Amendments to Section 1000 of ICMA’s Rules and Recommendations
5 December 2025 We are pleased to announce that the ICMA Board has adopted today a revised set of rules setting out the governance structure underpinning ICMA’s repo and collateral work.
This is the result of a comprehensive review of the current rules, set out in section 1000 of the ICMA Rulebook, which was undertaken over the course of 2025 in close consultation with members. The aim of the review was to modernise and simplify a framework that had become lengthy, complex and, in some areas, outdated. The adoption by the Board follows discussions with the ERCC Committee and review and approval by the wider ERCC/IRCC membership which was achieved in November.
The new, significantly shorter section 1000 focuses on high-level governance principles. Operational and procedural details, previously included in the ICMA Rules, have been moved to a new and separate Terms of Reference (“ToR”) specific to the ERCC. While not materially changing the operation of the various committees and working groups, the new structure allows for more efficient updates and provides greater transparency around committee processes.
Further details are set out in a related member circular.
See: ERCC Terms of Reference.
