ICMA councils & committees
ICMA works as closely as possible with members through its market practice and regulatory policy committees, councils and forums. This network has evolved over a long period and enables interested members to provide expert input into ICMA’s market practice and regulatory policy work. They also act as a forum for discussion and reaching a consensus on topics of common interest. ICMA’s key market practice and regulatory policy committees, councils and forums are listed here:

ICMA Market Practices Committee (MPC) Responsible for ensuring that ICMA's standard documentation properly reflects the requirements of the international capital market as a whole. Composed of the chairs of ICMA's PMPC, SMPC, LDC and ECP committees.

ICMA Regulatory Policy Committee (RPC) Oversees all ICMA’s market practice and regulatory policy work. The RPC consists of the government affairs, regulatory and compliance heads in member firms, and the chairs of ICMA's market practice committees.


Primary markets
  • ICMA Primary Market Practices (PMPC) Committee Consists of the syndication managers of member firms active in lead-managing syndicated bond issues in Europe. The PMPC is concerned with market practice in the primary market, including the ICMA Primary Market Handbook (IPMA Handbook).
  • ICMA Legal and Documentation (LDC) Committee Consists of the heads and senior members of the legal transaction management teams of member firms active in lead-managing syndicated bond issues in Europe. The L&DC is concerned with market practice on documentation, including the ICMA Primary Market Handbook (IPMA Handbook), and related regulatory issues.
  • ICMA Euro Commercial Paper (ECP) Committee Comprises the heads and senior members of the ECP teams of member banks active in the ECP market. It is concerned with the functioning of the ECP market, including maintenance of documentation standards,disclosure, the restructuring and revival of the asset-backed CP market, and regulatory issues affecting the market.
  • Public Sector Issuer Forum (PSIF) Brings together the major Sovereigns, Supranationals and Agencies actively issuing in the European capital markets. ICMA supports the PSIF through a secretariat based in Paris, as well as through its other resources and, in particular its Market Practice and Regulatory Policy team.
  • ICMA Corporate Issuer Forum (CIF) Gathers senior representatives of major corporate issuers and focuses on discussing market practice and regulatory topics related to the debt capital markets.
  • ICMA Financial Institution Issuer Forum (FIIF) Representing ICMA’s issuer community.

Secondary markets
  • ICMA Secondary Market Practices Committee (SMPC) Comprises market practitioners in the secondary debt market. Its overall focus is to ensure the efficient functioning of this market by regular review of ICMA’s rules and market practice. It is currently considering the implications of MiFID II and CSD Regulation for the international capital market.

Repo and collateral markets

Asset management

Green bonds
  • Green Bonds Principles Voluntary process guidelines that recommend transparency and disclosure and promote integrity in the development of the Green Bond Market. Membership of the GBP council consists of issuers, intermediaries and investors who are active in Green Bonds.

AGM 2017

ICMA Executive Education