In November 2001, the IMF’s First Managing Director, Anne Krueger proposed that sovereign debt crises be subject to a sovereign bankruptcy regime administered by the IMF. This proposal has been widely criticised by the private sector and there have been calls for a more voluntary, decentralised approach to making the resolution of sovereign financial crises more orderly.

ICMA has been active with other trade associations; the Securities Industry Association, EMTA, and The Bond Market Association, in encouraging the use of collective action clauses (majority enforcement and majority restructuring provisions) in sovereign bond contracts and a Code of conduct. ICMA (as IPMA) has been at the forefront of the debate over the design and effectiveness of those clauses.

Almost all EM sovereigns have adopted various forms of CACs in their New York and English law Eurobonds and globals. The EU agreed to include CACs in their "foreign jurisdiction" bonds starting in June 2003.

The Association is preparing a standard form of CACs, and agreeing a Code of Conduct,a proposed non-binding statement of best practices to prevent and resolve financial market abuse.

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