1

Switzerland

In October 1998 the Swiss Federal Banking Commission (SFBC) recognised ICMA (then the International Securities Market Assocation) as an “institution similar to an exchange” under the Swiss Federal Stock Exchange Act (SESTA) and submitted the Association in part under SESTA. In this capacity and to this extent, ICMA is subject to supervision by the SFBC.

2

UK

In April 1988 the Secretary of State for Trade and Industry in the UK approved ICMA (then the International Securities Market Association) as the only International Securities Self-Regulating Organisation (ISSRO) for the purposes of the Financial Services Act 1986. Under the new Financial Services and Markets Act 2000, which came into force in December 2001, ICMA retained its ISSRO status. As an ISSRO, ICMA is an exempt person to the extent that it arranges deals in investments through the operation of TRAX.

In February 1988 the predecessor of the Financial Services Authority (FSA), the Securities and Investments Board (SIB), designated ICMA (then ISMA) as a Designated Investment Exchange (DIE) under its Conduct of Business Rules. As a result the regulatory framework provided by ICMA enables banks and securities firms in the UK to deal in international securities in accordance with FSA rules.