Setting standards internationally

The International Capital Market Association (ICMA) is a unique organisation and an influential voice for the global capital market. It represents a broad range of capital market interests including global investment banks and smaller regional banks, as well as asset managers, exchanges, central banks, law firms and other professional advisers. ICMA’s market conventions and standards have been the pillars of the international debt market for over 40 years.

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News in brief

ICMA publishes revised collective action clauses (CACs) and a new standard pari passu clause to facilitate future sovereign debt restructuring

29 August 2014 ICMA has today published revised and updated collective action clauses and a new standard pari passu clause for sovereign debt securities. The use of these new terms in government bonds is intended to facilitate future sovereign debt restructurings.

To view the press release, click here.
ICMA is pleased to welcome the following new members in August 2014:
Banco Santander S.A, Montevideo
ICICI Bank UK Plc, London
Notenstein Privatbank AG, St. Gallen
Société Générale Securities Services S.p.A., Milan
Stifel Nicolaus Europe Limited, London
Click here to view the full list of ICMA members.
ICMA publishes report, Covered bond pool transparency: the next stage for investors
21 August 2014 Progress on transparency in the European Covered Bond market, ICMA report calls for further disclosure of cover pool data. To view the ICMA Transparency report click here. To view the press release, click here.
ICMA Internship Programme
18 August 2014 - ICMA welcomes applications from those who are interested in a 3 to 6 months unpaid internship within the marketing and communications department.
For more details, contact: Shannelle Rose, Head of Events.
Broad support for Green Bond Principles confirmed, as Initial Executive Committee is established
7 August 2014 (London, UK) In line with the Governance framework for the Green Bond Principles (GBP), published in April 2014, an Initial Executive Committee was established in June 2014 with representatives from 18 organisations comprising a balanced distribution of leading Green Bond practitioners. To view the press release, click here.

Market Practice & Regulatory Policy

The impact of T+2 settlement on repo
To avoid confusion and fragmentation in European repo, the ICMA ERC’s Operations Group has prepared a report on the impact of T+2 settlement on the European repo market.
To view the report, click here.
CBIC respond to ESMA Consultation Paper on EMIR Clearing Obligations IRS
18 August 2014 The CBIC responded to the Consultation Paper launched by the European Securities and Markets Authority (ESMA) on 11 July 2014 on the Clearing Obligation under Regulation (EU) No 648/2012, which outlines the framework of the European Market Infrastructure Regulation (EMIR).

Click here for details.
Information on International Sanctions Against Russia
8 August ICMA is providing its members the Client Briefings of Clifford Chance containing information on the international sanctions against Russia. Click here for details.
ICMA responds to ESMA Papers on MiFID II/MiFIR

1 August 2014 ICMA has responded to an ESMA Consultation Paper and an ESMA Discussion Paper on MiFID II/MiFIR.

Click here for more information.
ICMA publishes joint supplementary observations to Bank of Italy consultation document
14 July 2014 Joint supplementary observations to Bank of Italy consultation document "Information reporting as contemplated in Article 129 of the TUB relating to the offer of financial instruments in Italy. Click here for more information.
ICMA working group develops GMRA FATCA language
14 July 2014 An ICMA working group has developed GMRA FATCA language for use with the GMRA 2000 , GMRA 2011 and the associated Equities Annexes. For more information, contact Lisa Cleary.
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