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ICMA Update for Members April 2012
ICMA Update for Members April 2012

One of ICMA's objectives is to bring together individuals from our member firms to inform and engage them in debate about the future of the international capital market. We do this not only through meetings of our committees and working groups but also by running an extensive programme of conferences. This year we have already held capital markets events in Brussels, Madrid, Moscow and Stockholm, with a large one day conference in London on developments in the Chinese securities market and also a series of smaller roundtables for members in different locations. Over the next few weeks we are offering two further major events for members (and other market participants) with a new covered bond event for investors in Frankfurt and our own AGM and Conference in Milan at the end of May. ICMA members are very much encouraged to attend relevant events which are of course available to them free of charge.

Martin Scheck
Chief Executive

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

Erste Europäische Pfandbrief - und Kommunalkreditbank AG, Luxemburg
Loan Market Association, London
RCM (UK) Limited, London
Riksgäldskontoret (Swedish National Debt Office), Stockholm
The Bank of New York Mellon, London
Union National Bank PJSC, Abu Dhabi

For more information about the benefits of ICMA membership:
Contact: sanaa.benabdelhadi@icmagroup.org
Market Practice and Regulatory Policy update 

Repo markets: ICMA's European Repo Council (ERC) published a paper entitled, Shadow Banking and Repo, which explores concerns raised by regulators about shadow banking particularly in the context of the European repo market.
Contact: david.hiscock@icmagroup.org

The Global Master Repurchase Agreement (GMRA) 2012 legal opinions, covering more than 60 jurisdictions were published on ICMA's website. The GMRA and associated legal opinions are available to all ICMA members as a benefit of membership.
Contact: lisa.cleary@icmagroup.org

The ICMA ERC has submitted comments to ESMA, in relation to the ESA joint consultation paper on draft regulatory technical standards on risk mitigation techniques for OTC derivatives not cleared by a CCP under EMIR.
Contact: david.hiscock@icmagroup.org

Primary markets: As the deadline of 1 July for the transposition of the Prospectus Directive into national law approaches, ICMA continues to be involved in the development of the detailed regulation. The Commission has recently published the first of its two supplemental Regulations to the existing PD implementation, as flagged up in the ICMA Quarterly Report – Second Quarter 2012. The second is anticipated in the next month or so.
Contact: ruari.ewing@icmagroup.org

ICMA have submitted a response to the Commission's Discussion paper on the debt write-down tool, which reflects inputs provided by the Financial Institution Issuer Forum, the Asset Managers & Investors Council and the Regulatory Policy Committee.
Contact: david.hiscock@icmagroup.org

Secondary markets: The Secondary Market Practices Committee has agreed to consider changes proposed to the ICMA Rulebook in more detail.
The process of consultation with the ICSDs about changes to market practice in relation to the CSD Regulation currently being negotiated is now beginning.
A briefing call for members on the proposals for the revision of MIFID (MiFID II) and the accompanying regulation (MiFIR) has been arranged - see below for details.
Contact: john.serocold@icmagroup.org

Asset management: The AMIC ETF Working Group has submitted a response to the ESMA consultation paper on guidelines for UCITS Exchange-Traded Funds and Structured UCITS.
Contact: nathalie.aubry-stacey@icmagroup.org

The Covered Bond Investor Council has published its latest feedback statement showing investors' comments on its proposed transparency standard. The transparency standard will be the subject of a panel at the Covered Bond Investor Conference in Frankfurt in May (see below)
Contact: nathalie.aubry-stacey@icmagroup.org

Market infrastructure: The Collateral Initiatives Coordination Forum (CICF), a joint trade associations' body designed to facilitate appropriate coordination across the private sector of all collateral-related initiatives, will hold its next meeting on 30 April.
Contact: david.hiscock@icmagroup.org

Meetings with regulators: ICMA has led delegations of members on both the sell side and the buy side for meetings with ESMA and DGMARKT.

