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ICMA Update for Members June 2011
ICMA UPDATE FOR MEMBERS June 2011

This update is the first after our very successful AGM and Conference in Paris. It was a great pleasure to be able to meet so many of you at the event, where we had a record attendance for recent years. For any members who were unable to attend, the webcast of conference speakers and panels, including keynote speeches by Steven Maijoor, ESMA; Jaime Caruana, BIS; Thomas Mayer, Deutsche Bank Group and Jean-Pierre Jouyet, AMF can be viewed from this link: ICMA Conference Paris, May 25 to 27, 2011

This month will see the 20th anniversary of ICMA's successful collaboration with the ICMA Centre at The University of Reading. The ICMA Centre has developed over this time into a highly respected academic institution whose alumni are employed by ICMA member firms worldwide. Our partnership with the Centre to deliver professional education continues to provide high value and internationally recognised programmes to the international finance industry, some of which are listed below.

Martin Scheck
Chief Executive
International Capital Market Association


If you have any comments on this update or its contents please contact us at corporate.communications@icmagroup.org
New members 

A total of 22 firms have joined ICMA so far this year. New ICMA members who have joined in June are listed below:

Banca Zarattini & Co S.A., Lugano
Bank of Montreal, Toronto
Clifford Chance LLP, London
Equilend Holdings Plc, New York
Interactive Data Ltd, London
Prudential Capital Plc, London
The Royal Bank of Scotland ZAO, Moscow
New ICMA Chairman and Board members 

The appointment of Cyrus Ardalan as Chairman of the ICMA Board was announced at the AGM in Paris. Mr Ardalan who is Vice Chairman of Barclays Capital, responsible for the firm's investment banking activities with sovereigns and government agencies in Europe, the Middle East and North Africa and supranational institutions globally, takes over as ICMA chair with immediate effect.

The AGM elected a further two new members of the ICMA Board. We are pleased to welcome Spencer Lake, HSBC Bank plc and Allegra Berman, UBS Limited.
ICMA Senior Representatives 

ICMA has formed a new group of leading industry figures who have been involved with the association over many years in various capacities and who are qualified and willing to serve as unpaid ambassadors. They will help us to identify opportunities and providing valuable advice and feedback based on their long experience in the capital markets. Senior representatives currently include: Cees Bijloos, Nis Bruun, Luc Caytan, John Eldredge, Rodolfo Fischer, Robert Gray, Brian Lawson, Philippe Musette, Henrik Normann, Giuseppe di Stefano and Jean Pierre Wellens. We are inviting individuals from other regions also.
Market Practice and Regulatory Policy Update 

Sovereign bond markets: ICMA's Sovereign Bond Working Group has continued to address the technical issues which have emerged in the sovereign debt space, focusing on collective action clauses and improved transparency. ICMA has met a number of Debt Management Offices and official institutions for discussions and continues to respond to requests from members for information. Members wishing to have a full briefing on these activities are welcome to attend the ICMA Primary Market Forum on 23 June or our lunchtime roundtable in London on 14 July (See: Upcoming meetings and events)
Contact: david.hiscock@icmagroup.org

Primary markets: ICMA's AMTE Council, which represents issuers, intermediaries and investors in the euro debt market, has released new guidance for government and government agency issuers in the EU and supranational issuers on buying back their own debt securities in the international capital markets. The purpose of this guidance is to improve the functioning of the international capital markets by encouraging issuers who intend to buy back their debt to disclose in public their buyback policies.
Contact: nelly.cotelle@icmagroup.org

Secondary markets: The newly reconstituted Secondary Market Practices Committee has embarked on a regular schedule of meetings. It is charged with maintaining ICMA's Secondary Market Rules and Recommendations and helping members to prepare for the implementation of new regulatory changes affecting the secondary markets (eg the MiFID review) in a cost-effective manner. If you wish to be involved, contact John Serocold at ICMA.
Contact: john.serocold@icmagroup.org

Repo markets: The European Repo Council's semi-annual surveys have established the most authoritative picture to date of the size of the repo market in Europe. The 21st survey will provide a 'snapshot' of repo business at close of business on Wednesday, 8 June 2011 and will be published in September; the deadline for completed responses is 1 July.
Contact: reposurvey@icmagroup.org

ICMA has published the 2011 version of the Global Master Repurchase Agreement (GMRA): the most widely used legal agreement for documenting transactions in the cross-border repo market. At the same time, updated legal opinions on the enforceability of the agreement have also been made available; these cover the use of the GMRA for repo transactions in over 60 jurisdictions. All of these are freely available to members from the ICMA website.
Contact: legalhelpdesk@icmagroup.org

Covered bond markets: In April ICMA's Covered Bond Investor Council (CBIC) launched an initiative aimed at setting transparency standards for covered bonds. The public consultation process will end on 30 June, with the objective of producing a widely agreed standard for issuers in September 2011. The consultation document and list of data fields are available from ICMA's website.
Contact: nathalie.aubry-stacey@icmagroup.org

Responses to regulators: ICMA is currently working on the following responses to regulators. Members are encouraged to give their views by e-mail to the relevant ICMA point of contact in good time before the deadline.

