International Capital Market Association ICMA

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1 International Capital Market Association ICMA

2 Table of Contents» ICMA s Mission Statement» Overview of ICMA» Benefits of ICMA Membership» ICMA Standard Documentation» ICMA Legal & Regulatory Helpdesk» ICMA Market Practice and Regulatory Policy & Quarterly Report» ICMA Market Practice & Regulatory Policy Councils and Committees» ICMA Executive Education» ICMA Events» ICMA Membership Regional Representation» ICMA Offices and Contacts» 1» 2» 3» 4» 5» 6-7» 8» 19» 21» 23» 25-26

3 ICMA s Mission Statement» The mission of ICMA is to promote resilient and well functioning international debt capital markets. Such markets are necessary for economic growth, and benefit market participants and their clients alike.» Working actively with its members in all segments of the wholesale and retail markets, buy and sell side, ICMA focuses on a comprehensive range of regulatory, market and other relevant issues which impact market practices and the functioning of the international debt capital markets.» The full mission statement is available on ICMA s website: ICMA/ 1

4 Overview of the International Capital Market Association» ICMA is a trade association that represents all categories of market users: issuers, intermediaries and investors, both wholesale and retail.» Membership continues to grow and we currently have 440+ members based in 53 countries. Around 80% of members are European. List of ICMA members: This includes global investment banks, commercial banks, brokers, private banks, institutional asset managers, central banks, sovereign wealth funds and other institutions with a pronounced interest in the securities market, such as supranational institutions and leading law firms.» International reach is augmented through MoUs and affiliations globally with SCA in UAE, NSMA in Russia, NAFMII in China, JSDA in Japan, ANBIMA in Brazil ; and by membership of international bodies such as ICSA and IOSCO SROCC. 2

5 Benefits of ICMA Membership» ICMA standard documentation on Primary, Secondary and Repo Markets Significant savings on legal costs with 63 GMRA legal opinions» Dedicated Legal & Regulatory Helpdesk» Dispute resolution procedures with a defined conciliation and arbitration» ICMA Regulatory Policy and Market Practice Committees and Councils developing recommendations and guidance on best market practice and responses to regulators.» Discounted Executive Education programmes recognised by regulators and the market» ICMA Events: Networking opportunities at 100+ events/year» ICMA s Members Register: 5,000+ contacts for members» Seal of approval : more and more financial institutions require new counterparties to be ICMA members 3

6 ICMA Standard Documentation» ICMA s market conventions and standards have been the pillars of the international debt market for over 40 years.» Guidelines for the Primary Market ICMA Primary Market Handbook» Rules and recommendations for the Secondary Market ICMA Rulebook» Standard agreement for the Repo Market Global Master Repurchase Agreement (GMRA) Legal opinions on its validity in 63 jurisdictions 4

7 ICMA Legal & Regulatory Helpdesk» ICMA s Legal & Regulatory Helpdesk is one of the main services that we offer to our members. It provides informal legal guidance in the following areas: ICMA Primary Market Handbook ICMA Rulebook (Rules and recommendations for the Secondary Market) GMRA and associated 63 legal opinions for the repo market ICMA dispute resolution procedures: conciliation and arbitration» And up to date information on current or proposed financial regulation» Contact:» London: » Zurich: For legal issues: legalhelpdesk@icmagroup.org For regulatory questions: regulatoryhelpdesk@icmagroup.org 5

8 ICMA Market Practice & Regulatory Policy» ICMA works as closely as possible with members through its market practice and regulatory policy committees and councils (and related working groups) which enable interested members to provide expert input into ICMA s work in these fields.» They also act as a forum for discussion and reaching a consensus on topics of common interest.» Members are encouraged to be active in ICMA Committees which enable direct influence in developing recommendations for best market practice and the efficient operation of the markets.» The Committees also formulate guidance for members and consider policy responses to regulators. 6

9 ICMA Quarterly Report» ICMA s Quarterly Report is produced by the Market Practice and Regulatory Policy team. It is an industry recognised publication focused on market practice and regulatory issues that outlines developments in the main areas in which the Association is currently engaged namely: regulatory response to the crisis; sovereign bond markets; short-term markets; primary markets; secondary markets; asset management; and market infrastructure. 7

