ICMSA Publication


ICMSA Bulletin 130327/21: Submission of programme documentation

In the context of the implementation timeframe of the Prospectus Directive Review (‘PDII’) and the fast approaching end of the granted grandfathering period on 30 June 2013, Issuers, Arrangers and their appointed Legal Counsel need to be aware of, and factor into the update process, the timeframe required by Stock Exchanges and Competent Authorities, Trustees (where applicable) and Issuing & Paying Agents (‘IPAs’) as well as the ICSDs to review the associated programme updates prior to the first drawdown being able to be issued under any amended documentation.

The ICMSA, representing IPAs, the ICSDs and Stock Exchanges strongly recommend that Issuers and their Legal Counsel now formalize their desired approach so that the necessary draft documentation can be submitted well in front of the end of the grandfathering period.

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