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ICMA Update for Members January 2012

In 2012 we plan to offer enhanced service to our expanding member base in Europe and beyond with more events focused around the regulatory agenda as it affects our members in different jurisdictions with their wide range of interests and concerns. We are also stepping up our efforts to meet the needs of our buy-side members this year and have added a special meeting of the Asset Management and Investors Council (AMIC), during the ICMA AGM and Conference in May open to all buy-side firms. As we look to extend the membership of the AMIC more widely in the international asset management community we also invite existing ICMA member firms to send representatives of their buy-side areas to AMIC meetings.

Martin Scheck
Chief Executive

If you have any comments on this update or its contents please contact us at corporate.communications@icmagroup.org
2012 ICMA Members Register 

The 2012 printed ICMA directory will be in production shortly - please update your firm's details on the online Members Register on the ICMA website.
Contact: candice.weinrich@icmagroup.org
Market Practice and Regulatory Policy update 

Sovereign bond markets: ICMA has responded to the European Commission on its Green Paper on the Feasibility of Introducing Stability Bonds as partial or full substitutes for national bonds. Our response is focussed on the technical aspects of Stability Bonds' issuance, rather than their desirability, and includes a substantial section on the buy-side viewpoint provided by ICMA's Asset Management and Investors Council (AMIC).
Contact: david.hiscock@icmagroup.org

European supervision: ICMA, together with 6 other trade associations, has written a letter to Commissioner Barnier, Minister Corydon, and Chairman Bowles in the context of their leading roles in the adoption of financial services legislation in each of the three main EU institutions. The letter addresses concerns over the cumulative workload confronting the European Supervisory Authorities - whose resources are currently limited - and suggests solutions thereto.
Contact: david.hiscock@icmagroup.org

Primary markets: We have responded to ESMA's recent consultation on a second instalment of technical advice on delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU. We also currently anticipate that a draft first amending Regulation to the existing PD Regulation EC/809/2004 (consequent to ESMA's first instalment of technical advice) will be published at the end of February.
Contact: ruari.ewing@icmagroup.org

The European Banking Authority (EBA) published its 'Recommendation on the Creation and Supervisory Oversight of Temporary Capital Buffers to Restore Market Confidence' in December 2011. As part of the Recommendation, the EBA produced a termsheet relating to 'Buffer Contingent Capital Securities' which may form part of any temporary capital buffer as set out in the Recommendation. ICMA conducted a survey of major market participants on the marketability of the 'Buffer Contingent Capital Securities', the results of which it has presented in a response to the EBA.
Contact: katie.kelly@icmagroup.org

Secondary markets: Work continues to identify and develop common priorities and themes in relation to the MiFID and MiFIR texts released in October, working particularly with trade associations representing banks and securities firms in the EU and selected 'third countries'. The agenda for the Secondary Market Practices Committee meeting on 30 January includes a proposal to review ICMA's secondary market rules as well as a discussion on the likely market impact of the MiFID and MiFIR proposals.

We have been contacted by the FSA asking whether our member firms have encountered any problems to date in working to become and remain compliant with the revised mobile phone taping rule, which came into force on 14 November 2011. Members who have faced issues with this rule are asked to contact us.
Contact: john.serocold@icmagroup.org

Repo markets: The European Repo Council released the results of its 22nd semi-annual survey of the European repo market, which measured the amount of repo business outstanding on 7 December 2011, setting the baseline figure for market size at €6,204 billion. The next survey will take place in June 2012.
Contact: reposurvey@icmagroup.org

The ERC met for an exceptionally well attended AGM in Luxembourg on 18 January at which elections were held for the European Repo Committee. Minutes of the meeting will be available from the ERC section of the ICMA website shortly.
Contact: lalitha.colaco-henry@icmagroup.org

Asset management: The Solvency ΙΙ Working Group of ICMA's AMIC - has submitted a response to the EIOPA Consultation Paper in which it highlights the lack of clarity in Solvency ΙΙ regarding the assessment of compliance of data and calculation methods.
Contact: nathalie.aubry-stacey@icmagroup.org

The Covered Bond Investor Council has published its latest statement on its European Covered Bond transparency project on www.icmagroup.org.
Contact: nathalie.aubry-stacey@icmagroup.org

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

ICMA regional meetings
Moscow, 31 January (by conference call)
Madrid, 1 February
Athens, 28 February
Frankfurt, 8 March
Contact: candice.weinrich@icmagroup.org

The Global Master Repurchase Agreement (GMRA) 2011 - roundtable briefing, Madrid, 1 February
Register by e-mail to shannelle.rose@icmagroup.org

***GMRA webinars are being organised in Asia, Latin America and the Middle East***
For further information contact: laura.mann@icmagroup.org

*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.

Register here

AFME / ICMA joint members' briefing call on the outlook for 2012, 6 February
ICMA members are invited to join a briefing call on Monday, 6 February at 12.00 UK time (13.00 CET) where the topic will be the outlook for 2012 - featuring perspectives of two leading economists on what the year holds for the eurozone.
The briefing, which is part of the ongoing cooperation between the two associations, is open to all members of ICMA and of AFME. The call will be hosted by ICMA's chief executive, Martin Scheck, and AFME's chief executive, Simon Lewis, and feature presentations by Jacques Cailloux, Chief European Economist at the Royal Bank of Scotland and Gilles Moec, Co-Head of European Economics Research at Deutsche Bank.