10 ICMA Councils and Committees» Regulatory Policy Committee» Primary Market Practices Committee Legal & Documentation Committee» Financial Institution Issuer Forum» Public Sector Issuer Forum» Corporate Issuer Forum» European Repo Council and Committee» Euro Commercial Paper Committee» Secondary Market Practices Committee» Asset Management and Investors Council Covered Bond Investor Council» *ICMA Paris representative office also runs the AMTE Council which is tasked to monitor the market-making activities of the Primary Dealers in France (Spécialistes en valeurs du trésor) and to report to the Agence France Trésor. 8

11 ICMA Regulatory Policy Committee (ICMA RPC)» ICMA RPC gathers together the head of public affairs/compliance departments of our members and the Chairs of our Councils and Committees.» G20 financial regulatory reform agenda FSB/BCBS; IOSCO; IMF» European System of Financial Supervision ESRB; ESAs (particularly ESMA)» OTC markets regulation EMIR; MiFID; short selling (SSR); CSDR» Crisis management 9

12 ICMA Primary Market Practices Committee (ICMA PMPC)» ICMA PMPC is supported by the work of ICMA s Legal & Documentation committee and gathers the heads and senior members of the syndicate desks of 31 ICMA member banks active in lead managing syndicated bond issues in Europe.» Market practice Book-building; Allocations; Stabilisation; Market soundings Asset servicing (holding chain technicalities) Primary Market Handbook review» Regulatory reform Prospectus Directive review on-going technical advice (summaries, final terms, supplements, retail cascades) Market Abuse Directive review definition of inside information, stabilisation safe-harbour MiFID review Foreign Account Tax and Compliance Act (FATCA), Packaged Retail Investment Products (PRIPs) proposals 10

13 ICMA Financial Institution Issuer Forum (ICMA FIIF)» Heads or senior members of the capital raising, funding and treasury departments of ICMA member firms.» Regulatory reform - implications for funding Capital requirements and grandfathering under CRR/CRD Characteristics of capital instruments, including recent CoCo issuances Liquidity ratios Debt write-down tool (bail-in)» Asset Encumbrance» Transparency» Market Practice Points Prospectus liability, liability management 11

14 ICMA Public Sector Issuer Forum (ICMA PSIF)» Brings together the major Sovereigns, Supranationals and Agencies actively issuing in the European capital markets. Currently 30 institutional members (of which the European Commission) represented at a senior level» PSIF acts as an information exchange among a group of senior government and public sector officials. It is neither a lobbying nor an advocacy group.» Participants share experience and concerns from capital markets activity. Focus is on both market practice and impact of regulation. PSIF pursues a high level dialogue with regulatory authorities bringing a unique independent public sector perspective» ICMA supports PSIF through a Secretariat based in Paris, as well as through its other resources and, in particular its Market Practice and Regulatory Policy team 12

15 ICMA Corporate Issuer Forum (ICMA CIF)» Senior participants representing a cross-section of the major corporate issuers in Europe s debt capital markets.» Practical Implementation of Regulations EMIR, Dodd-Frank, Prospectus Directive» Market Practice New issues and syndication processes Due diligence procedures and practices Hybrid issuances Retail issuances Secondary market issues 13

16 ICMA European Repo Council/Committee (ICMA ERC)» About 70 members, including all the major financial institutions in repo, securities lending, and collateralisation transacting cross-border repo business in Europe.» Shadow banking and repo: Transparency; Margins; and re-use» New liquidity requirements» Central Counterparty (CCP) clearing: Promote, subject to CCP robustness» CSDs and settlement harmonisation (incl. T+2) Preserve commercial bank money settlement alongside central bank money» Crisis resolution measures: Sustain existing repo creditor rights» Financial Transaction Tax» GMRA review: GMRA 2011 credit claims annex 14

17 ICMA Euro Commercial Paper Committee (ICMA ECP)» Represents the main dealers in the ECP market.» Liquidity requirements» Asset-Backed Commercial Paper (ABCP) Impact of securitisation regulatory reforms» Money market funds New rules governing funds investments» Financial Transaction Tax (FTT) 15

