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ICMA Annual General Meeting and Conference

Programme and Agenda

May 18 to 20, 2016

The Convention Centre DublinDublin 1, Ireland

The annual gathering forthe international capital market

© Copyright by the International Capital Market Association(ICMA), Zurich, Switzerland, 2016.

All rights reserved.

No part of this publication may be reproduced or transmittedin any form or by any means without permission from ICMA.

3Index

1 Welcome Reception ......................................................................................... 4

2 Annual General Meeting ................................................................................... 6

3 Agenda of the Annual General Meeting ......................................................... 10

4 Candidates for the Elections to the Board ..................................................... 15

5 Auditor’s Report (ICMA Consolidated 2015 Financial Statements) ............... 27

6 ICMA Corporate Governance ........................................................................ 30

7 ICMA Consolidated 2015 Balance Sheet ...................................................... 37

8 ICMA Consolidated 2015 Income Statement ................................................ 39

9 Notes to the ICMA Consolidated 2015 Financial Statements ....................... 41

10 Auditor’s Report (ICMA Zurich 2015 Financial Statements) .......................... 56

11 ICMA Zurich 2015 Balance Sheet .................................................................. 59

12 ICMA Zurich 2015 Income Statement ........................................................... 61

13 Notes to the ICMA Zurich 2015 Financial Statements .................................. 63

14 Proposals from the Board for amendments to ICMA’s statutes (and related appointments of additional board members by the nomination committee) .................................................................................. 76

15 The Board’s Composition and the Candidates nominated for the Elections to the Board (as of April 14, 2016) ................................................. 85

16 Conference Programme – Thursday, May 19, 2016 ...................................... 89

17 Gala Reception .............................................................................................. 92

18 Conference Programme – Friday, May 20, 2016 ........................................... 94

19 Conference Contact Details ........................................................................... 98

Index

Welcome Reception

1

5Welcome Reception

Welcome Reception

Wednesday, May 18, 201619:30 to 23:00

Museum of Modern Art (Royal Hospital Kilmainham)Military Road Kilmainham Dublin 8Ireland

For this year’s Welcome Reception, you are invited to join ICMA at the Museum of Modern Art (Royal Hospital Kilmainham).

During the evening, guests will be able to enjoy the beautifully landscaped gardens.

Coaches will depart from the front of the Clayton Hotel, the Gibson Hotel, the Spencer Hotel and the Marker Hotel at 19:00 and 19:15.

Coaches will return to the Clayton Hotel, the Gibson Hotel, the Spencer Hotel and the Marker Hotel, departing every 30 minutes from 22:00 until 23:00.

Dress code: smart casual

For security purposes, please ensure that you wear your name badge at all times.

1

Annual General Meeting

2

7Annual General Meeting


Thursday, May 19, 201608:00 to approx. 11:30

The Convention Centre DublinSpencer DockNorth Wall QuayDublin 1Ireland

1. Registration for the elections to the board and the general meeting

Location: the registration desk is located on the first floor of The Convention Centre Dublin, outside Liffey Halls 1 and 2.

Time: 08:00 until 09:00

Voting delegates: must register for the board elections and the general meeting with the red admission card.

In exchange for the stub which will be detached from the admission card, voting delegates will receive

(i) unless already in possession, a blank ballot form for the board elections; and

(ii) a voting booklet (with fifteen voting slips).

Proxy holders: voting delegates carrying proxies for other members must also present an orange proxy form duly completed by each member wishing to be represented by a proxy at the board elections and the general meeting.

In exchange for the orange proxy ticket which will be detached from the proxy form, proxy holders will receive for each member represented by a proxy

(i) unless already in possession, a blank ballot form for the board elections; and

(ii) a voting booklet (with fifteen voting slips).

Delegates (other than voting delegates and proxy holders):

must register for the general meeting with the green admission card.

2

8 Annual General Meeting

2. Elections to the board

Location: the voting station is located at the registration desk on the first floor of The Convention Centre Dublin, outside Liffey Halls 1 and 2.

