ICMA's regulatory newsletter pays special attention to the Commission’s proposal on OTC
13 January 2010
ICMA’s newsletter draws attention to the impact of new liquidity proposals on the ECP market; the impact on the primary markets of changes in the Prospectus Directive in the EU and the European Commission’s proposals for OTC derivatives, which may also have implications for corporate bonds.
There are several important themes in ICMA’s Newsletter:
The first is the large number of new regulatory initiatives in Europe of which members need to be aware. Many of these initiatives, such as proposals for supervision of securities and markets, crisis management and capital requirements, are a direct response to the international financial crisis.
Second, the structure of markets is under scrutiny from regulators. The newsletter draws attention to: the impact of new liquidity proposals on the ECP market; the impact on the primary markets of changes in the Prospectus Directive in the EU and the US Tax Extenders Act; and the European Commission’s proposals for OTC derivatives, which may also have implications for corporate bonds.
Third, the priorities for the asset management industry are changing. Robert Parker, Chairman of ICMA’s Asset Management and Investors Council, and David Wright, Deputy Director General of DGMarkt at the Commission, give their views.
Fourth, steps are being taken to make the market infrastructure more resilient.
Finally, the newsletter draws attention to the role of ICMA’s AMTE Council in bringing the sell side and the buy side together, and to ICMA’s global links through the International Council of Securities Associations.
Other issues addressed in the newsletter are as follows:
1 Secondary market practice and EU legislative agenda
3 New Year message from ICMA’s Chief Executive
3 Summary of key themes in the newsletter
4 Systemic stability in the international capital market
6 Practical initiatives by ICMA
7 European financial supervision: securities market aspects
8 Crisis management in the banking sector
9 Capital requirements
10 Credit Rating Agencies Regulation
11 CESR’s 2010 work programme
12 ECP impact of liquidity rules
13 Asset-backed commercial paper
14 Prospectus Directive review
15 MiFID inducements
16 Safety and resilience of OTC derivatives markets
18 ASSET MANAGEMENT
19Dialogue between Robert Parker and David Wright
20 Covered Bond Investor Council
20 Alternative Investment Fund Managers Directive
21 Withholding tax relief
21 Private Banking Working Group
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