ICMA International Capital Market Association (ICMA) Table of - - PowerPoint PPT Presentation

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ICMA International Capital Market Association (ICMA) Table of - - PowerPoint PPT Presentation

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International Capital Market Association ICMA International Capital Market Association (ICMA) Table of Contents ICMAs Mission Statement 1 Overview of ICMA 2 Benefits of ICMA Membership 3 Standard Documentation 4 Legal

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ICMA

International Capital Market Association

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Table of Contents International Capital Market Association (ICMA)

  • ICMA’s Mission Statement
  • Overview of ICMA
  • Benefits of ICMA Membership
  • Standard Documentation
  • Legal & Regulatory Helpdesk
  • Market Practice and Regulatory Policy & Quarterly Report
  • Market Practice & Regulatory Policy Councils and Committees
  • Executive Education
  • Events
  • Membership – Regional Representation
  • Offices and Contacts

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ICMA’s Mission Statement

  • The mission of ICMA is to promote resilient and well functioning international debt

capital markets. Such markets are necessary for economic growth, and benefit market participants and their clients alike

  • Working actively with its members in all segments of the wholesale and retail markets,

buy and sell side, ICMA focuses on a comprehensive range of regulatory, market and

  • ther relevant issues which impact market practices and the functioning of the

international debt capital markets

  • The full mission statement is available on ICMA’s website: www.icmagroup.org/About-

ICMA/

International Capital Market Association (ICMA)

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Overview of the International Capital Market Association

  • ICMA is a unique organisation and an influential voice for the global capital market.

ICMA’s market conventions and standards have been the pillars of the international debt market for almost 50 years

  • Membership continues to grow and we currently have over 470 members based in 56
  • countries. Around 80% of members are European. ICMA members include global

investment banks, commercial and regional banks, brokers, private banks, institutional asset managers, pension funds, central banks, sovereign wealth funds and other institutions with a pronounced interest in the securities market, such as supranational institutions, infrastructure providers, rating agencies and leading law firms…

  • Visit our website for the list of ICMA members: www.icmagroup.org/membership
  • International reach is augmented through MoUs and affiliations globally with SCA in UAE,

NSMA in Russia, NAFMII in China, JSDA in Japan, ANBIMA in Brazil and ICSA

  • Regulatory interaction takes place with national, European and international authorities;

and through membership of international consultative bodies such as IOSCO – AMCC

International Capital Market Association (ICMA)

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Benefits of ICMA Membership

  • ICMA standard documentation on Primary, Secondary and Repo Markets
  • Significant tangible savings on the legal costs with 64 GMRA legal opinions
  • Dedicated Legal & Regulatory Helpdesk
  • Dispute resolution procedures with a defined conciliation and arbitration
  • ICMA Market Practice and Regulatory Policy Committees and Councils developing

recommendations and guidance on best market practice and responses to regulators

  • Discounted Executive Education programmes recognised by regulators and the market
  • ICMA Events: Networking opportunities at 100+ events/year
  • ICMA’s Members’ Register: 5,000+ contacts for members
  • ‘Seal of approval’: more and more financial institutions require new counterparties to be

ICMA members

International Capital Market Association (ICMA)

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ICMA Standard Documentation

  • ICMA’s market conventions and standards have been the pillars of the international debt

market for close to 50 years.

  • Guidelines and recommendations for the Primary Market
  • ICMA Primary Market Handbook
  • Rules and recommendations for the Secondary Market
  • ICMA Rulebook
  • Standard agreement for the Repo Market
  • Global Master Repurchase Agreement (GMRA)
  • Legal opinions on its validity in 64 jurisdictions – which represent significant savings on

legal costs for ICMA members

International Capital Market Association (ICMA)

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ICMA Legal & Regulatory Helpdesk

  • ICMA’s Legal & Regulatory Helpdesk is one of the main services that we offer to our
  • members. It provides informal legal guidance in the following areas:
  • ICMA Primary Market Handbook
  • ICMA Rulebook (Rules and recommendations for the Secondary Market)
  • GMRA and associated 64 legal opinions for the repo market
  • ICMA dispute resolution procedures: conciliation and arbitration
  • And up to date information on current or proposed financial regulation
  • Contacts
  • London

+44 207 213 0330

  • Zurich

+41 44 360 5237

  • Hong-Kong

+852 2531 6590

  • For legal issues

legalhelpdesk@icmagroup.org

  • For regulatory questions

regulatoryhelpdesk@icmagroup.org

International Capital Market Association (ICMA)

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ICMA Market Practice & Regulatory Policy

  • ICMA members work through its market practice and regulatory policy committees and

councils to provide expert views on the issues affecting the international capital markets.