Relevant information: ICMA has created a new documentation website page, including a comprehensive compendium of ICMA's rules, recommendations, standard documentation and guidance covering the primary, secondary and repo markets in particular.

More detailed information on ICMA Market Practice and Regulatory Policy work can be found in the ICMA Quarterly Report for the Second Quarter (published on 4 April)

Quarterly briefing call: For those who were unable to join the quarterly briefing call held by members of the ICMA Market Practice and Regulatory Policy team on 18 April, a recording of the call is now available only for ICMA members and may be accessed on the members' pages of the ICMA website here. The recording will only be available until May 4, 2012.

The briefing call discussed some of the aspects of our work programme featured in the latest quarterly report issued on 4 April. To access the page, you will require your username and password which are held by your firm's principal delegate.
Contact: membership@icmagroup.org
Forthcoming meetings and events 

ICMA Regional Meetings
Luxembourg, 24 April - Luxembourg
Switzerland and Liechtenstein, 24 April - Zurich
Netherlands, 11 May - Utrecht
Contact: candice.weinrich@icmagroup.org

MiFID II and MiFIR - an AFME/ICMA/ ISDA joint briefing call for members, 25 April
ICMA members are invited to join a briefing call on Wednesday, 25 April at 12.00 UK time (13.00 CET) where the topic under discussion will be the proposals for the revision of the Markets in Financial Instruments Directive MiFID (MiFID II) and the accompanying EU Regulation (MiFIR) and their current status.
Contact: leonie.scott@icmagroup.org

The Global Master Repurchase Agreement (GMRA) 2011 - briefing calls
ICMA members are invited to attend a series of regional briefing calls on the GMRA 2011 and the associated legal opinions for different jurisdictions.
Brazil, 25 April, 10.00 (Sao Paolo time)
Australia, 26 April, 17.00 (Sydney time)
Netherlands, Sweden, Norway, Luxembourg, Finland, 14 May, 11.00 CET (Finland, 12.00)

Registration in advance is essential.
Contact: lizzie.birnie@icmagroup.org

ICMA CBIC & The Covered Bond Report Conference, Frankfurt, 10 May
The ICMA Covered Bond Investor Council (CBIC) and The Covered Bond Report will be jointly hosting the Covered Bond Investor Conference on 10 May at the InterContinental Frankfurt, the first industry event designed to air and address investors' concerns.

The conference will explore those issues that are at the top of the investor base's agenda. Panel discussions will take in the ICMA Covered Bond Investor Council's transparency standards initiative as well as secondary market liquidity, new issue procedures, and legislative, regulatory and structuring developments.

The conference will be an ideal opportunity for those wishing to engage in a constructive dialogue with the buy-side. The conference is offered free of charge for relevant investors. Registration is however essential.

Register here

ICMA AGM and Conference, Milan, 23-25 May
Register now to join other ICMA members, international market participants and regulators from all over the world at the ICMA annual conference in Milan. The two day event has a full programme covering major themes for the global capital markets including: regulatory change, the economic environment, bank and sovereign funding requirements, market infrastructure and the concerns of investors.

This year we have received an unprecedented level of sponsorship in support of the ICMA AGM and Conference and there will be more than 30 exhibitors present.

ICMA member firms are entitled to free places and/or substantial discounts.

Register here

Repo workshop and roundtable, Kyiv, 7 June
A one day event which comprises an international repo and risk management workshop in the morning followed by an afternoon roundtable on regulatory issues affecting both international and Ukrainian markets.
Contact: sergiy.burnus@icmagroup.org

*Global Master Agreements for Repo and Securities Lending Workshop, London, 12-14 June
Presented by ICMA and ISLA
These two master agreements are the essential legal underpinnings of the closely-related repo and securities lending markets. The 3-day workshop will include a detailed review of each agreement, consider common legal issues, and highlight the growing similarities and remaining differences. There is a strong practical aspect to the workshop.

