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Main focus of ICMA Corporate Issuer Forum

A sample of the main issues discussed by the Corporate Issuer Forum in recent meetings includes the following:

  • applicability to new issues processes – understanding the impact for issuers and an assessment of practical steps that issuers need to take
  • the product governance regime and its nexus with Packaged Retail and Insurance-based Investment Products (PRIIPS)
  • consideration of the impact of research unbundling on corporate issuers

Market Abuse Regulation:

  • clarity on new procedures on soundings in the context of inside information and no inside information, ensuring that advice to issuers is consistent and that their approach is compliant with MAR

Prospectus Regulation:

  • regular updates on current positions, with particular emphasis on ordering, prioritising and drafting risk factors

LIBOR / Benchmark Regulation:

  • consideration of long-term developments and short-term current practice

Bail-in / BRRD:

  • the effect of bail-in on the corporate treasurer and risks inherent in exposure to banks in terms of investments, deposits, derivatives and repo, as well as creditor expectations when a bail-in actually occurs

New issues processes:

  • general discussions on allocations, allocations policies, FMSB New Issues Process Standard

Green bonds / Social bonds:

  • consideration of recent corporate bond issuance
  • discussion of feasibility of green bonds
  • introduction to social bonds


  • the potential of blockchain technology and how it could be applied to capital markets, latest innovations, benefits, implications and efficiencies


  • an analysis of IFRS 9, its impact upon debt capital markets and the treasury function

QE / Corporate Sector Purchase Programmes:

  • discussion and consideration of effects of QE programmes on primary subscriptions, investor behaviour, spreads, secondary market liquidity and overall financial stability


  • a regular assessment of the effect of Brexit negotiations on the capital markets, an exploration of some of the key issues and practicalities for corporate treasury as a result of Brexit and an opportunity for CIF members to voice any particular Brexit-related issues which may affect the treasury function

Panda Bonds / alternative markets:

  • discussions on experiences of alternative markets, including panda, formosa, sukuk, maple and other markets

Inputs into studies / regulatory responses:

  • qualitative inputs into ICMA Secondary Market Studies, FCA Study on Investment and corporate banking market, ICMA Panda bond study, as well as regulatory responses such as Fair & Effective Markets Review and Capital Markets Union

Participation in ICMA events:

  • ICMA AGM & Conference, ICMA Primary Market Forum, ICMA Women’s Network/Future Leaders Committee