This section provides organisations who wish to apply for membership of the International Capital Market Association (ICMA) with details on the types of membership available and the eligibility criteria; the membership fee structure as well as members’ obligations. Membership is offered at the institutional level only. The application form as well as required documents to support the application are also detailed here.
Membership of the Principles is free of charge to ICMA members but application should be made separately. For organisations that are not ICMA members, nor not-for-profit or public sector institutions, an annual financial contribution applies.
| Full membership | Associate membership |
ICMA’s full members are entities which are actively engaged in professional dealing in international securities, or repo and/or collateral, or in the facilitation of such dealing. The following types of entity qualify as full members of the Association:
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Organisations which do not qualify as full members but which have an important role in the international capital market and maintain close relations with ICMA may become associate members of the Association. Organisations qualifying for associate membership include central banks; debt management offices; bodies that have a public function in any jurisdiction, including Ministries of Finance; and law firms. Associate members have no right to vote or to take part in elections and shall not be entitled to have persons from within their organisations on the board. Otherwise, associate members generally enjoy much the same benefits and services as full members, such as access to the ICMA Primary Market Handbook, ICMA’s statutes, by-laws, rules and recommendations (the ICMA Rule Book), the ICMA Members Register and the GMRA legal opinions*. *While associate members of ICMA have access to the ICMA legal opinions, the opinions are not addressed to associate members and therefore they cannot rely on them. |
ICMA conducts an annual audit of its full members to ensure that they continue to meet the requirements of full membership of the Association. Associate members are not included in this annual audit. |
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For details of the membership fees for tier 1, 2A and 2B and 3 full and associate member categories, please contact the membership department.
Newly admitted members pay a pro rata subscription covering the period of the year (January 1 to December 31) from the date of their admission.
Tier 1, 2a and 2b members have access to the full suite of the GMRA legal opinions as part of their membership. Tier 3 members are given access to five legal opinions annually as part of their membership fee. Above five, Tier 3 members will be charged the subscription fee for any number of additional legal opinions. Associate members will need to subscribe to access any legal opinions. Official institution members, including central banks, debt management offices, development banks and regulators, are exempt from the subscription service.
| Category | Definition |
| International firms (Tier 1) |
These include the largest global financial holding companies who make extensive use of the services of the Association. Their interests are broad including primary and secondary market practices, legal and documentation and the like and also stretch to a wider geographic area. Their views are represented in a majority of ICMA committees and play an important role in the shaping of regulatory policies both on a country wide and regional level. The fee includes the annual subscription of six members belonging to the same group of companies as the member covering the fee. If these firms are not currently members, they must apply for, and be admitted to membership of ICMA in due course. |
| Regional firms (Tier 2A) |
Medium to large regional firms with similar interests to those firms in the global membership category but whose use of the Association’s services are not as far reaching. They are actively involved in a wide range of market practice and regulatory issues. The fee will include the annual subscription of five members belonging to the same group of companies as the member covering the fee. If these firms are not currently members, they must apply for, and be admitted to membership of ICMA in due course. |
| Domestic firms (Tier 2B) |
Similar to large regional firms but have a solely domestic activity. Domestic firms may also include borrowers and other financial services companies such as asset managers and hedge fund managers. The fee will include the annual subscription of four members belonging to the same group of companies as the member covering the fee. If these firms are not currently a member, they must apply for, and be admitted to membership of ICMA in due course. |
| Basic membership (Tier 3 and associate) |
Subsidiaries of all international/regional/domestic firms, all public institutions, associate members (non full members) and firms similar to domestic firms but with a smaller revenue base. |
Members are required to comply with the Association’s statutes, by-laws and rules.
In essence, this means:
- Members must pay the annual membership fees.
Members newly admitted to the Association pay a pro rata fee covering the period of the year from the date of their admission. Membership fees are payable in full for the financial year in which a resignation or loss of membership takes effect. In the event of a resignation or loss of membership, members have no claims to the assets of the Association. Any net surplus remaining after the liquidation of the Association shall be distributed to the members equally. The members shall not be personally liable for any deficit remaining after the liquidation of the Association. - Full members must comply with the just and equitable principles of business or trade and must observe good market practice when engaging in transactions in international securities governed by the ICMA rules. Full members are expected to apply the highest standards of professional integrity to all their business dealings.
