ICMA Euro commercial paper (ECP) materials are made available to the wider market


23 March 2020 Following the announcement of the Bank of England’s Covid Corporate Financing Facility (CCFF) and in the interest of supporting the overall market, ICMA is making generally available to non-ICMA members the Euro commercial paper materials from the ICMA Primary Market Handbook previously available only to ICMA members. The Bank of England has confirmed to ICMA that it will accept commercial paper issued on ICMA standard templates, though ICMA anticipates some parties may wish to use the ICMA materials as a basis from which to develop narrower use documentation.
The relevant materials are:
  1. Appendix A7, Part I - Dealer Agreement;
  2. Appendix A7, Part II - Information Memorandum;
  3. Appendix A7, Part III - Global Note;
  4. MiFID II Product Governance and Euro Commercial Paper;
  5. Chapter 12 - ECP Recommendations;
  6. Chapter 2 - MTN Recommendations (cross-references from Chapter 12).
ICMA is considering the IBOR provisions in the standard form ICMA ECP Global Note.

Any related queries should be directed to LegalHelpdesk@icmagroup.org.

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