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Reclaim the VAT on your Euromoney Training Courses in the UK

Why am I being charged VAT?
The EU VAT Directive stipulates that all training and educational courses that are provided in the UK must include a VAT charge on payment.  

Can I reclaim my VAT back?
Overseas delegates who attend our courses in the UK are eligible to claim their VAT back once it has been paid.    

How can I claim the VAT back paid on a course?
There are two ways in which you can claim back VAT back from the UK.

Option 1 - Directly through HM Revenue and Customs

The most cost-efficient way is to 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.

Option 2 - Through our Recommended VAT Reclaim Service – VAT IT
The specific rules for VAT reclaim will vary according to the laws of your country of residence. This can be complicated and time-consuming. 

Euromoney have an exclusive partnership with VAT IT, specialists in international VAT reclaim.  VAT IT will review, process and submit your VAT refund on your behalf. 

VAT IT will charge a percentage of the VAT refund if/when it is successful. 

If you want to find out more about this service, please email your details to: euromoney@vatit.com  

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.

RECLAIMING YOUR VAT WITH VAT IT

Course details

  • Date
    23-27 Jul 2018
  • Duration
    5 days
  • Price
    £4995 +VAT
Download course brochure

Derivatives Documentation School

Gain a thorough understanding of derivatives documentation - book now!
  • Swaps and other OTC derivatives have grown both in volume and in complexity over the years. They provide flexible, effective and valuable tools for risk management and investment. On the other hand, they were blamed by some for the recent financial crisis largely due to their role in structured financings. Swaps are legally complex, a fact that frequently leads to litigation. To protect all 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 five-day intensive training course will provide you with the tools you need to deal with all aspects of derivatives and make sure your institution is protected.

    Through a series of lectures, practical workshops, case studies and the speaker's own extensive experience you will be truly prepared for any issue arising from derivatives deals and their associated documentation.

    ISDA® is a registered trade mark of the International Swaps and Derivatives Association.

    Who should attend

    • Lawyers in banks, financial institutions, funds and corporations
    • Documentation staff who deal with derivatives transactions
    • Bankers in derivatives transactions, particularly those wishing to understand credit and other risk ramifications
    • External lawyers who advise clients dealing with derivatives
    • Financial regulators and others charged with oversight of the OTC derivatives markets
  • Day 1

    Introduction and welcome

    The derivatives markets and their uses
    • The markets
    • Definitions
    • The tensions and key concepts
    Description and uses of basic derivative structures
    • Swaps
    • Fully-paid transactions
    Derivatives risk
    • Legal and operational risk
    • Position or market risk
      • Valuation and hedge risks
    • Delivery risk
    • Long term exposure: rate risk and performance risk
    • Quantification of credit risk
    Close-out Netting and insolvency issues
    • Summary of US and UK insolvency issues 
    • Enron: MARTA 
    • Lehman Brothers; Metavante and English cases 
    Capacity and authority
    • Hammersmith & Fulham, Piraeus and Korea Life
    • Resolutions
    • Signatories
    • Funds and other special counterparties
    Regulation
    • Regulation overview
    • Capital adequacy requirements
    Suitability/misrepresentation
    • Bankers Trust Cases
    • Cases: Kwiatkowski, Korea Life, Eternity, Caiola and Springwell
    • Single bank loan/swap cases 
    • CDO cases 
    • Nonreliance representations and disclosure documents 
    Tax
    • Direct tax in another jurisdiction
    • Withholding tax
    • ISDA® structure
    • HIRE Act and FATCA
    Accounting
    • FAS 133
    • IAS 39

