ICMA responded on 22 February 2018 to the European Commission’s consultation 'Public consultation on building a proportionate regulatory environment to support SME listing'. Limited to one question relating to the applicability of the MAR soundings regime to private placement, the response was supported by the MAR Working Group of the ECPP Joint Committee and amplifies the findings of the recently-released Linklaters/BCG study 'Identifying market and regulatory obstacles to the development of private placement of debt in the EU'.

See also: Private placement study on market and regulatory obstacles - April 2018 (from the ICMA Quarterly Report for the Second Quarter of 2018).

The European Corporate Debt Private Placement Joint Committee (ECPP JC) (formerly, Pan-European Private Placement Joint Committee) was borne out of a need to bring together the various separate working groups with an interest in private placements under one umbrella group, with a view to developing a pan-European corporate private placement market. This market is designed to particularly benefit medium-sized and unrated companies by providing long-term debt funding which may not otherwise be available to them from the loan or bond markets. It may serve in this way as an intermediary and preparatory stage for these companies before they gain access to the public debt markets; and can also accommodate larger corporate issuers, as the case may be. The market is aimed at institutional investors with a buy-to-hold strategy, and not at the retail market.

The output of the ECPP JC is (i) to publish and keep up to date a European Guide to best practice European Corporate Debt Private Placement Joint Committee (ECPP JC) that defines best practices and the role of the parties, while providing a standard summary of terms for discussion between borrowers and investors that will be both documentation and jurisdiction neutral; (ii) in parallel and subsequently, to promote the standardisation of transaction documentation; and (iii) to identify barriers to entry for new issuers and investors into this market and propose remedies.

The ECPP JC is coordinated by ICMA and further comprises the Association for Financial Markets in Europe (AFME), the European Private Placement Association (EU PPA), the French Euro Private Placement (Euro PP) Working Group, the Investment Management Association (IMA), the Loan Market Association (LMA), TheCityUK; and representatives from major institutional investors, law firms and service providers; as well as  observers from the official sector notably the Banque de France, the Bank of Italy, the French Trésor and HM Treasury (please see the full list of participants).

Please see below links to additional information. You may also contact us directly at privateplacements@icmagroup.org.

More Information:

ICMA Zurich

T: +41 44 363 4222
Dreikönigstrasse 8
8002 Zurich
ICMA London

T: +44 20 7213 0310
110 Cannon Street
London EC4N 6EU
ICMA Paris

T: +33 1 70 17 64 72
62 rue la Boétie
75008 Paris
ICMA Hong Kong

T: +852 2531 6592
Unit 3603, Tower 2
Lippo Centre
89 Queensway, Admiralty
Hong Kong
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