ICMA has long focused on explaining the technical challenges to retail bond supply, in case public authorities wish to encourage direct retail bond market participation.

This has mostly involved ICMA’s work on the EEA(UK) Prospectus, PRIIPs and MiFID product governance regimes – See the Prospectuses webpage, the PRIIPs KIDs webpage (for coverage of the PRIIPs regime alone) and the MiFID II/R in primary markets webpage (for coverage of MiFID product governance regime, including combined coverage with the PRIIPs regime).
This has also involved the items set out below.

10 January 2024
ICMA Quarterly Report article: EU Government retail-targeted bond issuance

11 October 2023
ICMA Quarterly Report article: ICMA feedback on EU Retail Investment Strategy proposals

29 September 2023
ICMA response to FCA Engagement Papers on new UK prospectus regime (Retail offerings at Annexe C on pp.21-25)

28 August 2023
ICMA feedback on the EU Retail Investment Strategy proposals (PRIIPS Regulation and investor protection aspects of MiFID)

12 April 2023
ICMA Quarterly Report article: UK Consumer Duty

16 January 2023
ICMA response to Chapter 8 (Clarificatory amendments to the Consumer Duty) of UK FCA Consultation Paper CP22/26: Quarterly Consultation No 38

20 May 2022
ICMA response to IOSCO Retail Market Conduct Task Force Consultation Report

11 February 2022
ICMA response to UK FCA Consultation Paper CP21/36: A new Consumer Duty - Feedback to CP21/13 and further consultation

12 October 2021
ICMA Quarterly Report article on ICMA response to EC consultation on a retail investment strategy for Europe

24 September 2021
ICMA response to HM Treasury Wholesale Markets Review (Retail questions 103-105 on last three pages)

3 August 2021
ICMA response to EC consultation on a retail investment strategy for Europe (including aspects relating to the EU’s prospectus regime, PRIIPs regime and MiFID product governance, client categorisation and inducement regimes)

12 January 2021
ICMA Quarterly Report article on FCA Policy Statement PS20/15 - High-Risk Investments: Marketing Speculative Illiquid Securities (including Speculative Mini-Bonds) to Retail Investors

1 October 2020
ICMA response to FCA Consultation Paper CP20/8*** – High-risk investments: Marketing speculative illiquid securities (including speculative mini-bonds) to retail investors

10 March 2017
ICMA response to European Commission consultation on capital markets union mid-term review (#64 at pages 14-15)

30 April 2015
ICMA response to European Commission Green Paper: Building a Capital Markets Union (#91-#103 at pages 16-19)

ICMA Zurich
T: +41 44 363 4222
Dreikönigstrasse 8
8002 Zurich

ICMA London
T: +44 20 7213 0310
110 Cannon Street
London EC4N 6EU
ICMA Paris
T: +33 1 8375 6613
25 rue du Quatre Septembre
75002 Paris

ICMA Brussels
T: +32 2 801 13 88
Avenue des Arts 56
1000 Brussels
ICMA Hong Kong
T: +852 2531 6592
Unit 3603, Tower 2
Lippo Centre
89 Queensway, Admiralty
Hong Kong
info@icmagroup.org (general enquiries)
education@icmagroup.org (education enquiries)
sustainabilitybonds@icmagroup.org (sustainable finance)
Copyright © 2024 International Capital Market Association.