ICMA Update for Members - March 2018

This update for members comes out as we are all focused on the 50th AGM and conference in Madrid, which will kick off with the welcome reception at the Prado on the evening of Wednesday 30th May. We are expecting no fewer than 1,000 of you to join us this year for two days of discussion on the developments driving change in our market and networking with colleagues from around the world. There’s still time for you to register your attendance, I look forward to seeing many of you in Madrid.

Martin Scheck

ICMA Chief Executive


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


GDPR: Your Personal Data

As a member or other contact of ICMA, we hold your details on our database.
Important changes are being made to European data protection law this month with the General Data Protection Regulation (GDPR) and related rules implementing new requirements regarding the data that we hold and how we use it.

ICMA's updated Privacy Policy explains how we use your data and the rights that you have regarding your personal data. While all of our messages provide you with the option to unsubscribe, we would like to continue to share this content with you. If you would rather not receive information from us or would like to be taken off our database, just let us know by clicking the link at the bottom of this e-mail.

Please note there may be circumstances where we need to keep your details on the database (for example to be able to provide services to our members). If you have any questions about this message, or for general data protection advice, please contact us at legalhelpdesk@icmagroup.org

New members in March

Banca Generali S.p.A., Trieste
Industrial and Commercial Bank of China Limited, London Branch
National Westminster Bank Public Limited Company, London
Renaissance Securities (Cyprus) Limited, Nicosia
The Royal Bank of Scotland International Limited, St. Helier
This brings the total ICMA membership to 534.

Contact: sanaa.clausse@icmagroup.org

Sustainable finance

In April we published the inaugural issue of the quarterly Green, Social and Sustainable bonds newsletter e-newsletter, designed to keep the ICMA community up-to-date with highlights from the Green, Social and Sustainability bond markets, and developments from the Executive Committee of the Green Bond Principles (GBP)Social Bond Principles (SBP), and the Sustainability Bond Guidelines (SBG).
More than 750 people have already registered to attend the 2018 GBP/SBP AGM & Conference, which is being co-hosted by The Hong Kong Monetary Authority (HKMA). This has become one of the most high-profile gatherings for leaders in the green, social and sustainable bond markets and increasingly for other asset classes in sustainable finance. Holding the event outside Europe for the first time constitutes recognition of the rising importance of Asian markets and policy initiatives. The 2018 updates of the Green Bond Principles (GBP)Social Bond Principles (SBP), and the Sustainability Bond Guidelines (SBG) will be published after the AGM. 

Contact: greenbonds@icmagroup.org

GMRA and legal opinions

Since the early 1990s ICMA has devoted considerable resources to developing a standard master agreement for repo. The first version of the GMRA was published in 1992 and was followed by substantially revised versions in 1995, 2000 and 2011. ICMA recently published the 2018 opinions which cover the use of the GMRA in over 60 jurisdictions worldwide. This considerable body of legal work is made available to ICMA members as a part of their membership of the association.

ICMA’s European Repo and Collateral Committee recently decided to discontinue coverage of the GMRA 1995 in the ICMA GMRA legal opinions from 2019 onwards.

Contact: legalhelpdesk@icmagroup.org
Repo and collateral

The European Repo and Collateral Council (ERCC) has responded to a consultation by the European Commission on the finalisation of Basel III. The ERCC response calls for great care to be taken to fully assess the way in which further measures, particularly regarding haircuts, are calibrated.
The date of the next ERCC European repo market survey is Wednesday, 6 June. All firms conducting cross-border repo business in Europe are invited to participate, download the survey forms from our website

Contact: reposurvey@icmagroup.org
Covered bonds

The Covered Bond Investor Council (CBIC) has issued a position paper welcoming the recently released European Commission’s legislative proposal on covered bonds. Investors appreciate the blueprint this law will provide to countries that do not yet have a covered bond law. Furthermore, the CBIC appreciates that the Commission has adopted a principles-based approach that should allow existing national frameworks to continue to operate as before. This flexibility is welcome, however in some places it goes too far and risks lowering the high standards investors have come to expect in covered bonds. Our position paper develops on some of the areas, such as eligible assets or extendable maturities, where investors would like to see more clarity and stricter criteria to ensure investor protection is upheld. The CBIC will engage with policy makers in the coming months on this proposal to ensure that the investor voice is heard in the legislative process.
The next covered bond investor conference, organised by the Covered Bond Investor Council (CBIC) in cooperation with the Covered Bond Report, will be held in Frankfurt on Wednesday, 27 June. We have speakers from both the EBA on European Secured Notes (ESNs) and from the European Commission on the recently released covered bond directive.

