International Capital Market Association (ICMA)

ESMA Consultation on Consolidated Tape for Non Equity Products RTS Under MiFID II: Responses


On December 8, 2016, ESMA published the responses it has received to its consultation on draft regulatory technical standards (RTS) specifying the scope of the consolidated tape for non‑equity financial instruments under Article 65(8)(c) of the MiFID II Directive (2014/65/EU).

Respondents include:

  • The Investment Association;
  • International Capital Market Association;
  • Wholesale Markets Brokers’ Association (WMBA)
  • Association française des investisseurs institutionnels; and
  • Deutsche Börse Group.

ESMA will use the feedback it receives to finalize the draft RTS, which will be submitted to the Commission for endorsement. The date of application of MiFID II Directive and MiFIR is January 3, 2018.

ICMA Guide to the European Corporate Debt Private Placement Market


On October 25, 2016, the International Capital Market Association (“ICMA”) published the European Corporate Debt Private Placement Guide (the “Guide”). The Guide is intended to provide a voluntary framework of best practices for European corporate private placement (“ECPP”) transactions. It aims to support the development of the ECPP market, and it builds on existing practices in the bond and bank loan markets and in other international private placement markets.

The Guide was first published in February 2015 (for more information, see Legal update: archive, ICMA guide to the pan-European private placement market). This edition of the Guide was produced as a result of developments in the ECPP market and is intended to replace and update the original 2015 version. The Guide now also covers aspects of the German Schuldschein market and contains an appendix on general principles of, and best practices applicable to, ECPP deal amendments and waivers. Guide.

ICMA Issues Updated Legal Opinions On GMRA

On April 9, 2015, the International Capital Market Association (ICMA) published the 2015 legal opinions on the Global Master Repurchase Agreement (GMRA), the principal standard agreement used to document repo transactions.

The updated legal opinions cover both the enforceability of the netting provisions of the GMRA and the validity of the GMRA as a whole. The opinions are available to ICMA members from the ICMA website.

ICMA Publishes a Guide to the Pan-European Private Placement Market

On February 11, the International Capital Market Association (ICMA) published a guide on common market standards and best practices for the development of Pan-European private placement (PEPP) transactions. The guide is intended to be a foundation for a truly pan-European private placement market.

The guide states the market characteristics of a PEPP transaction and includes a guide to negotiation and documentation, emphasizing the utility of the Loan Market Association’s standard documents which were issued in January 2015. The guide further explains the roles of the parties in a PEPP transaction and gives an indicative timetable.

ICMA states that the guide is intended as guidance only and that negotiation of the contractual terms for each document in a PEPP transaction is essential. The guide will be updated and supplemented as the PEPP market and corresponding practice develops throughout the Member States of the European Union.  Guide.