Members of ICMSA are welcome to attend any of our sub-committee meetings. Sub-committee preferences can be updated in user accounts.
Through its sub-committees, the ICMSA considers aspects of the market that are adversely affecting the market’s efficiency and works together to make recommendations as to how they may be improved.
Global Tax sub-committee
Chair: Eric Marega, Euroclear Bank SA/NV
Contact the Global Tax sub-committee
The ICMSA Global Tax Sub-Committee focuses mainly on the implementation of Global Tax procedures for Eurobonds (i.e. International Debt Securities – XS codes) that are subject to withholding tax and related regulatory tax reporting.
Our objective is twofold :
- foster standards and harmonise tax procedures among market players
- ensure that the intermediaries operating between issuer and final investor fulfil their respective obligations and comply with the Tax Authorities’ requirements.
Disclaimer: The ICMSA Global Tax Sub-Committee does not provide tax advice, and all parties are advised to obtain independent legal advice on the tax implications of any securities issued or purchased.
Market Practice sub-committee
Chair: Dan Kuhnel, Euroclear Bank SA/NV
Contact the Market Practice sub-committee
The ICMSA Market Practice Committee is comprised of representatives from the Issuing and Paying Agents, Common Depositories, Stock Exchanges, Legal Counsels and ICSDs (Euroclear Bank and Clearstream Banking). The discussion topics focus on all aspects of an international debt instrument (issued in the ICSDs) lifecycle, from issuance through to redemption (excluding tax related matters).
Our Committee objectives can be summarised as follows:
- foster standards and harmonised processes across the full asset servicing chain for international instruments
- provide a forum to provide updates and share information on common market changes or initiatives impacting the international capital markets
- ensure that all intermediaries in the lifecycle of an international security are promoting best practices.
Chair: Jillian Hamblin, Citibank N.A.
Contact the Trustee sub-committee
The ICMSA Trustee Sub Committee is comprised of representatives from the Trustee Houses, Legal Counsels and ICSDs (Euroclear Bank and Clearstream Banking). The discussion topics focus on all aspects of an international debt instrument (issued in the ICSDs) in relation to trustee matters.
To assist ICMSA members and the wider market with the smooth management of trustee related matters.
The main objectives:
- A forum to provide updates and share information on common market changes or initiatives impacting the international capital markets on trustee related matters
- Provide & foster standards and advocacy (to regulators, trade associations etc.) and, if necessary, market education from perspective of service providers on trustee related issues. Note: “market education” is intended to refer to any position papers/guidance notes etc. that may be published (e.g. on standardisation of positions/provisions/procedures).
Related working groups
- ICMSA IBOR Transition Working Group