ICMA works as closely as possible with members through its market practice and regulatory policy committees, councils and forums. 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 forums are listed here:

ICMA Market Practices Committee (MPC) is responsible for ensuring that ICMA's standard documentation properly reflects the requirements of the international capital market as a whole. Composed of the chairs of ICMA's PMPC, SMPC, LDC and ECP committees.

ICMA Regulatory Policy Committee (RPC) oversees all ICMA’s market practice and regulatory policy work. The RPC consists of the government affairs, regulatory and compliance heads in member firms, and the chairs of ICMA's market practice committees.


Primary markets
  • ICMA Primary Market Practices (PMPC) Committee consists of the syndication managers of member firms active in lead-managing syndicated bond issues in Europe. The PMPC is concerned with market practice in the primary market, including the ICMA Primary Market Handbook (IPMA Handbook).
  • ICMA Asia Pacific Bond Syndicate Forum gathers the heads and senior members of the syndicate desks of banks active in lead-managing cross-border syndicated bond issues in the Asia-Pacific region. The Forum covers any topics that are of interest to its members.
  • ICMA Legal and Documentation (LDC) Committee consists of the heads and senior members of the legal transaction management teams of member firms active in lead-managing syndicated bond issues in Europe. The L&DC is concerned with market practice on documentation, including the ICMA Primary Market Handbook (IPMA Handbook), and related regulatory issues.
  • ICMA Asia Pacific Legal & Documentation Forum gathers the heads and senior members of the legal transaction management teams of banks active in lead-managing cross-border syndicated bond issues in the Asia-Pacific region. The Forum covers any topics that are of interest to its members.
  • ICMA Euro Commercial Paper (ECP) Committee comprises the heads and senior members of the ECP teams of member banks active in the ECP market. It is concerned with the functioning of the ECP market, including maintenance of documentation standards, disclosure, the restructuring and revival of the asset-backed CP market, and regulatory issues affecting the market.
  • 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.
  • ICMA Corporate Issuer Forum (CIF) gathers senior representatives of major corporate issuers and focuses on discussing market practice and regulatory topics related to the debt capital markets.
  • ICMA Financial Institution Issuer Forum (FIIF) represents ICMA’s issuer community.

Secondary markets
  • ICMA 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.
  • ICMA 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.

Repo and collateral markets

Asset management

Green, Social and Sustainability bonds
  • The Green Bond Principles and Social Bond Principles Executive Committee (EC) has the authority to address all matters relating to the Principles, except those expressly reserved to the Members. Specifically, the EC 1) appoints and oversees the Secretariat; 2) approves formal Principles communications; 3) votes on amendments to the Principles; and, 4) can propose and validate issue-specific working groups including Members and Observers. The Principles are voluntary process guidelines that recommend transparency and disclosure and promote integrity in the development of the Green Bond or Social Bond Markets. Membership of the EC consists of issuers, intermediaries and investors who are active in Green or Social Bonds.

FinTech and market electronification
  • The purpose of the ICMA FinTech Advisory Committee (FinAC) is to provide guidance on ICMA’s engagement on FinTech, provide transparent advice 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 on regulatory as well as legislative FinTech developments impacting international capital markets. Alongside ICMA’s commitment to green, social and sustainability markets, the ICMA FinTech Advisory Committee will work to ensure engagement and advice is applicable to and supportive of the move towards more sustainable financial markets.


ICMA Zurich

T: +41 44 363 4222
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8002 Zurich
ICMA London

T: +44 20 7213 0310
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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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