+44 207 213 0330

legalhelpdesk@icmagroup.org

ICMA’s legal help desk offers members guidance in the following areas: the ICMA Primary Market Handbook (IPMA Handbook); ICMA’s rules and recommendations for the secondary market; the GMRA and information on the ICMA GMRA legal opinions; and conciliation and arbitration.

Please note that the legal helpdesk can only respond to enquiries from ICMA members or subscribers.

Click here if you would like to print a copy of these contacts.



ICMA Primary Market Handbook

The ICMA Primary Market Handbook (IPMA Handbook) contains recommendations on the issuance of a broad range of international securities and also includes standard documentation and guidance notes. The recommendations in the Handbook are generally presumed to be applied by ICMA members lead-managing cross-border issues of securities – except as otherwise stated in the initial syndicate invitations.

Contact: 
Ruari Ewing
+44 20 7213 0316

ICMA’s rules and recommendations for the secondary market

All transactions between members of the Association involving international securities (as defined within the rules) are subject to the Association’s rules and recommendations, unless specifically agreed otherwise by the parties at the time of concluding a transaction. Unless otherwise stated, the rules and recommendations do not apply to the syndication and allotment process or to repurchase and to other transactions entered into under the GMRA or similar master agreements.

Contacts: 
Lisa Cleary
+44 20 7213 0330

Andre Seiler
+41 44 360 5237

GMRA and associated legal opinions

The GMRA is the most predominantly used standard master agreement for repo transactions in the cross-border market and ICMA is the sole provider of industry standard legal opinions on the agreement. The legal opinions address both the enforceability of the netting provisions of the GMRA, as well as the validity of the GMRA as a whole. Furthermore, the opinions address the issue of recharacterisation risk (in respect of both the transfer of securities and the transfer of margin).

Contacts: 
Lisa Cleary
+44 20 7213 0330

Andre Seiler
+41 44 360 5237

ICMA conciliation and arbitration

Conciliation and arbitration proceedings are available to members and other interested parties in relation to disputes arising out of transactions in international securities regulated by ICMA, as well as disputes between a member and the Association in respect of matters arising out of ICMA’s statutes, by-laws, rules and recommendations.

Contact: 
Andre Seiler
+41 44 360 5237

The secretariat and the Association’s committees provide informal guidance, rather than formal advice to members on primary and secondary market as well as GMRA related issues. The underlying policy for this is to (i) ensure the fair and equal treatment of members; (ii) facilitate the integrity of ICMA’s conciliation and arbitration proceedings; and (iii) limit a potential exposure of the Association for incorrect advice to the greatest extent possible. The legal department maintains records of enquiries received and guidance provided, often with the prior input from ICMA’s expert committees, enabling the legal team to issue consistent guidance which is based on appropriate precedents.