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ICMA | International Capital Market Association
ICMA Update for Members May 2014
I am looking forward to meeting many of you at the 46th ICMA AGM and Conference which will be held at the Intercontinental Berlin from 4 to 6 June. With sessions cutting across a wide range of capital market topics, including the role of markets in promoting economic growth, perspectives from issuers and investors and contributions from an impressive roster of industry leaders, policy makers and commentators, this meeting provides many opportunities to get insights on global developments and to meet your peers in the market face-to- face.

All ICMA member firms are entitled to an allocation of free places, check your entitlement with the membership team at membership@icmagroup.org

If your firm can not be represented in person at the AGM it would be very helpful if you could appoint a proxy, full details are on our website.

Martin Scheck
Chief Executive, ICMA

If you have any comments on this update or its contents please contact us at: ICMACorporateCommunications@icmagroup.org
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.
Telephone: + 44 20 7213 0341 // + 41 44 360 5237
For legal queries: legalhelpdesk@icmagroup.org
For market practice and regulatory policy queries: regulatoryhelpdesk@icmagroup.org
Green Bond Principles Governance Established - ICMA Appointed Secretariat
A group of financial institutions that recently created the Green Bond Principles has published its governance framework, which will allow for diverse stakeholder input into the principles, provide effective oversight, and support their further development.

The group - Bank of America Merrill Lynch, Citi, Crédit Agricole Corporate and Investment Bank, and JPMorgan Chase - established the principles to encourage transparency, disclosure, and integrity in the Green Bond market. Altogether 25 banks announced their support for the Principles. They were developed with guidance from issuers, investors, and environmental groups, and serve as voluntary guidelines on the recommended process for the development and issuance of Green Bonds.

ICMA will serve as the Secretariat, assuming administrative duties, and providing guidance for the governance of the Green Bond Principles and related issues. As the principles are designed to be industry-wide, Green Bond issuers and investors as well as banks are invited to participate.
Contact: greenbonds@icmagroup.org
ICMA's European Private Placement Working Group to produce a
European guide to best practice
Working amongst others with the European Private Placement Association (EU PPA) and the Loan Market Association (LMA), ICMA's European Private Placement Working Group will develop a guide to best practice to facilitate common market practices, principles and standardised documentation for the emerging pan European Private Placement market. This work will build on the recently released Charter for Euro Private Placements developed by a wide ranging industry group coordinated by the Banque de France.

The Working Group will also enter into a dialogue with European and national regulators and market authorities in order to achieve over time regulatory recognition for Private Placements as an asset class. The Working Group brings together key investors, market participants and other associations, as well as a number of observers from the official sector that have confirmed their strong support.
Contact: nicholas.pfaff@icmagroup.org
2014 legal opinions for the Global Master Repurchase Agreement published
The 2014 GMRA legal opinions opine on the GMRA 1995, 2000 and 2011 versions (as well as the 1995 version as amended by the Amendment Agreement to the 1995 version and the 1995, 2000 and 2011 versions as amended by the 2011 ICMA GMRA Protocol) (the GMRA). The opinions cover the enforceability of the netting provisions of the GMRA as well as the validity of the agreement as a whole and are available for 63 jurisdictions.
Contact: lisa.cleary@icmagroup.org
ICMA Executive Education scholarship programme for ICMA members
ICMA has launched a limited number of new scholarships for employees of member firms who are under 25 years of age. The intention is to develop the skills of people who are at the start of their careers in financial markets by encouraging access to ICMA EE courses, particularly the Financial Markets Foundation Course (FMFC) and Securities Operations Foundation Course (SOFC). There are a limited number of scholarships available for each ICMA member firm. Eligible students receive a further 50% discount from the members rate (already discounted by 30% from the non ICMA member rate) to attend the full suite of ICMA EE courses
Contact: michael.mackenzie@icmagroup.org
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.

Short-term markets: The ICMA European Repo Council's paper, Collateral is the New Cash: the Systemic Risks of Inhibiting Collateral Fluidity, was the focus of an event held in Brussels on 3 April. It describes the increasing importance of collateral and explains how collateral effectively underpins the functioning of capital markets, which finance economic growth. The paper calls for regulators to consider the impact of financial regulation on the movement of collateral, highlighting the potential systemic risks of inhibiting collateral fluidity and the negative impact this could have on the stability and efficiency of capital markets.
Contact: andy.hill@icmagroup.org

Both ICMA's European Repo Council and the Euro Commercial Paper Committee have responded to the BCBS Consultative Document on the Net Stable Funding Ratio (NSFR), which is designed to ensure that banks maintain a stable funding profile in relation to the characteristics of their on- and off-balance sheet activities.
Contact: andy.hill@icmagroup.org and david.hiscock@icmagroup.org

ICMA attended a meeting of the STEP+ Steering Committee on 11 April 2014 in its capacity as observer of the STEP+ initiative, which focuses on increasing liquidity and transparency in STEP-labelled short-term European commercial paper.
Contact: katie.kelly@icmagroup.org