18 ICMA Secondary Market Practices Committee (ICMA SMPC)» Senior secondary market heads, senior business managers or their equivalents in our member firms» Secondary market rules and recommendations usage review Settlement performance; Impact of MiFID» Markets in Financial Instruments Directive II (MiFID II) and MiFIR proposals Market structure: Organised Trading Facilities (OTFs) and Systematic Internalisers (SIs) Transparency (pre- & post-trade): Flexibility and calibration; Third country firms» Market infrastructure reform European Market Infrastructure Regulation (EMIR); CSD Regulation:T+2» Short selling regulation (SSR) 16

19 ICMA Asset Management & Investors Council (AMIC)» AMIC gathers asset managers, fund managers, private banks, hedge funds, pension funds, insurance companies, alternative investment managers, institutional investors and SWF.» ICMA Wealth Management Charter of Quality: Standards adopted by the private banking and wealth management industry signed by the Luxembourg Bankers Association, the Liechtenstein Bankers Association and promoted via other National Associations» Shadow Banking» Valuation of illiquid assets: Governance issues» Asset encumbrance: bank funding, long term investments» Private placements: documentation issues» Liquidity issues: secondary market liquidity issues 17

20 ICMA Covered Bond Investor Council (CBIC)» ICMA s CBIC is an investor driven organisation, independent of issuers and the market. CBIC embraces all investors, diversified by geography, type of activities and size. The objective of CBIC is to represent investor interests, and promote the long term future development of the European covered bond market.» Covered bond transparency CBIC European transparency standards template of the key information required by investors to make better informed investment decisions (general issuer data, cover pool data)» Covered bond liquidity» Ratings of covered bonds» Regulatory treatment of covered bonds Basel III and Solvency II» Working group on COLA (Covered Bonds Lookalikes ) 18

21 ICMA Executive Education» ICMA runs the ICMA Executive Education Programmes together with the ICMA Centre» ICMA Executive Education Courses are recognised by regulators and market participants» More than 600 delegates participated in our courses in 2012» 30% discount for ICMA members» List of courses: Contact: David Senior Direct:

22 ICMA Events» ICMA organises and supports 100+ events a year.» Most ICMA events are free for members to attend.» Priority for sponsorship and speaker opportunities for ICMA members.» ICMA events provide a great opportunity for the attendees to: Get up to date on the upcoming regulations and market issues, Hear the views of the experts on the markets, including banks, investors and regulators, Network with their peers, clients and potential prospects.» List of upcoming events: 21

23 ICMA Membership 440+ Members in 53 Countries 23

24 ICMA Regions and Regional Committees» Austria, Eastern and South Eastern Europe Greece, Turkey, Cyprus and Balkan States Chapter» Belgium» France and Monaco» Germany» Iberia» Italy» Luxembourg» Middle East, Far East and Africa The Gulf Chapter» The Netherlands» The Nordics» Russia and CIS» Switzerland and Liechtenstein» United Kingdom, Ireland and the Americas The Latin American Chapter» Each ICMA Region has a committee led by a chairman who provides insight to ICMA on the regional issues and priorities.» See our website for the list of members of each Regional Committee and Chapter: 24

25 ICMA Offices ICMA Head Office - Zurich Talacker 29, 8001 Zurich, Switzerland Phone: membership@icmagroup.org ICMA - Paris Rep. Office 8 rue du Mail, Paris, France Phone: parisoffice@icmagroup.org ICMA Ltd - London 23 College Hill, London EC4R 2RP, UK Phone: allan.malvar@icmagroup.org ICMA - Hong Kong Rep. Office Unit 3603, Tower 2, Lippo Centre 89 Queensway Admiralty, Hong Kong Phone: mushtaq.kapasi@icmagroup.org 25

26 ICMA Contacts» CEO: Martin Scheck: Corporate Communications and Membership: Allan Malvar Managing Director: Sanaa Clausse Director, Membership, Business Development: Candice Weinrich Director, Membership: Shannelle Rose Head of Events: Executive Education: Michael Mackenzie Director, Business Development: David Senior Business Development: 26