The SMR&R Working Group is tasked with reviewing the ICMA Secondary Market Rules & Recommendations in light of new regulation, evolving market structure, and market best practice. The WG looks to make revisions, or propose new rules, where appropriate. This covers all aspects of the ICMA Rules, including the Buy-in Rules. Members are primarily sell-side and buy-side fixed income traders, as well as operations experts and interested legal, compliance, and regulatory policy representatives.

If you or your firm would like to participate in the SMR&R Working Group, or would like to learn more about its focus and structure, please contact the SMPC secretariat. Observers from other associations are also welcome.

Note of the call of the SMR&R WG on 27 November 2018

Action points arising from the call:
  • ICMA to draft FAQs on buy-in/pass-on process
  • ICMA to solicit case studies from members relating to transactions where the bonds unexpectedly changed form (or ceased to exist) before settlement
  • ICMA to keep the group and members informed of ongoing discussions with ESMA with respect to the CSDR buy-in mechanism
There are currently no meetings/calls of the WG scheduled, but ICMA will aim to update the group on relevant developments, in particular with regard to the projected consultation on updating the Buy-in Rules to align with CSDR (following further clarification from ESMA).

In the meantime, should members have any issues with, or suggestions for, the SMR&Rs, they should contact the SMPC/SMR&R WG Secretariat.

Adapting the ICMA Buy-in Rules
Following the call of the SMR&R WG on 3 July 2018, ICMA met with ESMA to discuss updating the ICMA Buy-in Rules (or a version of the Buy-in Rules) to align with the CSDR mandatory buy-in provisions for in-scope transactions. In particular, ICMA is exploring the possibility of using the adapted ICMA Buy-in Rules to solve for the asymmetry in the regulatory provisions. ICMA will continue to keep members updated as these discussions evolve.
CSDR Mandatory Buy-ins: Adapting the ICMA Buy-in Rules to align with implementation

Note of call of the SMR&R WG on 3 July 2018
The first call of the SMR&R WG was held on 3 July 2018. Topics discussed included special situations, the buy-in rules, and negative interest claims.
WG members will be kept informed of future calls and relevant issues.


Andy Hill
Senior Director, Market Practice and Regulatory Policy; secretary to the ICMA Secondary Market Practices Committee.
Direct line: +44 20 7213 0335

Gabriel Callsen
Director, Market Practice and Regulatory Policy
Direct line: +44 20 7213 0334

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