ICMA has long focused on explaining the technical challenges to retail bond supply, in case public authorities wish to encourage direct retail bond market participation.

This has mostly involved ICMA’s work on the EEA(UK) Prospectus, PRIIPs and MiFID product governance regimes – See the Prospectuses webpage, the PRIIPs KIDs webpage (for coverage of the PRIIPs regime alone) and the MiFID II/R in primary markets webpage (for coverage of MiFID product governance regime, including combined coverage with the PRIIPs regime).
This has also involved the items set out below.

24 September 2021
ICMA response to HM Treasury Wholesale Markets Review (Retail questions 103-105 on last three pages)

3 August 2021
ICMA response to EC consultation on a retail investment strategy for Europe (including aspects relating to the EU’s prospectus regime, PRIIPs regime and MiFID product governance, client categorisation and inducement regimes)

12 January 2021
ICMA Quarterly Report article on FCA Policy Statement PS20/15 - High-Risk Investments: Marketing Speculative Illiquid Securities (including Speculative Mini-Bonds) to Retail Investors

1 October 2020
ICMA response to FCA Consultation Paper CP20/8*** – High-risk investments: Marketing speculative illiquid securities (including speculative mini-bonds) to retail investors

10 March 2017
ICMA response to European Commission consultation on capital markets union mid-term review (#64 at pages 14-15)

30 April 2015
ICMA response to European Commission Green Paper: Building a Capital Markets Union (#91-#103 at pages 16-19)
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