Time: 08:00 until 09:00

The candidates: the curricula vitae of the candidates nominated by the nomination committee for the board elections, i.e.,

(i) the five candidates nominated to fill the five vacancies occurring on the board as a result of one-third of the total number of elected board members fixed in the current statutes retiring on May 19, 2016; and

(ii) the four additional candidates nominated to fill part of

the additional six vacancies on the board subject to the general meeting’s approval of the proposed increase of the number of elected board members by six in the statutes on May 19, 2016,

can be found on pp. 18 to 26 of the programme and agenda.


9Annual General Meeting


2

3. The general meeting

Location: the general meeting will take place in the auditorium on the third floor of The Convention Centre Dublin.

Time: 09:00 to approx. 11:30

The agenda: the agenda for the general meeting is on pp. 10 to 14 of the programme and agenda.

Seating arrangements: voting delegates and proxy holders are requested to sit in the front section of the meeting hall. Other delegates are requested not to sit in this section.

Voting: in line with past practice, voting on resolutions proposed for approval by the general meeting shall normally take place by a show of hands, with a request for voting delegates and proxy holders to clearly display their voting booklets.

Should voting on such resolutions require the use of one or more voting slips in the voting booklet, voting delegates and proxy holders will be instructed on how to use such slip(s) during the general meeting.

Agenda of the Annual General Meeting

3

11Agenda of the Annual General Meeting


08:00 to 09:00

Elections to the board

The persons nominated by the nomination committee and standing as candidates for the elections to the board and their respective curricula vitae are on pp. 15 to 26 of the programme and agenda.

The voting station is located at the registration desk on the first floor of The Convention Centre Dublin, outside Liffey Halls 1 and 2.

09:00

Introductory remarks by Spencer Lake, Chairman

09:15

1. Opening of the meeting

Spencer Lake, Chairman, and Thomas Hunziker, Company Secretary, to report

2. Tellers

Spencer Lake, Chairman, to report

The general meeting is requested to approve the tellers which will be proposed on May 19, 2016.

3. Minutes of the annual general meeting held on June 4, 2015 in Amsterdam and dated July 15, 2015

Thomas Hunziker to report

The minutes were sent to the principal delegates of all ICMA members on August 3, 2015.

The general meeting is requested to approve the minutes.

3

12 Agenda of the Annual General Meeting

4. ICMA’s 2015 financial statements

Hans Stoter, Chairman of the audit, compliance and governance committee, to report

4.1 ICMA’s 2015 consolidated financial statements The balance sheet, income statement and notes for the year ended December 31,

2015 as well as the auditors’ report are on pp. 27 to 55 of the programme and agenda.

The general meeting is requested to approve ICMA’s 2015 consolidated financial statements as well as the auditors’ report.

4.2 ICMA Zurich’s 2015 financial statements

The balance sheet, income statement and notes for the year ended December 31, 2015 as well as the auditors’ report are on pp. 56 to 75 of the programme and agenda.

The general meeting is requested to approve ICMA Zurich’s 2015 financial statements as well as the auditors’ report.

5. Election of ICMA’s auditors for 2016

Hans Stoter, Chairman of the audit, compliance and governance committee, to report

The general meeting is requested to elect Ernst & Young AG, Zurich as ICMA’s auditors for 2016.

6. Chief Executive’s report

Martin Scheck, Chief Executive, to report


13Agenda of the Annual General Meeting

3

7. Regions

Fabio Lisanti, Chairman of the committee of regional representatives, to report

8. Discharge to the board and the executive committee Spencer Lake, Chairman, to report

The general meeting is requested to grant discharge to the board and the executive committee for their activities in 2015.

9. Amendments to ICMA’s statutes (and related appointments of additional board members by the nomination committee)

Spencer Lake, Chairman, to report

9.1 Increase of the number of board members from 16 to 22 The proposals from the board are on pp. 76 to 81 of the programme and agenda.

The general meeting is requested

(i) to approve the amendment to the statutes required to be made as a result of the proposed increase of the number of board members from 16 to 22;

(ii) subject to its approval of the proposal under (i) above, to grant the nomination committee the authority to appoint two persons as additional board members, both for a term of office until the AGM 2017.

