ICMA works as closely as possible with members through its market practice and regulatory policy committees, councils and working groups. This network has evolved over a long period and enables interested members to provide expert input into ICMA’s market practice and regulatory policy work. They also act as a forum for discussion and reaching a consensus on topics of common interest. ICMA’s key market practice and regulatory policy committees, councils and working groups are listed here:



Cross-ICMA Committees
Primary markets   |   Secondary markets   |   Repo and collateral markets   |   Short-term markets

Asset management   |   Sustainable finance   |   FinTech and market electronification   |   Benchmarks



Cross-ICMA Committees

Regulatory Policy Committee (RPC)

The RPC brings together senior members of the government affairs, regulatory and compliance teams in member firms, and the chairs of ICMA's market practice committees.


Sustainable Finance Committee (SFC)

Brings together various ICMA committees and constituencies (ie Asset Management and Investors Council, Corporate Issuer Forum, Financial Institution Issuer Forum, Legal & Documenation Committee, Primary Market Practices Committee and the Regulatory Policy Committee) with a growing interest in sustainable finance as well as the Steering Group of the GBP SBP SLBP Executive Committee.


Market Infrastructure Advisory Group (MIAG)

ICMA runs a dedicated Market Infrastructure Advisory Group, currently composed of senior representatives from European market infrastructure member firms, which meets quarterly to provide guidance and recommendations to the ICMA Board on concerns and issues facing this segment of the market. ICMA intends to broaden the Group’s representation in the future from its initial largely European focused membership.

For more information on MIAG contact Anna Mayilyan.




Primary markets

Primary markets for underwriters

Primary Market Practices Committee (PMPC)

Gathers the heads and senior members of the syndicate desks of member firms active in lead-managing cross-border syndicated bond issues in the EMEA region. The PMPC is concerned with market practices in the syndicated primary markets in the region, including related regulatory issues and the ICMA Primary Market Handbook.

Related working groups:
  • European Bond Syndicate Heads Group (EBSH)
    Gathers the heads and senior members of the syndicate desks of other member firms underwriting syndicated bond issues in the EMEA region and closely following PMPC deliberations.

  • Primary Market Compliance Forum (PMCF)
    Gathers the heads and senior members of the compliance functions responsible for supporting PMPC/EBSH members and related senior regulatory and know-how lawyers from member law firms and concerned with related regulatory issues and compliance matters.

  • PRIIPs/MiFID II Product Governance Working Group
    Gathering members of the legal documentation / transaction management teams of LDC and ICMA Legal/TMG Heads Group member firms and related senior lawyers from member law firms and concerned with PRIIPs and MiFID II Product Governance and related market and documentation practices.

  • Primary Operations Group
    Gathers members of the heads and senior members of the operations functions responsible for supporting PMPC/EBSH members and concerned with operational questions arising from PMPC and LDC deliberations.   

  • MTN Working Group
    Gathers the heads and senior members of the MTN desks of PMPC/EBSH member firms and concerned with market practice in the private placement primary markets, including related regulatory issues.

  • Nordic Syndicate Managers Group
    Gathers the heads and senior members of the syndicate desks of member firms active in lead-managing syndicated bond issues in the Nordics and concerned with related market practices and regulatory issues.

  • Swiss Syndicate Managers Group
    Gathers the heads and senior members of the syndicate desks of member firms active in lead-managing syndicated bond issues in Switzerland and concerned with related market practices and regulatory issues.
For more information on any of the above committees or working groups and to join, contact Ruari Ewing.


Legal and Documentation Committee (LDC)

Consists of the heads and senior members of the legal documentation / transaction management teams of member firms most active in lead-managing cross-border syndicated bond issues in the EMEA region. The LDC is concerned with documentation practices for such bond issues, including related legal and regulatory issues and the ICMA Primary Market Handbook. Membership is restricted and reviewed on an annual basis.

Related working groups:
  • Legal/TMG Heads Group
    Gathers the heads and senior members of the legal documentation / transaction management teams of other member firms underwriting syndicated bond issues in Europe. The Group’s agenda closely follows LDC’s agenda.

  • LDC ESG Working Group
    Gathers members of the legal documentation / transaction management teams of LDC and ICMA Legal/TMG Heads Group member firms focused on ESG matters and related senior regulatory and know-how lawyers from certain member law firms and concerned with the ESG aspects of documentation practices and related legal and regulatory issues.

