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ICMA Update for Members November 2011

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

As ever, if you would like to comment on anything you see in this newsletter, or wish to have more in-depth briefings on the work described here, I encourage you to contact me or one of the ICMA team whose contact details are given below.

Martin Scheck
Chief Executive
New Members 

The following 10 firms joined ICMA in November:

AIPB - Associazione Italiana Private Banking, Milan
BNP Paribas Asset Management, Paris
Central Bank of Malta, Valletta
EuroTLX SIM S.p.A., Milan
Gulf International Bank B.S.C., Manama
ING Asset Management B.V., The Hague
Mallesons Stephen Jaques, Sydney
Norton Rose LLP, London
Qatar Financial Centre Authority, Doha
Travers Smith LLP, London
ICMA Regional Committee for the Nordic region 

A new committee of members has been selected for the Nordic region under the chairmanship of Magnus Karlsson, Nordea Bank. It will discuss specific market and regulatory issues affecting ICMA's Nordic membership and will work with ICMA to organise events and educational courses relevant for the Nordic market.

Chairman - Magnus J. Karlsson, Nordea Bank AB, Stockholm; Christine Habel, Danish Securities Dealers Association, Copenhagen; Kim Winding Larsen, Danske Bank A/S, Copenhagen; Henrik Theil, Nordea Bank Danmark A/S, Copenhagen; Lars Eibeholm, Nordic Investment Bank, Helsinki; Tero Rautasuo, Pohjola Bank plc, Helsinki; Johan Wijkstrom, Swedbank, Stockholm; Kristin Selnes, NCMF.
Contact the representatives of the ICMA Nordic Regional Committee directly by e-mail at: ICMANordic@icmagroup.org
New Chairman for ICMA Region for France and Monaco 

Benito Babini, BNP Paribas will be Chairman and Francois Haas, Banque de France, Vice Chairman, of the ICMA Region for France and Monaco.
Market Practice and Regulatory Update 

Sovereign debt: The Commission's Green Paper on the "Feasibility of introducing Stability Bonds" was published on Wednesday 23 November. The proposals require careful consideration and ICMA will be consulting on this extensively with members.
Contact: david.hiscock@icmagroup.org

Primary markets: The Joint Associations Committee (JAC), which includes ICMA, has issued French and German translations of the set of principles for managing the provider-distributor relationship (PD Principles) in retail structured products and the principles for managing the distributor-individual investor relationship (DI Principles), originally published in July 2007 and July 2008 respectively. The Combined Principles were drafted with the intent of achieving fair treatment for individual investors and clarifying the respective roles and responsibilities of the various parties involved in the creation and distribution process.

ICMA has submitted a request to the U.S. Department of the Treasury for clarification concerning the Foreign Account Tax Compliance Act (FATCA). The International Council of Securities Associations (ICSA), of which ICMA is a member, has also sent a letter opposing the tax (available from the ICSA website www.icsa.bz). Work continues with members on practical aspects relating to the impact of Prospectus Directive Level 2 measures due to be adopted at the end of December.
Contact: ruari.ewing@icmagroup.org

Secondary markets: During November we ran well attended and interactive MiFID seminars and briefings in Copenhagen, London and Brussels. More are planned in first half 2012 in Vienna, Milan and Amsterdam. We are very pleased that Philippe Rakotovao, Managing Director, Head of Global Debt Markets CACIB London, has recently accepted the role of Chairman of our Secondary Market Practices Committee.
Contact: john.serocold@icmagroup.org

Repo markets: The Annual General Meeting of ICMA's European Repo Council (ERC) will take place on 18 January 2012 and will be hosted by Clearstream in Luxembourg in the context of the 16th Global Securities Financing Summit in Luxembourg. The programme features a keynote speech by Daniela Russo, Director General of Payments and Market Infrastructure at the European Central Bank on 'CPSS IOSCO Principles for Financial Market Infrastructures: status of the work'. There will also be updates on: regulatory issues; interoperability between the ICSDs for cleared "GC basket" repos. Elections to the ERC Committee will be held at the AGM.
Contact: lalitha.colaco-henry@icmagroup.org

The 22nd ICMA ERC European Repo Survey will take place on 7 December. All ICMA members conducting repo business in Europe are strongly encouraged to participate. Forms are available from the ICMA website or from the author of the survey. The results of the survey will be published in January 2012.
Contact: reposurvey@icmagroup.org

Asset management: The AMIC is engaged in the issue of shareholder participation and has responded to The Kay review of UK Equity Markets and Long-Term Decision-Making. The response makes it clear that there is a need for an effective corporate governance framework, particularly one based on the premise of 'comply or explain'. Institutional investors have been criticised for not exercising their responsibilities as shareholders and failing to hold boards to account for their activities.
Contact: nathalie.aubry-stacey@icmagroup.org

Covered bond markets: ICMA's Covered Bond Investor Council (CBIC) Working Group on Transparency Standards has reached some initial conclusions on investor requirements for a transparency standard, following extensive industry consultation.
Contact: nathalie.aubry-stacey@icmagroup.org

Market Infrastructure: ICSA has written a letter to local regulators supporting the development of a legal entity identification system (LEI) which would enable the accurate and unambiguous identification of entities engaged in legal transactions (see www.icsa.bz)

More detailed information on ICMA Market Practice and Regulatory Policy work can be found in the Quarterly Newsletter
Upcoming meetings, workshops and events 

ICMA Nordic Regional Meeting, Stockholm, 7 December
ICMA Russia and CIS Regional Meeting, Moscow, 13 December
Contact: candice.weinrich@icmagroup.org

The Global Master Repurchase Agreement (GMRA) 2011 - roundtable briefing, Zurich, 1 December
Register by e-mail to Laura.Mann@icmagroup.org, giving your name, job title and company name.

