International Capital Market Association ICMA Table of Contents - PowerPoint PPT Presentation

International Capital Market Association – ICMA

Table of Contents » ICMA’s Mission Statement » 1 » Overview of ICMA » 2 » Benefits of ICMA Membership » 3 » Standard Documentation » 4 » Legal & Regulatory Helpdesk » 5 » Market Practice and Regulatory Policy & Quarterly Report » 6-7 » Market Practice & Regulatory Policy Councils and Committees » 8-18 » Executive Education » 19 » List of Upcoming ICMA Executive Education Courses » 20 » Events » 21 » List of Upcoming ICMA Events » 22 » Membership – Regional Representation » 23-24 » Offices and Contacts » 25-26

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 other 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 : http://www.icmagroup.org/About- ICMA/ 1

Overview of the International Capital Market Association » ICMA is a unique organization 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 472 members based in 55 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, etc. » Visit our website for the list of ICMA members: http://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. 2

Benefits of ICMA Membership » ICMA standard documentation on Primary, Secondary and Repo Markets » Important savings on 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 3

ICMA Standard Documentation » ICMA’s market conventions and standards have been the pillars of the international debt market for close to 50 years . » Guidelines 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 4

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 5

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 . 6

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; • and market infrastructure. 7

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 » Euro Debt Market AMTE Council » Asset Management and Investors Council • Covered Bond Investor Council 8

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) » OTC markets regulation • EMIR; MiFID; short selling (SSR); CSDR » Crisis management 9

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 31 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 – on-going technical advice (summaries, final terms, supplements, retail cascades) • Market Abuse Directive review – definition of inside information, stabilisation safe-harbour • MiFID review • Foreign Account Tax and Compliance Act (FATCA) • Packaged Retail Investment Products (PRIPs) proposals 10

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 11

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 members (of which the European Commission) 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 12

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 13

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 : Transparency; Margins; and re-use » New liquidity requirements » Central Counterparty (CCP) clearing : Promote, subject to CCP robustness » CSDs and settlement harmonisation (incl. T+2) • Preserve commercial bank money settlement alongside central bank money » Crisis resolution measures : Sustain existing repo creditor rights » Financial Transaction Tax (FTT) » GMRA review: GMRA 2011 – credit claims annex 14