The International Capital Market Association (ICMA) has published a letter it has sent to the European Commission (Commission) relating to changes to the ICMA buy-in procedures. In the letter, ICMS informs the Commission of changes being made to its rules and recommendations for the secondary market, specifically related to the buy-in and sell-out procedures. A full outline of the changes to the rules can be found in the circular annexed to this letter. Notable enhancements are with respect to the flexibility of the buy-in (and sell-out) procedures: allowing the initiating party to determine the timeline of the buy-in process, as well as eliminating the necessity to appoint a buy-in agent.
View ICMA urges European Commission to consider concerns relating to mandatory buy-in regime under CSDR, 3 March 2017