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.
ICMSA Bulletin 160513/38: Correct legal form for international debt securities
The objective of this bulletin is to raise further awareness to market participants about the importance of selecting the correct form of note in the pre-issuance stage within the ICSDs.
This bulletin also highlights the settlement and operational risks facing all parties that may arise if the incorrect form of note is selected.
ICMSA Bulletin 151208/36: Exemption for Icelandic Issuers
This bulletin has been updated to reflect two acts that have come into force in 2014 and 2015 which impact the list of issuers that are eligible for exemption, updating BULLETIN 130916/24.
This bulletin updates BULLETIN – 130916/24 – Procedure applicable to Eurobonds to be issued by Icelandic issuers as stand-alone or drawdown of a programme.
ICMSA Bulletin 151204/37: Issuance of ECP or ECD with embedded options
The ICSDs (Euroclear Bank SA/NV and Clearstream Banking Luxembourg) have noticed an increase in the number of ECP and ECD issuances in the international capital market that contain embedded options.
Any dealer and/or IPA transacting a new ECP or ECD instrument with embedded options inherent in the structure should not communicate these issuance details though the EPIM system.
ICMSA Bulletin 150916/35: Tax Relief Procedure for Spain (Royal Decree 1145/2011)
There is a change on page two of the bulletin (the note under section 3. has been amended) to update BULLETIN – 140117/26 – Global Tax Procedures – Tax Relief Procedure for Spain.
BULLETIN – 140117/26 replaced BULLETIN – 080617/05 – Global Tax Procedures – Tax Relief Procedure for Spanish Eurobonds.