*Understanding the ICMA Primary Market Handbook (IPMA Handbook), London, 8 December
The half-day session will give an overview of the scope and application of the recommendations in the handbook and will also review recent developments and changes.
For further information and to register please click here.

Events 2012

ICMA European Repo Council (ERC) Annual General Meeting, Luxembourg, 18 January
Please mark your diaries for the 2012 European Repo Council (ERC) General Meeting, to be held in Luxembourg the afternoon of January 18, 2012. We are pleased to announce that Clearstream will once again host this event.

Les Rencontres des Professionnels des Marchés de la Dette et du Change, Paris, 19 January
This conference is organised by the associations of Fixed Income Professionals: ICMA France,The Financial Markets Association (ACI), Association Française des Marchés Financières (AMAFI), Association Française des Trésoriers d'Entreprise (AFTE), Comité de Normalisation Obligataire (CNO), Paris Europlace.
There will be panels on:
  -What Future for Securitisation?
  -The evolution of asset management and regulation
  -European Infrastructures and Paris Market Place
This event is open to members of all participating associations.
To register your attendance, please e-mail elisabeth.blanchet@icmagroup.org.

ICMA Annual Ski Weekend 2012
Charity event - Registrations now open
Engelberg, 20-22 January
For more information, please click here.

ICMA Belgium Region Economic Summit, Brussels, 26 January

The Global Master Repurchase Agreement (GMRA) 2012 - roundtable briefing, Madrid, 1 February
Register by e-mail to shannelle.rose@icmagroup.org, giving your name, job title and company name.

*Global Master Agreement for Repo and Securities Lending Workshop, Madrid, 1-3 February
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.
For further details, please click here.

ICMA AGM and Conference, Milan, 23-25 May
The 44th ICMA AGM and conference will be held next year at the Palazzo Mezzanotte in Milan. Confirmed speakers include: Jonathan Faull, European Commission; Xavier Rollet, Chairman, London Stock Exchange; Paul Mercier, ECB; Thomas Mayer, Deutsche Bank; Godfried de Vidts, ICAP; Peter Praet, ECB; Eduard Cia, UniCredit; Jefferey Tessler, Clearstream; Tim Howell, Euroclear; Michael Ridley, JP Morgan; Verena Ross, ESMA

Contact the ICMA Events team for sponsorship opportunities at discounted rates for members.

* Course/workshop accredited under the Solicitors Regulation Authority (formerly The Law Society's) CPD Scheme
ICMA Executive Education 

Register now for these courses

Introductory Programmes

Financial Markets Foundation Course (FMFC)
Luxembourg: 5-7 March 2012
London: 29-31 May 2012

Securities Operations Foundation Course (SOFC)
London: 25-27 January 2012
Brussels: 12-14 March 2012
Malaysia: 11-13 June 2012

Intermediate Programmes

International Fixed Income and Derivatives (IFID) Certificate Programme
Next residential course:
Sitges, Barcelona: 22-28 April 2012
Hong Kong: 24-30 June 2012

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

Primary Market Certificate (PMC)
London: 14-18 May 2012

Primary Market Certificate (PMC) - Dubai version
Dubai: 22-26 January 2012**

Specialist Programmes

Operational Risk Fundamentals
Brussels: 8 December 2011

Derivatives Operations
Malaysia: 14-15 June 2012

See website for details

ICMA Executive Education Skills

ICMA Skills - Mastering Mandates
London: 2-3 February 2012

ICMA Skills - Successful Sales
London: 19-20 March 2012

ICMA Alumni Event, Hong Kong, 15 December
Alumni of the ICMA Centre, ICMA Executive Education and members of the financial industry in Hong Kong are invited to attend a drinks reception on 15 December.
Contact: david.senior@icmagroup.org

**ICMA Executive Education and Thomson Reuters announce the first Primary Market Certificate (PMC) programme in Dubai, 22-26 January 2012
The programme will examine the entire life cycle of bond issuance, from considering the financing choices through to the closing of transactions in the marketplace. It is tailored to the needs of practitioners in the GCC and will cover Islamic Finance, Sukuk and Sukuk Documentation.
Contact: david.senior@icmagroup.org
ICMA supported industry events 

IFLR Asia Capital Markets Forum, Hong Kong, 30 November
IFLR's Asia Capital Markets Forum brings together key regulators and exchange officials with leading practitioners from banks, corporates and top international and local law firms to discuss the top issues for raising capital in 2011 and 2012.

National Securities Markets Association: VΙΙth Annual International Repo Forum - Financial Market 2012: A new model of regulation Moscow, 13-14 December
A broad spectrum of topics will reflect the latest developments and innovations in the Russian financial industry, with regulation as a central theme. ICMA will be represented by Lisa Cleary, Associate Counsel; Martin Scheck and Godfried de Vidts, Chair of the ERC.

IX Russian Bond Congress, Saint Petersburg, 8-9 December
The Russian Russian Bond Congress is the biggest event in the Russian debt market attended annually by over 700 representatives of the banking and corporate sectors, government regulators and ministries, constituents of the Russian Federation, as well as investment, consulting and law firms. ICMA Members are entitled to a 15% discount on the registration fee.

2012 European Forum - Banking Risk and Regulation, London, 7-9 February 2012
The Forum will feature an impressive line-up of senior executives from leading institutions, with high-level presentations, panel discussions and thought-leadership sessions addressing the critical issues facing the industry. The Forum will also include two intensive and interactive one-day Masterclasses on: Effective Liquidity Risk Management and Regulation in a Post-Crisis Financial World and Reporting Structures, Process and Risk Management: From Risk Manager to the Board.

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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