UK FSA/HMT: UK's regulatory framework for covered bonds, deadline 1 July
Contact: nathalie.aubry-stacey@icmagroup.org

European Commission: Expert group on EU contract law - feasibility study, deadline 1 July
Contact: ruari.ewing@icmagroup.org

European Commission Green Paper: The EU corporate governance framework, deadline 22 July
Contact: nathalie.aubry-stacey@icmagroup.org

ESMA's technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU, deadline 15 July
Contact: ruari.ewing@icmagroup.org

CPSS/IOSCO consultation on Principles for Financial Market Infrastructures, deadline 29 July
Contact: david.hiscock@icmagroup.org

In addition, the European Commission is expected to launch a limited consultation on Collective Action Clauses on 6 July (or shortly after) with a relatively short deadline.
Contact: david.hiscock@icmagroup.org
Upcoming meetings and events 

ICMA Primary Market Forum 2011, London, 23 June

The 2011 Primary Market Forum will consider the environment affecting the issuance of international debt securities - reviewing economic conditions, the funding requirements of sovereign, corporate and financial borrowers and the changing regulatory landscape. It is open to the international fixed income community, including borrowers, arranging banks, law firms and investors.

Free for ICMA Members

Register here

The Global Master Repurchase Agreement (GMRA) 2011
An ICMA members' roundtable briefing, Frankfurt, 12 July


The 2011 version of the GMRA, the most widely used standard documentation for the cross-border repo market, has recently been published by ICMA, together with the associated legal opinions for 2011. The GMRA 2011 is the result of a market driven process and wide consultation; it represents over a year's worth of detailed discussion and debate involving market participants and legal specialists.

ICMA members are invited to attend a briefing on the GMRA 2011 led by Lisa Cleary, ICMA Associate Counsel and Godfried De Vidts, Chair of ICMA's European Repo Committee.
Time: 15.30 - 16.30 followed by a networking reception

Free for ICMA Members

Register here

Sovereign Bond Issues
An ICMA members' roundtable briefing, London, 14 July


Recent events in the euro-area sovereign debt markets have highlighted the importance of standards of disclosure in the terms of sovereign debt issues; and prompted a detailed debate concerning collective action clauses.
This lunchtime roundtable briefing for ICMA members, in ICMA's London office at 23 College Hill, will explain ICMA's current work in the sovereign bond area with reference to initiatives by the Eurogroup. It will be led by David Hiscock, Senior Director, ICMA and Deborah Zandstra, Partner, Clifford Chance.

Free for ICMA Members

Register here

Understanding the ICMA Primary Market Handbook (IPMA Handbook), London, 8 September

The half-day session will give an overview of the scope and application of the recommendations of the Primary Market Handbook and will also review recent developments and changes.
Understanding the ICMA Primary Market Handbook (IPMA Handbook) is an accredited workshop under the Solicitors Regulation Authority (formerly The Law Society's) CPD Scheme. Solicitors may claim 2.5 hours CPD credit for their attendance at this workshop.

Discounted rate for ICMA Members

Register here

Global Master Agreements for Repo and Securities Lending Workshop, Zurich, 21-23 September

ICMA and the International Securities Lending Association (ISLA) will be running a workshop on the Global Master Repurchase Agreement (GMRA) and the Global Master Securities Lending Agreement (GMSLA). These two separate master agreements are the essential legal underpinnings for repo and securities lending markets respectively. The workshop will include a detailed review of both legal agreements and their application, together with case studies, the operational and basic legal characteristics of the repo and securities lending markets will also be covered. There will also be a look at the recently published GMRA 2011.

The Global Master Agreements for Repo and Securities Lending Workshop is an accredited course under the Solicitors Regulation Authority's (formerly The Law Society) CPD Scheme. Solicitors may claim 18 hours CPD credit for their attendance on the whole course.

Discounted rate for ICMA Members

Register here
ICMA Executive Education 

Register now for these courses

Introductory Programmes

Financial Markets Foundation Course (FMFC)
Luxembourg, 26-28 September 2011
London, 21-23 November 2011

Securities Operations Foundation Course (SOFC)
London, 11-13 October 2011

Intermediate Programmes

International Fixed Income and Derivatives (IFID) Certificate Programme
Next residential courses:
Seoul, South Korea, 21-27 August 2011
Sitges, Barcelona, 16-22 October 2011
Sitges, Barcelona, 22-28 April 2012

Operations Certificate Programme (OCP)
Brussels, 25-31 March 2012

Primary Market Certificate (PMC)
London, 14-18 November 2011

Specialist Programmes

Credit Default Swaps (CDS) - An Introduction
London, 26 September 2011

Credit Default Swaps (CDS) - Operations
London, 27 September 2011

See website for details
ICMA on LinkedIn

ICMA has a group on LinkedIn. Add International Capital Market Association - ICMA to your profile to join the discussion.

This communication is presented by the International Capital Market Association (ICMA). ICMA believes that the information contained in the communication is accurate and reliable but makes no representations or warranties, express or implied, as to its accuracy and completeness.

© International Capital Market Association (ICMA), Zurich, 2011. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without permission from ICMA.

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