Primary markets: ICMA, on behalf of the Financial Institution Issuer Forum (FIIF), which includes representations from the ICMA European Repo Council, has responded to the EBA's Consultation Paper on draft guidelines on disclosure of encumbered and unencumbered assets. ICMA has hosted a meeting of the ICMA/AFME Infrastructure Working Group, which aims to promote and increase awareness of capital markets infrastructure financing.
Contact: katie.kelly@icmagroup.org

Updated ICMA pro forma final terms and retail cascades legends have been finalised and circulated to membership and a hard copy update for the ICMA Primary Market Handbook will be circulated in due course.
Contact: charlotte.bellamy@icmagroup.org

Secondary markets: ICMA has submitted a response to the ESMA Discussion Paper on the CSD Regulation (ESMA 2014/299), with particular emphasis on the proposals for mandatory buy-ins. The Secondary Market Practices Committee is considering the preliminary results of the secondary market liquidity survey which we have been working on. We are most grateful to TRAX [and Dealogic] for the provision of data for our analysis.

In response to the CSD Regulation and the provision to migrate the standard settlement cycle for cash trading from T+3 to T+2, ICMA will change the standard settlement cycle for cash transactions set out in the ICMA Rules and Recommendations from T+3 to T+2 unless otherwise agreed to allow for the orderly trading of all fixed income securities traded under ICMA rules and from T+2 to T+1 for repo transactions. These changes will take effect from 6 October 2014, the date on which the majority of European markets are to make the migration. Contact: john.serocold@icmagroup.org

Asset management: the ICMA Asset Management and Investors Council (AMIC) has responded to the FSB/IOSCO consultation on the assessment methodologies for identifying Non-Bank Non-Insurer Global Systematically Important Financial Institutions (NBNI G-SIFIs). Presentations by Giles Keating, Head of Research for Private Banking & Wealth Management and Deputy Global Chief Investment Officer, Credit Suisse and Daniel Zuberbuehler, Former Vice Chairman, FINMA from the recent AMIC meeting and seminar in Zurich can be accessed on the ICMA website.

More than 200 delegates attended the Covered Bond Investor Council/Covered Bond Report Conference in Frankfurt to hear covered bond specialists on advances in transparency standards and other regulatory developments affecting the asset class.
Contact: nathalie.aubry-stacey@icmagroup.org

ICMA Asia-Pacific: An Asian Advisory Board composed of representatives from members in the region has been established to provide insights as to market practice/regulatory developments within the Asian region and to give ICMA strategic advice on where it should best focus its efforts based on its expertise in the international capital market.
Contact: mushtaq.kapasi@icmagroup.org
Green Bond Principles Governance Established - ICMA Appointed Secretariat
ICMA's European Private Placement Working Group to produce a European guide to best practice
2014 legal opinions for the Global Master Repurchase Agreement published
ICMA Executive Education scholarship programme for ICMA members
Market Practice and Regulatory Policy update
ICMA Executive Education
Special offer for ICMA members
Most ICMA events are accredited under the Solicitors Regulation Authority (formerly The Law Society's) CPD Scheme. See ICMA website for details.
ICMA Annual General Meeting and Conference 2014

Berlin 4-6 June
Collateral is the New Cash - an ICMA Lunchtime Seminar

Paris, 10 June
ICMA GCC Debt Primary Markets Conference

Dubai, 11 June
European Regulation: An Introduction for Capital Market Practitioners

London, 27 June
SAVE THE DATE for these ICMA Events in the second half of 2014
The 7th Annual bwf and ICMA Capital Markets Conference
Frankfurt, 1 October
The 8th ICMA Primary Market Forum
London, 12 November
ICMA European Repo Council (ERC) General Meeting
London, 19 November
The Regulation of Asset Management
London, 16 June
ISLA's 23rd Annual Securities Finance and Collateral Management Conference
Berlin, 17-19 June
2014 Enterprise Collateral Management Conference
London, 24-25 June
Global Borrowers & Investors Forum and The Bond Investors Congress
London, 24-25 June
4th Africa Debt Capital Markets Summit
London, 30 June
More detailed information on ICMA Market Practice and Regulatory Policy work on behalf of members can be found in the ICMA Quarterly Report for the Second Quarter.
The 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 Executive Education
Book now for these ICMA Executive Education courses in 2014

New courses added for autumn 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 I, Introductory Programmes
Financial Markets Foundation Course (FMFC):
Luxembourg, 2-4 June
Luxembourg: 22-24 September 2014
London: 5-7 November 2014

Securities Operations Foundation Course (SOFC):
London: 10-12 September 2014
Brussels: 12-14 November 2014
  Part II, Introductory Programmes
International Fixed Income and Derivatives (IFID) Certificate Programme:
Next classroom-based course:
Barcelona: 26 October-1 November 2014

Operations Certificate Programme (OCP)
Brussels: 16-22 November 2014

Primary Market Certificate (PMC):
London: 17-21 November 2014
  Part III, Introductory Programmes
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
Mastering Mandates: London: 7-8 October 2014

The full 2014 course schedule is available here, www.icmagroup.org/Training-Development
Special offer for ICMA members
A two month free trial of TheBanker.com is available to ICMA members, simply contact TheBanker@ft.com quoting the reference IC2MTH14.
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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.

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