ICMA is one of the few trade associations with a European focus having both buy-side and sell-side representation.  Buy-side and sell-side members within ICMA are both entitled to have their views represented separately (e.g. to the European Commission and CESR), where they wish to do so.  ICMA is also keen to encourage dialogue between the buy-side and sell-side, where both sides consider this appropriate.   

The purpose of the ICMA Asset Management and Investors Council is to represent the views of the buy-side members of ICMA and to add value for them by discussing asset management issues of common interest, reaching a consensus and recommending any action that ICMA should take.  This may include proposing market-led initiatives and market practice guidelines, where these are appropriate, and responding to consultation papers from regulators.  The focus will be on asset management in Europe, while recognising that asset management is a global business. 

Six objectives were identified at the first meeting of the AMIC in March 2008:

• The AMIC should support and promote the success of the asset management and investment business.
   
• The AMIC should act as a think tank, identifying the key trends in the industry. This would include the publication of position papers.
   
• The AMIC should highlight problem areas in position papers, and propose market-led initiatives to address them.
   
• The AMIC, representing the buy side, should engage with the sell side through ICMA, which has both buy-side and sell-side committees, while recognising that Chinese walls should be put in place to avoid conflicts of interest.
   
• The AMIC should have a proactive relationship with regulators at international, European and national levels.
   
• The AMIC should establish contact with organisations focusing on the education of the industry like the CFA institute, and should assist such bodies where feasible.

AMIC members have put forward different issues for discussion: firstly regulatory developments as regards hedge funds. Secondly, the Council has been discussing developments in the money market funds. The AMIC will also look at private banking issues. Regulating credit rating agencies is being considered by European institutions, the AMIC is monitoring progress in this area. Finally the AMIC will discuss possible principles to better manage clients’ expectations.