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ICMA | International Capital Market Association
ICMA Update for Members February 2014
The scope of your association's activities is evident in this February update. Of particular note in the schedule of member meetings is our growing engagement with the international issuer community through regular, well-attended meetings of the Corporate Issuer Forum, Public Sector Issuer Forum and Financial Institutions Issuer Forum.
Preparations for the ICMA AGM and Conference are well advanced and registration is open, I hope that many of you will be able to join us in Berlin from 4 to 6 June and encourage you to put these dates in your diary now. And finally, I would like to welcome Paul Young, a Managing Director in Citigroup's Fixed Income Division and Head of EMEA Debt Capital Markets and Syndicate London to the ICMA Board.
Martin Scheck
Chief Executive, ICMA



If you have any comments on this update or its contents please contact us at: corporate.communications@icmagroup.org
  New ICMA members in January
Borsa Istanbul, Istanbul
FirstRand Bank Limited, Sandton
Indonesia Stock Exchange, Jakarta
Virgin Money plc, Newcastle upon Tyne

View a full list of ICMA member firms on our website.
Contact: sanaa.clausse@icmagroup.org
  Legal and regulatory helpdesk
The helpdesk service for members is the first point of contact to get directly in touch with ICMA legal and regulatory experts for information and guidance on a range of issues that affect your business in the debt capital markets. The helpdesk numbers are answered by ICMA staff during normal business hours, usually 8.00 to 18.00 CET. Outside those hours you can contact us through two dedicated e-mail addresses.

ICMA LEGAL AND REGULATORY HELPDESK NUMBERS
+ 44 20 7213 0341
+ 41 44 360 5237
For legal queries: legalhelpdesk@icmagroup.org
For market practice and regulatory policy queries: regulatoryhelpdesk@icmagroup.org
  ICMA's Rene Karsenti announced as new member of ESMA's SMSG
The European Securities and Markets Authority (ESMA) has appointed René Karsenti, President of ICMA, as a member of its Securities Markets Stakeholder Group (SMSG).
  Market Practice and Regulatory Policy update
For a full list of ICMA's Market Practice and Regulatory Policy experts and their areas of expertise click here.

Repo markets: The results of the 26th ICMA ERC Repo survey were published on 22 January. The survey, which computes the amount of repo business outstanding on 11 December 2013, sets the baseline figure for market size at EUR 5,499 billion.
Contact: erc@icmagroup.org
The 2014 ICMA GMRA legal opinion for the Netherlands is now available on the ICMA website. This opinion covers, inter alia, the recent initiatives of the Dutch Minister of Finance and the Dutch Central Bank in respect of the Dutch Intervention Act addressing the concerns that have arisen in the financial markets regarding the enforceability of netting and close-out rights under said Act.
Contact: lisa.cleary@icmagroup.org

Primary markets: ICMA has published a Sovereign Bond Consultation Paper containing proposals to facilitate the orderly functioning of sovereign debt. ICMA members are invited to comment on two new proposed standard form provisions. The first part of the Consultation Paper sets out new standard form collective action clauses for sovereign notes. The second part of the paper sets out a pari passu provision for inclusion in the terms and conditions of sovereign notes.
Contact: leland.goss@icmagroup.org
The ICMA Corporate Issuer Forum is preparing a response to the European Banking Authority's consultation on Asset Encumbrance.
Contact: katie.kelly@icmagroup.org

Secondary markets: Following political agreement reached in January between the European Parliament and the Council of Ministers of the EU on the reforms to the EU Markets in Financial Instruments Directive (MiFID2/MiFIR), we await the expected discussion paper from ESMA setting out its approach and anticipate an active year contributing input on the detailed proposals. Chief amongst concerns for ICMA and its members are mandatory public transparency in the fixed income markets; the possibility of a requirement to trade bonds only on trading venues; third country issues and the access question.
Contact: john.serocold@icmagroup.org

