ICMA works as closely as possible with members through its market practice and regulatory policy committees. This network of committees has evolved over a long period and enables interested members to provide expert input into ICMA’s market practice and regulatory policy work. They also act as a forum for discussion and reaching a consensus on topics of common interest. ICMA’s key market practice and regulatory policy committees are listed below:

• ICMA Euro Commercial Paper (ECP) Committee

The ICMA Euro Commercial Paper Committee comprises the heads and senior members of the ECP teams of member banks active in the ECP market. The ECP Comittee is concerned with the functioning of the ECP market, including maintenance of documentation standards,disclosure, the restructuring and revival of the asset-backed CP market, and regulatory issues affecting the market.

• ICMA Legal and Documentation Committee

The ICMA Legal and Documentation Committee (L&DC), consists of the heads and senior members of the legal transaction management teams of member firms active in lead-managing syndicated bond issues in Europe. The L&DC is concerned with market practice on documentation, including the ICMA Primary Market Handbook (IPMA Handbook), and related regulatory issues.

• ICMA Market Practices Committee (MPC)

Responsible for ensuring that ICMA's rules and recommendations properly reflect the requirements of the international capital market as a whole and for providing guidance to member firms in relation to the rules and recommendations.

• ICMA Primary Market Practices Committee

The ICMA Primary Market Practices Committee (PMPC) consists of the syndication managers of member firms active in lead-managing syndicated bond issues in Europe. The PMPC is concerned with market practice in the primary market, including the ICMA Primary Market Handbook (IPMA Handbook).

• ICMA Regulatory Policy Committee

The ICMA Regulatory Policy Committee (RPC) oversees all ICMA’s market practice and regulatory policy work. The RPC consists of the government affairs, regulatory and compliance heads in member firms, and the chairs of the committees formed under the auspices of the market practices committee (ECP, LD&C, & PMPC) are invited to RPC’s meetings. Recently the focus of its work has been on the regulatory response to the international financial crisis; the new Lamfalussy directives; bond market transparency; and the future of the OTC market.