The International Capital Market Association (ICMA) and the UK Sustainable Investment and Finance Association (UKSIF) have responded to the Financial Conduct Authority (FCA)’s guidance consultation on the anti-greenwashing rule (AGR). ICMA highlights the need for further clarity in relation to the scope of the AGR before any practical implications for the bond context can be fully determined. ICMA raises concerns that the implications of the AGR have not been fully considered from the perspective of the international bond markets and urges the FCA to engage further with stakeholders before finalising its guidance. The UKSIF strongly supports the AGR and makes several recommendations where additional clarity would be beneficial for firms and consumers.

The International Capital Market Association (ICMA), the Association for Financial Markets in Europe (AFME), UK Finance and the Commercial Real Estate Finance Council Europe (CREFC Europe) have published a joint response to the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) consultation papers 26/6 and 2/26 concerning proposed reforms to the UK securitisation framework. The associations broadly welcomed the proposals, describing them as a step towards a more proportionate and internationally competitive framework. In particular, they supported: (1) the move towards a more principles-based regime for due diligence, transparency and reporting requirements; (2) efforts to reduce cross-border friction post-Brexit; (3) the introduction of ‘L-shaped’ risk retention rules and (4) the FCA’s and PRA’s willingness to review the scope and application of securitisation conduct rules. However, the associations also requested further clarification on whether synthetic excess spread may qualify towards first-loss components in synthetic significant risk transfer (SRT) securitisations, additional guidance on the proposed re-securitisation rules and further engagement regarding the application of conduct rules and prudential requirements under Basel 3.1. The response further noted that the UK should continue monitoring EU securitisation reforms to avoid potential competitiveness concerns for UK markets.

The International Capital Market Association (ICMA), the American Council of Life Insurers, the Credit Roundtable, the Investment Company Institute, the Institute of International Finance, the Life Insurance Council of New York, the Partnership for New York City, and the Securities Industry and Financial Markets Association have signed a letter strongly opposing the Sovereign Debt Stability Act, recently amended in the New York State.

The International Capital Market Association (ICMA) has scheduled its 57th Annual General Meeting and Conference for 4-6 June 2025 in Frankfurt. The event introduces a new format with the AGM taking place on 4 June, followed by one and a half days of conference proceedings. The 2024 Brussels event attracted 1,200 delegates from 330 institutions across 46 countries, including senior public sector officials, market participants and legal professionals. ICMA, which has over 610 members in 70 jurisdictions, continues its role in developing international capital market standards and practices.

The International Capital Market Association (ICMA) will host an event examining how trade tariffs and tensions are reshaping capital markets and career trajectories on 18 September 2025 in Milan. The session, aimed at ICMA members, will analyse market participants' strategic responses to tariff-driven changes and assess implications for job mobility in financial services. The event will take place at Banco BPM Headquarters from 18:00-19:45 CEST, featuring discussions on current trade landscape and employment market impacts for emerging finance professionals.

The International Capital Market Association (ICMA) has announced the digitalisation of the Global Master Repurchase Agreement (GMRA) for future repo market efficiency. ICMA highlighted that standardisation of the documentation to facilitate repo trading has been critical to the growth of the market which has become the most widely used master trading agreement in the international market.

The International Capital Market Association (ICMA) has joined other industry signatories in a letter to members of the European Parliament’s Committee on Economic and Monetary Affairs (ECON) ahead of the final stage of Parliament’s consideration of the EU Securitisation Framework review. The letter calls on policymakers not to introduce a dedicated sanctioning regime under Regulation (EU) 2017/2402 (the Securitisation Regulation), noting that securitisation investors are already subject to sanctions under existing sectoral and national legislation. It cautions that additional, duplicative sanctions could deter current and prospective investors, undermining efforts to broaden the investor base. The signatories also highlight concerns that linking sanctions to exposure size could have unintended consequences, particularly for holders of senior tranches, which typically represent the largest notional exposures. The letter calls for a proportionate and stable regulatory approach to support the development of a more efficient, resilient and competitive EU securitisation market, alongside reforms to strengthen investor confidence and enable securitisation to better support financing for households, businesses and the wider economy.

The International Capital Markets Association (ICMA) has announced the launch of its Global Master Repurchase Agreement (GMRA) Clause Library and Taxonomy, a catalogue of GMRA clauses and their negotiated business outcomes, along with a library of model wordings that could be used to draft for such outcomes in a standardised manner across market participants. The ICMA GMRA Clause Library and Taxonomy aims to eliminate or reduce the need to negotiate and the time spent debating the form of contract clauses that achieve the same business outcomes. Market participants will benefit by achieving cost savings in on-boarding new counterparties.

The International Capital Market Association (ICMA) has released the first two episodes of its new ten-part series titled ʻICMA Education and Training presents: Let’s Talk Marketsʼ. The series features industry experts offering insights and analysis on various topics (eg sustainability) and spotlights the intricacies and developments of specific markets. Episode one provides advice on education, mentorship and career development, while episode two discusses ten years of the ICMA Principles.

The International Capital Market Association (ICMA) has published its response to the Bank of England (BoE)'s discussion paper on enhancing gilt repo market resilience. In its response, ICMA strongly opposes proposals for mandatory clearing and minimum haircuts for bilateral gilt repo transactions. ICMA argues that mandatory clearing would lead to increased costs, limit participant access, and exacerbate procyclicality. Additionally, the organization contends that minimum haircuts do not adequately reflect the nuances of individual risk management frameworks. The response, coordinated through a taskforce representing the entire gilt repo ecosystem, supports the concept of voluntary central clearing. It also recommends enhancements to the Sterling Monetary Framework as alternative policy measures.

The International Capital Market Association (ICMA) has released commentary addressing the ongoing debate surrounding the simplification of EU sustainable finance legislation. The publication highlights key developments, including the European Commission's consideration of an omnibus legislation by February 2025 to streamline reporting obligations. It notes recent amendments to the Corporate Sustainability Due Diligence Directive (CSRD) and proposals from German and French governments to modify CSRD reporting requirements.

The International Capital Market Association (ICMA) published a paper on 25 March 2025 examining the impact of new EU and UK regulations on sustainable fund markets. The paper analyses recent regulatory changes affecting fund categorisation, labelling and naming conventions, building on market research and previous publications. ICMA recommends ensuring consistency in future Sustainable Finance Disclosure Regulation reviews, developing inclusive sustainable investment assessment frameworks, and creating specific provisions for transition-themed funds in hard-to-abate sectors.