A letter to the Financial Stability Board from trade associations representing different product areas across the global financial markets.
New eligibility criteria for securities where Clearstream Banking S.A. and/or Euroclear Bank NV/SA are the issuer CSD
The ICSDs will require a valid LEI for issuers of securities for which the ICSDs act as an issuer CSD as from Tuesday 2 January 2018.
Please refer to following links for more detailed information:
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ICMSA Bulletin 170803/41: Recommendation for the paperless processing of put options
This recommendation proposes a move to electronic instructions only in relation to put option events for notes held in global form and deposited in the ICSDs.
It has come to our members’ attention that there are many instances where put options are being requested and processed in paper form, when this is unnecessary.
ICMSA Bulletin 170727/40: Recommendations for the completion of the Conditions Precedent to Closing Mechanisms
There is a change on page one of the bulletin (providing information on large new issue transactions denominated in less liquid or ‘exotic’ currencies) to update BULLETIN – 140808/30 – recommendations for the completion of the Conditions Precedent to Closing as early as possible in the international primary market
In response to concerns raised around late closings and consequential delayed payments to issuers (causing liquidity problems), the ICMSA seeks to inform all participants in the international primary market of the ICMSA recommendations for the completion of the Conditions Precedent to Closing (CPs) as early as possible on the specified legal closing date.
These recommendations are applicable to syndicated closings through a Common Depositary taking place in European time zones and in relation to same day currencies.
ICMSA Response: Letter to US Treasury and IRS on Section 871(m) of the Internal Revenue Code
A letter from the ICMSA to the US Treasury and Internal Revenue Service with respect to the January 1, 2017 implementation date of the final and temporary regulations (the “Regulations”) under section 871(m) of the Internal Revenue Code (the “Code”).
ICMSA Bulletin 160715/39: Interest period for coupon payments
The objective of this bulletin is to highlight the requirement that explicit wording is clearly stated in each issue’s base contractual terms.
To ensure timely and accurate coupon payments, the ICMSA requires issuers, arrangers and their legal counsels to ensure the necessary clarity is included within an issue’s contractual terms, as outlined within the ISMAG MPB and specifically indicates whether the interest accrual period is adjusted or unadjusted.