Asset management: The Asset Management and Investors Council has responded to ESMA's consultation paper on diversifying collateral in the context of the guidelines on ETFs and other UCITS issues. The AMIC is also preparing a response to the Financial Conduct Authority's consultation on the Use of Dealing Commission Rules.
Contact: nathalie.aubry-stacey@icmagroup.org
A new AMIC bail-in working group composed of investors will meet this week for the first time to consider the practical implications and technical operation of the bail-in regime on the buy side and will look inter alia at the issue of asset encumbrance. The working group will be discussing the EBA asset encumbrance reporting consultation paper.
Contact: nathalie.aubry-stacey@icmagroup.org
ICMA has launched a working group that will aim to identify obstacles to the development of a pan European private placement market and how they may be overcome. The group's immediate priorities have been identified as: documentation standardisation; rights between unsecured bank lenders and unsecured institutional lenders; credit scoring and regulatory recognition; financial information and reporting from issuers to institutional investors.
Contact: nicholas.pfaff@icmagroup.org

More detailed information on ICMA Market Practice and Regulatory Policy work can be found in the ICMA Quarterly Report for the First Quarter (published on 9 January 2014).
The ICMA Quarterly Report for the First Quarter 2014 will be published on 9 January 2014.

An ICMA Regulatory Grid which summarises proposed financial regulations affecting the cross-border securities market in Europe is available for download on the locked members'-only area of the ICMA website. It is a working draft provided by the ICMA Market Practice and Regulatory Policy team and is periodically updated.
  ICMA Events 2014
Most ICMA events are accredited under the Solicitors Regulation Authority (formerly The Law Society's) CPD Scheme. See ICMA website for details.

ICMA Capital Market Lecture with Mark Boleat, City of London Corporation, London, 4 March
ICMA is very pleased to welcome Mark Boleat, the Chairman of the Policy and Resources Committee of the City of London Corporation as the latest eminent speaker in the ICMA Capital Market Lecture Series.Speaking on the theme, 'Britain and the EU, a City perspective' Mr Boleat will be contributing to the current political debate over Britain's continuing participation in the European Union from the point of view of maintaining London as a leading global financial and business centre.

Register here

European Regulation: An Introduction for Capital Market Practitioners, London, 6 March
This one day fast track course on European regulation for capital market practitioners is aimed at sales people, traders, originators, syndicate personnel, and middle and back office staff who would benefit from a better understanding of the current regulatory landscape in the cross-border bond markets. It is specifically not aimed at lawyers or compliance staff. The focus of the programme is the cross-border capital markets and the bias is towards practitioners working largely with institutional rather than retail clients. The course provides updates on the major regulatory developments relevant to the market and will consider recent case studies in the regulatory crackdown.

Register here

ICMA and NCMF Annual Conference, Copenhagen, 18 March
The annual ICMA and NCMF conference on Regulatory Reform and Nordic capital markets will provide an overview on progress with the European regulatory agenda with a specific focus on the impact of current and future regulations on the performance of markets in the Nordic region.
Amongst the items on a wide-ranging programme are:
•Changes to the regulatory environment for issuers in the debt capital markets, covering the Prospectus Directive, PRIPS regime and Market Abuse Regulation
•Trends and regulatory developments in the European repo market.
•A repo index as a replacement for Libor
•The Liquidity Coverage Ratio and Covered Bonds
The conference will feature a keynote speech by Per Callesen, Governor, Danish Central Bank on: ' A Central Banker's Perspective on European Regulatory Reform'.

Register here

Bond syndication practices for compliance professionals and other non-bankers - an ICMA Workshop, London, 18 March
This workshop aims to give compliance professionals an in-depth and thorough understanding of the current practices that are involved in launching a deal in the international debt capital market. It explains precisely how the deal is done, starting with first steps in the pre-launch process - looking at the pitch book, the mandate, the roadshow and the prospectus - through syndication, including book building and allocation, up to and including the final public launch of the issue.

Register here

Global Master Agreements for Repo and Securities Lending Workshop, London, 26-28 March
ICMA and the International Securities Lending Association (ISLA) are running workshops 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 offers a detailed review and comparison of both legal agreements and their application, including coverage of the GMRA 2011, together with case studies, building on a rigorous introduction into the operational and basic legal characteristics of the repo and securities lending markets, and insights into key features of the market such as triparty repo and the use of CCP, as well as accounting and tax treatment.