  • They also act as a forum for discussion and reaching a consensus on topics of common

interest.

  • Members can participate in ICMA Committees which enable direct influence in

developing recommendations for best market practice and the efficient operation of the markets

  • The Committees also formulate guidance for members and consider policy responses to

regulators

International Capital Market Association (ICMA)

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ICMA Quarterly Report

  • ICMA’s Quarterly Report is produced by the Market Practice and Regulatory Policy
  • team. It is an industry recognised publication focused on market practice and

regulatory issues that outlines developments in the main areas in which the Association is currently engaged namely:

  • regulatory response to the crisis
  • sovereign bond markets
  • short-term markets
  • primary markets
  • secondary markets
  • asset management
  • market infrastructure

International Capital Market Association (ICMA)

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ICMA Councils and Committees

  • Regulatory Policy Committee
  • Primary Market Practices Committee
  • Legal & Documentation Committee
  • Financial Institution Issuer Forum
  • Public Sector Issuer Forum
  • Corporate Issuer Forum
  • European Repo Council and Committee
  • Euro Commercial Paper Committee
  • Secondary Market Practices Committee
  • Asset Management and Investors Council
  • Covered Bond Investor Council

International Capital Market Association (ICMA)

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ICMA RPC – Regulatory Policy Committee

  • ICMA RPC gathers together the head of public affairs/compliance departments of our

members and the Chairs of our Councils and Committees

  • G20 financial regulatory reform agenda
  • FSB/BCBS; IOSCO; IMF
  • European System of Financial Supervision
  • ESRB; ESAs (particularly ESMA)
  • Capital Markets Union
  • OTC markets regulation
  • MiFID; CSDR; SFTR

International Capital Market Association (ICMA)

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ICMA PMPC – Primary Market Practices Committee

  • ICMA PMPC is supported by the work of ICMA’s Legal & Documentation committee and

gathers the heads and senior members of the syndicate desks of 48 ICMA member banks active in lead managing syndicated bond issues in Europe

  • Market practice
  • Market soundings; Book-building; Allocations; Stabilisation
  • Asset servicing (holding chain technicalities)
  • Primary Market Handbook review
  • Regulatory reform
  • Prospectus Directive review
  • Market Abuse Directive review – definition of inside information, stabilisation safe-harbour
  • MiFID review
  • Foreign Account Tax and Compliance Act (FATCA)
  • Product intervention
  • Packaged Retail and Insurance based Investment Products (PRIIPs)

International Capital Market Association (ICMA)

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ICMA FIIF – Financial Institution Issuer Forum

  • Heads or senior members of the capital raising, funding and treasury departments of

ICMA member firms

  • Regulatory reform - implications for funding
  • Capital requirements and grandfathering under CRR/CRD
  • Characteristics of capital instruments, including recent “CoCo” issuances
  • Liquidity ratios
  • Debt write-down tool (bail-in)
  • Asset Encumbrance
  • Transparency
  • Market Practice Points
  • Prospectus liability, liability management

International Capital Market Association (ICMA)

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ICMA PSIF – Public Sector Issuer Forum

  • Brings together the major Sovereigns, Supranationals and Agencies actively issuing in the

European capital markets. Currently more than 30 institutional represented at a senior level

  • PSIF acts as an information exchange among a group of senior government and public

sector officials. Neither lobbying nor advocacy group

  • Participants share experience and concerns from capital markets activity. Focus on both

market practice and impact of regulation

  • PSIF pursues a high level dialogue with regulatory authorities bringing a unique

independent public sector perspective

  • ICMA supports PSIF through a Secretariat based in Paris, as well as through its other

resources and, in particular its Market Practice and Regulatory Policy team

International Capital Market Association (ICMA)

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ICMA CIF – Corporate Issuer Forum

  • Senior participants representing a cross-section of the major corporate issuers in Europe’s

debt capital markets

  • Practical Implementation of Regulations
  • EMIR, Dodd-Frank, Prospectus Directive
  • Market Practice
  • New issues and syndication processes
  • Due diligence procedures and practices
  • Hybrid issuances
  • Retail issuances
  • Secondary market issues

International Capital Market Association (ICMA)

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ICMA ERC - European Repo Council/Committee

  • Over 70 members, including all the major financial institutions in repo, securities lending,

and collateralisation transacting cross-border repo business in Europe

  • Shadow banking and repo: FSB/SFTR
  • Transparency; Margins; and re-use
  • New liquidity requirements
  • CSDs and settlement discipline
  • Preserve commercial bank money settlement alongside central bank money
  • Central Counterparty (CCP) clearing
  • Promote, subject to CCP robustness
  • Crisis resolution measures: Sustain existing repo creditor rights
  • GMRA review: GMRA 2011

