ICMA Councils          

A number of councils and forums operate under the auspices of ICMA, these include:

ICMA European Repo Council (ERC)
A forum for discussing developments in the European repo market.

ICMA Asset Management and Investors Council (AMIC)
Representing ICMA’s buy side community.

ICMA Covered Bond Investor Council (CBIC)
An independent voice for investors in covered bonds.

ICMA Euro Debt Market AMTE Council
Specialising in market practice in the government and government-guaranteed debt markets.

ICMA Financial Institution Issuer Forum (FIIF)
Representing ICMA’s issuer community.

Public Sector Issuer Forum (PSIF)
The 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 Committees           

ICMA works as closely as possible with members through its market practice and regulatory policy committees. This network of committees 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 are listed below:

ICMA Euro Commercial Paper (ECP) Committee
The ICMA Euro Commercial Paper Committee comprises the heads and senior members of the ECP teams of member banks active in the ECP market. The ECP Comittee 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.

ICMA Legal and Documentation Committee
The ICMA Legal and Documentation Committee (L&DC), 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 Market Practices Committee (MPC)
Responsible for ensuring that ICMA's rules and recommendations properly reflect the requirements of the international capital market as a whole and for providing guidance to member firms in relation to the rules and recommendations.

ICMA Primary Market Practices Committee
The ICMA Primary Market Practices Committee (PMPC) 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 Secondary Market Practices Committee
The ICMA Secondary Market Practices Committee 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 Regulatory Policy Committee
The 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 the committees formed under the auspices of the market practices committee (ECP, LD&C, & PMPC) are invited to RPC’s meetings.