Register here

*Understanding the ICMA Primary Market Handbook (IPMA Handbook), London, 15 June
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

Markets in financial instruments - the review of MiFID, MiFIR and CSD regulation
Save the Date
ICMA will be running a series of regulatory workshops examining the implications of the imminent MiFID II, MiFIR and CSD regulation featuring ICMA policy staff, local regulators and market participants.
The first of these have been scheduled as follows.
Paris, 29 June
Zurich, 10 July
Contact: suzanne.atkins@icmagrourp.org

ICMA Executive Education 

Accreditation of the IFID and OCP in Hong Kong
ICMA, in association with the Treasury Markets Association (TMA) of Hong Kong, has announced that any holders of either the International Fixed Income and Derivatives (IFID) Certificate Programme or the Operations Certificate Programme (OCP) can apply to be a TMA Associate Member, provided that they have passed the examination on the Code of Conduct and Practice of the TMA (Elementary Level). The TMA 'Associate Member' status is part of the new Primary Qualification Framework (PQF), which was recently put in place in Hong Kong.

Book now for the following ICMA Executive Education courses

Part Ι: Introductory Programmes

Financial Markets Foundation Course (FMFC)
London: 29-31 May 2012

Securities Operations Foundation Course (SOFC)
Malaysia: 11-13 June 2012

Part ΙΙ: Intermediate Programmes

International Fixed Income and Derivatives (IFID) Certificate Programme
Hong Kong: 26 August - 1 September 2012

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

Part ΙΙΙ: Specialist Programmes

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

Technical Analysis and Inter-Market Trading
London: 18-19 June 2012

ICMA Skills

Successful Sales
London: 21-22 June

Mastering Mandates
London: 27-28 September 2012

For details see www.icmagroup.org
ICMA supported industry events 

IFLR European Capital Markets Forum, London, 25-26 April
The ninth annual European Capital Markets Forum helps guide you through the regulation and show you opportunities in the market. By bringing together the biggest investment banks, best lawyers and top regulators, the forum gives market consensus on structuring equity, debt and structured finance deals.
Speakers include: Martin Scheck, ICMA; Peter Castellon, Citigroup; Stephen Whitbread, Morgan Stanley; Mark Bicknell, Bank of America Merrill Lynch; Tim Davies, Royal Bank of Scotland; Amol Prabhu, Barclays Capital; Rob Baston, UBS; Graham Kent, Deutsche Bank; Brad Duncan, Citigroup; Steven Gandy, Santander Global Banking and Markets; J. Littleton Glover, Goldman Sachs.
Contact: mfabri@euromoneyplc.com

Nordic Capital Markets Forum ' Seminar: The Future of the EU and the Euro' and 2012 Annual General Meeting, Copenhagen, 9 May
For more information visit: www.nordiccapitalmarkets.org

The Economist Conferences 'Bellwether Europe - the European Capital Markets' summit, London, 10 May
Bellwether Europe, Economist Conferences' Capital Markets event will take place in London at The HAC on 10 May 2012. Chaired by Philip Coggan at The Economist, the event will gather 250 borrowers, investors, regulators and policymakers to map out key risks, identify safe havens and deliver solutions for creating balance in today's turbulent market conditions.
ICMA Members are entitled to a 20% discount on the registration fee. Simply enter ICMA when registering online.
For more information visit: www.bellwethereurope.com

The 5th Annual AFME European Post-Trade Conference, London, 16 May
Offering insights into crucial developments in the post-trade space and their impact on the industry, this is a must attend event for anyone currently working in European Post-Trade, with keynote addresses from Dr Kay Swinburne, MEP, Economic and Monetary Affairs Committee, European Parliament and Verena Ross, Executive Director, European Securities and Markets Authority (ESMA). ICMA Members are entitled to a 25% discount on the non-members registration fee, to obtain this discount please email malisa.patel@afme.eu or call +44 (0)20 7743 9337.

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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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