  • Prospectus Regulation Working Group
    Gathers members of the legal documentation / transaction management teams of LDC and ICMA Legal/TMG Heads Group member firms and related senior lawyers from member law firms and concerned with the EU and UK Prospectus Regulation and related documentation practices.

  • Primary Documentation Group
    Gathers members of the legal documentation / transaction management teams of LDC and ICMA Legal/TMG Heads Group member firms, lawyers from member law firms and law firms subscribing to the ICMA Primary Market Handbook interested in being informed of various ICMA developments relating to cross-border syndicated bond issuance.

  • ECP Documentation Working Group
    Gathers members of the legal documentation / transaction management teams of LDC and ICMA Legal/TMG Heads Group member firms focused on commercial paper transactions and concerned with related documentation practices and legal and regulatory issues.

  • Securitisation Discussion Forum
    Gathers members of the legal documentation / transaction management teams of LDC and ICMA Legal/TMG Heads Group member firms focused on securitisation transactions and related senior regulatory and know-how lawyers from certain member law firms and concerned with related documentation practices and legal and regulatory issues.
For more information on any of the above committees or working groups and to join, contact Charlotte Bellamy.


Primary markets for underwriters: Asia Pacific

Asia Pacific Bond Syndicate Forum (ABSF)

Gathers the heads and senior members of the syndicate desks of member firms active in lead-managing cross-border syndicated bond issues in the Asia-Pacific region. The Forum is concerned with market practices in the syndicated primary markets in the region, including related regulatory issues and the ICMA Primary Market Handbook.


Asia Pacific Legal & Documentation Forum (ALDF)

Gathers the heads and senior members of the legal documentation / transaction management teams of member firms active in lead-managing cross-border syndicated bond issues in the Asia-Pacific region. The Forum is concerned with regional documentation practices, including related legal and regulatory issues and the ICMA Primary Market Handbook.

For more information on the above forums and to join, contact Mushtaq Kapasi.


Primary markets for issuers

Public Sector Issuer Forum (PSIF)

Brings together the major Sovereigns, Supranationals and Agencies actively issuing in the European capital markets. ICMA supports the PSIF through a secretariat based in Paris, as well as through its other resources and, in particular its Market Practice and Regulatory Policy team.

For more information on the PSIF and to join, contact Nicholas Pfaff.


Corporate Issuer Forum (CIF)

Gathers senior representatives of major corporate issuers and focuses on the effects of regulatory and market interventions on: the treasury function, primary subscriptions, investor behaviour, spreads and secondary market liquidity; new issues processes and transaction execution; debt capital markets products and alternative issuance markets.

Related working group:
  • CIF Sustainable Finance Working Group
    Gathers members of the CIF to ensure that regulatory and market agendas on sustainability are developed with the active participation of issuers, and to help create strong linkage between corporate issuers and all the aspects of ICMA’s work in sustainability.
For more information on the CIF and to join, contact Katie Kelly.


Financial Institution Issuer Forum (FIIF)

Gathers senior representatives of the main issuing banks and focuses on the effects of regulation and market-led developments on the bank treasury function, new issues processes and transaction execution. Facilitates interaction between financial institutions, other ICMA market participants and regulatory authorities.

Related working group:
  • FIIF Treasury Counsel Group
    Gathers members of the FIIF treasury legal teams to support the FIIF and to ensure that their legal teams are fully apprised, thereby maximising the benefits overall for our issuer members.
For more information on the FIIF and to join, contact Katie Kelly.


Primary markets for investors

AMIC Primary Market Working Group

For more information on this working group, contact: amic@icmagroup.org




Secondary markets

Secondary Market Practices Committee (SMPC)

Comprises market practitioners in the secondary debt market. Its overall focus is to ensure the efficient functioning of this market by regular review of ICMA’s rules and market practice. It is currently considering the implications of MiFID II and CSD Regulation for the international capital market.

Related working groups:
  • MiFID II Working Group (MWG)
    Includes buy-side/sell-side heads of trading, as well as senior market structure and legal experts.‎ The WG meets to respond to public consultations, create recommended Q&As and discuss specific issues regarding MiFID II/R implementation or planned updates (contact Elizabeth Callaghan).

