This ICMA Brussels portal is the gateway into key European and international policy developments in capital fixed income markets with a focus on ICMA’s engagement with EU level stakeholders as well as local European markets.
It provides insights into recent ICMA policy, market and educational initiatives such as the Regulatory Policy Committee - one of the core strategic bodies within ICMA - the CMU/SIU and MISP package, activities at our ICMA Brussels office such as roundtables and events as well as Education & Training.
Europe consists of various political and economic groupings, such as:
- the European Union (EU), made up of 27 member states1
- the European Economic Area (EEA) – including the EU27 and Iceland, Liechtenstein, and Norway2
- the European Free Trade Association (EFTA) which includes EEA and Switzerland.
- the UK has its own agreements with these groups and stands independently3
The European Union (EU) functions through three key institutions:
- The European Commission (EC) represents the interests of the single market as a whole, proposing legislation and enforcing EU laws.
- The European Parliament (EP) voices the interests of EU citizens, with directly elected members and political groups shaping laws.
- The European Council represents the 27 EU member states’ governments, setting the EU’s overall direction and priorities.
Together, these three balance and guide the EU’s policymaking.
At the EU level, there are three key European Supervisory Authorities – the ESAs. These include:
- the European Securities and Markets Authority (ESMA), based in Paris, which oversees securities markets,
- the European Banking Authority (EBA), based in Paris which supervises banking, and
- the European Insurance and Occupational Pensions Authority (EIOPA), based in Frankfurt, which is responsible for insurance and pensions.
Their mission is to ensure consistent regulation and supervision across the EU’s financial sectors.
The ESAs work closely with the national competent authorities - the NCAs, within each EU country. The NCAs handle day-to-day supervision at the national level, coordinated by the ESAs.
Beyond these institutions, the European Central Bank (ECB) plays a crucial role in financial stability, including fixed-income markets working closely with the National Central Banks (NCBs). It sets monetary policy and oversees the euro.
ICMA engages with the European authorities and is a member for example at the European Bond Market Contact Group (BMCG) and ESMA’s Securities and Markets Stakeholder Group (SMSG), providing capital market and policy knowledge, ensuring that industry perspectives are considered in policy discussions and regulatory initiatives.
1 AT, BE, BG, HR, CY, CZ, DK, EE, FI, FR, DE, EL, HU, IE, IT, LV, LT, LU, MT, NL, PL, PT, RO, SK, SI, ES, SE.
2 European Free Trade Agreement: NO for Norway, CH for Switzerland, IS for Iceland, LI for Liechtenstein
3 UK for the United Kingdom
29 June 2026 – ICMA Brussels roundtable : Asia’s dept capital markets, policy developments and implications for Europe
This roundtable focused on:
- Asian international bond markets – trends and dynamics Highlighting the main insights from the recent report published by ICMA with support from the HKMA (Hong Kong Monetary Authority), and it’s relevance for the EU from a policy, market and sustainable bond perspective.
- China bond market internationalization – recent developments and impact for Europe Discussion on changes over the last 5 years and updates since the 2021 dedicated ICMA report as well as an outlook and implications for Europe.
Agenda I Video (coming soon)
28 April 2026 – ICMA Brussels roundtable: Sustainable Finance update on regulatory and market standards
This interactive roundtable discussion on Sustainable Finance focused on:
- The proposed review of the Sustainable Finance Disclosure Regulation (SFDR) 2.0 - a milestone legislation for the ESG focused investments and fund industry in the EU (see ICMA's position paper).
- ICMA's recently released Climate Transition Bond Guidelines (CTBG) which introduce a standalone Climate Transition Bond label designed to help (re)finance critical projects for achieving the goals of the Paris Agreement, especially from those in high-emitting sectors and/or with high-emitting activities.
25 February 2026 – ICMA Brussels roundtable: Demystifying Securitisation
This roundtable was aimed at those looking to refresh their understanding of securitisation, with speakers offering practical insights that demystify what it is, and is not, explaining its mechanics and highlighting real-world challenges.
Speakers explained why securitisation policy matters to the real economy, examined the post-GFC changes and identified persistent non-regulatory barriers that hinder greater accessibility.
30 October 2025 – ICMA Brussels roundtable: Secondary Market Data Report
This interactive event offered a unique opportunity to gain deeper insights into trading activity across EU and UK sovereign and corporate bond markets, as presented on a semi-annual basis in ICMA’s Secondary Market Data Reports, and to hear about ICMA’s broader engagement in Fixed Income Secondary Markets.
24 September 2024 – ICMA Event: Eurobonds – An essential tool for boosting the SIU
Leading bond market experts explored the evolution, structure, infrastructure, and benefits of Eurobonds for investors, issuers, and economic growth, boosting the SIU.
The event also unveiled the brand new ICMA Bond Market Policy Mind Map & Ecosystem, which highlights the key themes shaping today’s fixed income markets – download the map here.
The Savings and Investment Union (SIU) is the European Union's (EU) successor policy of the Capital Markets Union (CMU) (2015-2025) to create a single market for capital and banking across EU member states.
The EU SIU was formally launched on 19 March 2025 and builds on the former CMU action plan from September 2020.
The Market Integration and Supervisory Package (MISP) is a major legislative initiative to further harmonise EU capital market rules.
ICMA has closely engaged with the EU SIU developments through its ICMA SIU thought leadership piece of 7 March 2025 and 5-page summary of 20 March 2025, with a focus on:
- Citizens: EU savings products for people, fostering retail investment
- Corporates: funding options for EU companies
- Market: integration and efficiency in cross-border capital markets
- Supervision: effective EU single rulebook and a stronger role for ESMA
For direct access to ICMA materials on the CMU / SIU please see our webpage.
Natalie Westerbarkey
Managing Director, Co-Head of Market Practice & Regulatory Policy; Member of the ICMA Executive Committee
Direct line: +32 2 801 13 97
Thorsten Guthke
Director, Market Practice & Regulatory Policy
Direct line: +32 2 801 13 88
Address
Avenue des Arts 56
1000 Brussels
Email: ICMA Brussels
Click here for the full list of ICMA contacts.
