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 CPC 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.
  • 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.
The following working groups support the Primary Market Practices Committee: Primary Market Compliance Forum; Prospectus Regulation Working Group; Primary Documentation Working Group; Benchmarks Working Group.


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.
The following working groups support the Secondary Market Practices Committee: Axe distribution standards working group; MiFID II Working Group; CSDR-Settlement Discipline Working Group; Secondary Market Rules & Recommendations Working Group.


Repo and collateral markets
The following working groups support the European Repo & Collateral Council: ERCC Operations Group; ERCC SFTR Task Force; ERCC Best Practice Working Group.


Short-term markets
  • ICMA 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.

Asset management
The following working groups support the Asset Management and Investors Council: AMIC Risk Management Working Group; AMIC Sustainability Working Group; AMIC Primary Market Working Group.


Sustainable finance
  • The Green Bond Principles and Social Bond Principles Executive Committee: ICMA provides the Secretariat for the Principles following its appointment by the Executive Committee in April 2014. 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. Through global guidelines and recommendations (GBP, SBP, SLBP, SBG, CTFH), the Executive Committee promotes transparency and disclosure and outlines best practices that ensure integrity when issuing bonds serving social or environmental purposes. For the purpose to assist it in achieving its mission, the Executive Committee has established issue-specific working groups and an Advisory Council, including Members and Observers.
  • The Sustainable Finance Committee (SFC) brings together various ICMA committees and constituencies (ie Asset Management and Investors Council, Corporate Issuer Forum, Financial Institutions 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.
  • ICMA is a founding member and provides the secretariat of the Global Sustainable Finance Council (GSFC), which was created in 2017 (originally as the Global Green Finance Council) with the objective to bring together key global and regional associations and other stakeholders involved in green and sustainable financing. The industry joined forces to coordinate efforts to promote sustainable finance, facilitate cross-fertilisation between related markets and asset classes, and with the ambition to act as a representative counterparty to the official sector on sustainable finance policy matters.
The following working groups support the Green Bond Principles and Social Bond Principles Executive Committee: Sustainability-Linked bonds Working Group; Climate Transition Finance Working Group; Green Projects Eligibility Working Group; Social Bonds Working Group; Impact Reporting Working Group.


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.
The following working groups supports the FinTech Advisory Committee: CDM Working Group & Steering Committee.

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