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ICMA’s rules and recommendations for the secondary market

The ICMA Rule Book is available only to ICMA members and subscribers. This sub-section of the web site provides a downloadable PDF version of the most recent edition of the ICMA Rule Book.

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Amendments to the ICMA Rule Book are separately and individually notified to ICMA members and subscribers and are incorporated into the ICMA Rule Book from time to time.

ICMA’s rules and recommendations for the secondary market apply to transactions in international securities – an international security is defined as a security intended to be traded on an international, cross-border basis (i.e. between parties in different countries) and capable of settlement through an international central securities depository or equivalent.

All transactions between members of the Association involving international securities (as defined within the rules) are subject to the Association’s rules and recommendations, unless specifically agreed otherwise by the parties at the time of concluding a transaction. Unless otherwise stated, the rules and recommendations do not apply to the syndication and allotment process or to repurchase and to other transactions entered into under the GMRA or similar master agreements.

ICMA supports members with advice and guidance on the application of the rules and recommendations through its Legal Helpdesk.

For more information on ICMA’s secondary market activities contact John Serocold on + 44 20 7213 0313

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The non-member rate for accessing ICMA's statutes, by-laws, rules and recommendations (the ICMA Rule Book) online is CHF Swiss Francs 2,500 (+ VAT where applicable) per annum.

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