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Conduct of business (MiFID etc...) - primary market aspects
ICMA’s lead manager constituency regularly discusses issues relating to conduct of business rules and responds to regulatory consultations in this area.




General materials

September 2015
ICMA Primary Market Handbook Appendix A12, Pre sounding, bookbuilding and allocations

10 May 2004
IPMA/ISMA/BBA Joint Guidance Paper FEMR/UK FCA work




FEMR/FMSB and FCA competition review

17 January 2017
ICMA response to FMSB’s Transparency Draft New Issue Process standard for the Fixed Income markets

25 May 2016
ICMA response to the UK FCA’s Investment and corporate banking market study Interim report (MS15/1.2)

14 January 2015
ICMA response to Fair and Effective Markets Review consultation

6 October 2014
ICMA response to the UK FCA’s Wholesale sector competition review – Call for inputs




MiFID I/II

The key piece of European legislation in this area is the Markets in Financial Instruments Directive (2004/39/EC) (‘MiFID’) was implemented on 1 November 2007 with the objective of making it easier for investment firms to undertake investment business across the EU, whether on a cross-border basis or through branches.

MiFID impacts on both primary and secondary bond markets. Information specifically related to MiFID in a primary market context is below. Information related to MiFID generally or in a secondary market context can be found in the Secondary Markets section of the ICMA website.

4 January 2017
ICMA product governance response to FCA MiFID II Implementation – Consultation Paper III (CP16/29)

4 January 2017
ICMA response to Consultation Paper ESMA/2016/1436 - Draft guidelines on MiFID II product governance requirements

15 June 2015
ICMA response to ESMA Consultation Paper - Draft guidelines on complex debt instruments and structured deposits

15 June 2015
The Joint Associations Committee on Retail Structured Products responded to an ESMA Consultation Paper on draft guidelines on complex debt instruments and structured deposits. See further item 40 on the ICMA retail structured products webpage

1 August 2014
ICMA responded to an ESMA Consultation Paper on MiFID II/MiFIR

31 July 2014
The Joint Associations Committee on Retail Structured Products responded to an ESMA Consultation Paper on MiFID II/MiFIR. See further item 35 on the ICMA retail structured products webpage

2 February 2011
ICMA’s response the Commission’s MIFID Review Consultation

22 December 2009
Joint response to CESR’s consultation paper “Inducements: Good and poor practices” (CESR/09-958)




Contact:

Ruari Ewing    
Senior Director, Market Practice and Regulatory Policy; secretary to the ICMA Primary Market Practices Committee and related groups.
Direct line: +44 20 7213 0316
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