- Primary markets :
- ICMA Primary Market Handbook - Home
- ICMA Primary Market Practices Committee
- ICMA Legal and Documentation Committee
- ICMA Euro Commercial Paper (ECP) Committee
- Public Sector Issuer Forum (PSIF)
- ICMA Corporate Issuer Forum (CIF)
- ICMA Financial Institution Issuer Forum
- Private placements
- Infrastructure financing
- Prospectuses, offerings and listings
- Periodic reporting / continuing obligations
- Market abuse - primary markets
- Accounting and auditing
- Retail structured products
- Collective action clauses
- Dialogue with investors
- Bank capital
- Secondary markets :
- ICMA’s rules and recommendations for the secondary market
- ICMA Secondary Market Practices Committee
- Secondary Market Practices Committee Terms of Reference
- Studies on the state and evolution of the European investment grade bond market
- ICE Data Services Corporate Bond Market Liquidity Tracker
- Aged-fails auction initiative
- ECB Corporate Sector Purchase Programme
- Market Abuse Regulation (MAR) - investment recommendations
- CSDR settlement discipline
- MiFID II
- Short selling
- Repo and collateral markets :
- Global Master Repurchase Agreement (GMRA)
- ICMA ERC Guide to Best Practice in the European Repo Market
- ICMA GMRA legal opinions
- ICMA European Repo and Collateral Council
- ICMA International Repo and Collateral Council and Committee
- ICMA ERCC members
- ICMA European Repo and Collateral Committee
- Minutes and presentations of council and committee meetings
- ICMA repo market events calendar
- ICMA European Repo and Collateral Council - mailing list subscription
- Frequently Asked Questions on Repo
- ERCC contributions to public consultations
- ICMA European repo market reports and articles
- Repo market surveys
- FAQs on the GMRAs
- Credit claims
- Securities lending
- Asset management :
- ICMA Asset Management and Investors Council (AMIC)
- ICMA AMIC Covered Bond Investor Council (CBIC)
- Covered bonds
- Money market funds
- Hedge funds
- Managing client expectations
- Corporate governance
- Valuation of illiquid assets
- Specific regulatory issues
- Exchange-Traded Funds (ETFs)
- AMIC Solvency II Working Group
- ICMA Private Wealth Management Charter of Quality
- The Future of the Savings Industry
- Green bonds :
- Market infrastructure :
- Distributed Ledger Technology
- European Commission’s Expert Group on Market Infrastructure (EGMI)
- Code of Conduct on clearing and settlement
- CPSS/IOSCO principles for financial market infrastructures
- European Market Infrastructure Regulation (EMIR)
- Harmonisation of securities law
- CSD regulation: migration to T+2
- New Global Note (bearer notes)
- New Safekeeping Structure (registered notes)
- Implications for ICMA members of the UK vote to leave the EU :
- Capital Markets Union :
- Fair and Effective Markets Review :
- Other projects :
- ICMA Quarterly Report :
- ICMA Regulatory Grid and practical initiatives :
ICMA Primary Market Handbook - HomeAccessing the Handbook – ICMA members and Handbook on-line subscribers can log-in to the online softcopy version of the Handbook here (log-in details required):
Further information on obtaining log-in details or acquiring the hardcopy version of the Handbook is set out below under “Further access information”.
Background – Since its launch in 1985 (as the “IPMA Handbook”), the Handbook has grown from a few short pages to a comprehensive document, continuously responding to market developments when guidance or harmonisation is required. Oversight of the Handbook rests with the ICMA Executive Committee, acting on the advice of the ICMA Primary Market Practices Committee and/or the ICMA Legal and Documentation Committee.
Content / scope – The Handbook comprises ICMA Recommendations, guidance and standard language and documentation, generally relating to offers of syndicated international bonds in the primary market, to programmes under which such offers may be made and to euro-commercial paper programmes and trades made under them. The full scope of the Handbook is set out in its Chapter 1 - Scope (publically available), with further background information set out in Appendix B1 - Reader’s Guide (publically available). An overview of the content of the Handbook can be obtained from its Table of Contents (publically available).
Amendments / archive – The ICMA Primary Market Handbook – Amendments/archive webpage sets out (i) the most recent amendments, (ii) notes of any pending amendments not noted in the Handbook itself and (iii) selected archived inserts and ‘snapshots’ relating to past editions of the Handbook. All Handbook amendments are notified to each ICMA member’s principal delegate by a formal ICMA circular to members (log-in details required).
Further access information – The Handbook exists in loose-leaf hardcopy and online softcopy versions. An advantage of the online version is that it is updated in real time. Updates to the hardcopy version are distributed individually, to current ‘hardcopy update service’ subscribers, initially by e-mail at the time the online version is updated and then with hardcopy inserts following subsequently by post on an irregular basis (once sufficient updates have been aggregated to enable a print-run). The onus is therefore on hardcopy holders to ensure that their hardcopies are correctly updated.
The various access options and any related costs are set out below.
|Type of access
|Action needed (non-members)|
|Online Handbook||Log-in using existing member log-in details (user name and password) – available from each ICMA member’s principal delegate.||Subscribe, subject to the applicable terms and conditions and at a cost of 1,000 Swiss Francs per year (plus VAT where applicable), to receive single-user log-in details (user name and password) and then log-in.|
|Hardcopy Handbook||ICMA Tier 1, Tier 2A, Tier 2B and Tier 3/associate members are entitled (on request) to a free allowance of (respectively) 4, 3, 2 and 1 hardcopy Handbooks (plus a further hardcopy Handbook per eligible subsidiary).
Contact ICMA‘s Membership Department to (i) request hardcopies within free allowance or (ii) purchase additional hardcopies at a unit cost of 600 Swiss Francs (plus VAT where applicable).
|Purchase, at a unit cost of 1,200 Swiss Francs (plus VAT where applicable).|
|Hardcopy update service||Included, with no specific action needed: (i) within free allowance and (ii) free for one year from initial hardcopy Handbook purchase; Otherwise contact ICMA‘s Membership Department to specifically subscribe at a unit cost of 175 Swiss Francs per year (plus VAT where applicable).
To note however that: (i) current subscriptions beyond free allowance benefit from an ICMA-triggered e-mail renewal procedure and (ii) past updates are subject to physical availability and to a valid subscription beyond free allowance for the period concerned (which can be subscribed at the above unit cost by contacting ICMA‘s Membership Department).
|Included, with no specific action needed, free for one year from initial hardcopy Handbook purchase; Otherwise specifically subscribe at a unit cost of 350 Swiss Francs per year (plus VAT where applicable).
To note however that: (i) current subscriptions benefit from an ICMA-triggered e-mail renewal procedure and (ii) past updates are subject to physical availability and to a valid subscription for the period concerned (which can be subscribed to at the above unit cost by contacting ICMA‘s Membership Department).
|Queries / contacts – Relevant contact details for various types of query are set out below.
|Query concerning:||Relevant contact:|
|Purchasing/subscribing and obtaining log-in details||ICMA's Membership department
Phone: +41 44 363 4222
|Technical difficulties accessing the online Handbook||Siobhan Benrejdal
Phone: +44 20 7213 0326
|Handbook substance and content||Ruari Ewing / Charlotte Bellamy / Lalitha Colaco-Henry
Phone: +44 20 7213 0341