Contact: patrik.karlsson@icmagroup.org or bogdan.pop@icmagroup.org

Asset Management and Investors Council

AMIC has published a statement on fund delegation, underlining its importance to the asset management business model and the threat from recent legislative proposals. 
Delegation is one of the key pillars supporting the EU’s cross-border investment model which has made UCITS, and increasingly AIFs, a global brand and a European success story. The European Commission’s proposal to review the European Supervisory Authorities gives the European Securities and Markets Authority the power to issue opinions on existing and future delegation arrangements. AMIC believes this proposal could threaten the success of the European asset management business. 

AMIC has also issued a position paper on the on-going review of the European Systemic Risk Board (ESRB), stating that in light of the recent Recommendation on liquidity and leverage risks in investment funds (ESRB/2017/6). ESRB’s governance could be improved. AMIC believes that the lack of public consultation, the intrusion by macro-risk supervision into the field of micro-regulation, and the unbalanced composition of the board of the ESRB justifies that the ESRB review includes an improvement of the functioning and composition of the ESRB. AMIC lays out two targeted changes to the ESRB review proposal to balance the composition of the ESRB to ensure greater representation from securities markets and to ensure consultation with industry takes place where legislative change is recommended.

Contact: patrik.karlsson@icmagroup.org or bogdan.pop@icmagroup.org
Market Practice and Regulatory Policy

View the full list of ICMA’s Market Practice and Regulatory Policy experts and their areas of expertise.
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 2nd Quarter 2018 which was published on 12 April 2018. The Quarterly Report for the 3rd Quarter 2018 will be published in July.
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 Future Leaders

The ICMA Future Leaders is designed to introduce people new to the industry to each other and to the benefits of ICMA! There is a Future Leaders steering committee with 20 members from 12 ICMA regions, which comes up with new ideas to help professionals starting out in capital markets and members are also invited to nominate a Future Leaders delegate to support the group and promote its activities within their firm. We hope you received the first  IFL newsletter from us last month, do let us know what you think about it. We have also put together a Fintech jargon page and the next step is to put together fact sheets on topics like ICOs and API. If you would have any suggestions or are interested in joining the working group, contact Gabriel Callsen.

Future Leaders networking events are in the pipeline for London, Frankfurt, Paris, Zurich, Stockholm, Milan and Amsterdam from June onwards, contact us to find out how you can be involved.

Finally, if you are joining us at the ICMA AGM in Madrid on May 30 to June 1, there will be an IFL meeting point at both of the evening receptions, where you can meet members of the committee.
Interested to hear about ICMA Future Leaders and how to get involved?

Join the ICMA Future Leaders Meeting in Madrid
Thursday, May 31, 11:45 to 12:15
Room: El Jardín, lower ground floor, the Meliá Castilla Hotel

Contact: futureleaders@icmagroup.org

Mentoring platform

The ICMA mentoring platform can help you find a career mentor in the international capital market. Join over 300 registered mentees and 120 mentors on the platform.
"I would absolutely recommend the programme, and have done to several colleagues, as well as senior people who could become mentees. A lot of people are surprised that it is available to them." 
- Rob Matthews, BNP Paribas
"I decided to actively spend more time on my personal development and the ICMA Mentoring Programme was a great opportunity to do that." 
- Patrik Saner, Swiss Re
find out more…


ICMA Legal and Regulatory

Helpdesk numbers

(ICMA members only)


+44 20 7213 0341 (London)

+41 44 360 5237 (Zurich)

+852 2531 6590 (Hong Kong)


For legal queries: legalhelpdesk@icmagroup.org

For market practice and regulatory policy queries: regulatoryhelpdesk@icmagroup.org


Get Involved!

New to the industry? Read Get involved! our quick guide to the international capital market and how to engage with ICMA.

ICMA Events

ICMA Women’s Network Reception in Madrid – the ICMA Women’s Network will be holding a reception at the Meliá Castilla Hotel from 18.00 to 19.30 on Thursday, 31 May before the reception, all are welcome. Contact ICMAwomensnetwork@icmagroup.org for more details.
After the AGM there are conferences still to come, notably the  2018 GBP/SBP AGM & Conference, which is being co-hosted by The Hong Kong Monetary Authority (HKMA) on 14 June and CBIC & The Covered Bond Report Conference in Frankfurt on 27 June.
ICMA Workshops in June

ICMA Workshop: Bond syndication practices for compliance and middle office professionals 
London, 21 June 2018

ICMA Workshop: Repo and securities lending under the GMRA and GMSLA 
London, 27-29 June 2018
ICMA Executive Education
Sign up today for these online programmes and start studying in June! Registrations will close 30 May 2018.

Financial Markets Foundation Qualification (FMFQ) Online Programme
Next start date: 1 June 2018 

Securities Operations Foundation Qualification (SOFQ) Online Programme
Next start date: 1 June 2018 

ICMA Fixed Income Certificate (FIC) Online Programme (Advanced qualification)
Next start date: 1 June 2018
To book your place on ICMA EE online or classroom courses visit icmagroup.org/education


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