9.2 Addition of new categories of full member

The proposal from the board is on pp. 82 to 84 of the programme and agenda.

The general meeting is requested to approve the proposal.


14 Agenda of the Annual General Meeting


10. Elections to the board and the board’s composition following the elections

Thomas Hunziker to report

The board’s composition and the candidates nominated for the elections to the board (as of April 14, 2016) are on pp. 85 to 88 of the programme and agenda.

The general meeting is requested to note the board’s composition following the elections.

11. Any other business

Close of the meeting

Panel discussion on ICMA’s market practice and regulatory policy activities

Moderator: Paul Richards ICMA, Head of Market Practice & Regulatory Policy

Panellists: Martin Egan Chair of ICMA Primary Market Practices Committee

David Hopkins Chair of ICMA Legal and Documentation Committee

Godfried de Vidts Chair of ICMA European Repo and Collateral Committee

Ed Wells Chair of ICMA Regulatory Policy Committee

Close of morning agenda

Candidates for the Elections to the Board

4

16Candidates for the Elections to the Board


On February 15, 2016 the secretariat notified the membership in writing that the nomination committee established under article 15 (1) of ICMA’s statutes and consisting of:

Spencer Lake HSBC Bank plc, LondonValerian Crasto DBS Bank Ltd., SingaporeMartin Egan BNP Paribas, LondonJoachim Heppe Commerzbank AG, Frankfurt am MainDenis Kozub Sberbank of Russia, MoscowBertrand de Mazières European Investment Bank (EIB), LuxembourgHenrik Theil Nordea Bank Danmark A/S, CopenhagenAlberto Zaffignani NATIXIS, Milan

nominated the following

(i) five candidates (for their CVs, see pp. 18 to 22 of the programme and agenda) for the board elections at the AGM (for the terms specified below), to fill the five vacancies occurring on the board as a result of one-third of the total number of elected board members fixed in the current statutes retiring on May 19, 20161):

Godfried De VidtsICAP Securities Limited, London(standing for an additional consecutive term of office of three years until the AGM 2019)

Sian HurrellRBC Europe Limited, London(standing for a first term of office of three years until the AGM 2019)

Roman SchmidtCommerzbank AG, Frankfurt am Main(standing for a first term of office of three years until the AGM 2019)

Yu SunBank of China Limited, London Branch, London(standing for a first term of office of three years until the AGM 2019)

Camilla TinariIntesa Sanpaolo S.p.A., Milan(standing for a first term of office of three years until the AGM 2019)

4

1) No further candidates were proposed by the membership pursuant to article 15 (1) e) of ICMA’s statutes.

17 Candidates for the Elections to the Board

(ii) four candidates (for their CVs, see pp. 23 to 26 of the programme and agenda) for the board elections at the AGM (for the terms specified below), to fill part of the additional six vacancies occurring on the board subject to the general meeting’s approval of the proposed increase of the number of elected board members by six in the statutes on May 19, 20162):

Joanna CoundBlackRock Investment Management (UK) Limited, London(standing for a first term of office of three years until the AGM 2019)

John LangleyBarclays Bank PLC, London(standing for a first term of office of three years until the AGM 2019)

Marc Baigneres3)

J.P. Morgan Securities plc, London(standing for a first term of office of two years until the AGM 2018)

Marc Tempelman3)

Bank of America Merrill Lynch, London(standing for a first term of office of two years until the AGM 2018)


2) Subject to the general meeting’s approval of this increase, the general meeting will be requested to grant the nomination committee the authority to appoint two persons as additional board members (both for a term of office until the AGM 2017).