  • CSDR-Settlement Discipline Working Group
    Focused on the CSDR Settlement Discipline provisions, including the mandatory buy-in regime and cash penalties for settlement fails. The WG aims to identify and resolve practical implementation challenges related to the SD package, as well as directing ICMA’s advocacy work around the regulation. This will result in an updated version of the ICMA Buy-in Rules, which will provide a contractual framework and market best practice to support implementation in the international bond markets.

  • Secondary Market Rules & Recommendations Working Group
    Tasked with reviewing the ICMA Secondary Market Rules & Recommendations in light of new regulation, evolving market structure, and market best practice. The WG looks to make revisions, or propose new rules, where appropriate. This covers all aspects of the ICMA Rules, including the Buy-in Rules. Members are primarily sell-side and buy-side fixed income traders, as well as operations experts and interested legal, compliance, and regulatory policy representatives.
For more information on any of the above committees or working groups and to join, contact Andy Hill.


Electronic Trading Council (ETC)

Comprises buy-side heads of trading desks, sell-side senior traders or heads of market structure and/or electronic trading and senior representatives from trading venues and technology providers to look at the evolving fixed income electronic trading landscape, in order to better understand the direction of travel for European cross-border fixed income electronic trading, and plan accordingly.‎

For more information on the ETC and to join, contact Elizabeth Callaghan.




Repo and collateral markets

European Repo and Collateral Council (ERCC)

Membership of the ERCC is open to ICMA members who transact repo and associated collateral business in Europe. The ERCC currently has around 100 members, comprising the majority of firms actively involved in this market.

European Repo and Collateral Committee

The ERCC Committee is the governing board of the ERCC consisting of 19 individuals drawn from council member firms and elected annually by all ERCC member firms.

Related working groups:

*ERCC members are eligible to participate in the dedicated working groups which support the ERCC Committee.
  • ERCC Operations Group
    Composed of operations specialists from ERCC member firms, each of whom has significant practical experience to bring to the group’s work and discussions. The main mandate of the Group is to develop operational best practices and processes to improve the timeliness, completeness and efficiency of the repo product in the local, European and Global market places.

  • ERCC SFTR Task Force
    Currently includes representatives from over 150 firms covering the whole spectrum of the market, including buy-side, sell-side, market infrastructure providers, but also Trade Repositories and other service providers that are offering solutions to help reporting firms comply with SFTR. The main objective of the ERCC SFTR Task Force is to develop a common understanding of the requirements and to develop market best practices in relation to SFTR reporting to complement guidance provided by regulators.

  • ERCC Best Practice Working Group
    Includes representatives from ERCC member firms working on the ERCC Guide to Best Practice in the European Repo Market.
For more information on any of the above committees or working groups and to join, contact ercc@icmagroup.org.




Short-term markets

Commercial Paper (and Certificates of Deposit) Committee (CPC)

Replaces ICMA’s longstanding Euro Commercial Paper (ECP) Committee and seeks to be the representative voice of the European and international Commercial Paper and Certificates of Deposit (CP/CD) market, bringing together all relevant stakeholders with the goal of supporting market development.

For more information on the CPC and to join, contact Andy Hill.




Asset management

Asset Management and Investors Council (AMIC)

The independent voice of the buy-side within ICMA and comprises asset managers, treasurers of official institutions, and representatives of private banks and hedge funds. AMIC is a forum for discussion of regulatory affairs, market trends and specific market practice issues affecting the buy-side, with working groups set up at the instigation of members to consider specific products, markets and regulatory initiatives.

AMIC Executive Committee

Comprises of co-opted members of AMIC, and the chairs of the permanent working groups. It meets quarterly to define workflow and priorities following guidance from the AMIC Council.

Related working groups:

*AMIC members are eligible to participate in the dedicated working groups which support the AMIC Executive Committee.
  • AMIC Corporate Governance Working Group

  • AMIC Primary Market Working Group

  • AMIC Risk Management Working Group

  • AMIC Securitisation Working Group

  • AMIC Sustainable Finance Working Group

  • AMIC Sustainable Finance Disclosure Regulation (SFDR) Task Force

AMIC Covered Bond Investor Council (CBIC)

An investor driven grouping within AMIC which is concerned with the development of the covered bond market in Europe. It promotes high quality, simplicity and transparency of the covered bond product. Its current focus is on improving transparency making it possible for investors to better compare different covered bond programmes.