    Day 2

    Introduction: need for documentation and functional analysis
    • Avoiding uncertainty
    • Financial provisions: confirmations and definition booklets
    • Legal, credit and trading relationship: master agreement
    ISDA® agreements and other derivatives documentation
    • Overview
    • Evolution of documentation: 1977-2011
    • Architecture of documents
    • Fitting together the ISDA® components
    • One master for all products/offices?
    Confirmations
    • Oral trades, confirmations and confirmation process
    • Backlogs
    • Electronic confirmations
    • Trading platforms 
    • 2005/6 Fed initiative 
    Confirmation workshop
    Prepare an interest rate swap confirmation.
    ISDA® master agreement (provision-byprovision)
    • Sections 1-4
    ISDA® master agreement
    • Sections 5-6
    • Grounds and procedures for termination
    • How to calculate close-out values
    • Drexel, Nuova Safim, ANZ/Societe Generale, High Risk, Peregrine I and II, TXU/Enron, Marine/Pioneer , Firth Rixson, Oppenheim and Brysons
    ISDA® master agreement
    • Sections 5-6 continued
    ISDA® master agreement: section 7
    • Concepts
    • Negotiated terminations
    • ISDA® forms
    • ISDA® novation protocol
    Section 7 workshop


    Day 3

    ISDA® master agreement: sections 8-14 completing the schedule
    • Branch and multi-branch issues
    • Notice issues
    • ISDA Arbitration Guidelines
    Master agreement workshop

    Break into small groups - each with a statement of a party’s policy regarding the ISDA® 2002 master agreement. Each group:
    1. Completes first draft of a schedule to the ISDA® 2002 master agreement
    2. Reviews and responds to other group’s draft
    3. Negotiates a final draft with the other group
    Credit Enhancement
    • Guarantees
    • Collateral
    • Rehypothecation
    • Partial?
    ISDA® credit support documents
    • CSA
    • SCSAs
    • Disputes 

    Day 4

    Currency products
    • Forwards and NDFS
    • Options and barrier options
    • FX and currency option definitions
    • Disruptions
    Commodity/project financing
    • Commodity swaps
    • “Pre-export financing”
    • Relationship to lending documents
    • Bullion definitions
    • Energy annexes
    • 2005 ISDA® commodity definitions
    Insurance, economic and real estate derivatives
    • Insurance derivatives
    • Notional amount contracts
    • Regulation
    • Weather derivatives
    • Economic derivatives
    • 2005 & 2006 ISDA® inflation definitions
    • Real estate derivatives
    Equity derivatives
    • Equity share derivatives
    • Equity index derivatives
    • Baskets
    • Form: option, swap and forward
    • Equity-funding deposit swap
    • Other uses
    • Takeover legislation (Perry)
    • Employee offering (Marconi)
    2002 equity derivatives definitions
    • Products; the dealing market
    • Trading (hedge disruptions)
    • Index events
    • Extraordinary events (mergers, recapitalizations, etc)
    • Fallbacks
    • Knock-in/out events
    • Additional disruption events; hedging issues
    • Calculation agent; determining party
    • Additional representations and acknowledgements
    • Master equity derivatives confirmation agreements
    2002 and 2011 Equity Derivatives Definitions (continued)

    Credit derivatives
    • Overview of market
    • Default swaps
    • Baskets: leverage or diversification
    • Uses
    • Investment
    • Capital reduction
    • Physical and cash settlement
    2003 credit derivatives definitions: overview
    • Reference entity
    • Credit events (obligations and credit event): issues
    • Physical and cash settlement: issues
    • Dealing market choices: compromise; standard capital
    • Indexes
    2009 Protocols and Fundamental Changes
    • Lookbacks and pricing 
    • Determination Committees 
    • Auctions
    Capital