3) standing for a first term of office until the AGM 2018 in order to uphold the principle in the statutes, pursuant to which one-third of the number of elected board members shall retire at each AGM


4

Godfried De Vidts Nationality: Belgian

Professional Experience:2006 – Present Director of European Affairs, ICAP Securities Limited, London

1987 – 2006 Trader in dealing room / last function global liquidity and collateral management, Generale Bank / later Fortis Bank, Brussels

1981 – 1987 Trader in all non-local products, National Commercial Bank OBU, Bahrain

1972 – 1977 Middle office function verifying process of trades into final booking process, Kredietbank, Brussel

Godfried De Vidts was appointed Director of European Affairs for ICAP plc in 2006. He advises on European financial and political issues and leads ICAP’s relationship with the European Commission and Parliament. In addition, he maintains regular contact with all of the European Central Banks and Treasuries. He works closely with ICAP’s electronic and voice broking businesses on product development and other key issues across Europe.

Godfried has worked in the financial markets since 1972, including involvement in FRAs, futures, options, money markets, forward FX, Euronotes and commerical paper. In 1995 he played a key role in the early development of the international and triparty repo markets and in 1999 became global head of liquidity and collateral management.

Additional Information:• Member of the ECB Contact Group on Euro Securities Infrastructures (Cogesi)

• Chairman of the European Repo and Collateral Council under the auspices of the International Capital Market Association (ERCC)

• Member of ESMA Secondary Markets Standing Committee Consultative Working Group

• Chairman of the Collateral Initiatives Co-ordination Forum (C.I.C.F.)

• Previously member of the Giovannini working group, Cesame 1 & 2, MOG, EGMI Group of the European Commission, CESR consultative panel

• Honorary President of ACI, the Financial Markets Association and of ACI Belgium



Sian HurrellNationality: British

Professional Experience: 2013 – Present Head of FIC, Europe, Royal Bank of Canada, London

2000 – 2013 Head of EMEA Sales – Financial Institutions, Royal Bank of Scotland, London

1998 – 2000 Director of FX Sales – Australian Institutions HSBC, Sydney

1995 – 1998 Director of Corporate Sales – FX, Interest rates, Money Markets, Royal Bank of Scotland, London

1993 – 1995 FX Sales – UK Corporate Team, HSBC, London

1991 – 1993 Graduate Trainee, HSBC, London

Education:1987 – 1991 B.A. (1st Class Hons), Leeds University Major in Russian and Management

10 O Levels, 4 A Levels

Additional Information:• Chair of FIC Europe Operating Committee

• Member of European Executive Committee

• Member of European Capital Markets Operating Committee

• Member of Global FIC Operating Committee

• Member of Diversity Committee

• Member of European Risk Committee



4

Roman SchmidtNationality: German

Professional Experience:2004 – Present Divisional Board Member Corporate Finance, Commerzbank AG, Frankfurt am Main

2000 – 2004 Global Head of DCM, Commerzbank AG, Frankfurt am Main

1997 – 1999 Managing Director, Global Co-Head of DCM, Barclays Bank Plc, London

1991 – 1997 Head of Capital Markets Germany, Deutsche Bank AG, Frankfurt am Main

1987 – 1991 Senior Bond Trader, Credit Suisse First Boston, London

1987 Bond Trader, Commerzbank AG, Frankfurt am Main

1985 – 1986 Bond Trader, WestsLB, Frankfurt am Main

Education:1984 – 1985 Military Service

1982 – 1984 “Qualified banker” after apprenticeship, WestLB, Düsseldorf

1982 Abitur

Additional Information:Married, father of four



Yu SunNationality: Chinese

Professional Experience:2013 – Present General Manager, Bank of China Ltd. London Branch, London

Chief Executive Officer, Bank of China UK Ltd., London

2012 – 2013 General Manager, Global Markets, Bank of China (Hong Kong) Ltd., Hong Kong

2010 – 2012 Deputy General Manager, Bank of China Shanghai Branch, Shanghai

2009 – 2010 Executive, Domestic Bond Investment, Bank of China Head Office, Beijing

2009 Executive, Financial Markets (Global Distribution), Bank of China Head Office, Beijing

2008 – 2009 Executive, Global Markets, Bank of China Head Office, Beijing

2005 – 2008 Head of Div. and Chief Dealer Treasury & Investment Management, Bank of China (Hong Kong) Ltd., Hong Kong

