Primary Market update Ruari Ewing, ICMA Annual ICMA and NCMF Joint - PowerPoint PPT Presentation

Primary Market update Ruari Ewing, ICMA Annual ICMA and NCMF Joint Seminar: Capital Markets Union and market based funding - 10 February 2016

Vanilla IG Eurobond syndication Documentation/Legal  Prospectus Regulation (PD III / CMU) – Summary / differential disclosure for QI-only deals ( € 100k denomination)? Max 5 risks in summary? Categorise risks into 3 tiers? Succinct prospectus? Third country issuer representative? Prospectus/summary purpose?  PRIIPs (Packaged retail and insurance-based investment products) [ Jan 2017 ] – KID purpose, liability, content (SRIs...)?  Benchmarks – LIBOR/EURIBOR reform (contractual continuity?)  Bail-in recognition [ Jan 2016 ] – BRRD Art.55 language  Coco restrictions – Measures to prevent retail access New issue processes / Compliance  MiFID II [ Date? ] - Individual allocation justification recording? Product governance?  New issue processes (other) – UK FEMR, FMSB, UK FCA competition study  Market Abuse Regulation (MAD II) [ July 2016 ] – Stabilisation (“details” publication within 7 days?) and pre-sounding Other  Automation – Issuenet (Investor Access), MiFID II secondary transparency, blockchain, etc?  Revamped ICMA Primary Market Handbook [ Sep 2015 ]- Mainly cosmetic, but covered bonds, Initial syndicate communication and Confirmation to managers...

Thank you Any (further) questions?