    Day 5

    Principles of Structured Derivatives
    • Tricks
    • Indexed security
    • Currency option built into loan
    • Embedded derivatives: principal protected/unprotected
    • Issuing vehicles: program issuers, SPEs and rating agencies
    Structured Notes
    • Reverse floaters: embedded swap
      • Leverage
    • Credit linked notes: embedded credit default swap
      • Broad selections
      • Exposures
    Common Issues
    • Calculation agent
    • Prohibited transactions
    • Hedging and self-dealing
    • Disclosure
    • Tax issues
    Structured Issuers
    • SPE issues
      • Credit supplied independent of originator
    • Rating agency requirements
    • Enron structures
    • Monetized put and call: deferred sale of securities
      • Hedge issues
    • Repackaging: yield enhanced note based on asset swaps 
      • Clean, yield-enhanced note; complexity at issuer level
      • Credit issues
    Synthetic Securitisation
    • "Traditional" vs synthetic securitisation - considerations
    • Risk transfer mechanisms
    • Credit loss determination
    • Allocation of losses
    • Documentation issues
    The ISDA Master Agreement in Structured Financings
    • Definitions
    The Developments: Standardisation
    • Dealer dominance
    • Transaction facilitators: DTCC, Markit, Creditex
    • Master confirmation agreements 
    • The 2005 Fed initiative and its aftermath
    • The credit default swap market: indices and protocols
    • Electronic platforms 
    Prime Brokers
    • Description and issues
    • Duration
    • Give-up and compensation agreements
    The Financial Crisis, Its Causes and Its Uses
    • US real estate, CDOs
    • AIG
    The US Dodd-Frank Act
    • Overview
    • Derivatives
    • Effect on Europe
    Dodd-Frank Regulations
    • Overview
    • Regulations
    • Dodd-Frank Protocol
    Europe and EMIR
    • Regulatory structure
    • Requirements
    The CCPs
    • Europe
    • US
    CCP: Structural Case Studies
    • Formal incorporation and regulation
    • Risk committee
    • Documentation
    • Relationships: who is your counterparty?
    • Margining
    • Guaranty fund
    Issues
    • Lack of flexibility
    • Oligopoly
    • Concentration of risk
    • Legal jurisdiction
    • Liquidity

  • 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.

    Our Tailored Learning Offering

    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 – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
    • Knowledge – our 150 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 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product
This course can be run as an In-house or Tailored Learning programme

Instructor

  • Schuyler Henderson

    I have represented many international financial institutions in the full range of credit extensions, including syndicated lending, letter of credit and guarantee facilities, secured financings, shipping and aircraft financings, securities issuances and derivatives.

    Biography

    Schuyler K. Henderson, author of 'Henderson on Derivatives', is one of the leading international derivative lawyers. Since 1977 he has been resident in London, during which he has represented numerous international financial institutions in the full range of credit extensions. He has been particularly active in he derivatives market, having acted for one of the participants in the first publicised currency exchange agreement in 1977. Since then he has been actively involved in the creation of innovative financial products on behalf of over fifty financial institutions. His practice has regularly included: developing new products; structuring, drafting and negotiating complex financings, including repackagings, credit-linked securities and tax or regulatory drive structured transactions; preparation of standard form ISDA® documentation (including for use with specialised counterparties and confirmation templates for virtually all types of derivatives); supervision of backlog documentation and establishment of derivatives dealers in a number of jurisdictions, provision of regulatory, enforcement and tax advice in respect of over 30 jurisdictions; enforcement of derivatives documentation and representation of parties in disputes involving derivatives. Since retiring he has continued to consult, lecture and write on derivatives. Schuyler is the author of numerous publications on financial topics, and is a member of the Editorial Advisory Board of The Law and Financial Markets Review. He is a regular speaker and chairman at various conferences on international finance in many international financial centres.

Venue

London

"All courses are held at four or five star venues in Central London, Zone 1. We strive to provide you with a training environment of the highest quality, to ensure that the whole learning experience exceeds your expectations.

Your training venue will be confirmed by one of our course administrators approximately 3-4 weeks before the course start date.

As such we have detailed our most frequently used training destinations in London on this map. If you need help booking accommodation for your visit to our training courses, please contact accommodation@euromoneylearningsolutions.com and one of our partners will help you get the best rate possible."