Register here

ICMA Asset Management and Investors Council (AMIC) Meeting & Seminar, Zurich, 8 April
The ICMA Asset Management and Investors Council (AMIC) represents a broad range of international investors drawn from all sectors of the industry, including institutional asset managers, private banks, hedge funds, pension funds, insurance companies and sovereign wealth funds. The AMIC Council meeting is a half day conference, open to private banks and international asset managers and will feature sessions on: Practical steps to establishing trust in the market - including the ICMA Private Wealth Management Charter of Quality, regulatory changes (MiFID and dealing commissions), transparency; Trends in global private banking capital flows; Success factors for development of financial centres and; Asset allocation.

Register here

ICMA Capital Market Lecture with Sajid Javid MP, Financial Secretary to the Treasury, London, 8 May
Sajid Javid MP, Financial Secretary to the Treasury, will be the featured guest speaker at this ICMA Capital Market Lecture hosted by the EBRD in London

Register here


The ICMA CBIC & the Covered Bond Report Conference, Frankfurt, 15 May
This workshop aims to give compliance professionals an in-depth and thorough understanding of the current practices that are involved in launching a deal in the international debt capital market. It explains precisely how the deal is done, starting with first steps in the pre-launch process - looking at the pitch book, the mandate, the roadshow and the prospectus - through syndication, including book building and allocation, up to and including the final public launch of the issue.

Register here

ICMA Annual General Meeting and Conference 2014, Berlin 4-6 June
***Registration now open***
Now in its 46th year, the ICMA Annual General Meeting (AGM) and Conference brings together the financial community to discuss the latest market trends and regulatory developments in the international capital market. The conference is open to all financial market participants. ICMA members are entitled to a number of complimentary passes. Check your entitlement to free places by contacting the ICMA Membership team.

Register here
  ICMA Executive Education
Book now for these ICMA Executive Education courses in first half 2014

ICMA Executive Education courses are accredited under the Solicitors Regulation Authority (formerly The Law Society's) CPD Scheme - please see ICMA website for details.


Part Ι: Introductory Programmes

Financial Markets Foundation Course (FMFC)
London: 7-9 May
Luxembourg: 2-4 June

Securities Operations Foundation Course (SOFC)
London: 25-27 February
Brussels: 19-21 March

Part ΙΙ: Intermediate Programmes

International Fixed Income and Derivatives (IFID) Certificate Programme
Barcelona, 27 April - 3 May

Operations Certificate Programme (OCP)
London, 23-29 March

Primary Market Certificate (PMC)
London, 19-23 May


Part ΙΙΙ: Specialist Programmes

Collateral Management
London: 3-4 March

Corporate Actions - An Introduction
London: 28-29 April

Corporate Actions - Operational Challenges
London: 30 April - 1 May

Trading the Yield Curve with Interest Rate Derivatives
London: 8-9 May

Measuring and Mitigating Counterparty Credit Risk
London: 12-13 May

Capital Market Overview of Islamic Finance & Sukuk
London: 9-10 June

Corporate Governance and Culture
London: 16-17 June

Further specialist level programmes will be announced shortly

ICMA Executive Education Skills Courses

Successful Sales
London: 1-2 May

The full 2014 course schedule is available here, www.icmagroup.org/Training-Development
  ICMA supported industry events
IMN 7th Annual Global Covered Bonds Conference, London, 27-28 February

5th Annual Borrowers & Investors Forum, North Asia, Hong Kong, 5 March

Global Financial Markets: New Rules on Market Structure, Trading and Funding, London, 17 March

City Week 2014, London, 31 March - 2 April

3rd Annual Collateral Management Forum, Vienna, 22-23 May

  Practical Law Multi-jurisdictional guides
ICMA members can now enjoy complimentary access to the full text of multi-jurisdictional guides published by Practical Law. The guides provide practical information on topical issues, country-specific Q&A overviews on various areas of law and practice and also have their own comparative tool which allows the user to select a specific question or topic, select the jurisdictions they are interested in and the tool will compare the answers.

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This communication is presented by the International Capital Market Association (ICMA). ICMA believes that the information contained in the communications 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, 2014. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without permission from ICMA.

International Capital Market Association (ICMA) | Talacker 29 | 8022 Zurich | Switzerland
www.icmagroup.org