.
You may also be able to claim back your VAT against courses taking place outside of the UK, and we would recommend contacting VAT IT, our specialist partner, to discuss how to do this.
Legal Aspects & Documentation of Derivatives
Derivatives have become a vital tool in risk management and structured financings and are used by an ever-increasing number of banks, financial institutions and corporations. From the basic swap structure a wide range of complex instruments have developed.
These are usually complex and have been the cause of major litigation. To protect all the parties involved, transactions must be properly documented. Lawyers and documentation staff need to understand both the products, the legal issues and effective documentation techniques.
This course will provide you with an in-depth analysis of the role of, and the critical legal issues relating to derivatives in the financial markets.
You will learn:
- What swaps are and how they work
- Understanding the Master Agreement
- The significance of every clause in the Agreement
- How to complete the Schedule to the documentation
- How to draft clauses to meet special situations
- How to deal with insolvency and close-out netting
- The risks in credit exposure and techniques for credit enhancement
- How to assess the capacity of the counterparty
- The significance of major swaps litigation
Day 1Introduction to Derivatives
- How, why and by whom are derivatives used? from their origins to the modern day
- About the market – facts & figures
- Types of derivative
- OTC vs exchange-traded
- Product types: forwards / options / swaps
- Asset classes: interest rates / currency / credit / equity / inflation / commodities / longevity / weather
- The constituent parts of a derivative transaction
- The life cycle of a derivatives trade
- Risks: market risk / credit risk / liquidity risk / operational risk (including legal risk) / basis risk
- Simple example: interest rate swap
- What documents do we need to consider? the ISDA architecture
- The key features of the ISDA Master Agreement
2002 ISDA Master Agreement: The fundamentals (Sections 1 – 4)
- The legal implications of transacting under ISDA
- Payment and delivery obligations
- Netting of payments
2002 ISDA Master Agreement: Enforcing the commercial relationship (Sections 5 and 6)
- Early termination: Events of Default vs Termination Events
- Specified Entities
- Credit support and Credit Support Providers
- Events of Default in detail
- Termination Events in detail
- A closer look at the termination process:
- Who may terminate
- What transactions may be terminated?
- Calculation of Close-out Amounts and Early Termination Amount
- Settlement, close-out netting & set-off: incl. relevant principles of insolvency and ISDA netting opinions
- Practical termination workshop
2002 ISDA Master Agreement: The all-important boilerplate (Sections 7 - 13)
- Contractual Currency / Expenses / Miscellaneous
- Offices / Multibranch Parties
- Governing law & jurisdiction
2002 ISDA Master Agreement: The Schedule
A group negotiation exercise
ISDA credit support documentation
- The ISDA credit support universe
- Focus on the English law Credit Support Annex
- Overview, structure & legal characterisation
- Determining amount of collateral required
- Operational mechanics: delivery / exchanges / return of collateral
- Dispute resolution
- Elections & variables
- Standard CSA
ISDA trade documentation
- A closer look at some definitions booklets:
- 2006 ISDA Definitions
- 2002 ISDA Equity Definitions
- Trade confirmations – practical exercise
- The financial crisis: what happened?
- The regulatory response: EMIR (including EMIR REFIT); Dodd-Frank; other jurisdictions
- Clearing overview
- Clearing models
- The EMIR clearing obligation
- The EMIR reporting obligation
- Central counterparties (CCPs)
- Trade repositories
- Clearing documentation (including margin CSAs)
Uncleared OTC derivatives
- Risk mitigation practices
Day 4Regulatory and legal issues of OTC Derivatives Clearing
- Gambling, insurance and other public policy issues
- Capacity & authority
- Suitability & misrepresentation
- Market Abuse Regulation
- Benchmarks Regulation
- Securities Financing Transaction Regulation
- Islamic derivatives
- Future technology: blockchain / distributed ledger technology; smart derivatives contracts
Our Tailored Learning Offering
Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.
If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.
We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.
We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:
- Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
- Track record – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
- Knowledge – our 100+ strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
- Reliability – if we promise it, we deliver it. We have delivered over 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
BiographyAdam Ward is an English-qualified lawyer with over 20 years experience in the financial markets. He has broad expertise but specialises in structured derivatives and lending transactions, as well as various other areas such as prime brokerage.Adam runs his own financial markets legal consultancy business, Amunet Partners, where he has been its managing partner since its establishment in 2009. Prior to establishing Amunet, Adam worked at various investment banks both as an in-house lawyer and as a structurer within the front office. Whilst at Amunet, Adam has been engaged on transactional work (structuring, negotiation and execution) and regulatory projects and he has also acted in various interim leadership capacities, including EMEA Head of Legal for a global bank.In addition, Adam has been active in providing training internationally on a variety of topics (including derivatives, clearing, repos and legal risk) on behalf of bodies such as ISDA and ICMA and independently to various financial institutions, corporates and law firms.