International Capital Market Association (ICMA)

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ICMA ECP – Euro Commercial Paper Committee

  • Represents the main dealers in the ECP market
  • Liquidity requirements
  • Asset-Backed Commercial Paper (ABCP)
  • Impact of “securitisation” regulatory reforms
  • Money market funds
  • New rules governing funds’ investments

International Capital Market Association (ICMA)

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ICMA SMPC – Secondary Market Practices Committee

  • The core members are senior European corporate bond traders and/or heads of market

structure, including both sell-side (broker-dealers) and buy-side (dealing desks)

  • The SMPC seeks to represent the European corporate bond secondary market through
  • Addressing practical issues directly relevant to market practitioners
  • Standardizing market best practice
  • Disseminating relevant market information
  • Promoting the best interests of an efficient and liquid market
  • Key functions
  • Agreeing best practice for the corporate bond secondary market
  • Maintaining and developing the ICMA Rules and Recommendations for the secondary market

to ensure that they remain relevant and consistent with regulatory requirements

  • Leading initiatives to improve corporate bond secondary market liquidity and efficiency
  • Providing a forum for discussing the likely impact of relevant regulation on secondary market

practices, and for consolidating input and feedback in the regulatory consultation process

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ICMA SMPC – Secondary Market Practices Committee

  • The core members are senior European corporate bond traders and/or heads of market

structure, including both sell-side (broker-dealers) and buy-side (dealing desks)

  • Public speaking engagements
  • Promote SMPC consensus views at conferences and seminars
  • Recent initiatives
  • A study on the current state and future development of the European secondary credit

markets

  • Response to ESMA MiFID II/R Level II and CSDR Level II Consultations
  • Impact study on CSDR Mandatory Buy-ins

International Capital Market Association (ICMA)

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ICMA AMIC – Asset Management & Investors Council

  • AMIC gathers asset managers, fund managers, private banks, hedge funds, pension funds,

insurance companies, alternative investment managers, institutional investors and SWF

  • Capital Markets Union
  • Role of investors in the long-term financing of the European economy
  • Market Finance
  • Follow up of the FSB work streams (non-Bank non-Insurer SIFIs).
  • Bail-in and Asset encumbrance
  • bank funding, long term investments (new working group)
  • Private placements
  • Establishment of a European private placement regime (new working group)

International Capital Market Association (ICMA)

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ICMA AMIC – Asset Management & Investors Council

  • AMIC gathers asset managers, fund managers, private banks, hedge funds, pension funds,

insurance companies, alternative investment managers, institutional investors and SWF

  • Long-term financing of the European Economy (EC forthcoming Communication)
  • Regulatory developments
  • UCITS, research unbundling
  • ICMA Wealth Management Charter of Quality
  • Standards adopted by the private banking and wealth management industry signed by the

Luxembourg Bankers’ Association, the Liechtenstein Bankers Association and promoted via

  • ther National Associations

International Capital Market Association (ICMA)

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ICMA CBIC – Covered Bond Investor Council

  • ICMA’s CBIC embrace all investors interested in the covered bond market, diversified by

geography, type of activities and size

  • The CBIC an investor driven organisation, independent of issuers and the market. The
  • bjective of CBIC is to represent investor interests, and promote the long term future

development of the European covered bond market

  • Covered bond transparency
  • CBIC European transparency standards template of the key information required by investors

to make better informed investment decisions (general issuer data, cover pool data)

  • MiFID II and CSDR bonds
  • Covered bond liquidity
  • Ratings of covered bonds
  • Regulatory treatment of covered bonds
  • Basel III and Solvency II

International Capital Market Association (ICMA)

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Green Bond Principles – GBP

  • ICMA’s GBP is composed of both members (70+ institutions representing all participants

in the green bond market) and observers (23 organisations, of which a third are NGOs)

  • Green Bonds enable capital-raising and investment for new and existing projects with

environmental benefits

  • The GBP are voluntary process guidelines that recommend transparency and disclosure

and promote integrity in the development of the Green Bond market by

  • Clarifying the approach for issuance of a Green Bond
  • Advising on the governance of the Green Bond Principles and other issues
  • Information on membership applications available on our website:

www.icmagroup.org/green-bonds/membership

International Capital Market Association (ICMA)

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The Pan-European Private Placement Working Group (PEPP WG):

  • The PEPP WG includes leading trade associations (AFME, ABI, EU PPA, the French Euro PP

