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Asset Management Throughout 2025, ICMA’s Asset Management and Investors Council (AMIC) continued its regulatory engagement through a combination of in-person meetings and detailed consultation responses. Building on its extensive 2024 work on the broader NBFI agenda, AMIC maintained its strong focus on the NBFI workstream. It contributed to the FSB consultation on NBFI leverage, hosted an AMIC Committee meeting with the European Commission’s Macroprudential team, and organised a dedicated roundtable on NBFI leverage with Sarah Pritchard, Executive Director for Markets and International at the FCA and Co-Chair of the FSB’s Working Group on NBFI Leverage, to discuss the final FSB recommendations. AMIC also contributed to ICMA’s wider response to the Bank of England’s consultation on the UK Gilt Repo Market and took part in a buy-side-only roundtable with the Bank of England. AMIC has been actively engaged on the SIU agenda as well, particularly on issues relating to securitisation, supervisory convergence, and the supervision of funds, ensuring that the buy-side perspective is well reflected in this major EU initiative to remove barriers and unlock the full potential of the EU single market. AMIC’s work helped reinforce ICMA’s cross-sectoral messaging on proportional, risk-appropriate supervision and contributed to the broader association-wide engagement on SIU. Throughout 2025, AMIC also continued its productive collaboration with both the ICMA Sustainable Finance team and the ICMA FinTech and Digitalisation team, ensuring alignment across ICMA’s policy, regulatory and market practice priorities. In September 2025, ICMA appointed Anita Karppi to lead and strengthen its overall international buy-side proposition and strategy, with a mandate to deepen engagement with non-traditional asset managers and investors. She will work closely with AMIC to ensure that ICMA’s buy-side perspectives are effectively reflected in industry best practices and standard-setting initiatives, and will represent ICMA in key industry forums beyond AMIC, especially among non-traditional buy-side stakeholders. Looking ahead to 2026, AMIC will continue to prioritise engagement on the SIU and NBFI policy agendas. From wider buyside proposition perspective, in 2026, key buy-side themes will be the growth of active fixed income Exchange Traded Funds (ETFs) and private markets - private equity and private credit. |
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