For more information on any of the above committees or working groups and to join, contact: amic@icmagroup.org




Sustainable finance

Green and Social Bond Principles

The Principles are designed to be industry wide, thus green, social and sustainability bond issuers or sustainability-linked bond issuers, banks and investors are eligible to apply for membership. Members are organizations that have issued, underwritten or placed, or invested in a green bond, a social bond, a sustainability bond or other debt capital market instruments aligned with the Principles while observers are organizations which are active in the field of green, social and/or sustainability finance but do not qualify as members, such as but not limited to, NGOs, universities, auditors, consultants and service providers.

Green Bond Principles and Social Bond Principles Executive Committee

The Executive Committee of the Principles gathers 24 members elected by the Members of the Principles, comprising an equal distribution between the 3 Member categories: issuers, investors and underwriters.

Advisory Council

Members apply voluntarily and are selected for an annually renewable 1 year term. The selection is based on a balanced representation of GBP SBP Members and Observers, especially key market stakeholders such as exchanges, service providers/rating agencies, external reviewers, and law firms, as well as civil society; geographic diversity; and market share and activity of green, social and sustainability bond issuers, investors or underwriters not already represented on the Executive Committee.

Related working groups:

*For 2020/2021, the Executive Committee has decided to maintain the below Working Groups. Should Members or Observers wish to get involved, please contact the ICMA Secretariat. In order to keep the groups relevant and manageable in terms of size, the involvement of new participants is subject to adequate contributions of expertise and the operational capacity of the group. Current ToR for the groups can be found here.
  • Sustainability-Linked bonds Working Group

  • Climate Transition Finance Working Group

  • Green Projects Eligibility Working Group

  • Social Bonds Working Group

  • Impact Reporting Working Group
For more information on any of the above committees or working groups and to join, contact greenbonds@icmagroup.org.


Sustainable Finance Committee (SFC)

Brings together various ICMA committees and constituencies (ie Asset Management and Investors Council, Corporate Issuer Forum, Financial Institution Issuer Forum, Legal & Documenation Committee, Primary Market Practices Committee and the Regulatory Policy Committee) with a growing interest in sustainable finance as well as the Steering Group of the GBP SBP SLBP Executive Committee.

Related ICMA sustainable finance working groups:
  • LDC ESG Working Group
    Gathers members of the legal documentation / transaction management teams of LDC and ICMA Legal/TMG Heads Group member firms focused on ESG matters and related senior regulatory and know-how lawyers from certain member law firms and concerned with the ESG aspects of documentation practices and related legal and regulatory issues.
For more information on the LDC ESG Working Group and to join, contact Charlotte Bellamy.

  • CIF Sustainable Finance Working Group
    Gathers members of the CIF to ensure that regulatory and market agendas on sustainability are developed with the active participation of issuers, and to help create strong linkage between corporate issuers and all the aspects of ICMA’s work in sustainability.
For more information on the CIF Sustainable Finance Working Group and to join, contact Katie Kelly.

  • AMIC Sustainable Finance Working Group

  • AMIC Sustainable Finance Disclosure Regulation (SFDR) Task Force
For more information on the above working groups and to join, contact: amic@icmagroup.org.




FinTech and market electronification

FinTech Advisory Committee (FinAC)

Provides guidance and advice on ICMA’s engagement on FinTech with the aim to promote straight-through-processing (STP), common and open standards for data and lifecycle events and machine-readability across primary, secondary, repo and collateral markets, and foster the dialogue with industry stakeholders and regulators. The FinAC ensures engagement and advice is applicable to and supportive of the move towards more sustainable financial markets.

Related working group:
  • CDM Working Group & Steering Committee
    Comprises sell-sides, buy-sides, trading venues and technology providers to help support the development of the CDM for bond and repo markets. The working group includes front office, middle/back office, IT and legal experts. In cooperation with ISDA, firms are helping to provide sample electronic records of trades and/or database schemas both to enhance and test the CDM design and outputs.
  • ICMA Future Leaders FinTech Working Group
    The ICMA Future Leaders FinTech Working Group aims to engage the IFL community in ICMA’s FinTech work and provide a network to exchange ideas and present information on FinTech topics of interest relating to international debt capital markets.
For more information on the above committee and working group and to join, contact FinTech@icmagroup.org.



Benchmarks

Benchmark Group

A regular email resource for those interested in following recent developments in the global transition from IBORs to risk-free rates.

For more information or to join, contact Katie Kelly.

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