Open to AFME/ICMA members only

Register here

ICMA Public Sector Issuer Forum (PSIF), Paris, 9 February
The first meeting of ICMA's Public Sector Issuer Forum for sovereign, supranational and agency issuers (SSAs) will take place in Paris on 9 February.
For more information about PSIF contact: nelly.cotelle@icmagroup.org

*Understanding the ICMA Primary Market Handbook (IPMA Handbook), London, 16 March
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.

Register here

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

ICMA Conference on Spain in the International Capital Markets, Madrid, 13 March

The conference, held in association with the ICMA Iberian Region, will review regulatory and economic developments in the international and Spanish capital markets, featuring presentations by regulators and market experts.
For more information and to register click here

China Securities Summit, London, 17 April
In association with The National Association of Financial Market Institutional Investors(NAFMII)

NAFMII and ICMA are jointly hosting a one day conference in London on the increasing internationalisation of the Chinese financial market and opportunities for international cooperation.
Senior level guest speakers from both Chinese and international capital markets will discuss a range of subjects including: developments in the Chinese bond and derivatives markets designed to attract international investors, opportunities for cooperation between Chinese and global financial institutions, the development of the offshore RMB markets, the role of Chinese banks in the global financial system and the sophisticated systems of risk control needed to preserve stable markets in challenging conditions.

The summit is offered free of charge to all qualifying financial market participants.
For more information please contact Suzanne Atkins

ICMA CBIC & The Covered Bond Report Conference, Frankfurt, 10 May

ICMA's Covered Bond Investor Council (CBIC) and The Covered Bond Report are launching their first joint conference, which will be held in Frankfurt on 10 May.
To pre-register for this event, please click here

ICMA AGM and Conference, Milan, 23-25 May
The 44th ICMA AGM and conference will be held at the Palazzo Mezzanotte in Milan.
Confirmed speakers include: Peter Praet, ECB; Jonathan Faull, European Commission; Xavier Rollet, Chairman, London Stock Exchange; Paul Mercier, ECB; Thomas Mayer, Deutsche Bank; Godfried de Vidts, ICAP; Eduard Cia, UniCredit; Jefferey Tessler, CEO, Clearstream; Tim Howell, CEO, Euroclear; Michael Ridley, JP Morgan; Verena Ross, ESMA
This year for the first time the conference will feature an AMIC meeting, with presentations and panels on buy-side themes.There will also be a free training programme for registered delegates to the confernce which will run on Wednesday, 23 May.

Contact the ICMA Events team for more details.
ICMA Executive Education 

Part Ι: Introductory Programmes

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

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

Part ΙΙ: Intermediate Programmes

International Fixed Income and Derivatives (IFID) Certificate Programme
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

Part ΙΙΙ: Specialist Programmes

Collateral Management
London: 8-9 March 2012

Commodities - An Introduction
London: 29 March 2012

Commodities - Trading and Investment Strategies
London: 30 March 2012

Corporate Actions - Operational Challenges
London: 3-4 May 2012

Credit Default Swaps (CDS) - Features, Pricing and Applications
London: 18-19 June 2012

Credit Default Swaps (CDS) - Operations
London: 20 June 2012

Derivatives Operations
Malaysia: 14-15 June 2012

Securities Lending & Borrowing
London: 19-20 April 2012

ICMA Executive Education Skills Courses

Mastering Mandates
London: 2-3 February 2012

Successful Sales
London: 19-20 March 2012

For details of courses for the whole of 2012 see www.icmagroup.org
ICMA supported industry events 

CityWeek 2012: The International Financial Services Forum, London, 6-8 February
"Opportunities and Challenges in a Rapidly Changing Global Marketplace"
Building on the success of last year's inaugural event, which attracted more than 650 delegates from 40 countries, CityWeek 2012 will bring together senior representatives from both the providers and users of international financial services worldwide in order to discuss the key challenges facing the industry globally.

2012 European Forum - Banking Risk and Regulation, London, 7-9 February
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.
ICMA Members are entitled to a 15% discount on the registration fee

ASSIOM FOREX 18th Congress, Parma, 17-18 February
18th Congress of The Financial Markets Association of Italy.
Visit the ICMA stand at the Congress.

IMN's 5th Annual Global Covered Bonds Conference, London, 23-24 February
IMN's 5th Annual Global Covered Bonds Conference will be the first substantial gathering of the covered bond industry in 2012, with more than 500 professionals expected to attend. Topics to be covered include, but are not limited to: outlook for the European covered bonds market in 2012 and beyond; assessing the fallout from the sovereign debt crisis; impact of ratings downgrades and watches; new asset classes and markets for covered bonds and more.
ICMA Members are entitled to a 15% discount on the registration fee

Bonds & Loans Russia, Moscow, 27-28 February
Bonds & Loans Russia is the first and only conference designed specifically for Russian issuers. With funds flowing in to the country at the highest pace in history, the unparalleled amount of capital Russian corporates are expected to deploy, will require CFOs to make balanced financial decisions to ensure companies take full advantage of the opportunities available to them. Bonds & Loans Russia will inspire new crossover demand from international investors looking to learn and participate in local markets, as well as introduce frequent local issuers to offshore alternatives.
ICMA Members are entitled to a 15% discount on the registration fee.

2nd Annual APAC Collateral Management Forum, Singapore, 27-28 March
The effects of recent market turmoil and the credit crisis have given collateral management increasing importance and visibility within financial services. This has led to keener scrutiny for sustainable solutions that will lead to better funding costs, regulatory adherence, reduced counter-party risk and increased stability. The 2nd Annual APAC Collateral Management Forum focuses on identifying strategies and successfully aligning them with execution.

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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, 2012. 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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