- Full members must record details of all transactions involving international securities and store such records for a period of at least five years.
- The Association’s rules and recommendations apply to all transactions in international securities as defined in the rules (excluding the syndication and allotment process or repurchase and other transactions entered into under the Global Master Repurchase Agreement or similar master agreements) between full members, unless specifically agreed otherwise by the parties at the time of concluding a transaction.
- In the event of a breach or contravention by a member of the Association’s statutes, by-laws or any rules, or in the event of a member causing substantial damage to the interests of the Association, such member may be subject to disciplinary sanctions (including reprimands, fines, suspension or loss of membership).
For further details, please see the Association’s statutes, by-laws, rules and recommendations which are available upon request from our membership department.
The application process for full and associate membership is detailed below. The required documentation must be sent by email to the Membership Department of ICMA at membership@icmagroup.org, with the originals being posted to the Membership Department of ICMA at the address below:
International Capital Market Association (ICMA)
Membership Department
Dreikönigstrasse 8
8002 Zurich
Switzerland
Full Membership
You must provide the documents listed below to apply for full membership:
- the application form correctly filled in and signed on behalf of the applicant;
- a copy of a recent excerpt from the commercial register or other recent proof evidencing legal name as well as place and date of incorporation;
- a copy of the applicant’s most recent statement of financial condition including balance sheet and profit and loss account certified by the applicant’s auditors or a copy of the applicant’s most recent annual report;
- a copy of the bank or dealer license, asset or fund managers or insurance company licenses or evidence of membership of a recognized stock exchange;
OR
a copy of a recognized securities dealers association or affiliation to either a bank or a recognized stock exchange;
OR
evidence of appropriate authorisation if a trading venue, central counterparty, clearing and/or settlement system; - if applicable, confirmation from third party in charge of your clearing arrangements.
Click here to start an application or manage an existing application
Associate Membership
The following must be provided to apply for associate membership:
- a letter requesting associate membership addressed to the Membership Department of ICMA
- a copy of the current annual report
- a copy of the current financial statements
Download template of the required letter format
Admission Process
Upon receipt by ICMA’s membership department of the completed membership application form (and the other documents referred to in the form) the application will be passed on to the membership committee for decision.
While the membership committee normally meets on a monthly basis it can meet on short notice if required.
No admissions to membership may take place between April 1 and the date of ICMA’s ordinary general meeting. The ordinary general meeting is convened during the first six months of every calendar year.
Applicants are notified of the membership committee’s decision within twenty days following the membership committee’s meeting.
Applicants for membership are informed that upon admission to membership of the Association, the name of your organization, address, telephone and telefax numbers and website URL, together with the business and e-mail addresses, telephone numbers for named individuals employed or engaged by you and such other details provided by you to the Association for this purpose from time to time, will be included in the ICMA Members’ Register and published on the ICMA website for access and use by ICMA and other ICMA members and, via subscription, by non-members. In particular, your organization shall obtain the appropriate consents from the relevant individuals to allow such use of this personal data and other information by ICMA, other ICMA members and non-members prior to making such details available to ICMA.
For further information on membership and ICMA, please contact Allan Malvar or Sanaa Clausse-BenAbdelhadi.
Allan Malvar
Managing Director, Head, Membership and Communications
Mobile: +44 7738 696 451
Direct Tel: +44 207 213 0322
Sanaa Clausse-BenAbdelhadi
Senior Director, Membership - Business Development
Mobile: +44 7584 235 080
Direct Tel: +44 207 213 0325
Email us
If you have any queries on how to complete the application form or regarding the documents to be supplied, please contact Sergio Cricri.
Sergio Cricri
Senior Director, Membership
Direct Tel: +41 44 360 5230
International Capital Market Association
Dreikönigstrasse 8
8002 Zurich
Tel: +41 44 363 4222
Fax: +41 44 363 7772