Working Group, IMA, LMA), The City UK, as well as representatives from leading institutional investors, major law firms and observers from the official sector (including the Banque de France, Agence France Trésor, Banca d'Italia and HM Treasury)

  • Main objectives of the PEPP WG
  • Co-ordination of the various separate working groups with an interest in private placements

under one umbrella group, with a view to develop a pan-European Private Placement market

  • Promote the maximum level of cooperation between PEPP market participants, associations

and other stakeholders for the benefit of the entire market

  • Identify barriers to the development of the market, especially to the entry for new issuers

and investors, and propose appropriate remedies

  • The PEPP WG published the Pan-European Corporate Private Placement Market Guide
  • Market and product definition
  • Common market practices & principles
  • Standardised documentation

International Capital Market Association (ICMA)

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ICMA Executive Education

  • ICMA runs the ICMA Executive Education Programmes together with the ICMA Centre
  • ICMA Executive Education Courses are recognised by regulators and market participants
  • Almost 650 delegates participated in our courses in 2014
  • Up to 30% discounts for ICMA members
  • List of courses: http://www.icmagroup.org/Training-Development/

International Capital Market Association (ICMA)

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  • Contacts

David Senior Director, Head of Business Development ICMA Executive Education E-mail: david.senior@icmagroup.org Direct: +44 20 7213 0329 Stacey Donoghue Associate, Business Development ICMA Executive Education E-mail: stacey.donoghue@icmagroup.org Direct: +44 20 7213 0338

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ICMA Events

  • ICMA organises and supports 100+ events a year
  • Most ICMA events are free for members to attend
  • Priority for sponsorship and speaker opportunities for ICMA members
  • ICMA events provide a great opportunity for the attendees to:
  • Get up to date on the upcoming regulations and market issues
  • Hear the views of the experts on the markets, including banks, investors and regulators
  • Network with their peers, clients and potential prospects
  • List of upcoming events: http://www.icmagroup.org/events/

International Capital Market Association (ICMA)

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ICMA Membership – over 470 Members in 56 Countries International Capital Market Association (ICMA)

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ICMA Regions and Regional Committees

  • Africa
  • Asia Pacific
  • Austria, Eastern and South Eastern Europe
  • Greece, Turkey, Cyprus and Balkan States

Chapter

  • Belgium
  • France and Monaco
  • Germany
  • Iberia
  • Italy
  • Luxembourg
  • Middle East and North Africa
  • Netherlands
  • Nordic
  • Russia and other CIS countries
  • Switzerland and Liechtenstein
  • United Kingdom, Ireland and the

Americas

  • The Latin American Chapter

International Capital Market Association (ICMA)

  • Each ICMA Region has a committee led by a chairman who provides insight to ICMA on

the regional issues and priorities

  • See our website for the list of members of each Regional Committee and Chapter:

www.icmagroup.org/About-ICMA/regions/

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ICMA Offices International Capital Market Association (ICMA)

ICMA Head Office - Zurich Talacker 29, 8001 Zurich, Switzerland Phone: +41 44 363 4222 Email: membership@icmagroup.org ICMA - London Office 23 College Hill, London EC4R 2RP, United Kingdom Phone: +44 20 7213 0310 Email: allan.malvar@icmagroup.org ICMA – Paris Representative Office 62 rue la Boétie, 75008 Paris, France Phone: +33 1 70 17 64 72 Email: parisoffice@icmagroup.org ICMA – Hong Kong Representative Office Unit 3603, Tower 2, Lippo Centre 89 Queensway Admiralty, Hong Kong Phone: +852 2531 6592 Email: mushtaq.kapasi@icmagroup.org

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ICMA Contacts

  • Chief Executive
  • Martin Scheck: martin.scheck@icmagroup.org
  • Market Practice and Regulatory Policy
  • Paul Richards – Managing Director, Head of Market Practice and Regulatory Policy

paul.richards@icmagroup.org

  • Legal Department
  • Leland Goss - Managing Director, General Counsel – leland.goss@icmagroup.org
  • Membership and Communications
  • Allan Malvar – Managing Director, Head of Membership, Executive Education and Corporate

Communications – allan.malvar@icmagroup.org

  • Sanaa Clausse – Director, Business Development – sanaa.clausse@icmagroup.org
  • Candice Weinrich – Director, Membership – candice.weinrich@icmagroup.org
  • Shannelle Rose – Head of Events – shannelle.rose@icmagroup.org
  • Executive Education
  • David Senior – Director, Business Development – david.senior@icmagroup.org

International Capital Market Association (ICMA)

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