2004 – 2005 Head and Chief Dealer, Capital Market Div. Global Markets, Bank of China (Hong Kong) Ltd., Hong Kong

2002 – 2004 Head of Credit Portfolio, Global Investment, Bank of China Head Office, Beijing

1998 – 2002 Officer, Debt Capital Div. Financial Markets Business Dept. Bank of China Head Office, Beijing

Education:1995 – 1998 Master’s Degree of the World Economy, Nankai University

1991 – 1995 Bachelor’s Degree of Arts, Dongbei University of Finance & Economics



4

Camilla TinariNationality: Italian

Professional Experience:2015 – Present Head of Treasury Dept., CFO Area, Intesa Sanpaolo, Milan

2013 – 2015 Head of MLT Finance, Treasury Dept., Intesa Sanpaolo, Milan

2007 – 2013 Head of Funding, Group Finance Dept., Intesa Sanpaolo, Milan

2006 – 2007 Head of Funding, Finance Dept., Banca Intesa, Milan

2003 – 2006 Head of Structured Finance, Treasury and Finance Dept., Banca Intesa, Milan

2002 – 2003 Head of Proprietary Securitisation Desk, Investment Banking Division, Banca Intesa, Milan

2000 – 2002 Head of Strategic Capital Management, Strategic Development Dept., Banca Intesa, Milan

1998 – 2000 Head of Strategic Finance, Planning and Banking Research Dept., Banca Intesa, Milan

1996 – 1998 Capital Markets, Finance Dept., Banco Ambrosiano Veneto, Milan

1994 – 1996 Credit and Syndicated Loan Dept., Banco Ambrosiano Veneto, London Branch, London

1992 – 1994 Financial Analyst, Technical Secretariat and Economic Analysis, Banco Ambrosiano Veneto, Milanan1989 – 1992 Financial Analyst, Finance Department of Citifin, Citibank Group, Milan

Education:Degree in Business Administration, Banking and Finance, Bocconi University, Milan

Additional Information:2007 – Present Member of the AFME Securitisation Board



Joanna CoundNationality: British

Professional Experience:2009 – Present Head of Public Policy in Europe, BlackRock, London

Board member of European Capital Markets Institute, Brussels, EFAMA, Brussels, and Institutional Money Market Fund Association, London

Chair of Anglo-Irish Financial services Dialogue, London and Dublin

2003 – 2009 COO and Head of Sales, International Cash, BlackRock, London

2001 – 2003 Head of International Business Strategy, BlackRock, London

1997 – 2001 Head of European Retail Marketing Strategy, BlackRock, London

1996 – 1997 Associate Director, European retail business development, BlackRock, London

1995 – 1996 Product Development Manager, Fidelity International, London

1993 – 1995 Consultant, Braxton Associates, London

1990 – 1993 Marketing Manager, Citibank Privatkunden, Duesseldorf

1986 – 1988 Policy Advisor to MEP, Brussels

1985 – 1986 Stagiaire, European Commission, Brussels

Education:1988 – 1990 MBA, London Business School, UK

1984 – 1985 Masters, Advanced European Studies, Bruges, Belgium

1980 – 1984 Bachelor of Arts, European Studies, Loughborough, UK

Semester at University of Fribourg, Switzerland

Semester at Sorbonne IV, Paris, France

Additional Information: Married, mother of two, 1 dog



4

John LangleyNationality: British

Professional Experience:2014 – Present Head of Global Finance and Risk Solutions Group, Barclays, London

2012 – 2014 Co-Head of Global Finance and Risk Solutions Group, Barclays, London

2010 – 2012 Global Head of Risk Solutions Group, Barclays, London

2006 – 2010 Head of Risk Solutions Group, EMEA, Barclays, London

2001 – 2006 Co-Head of Corporate Risk Management and Risk Advisory, Merrill Lynch, London

1996 – 2001 Global Head of FX Options Trading, Merrill Lynch, London

1994 – 1996 Head of FX Options Trading, EMEA, Banque Paribas, London

1990 – 1994 Various Fixed Income and Derivative trading roles Chase Manhattan Bank, London and New York

Education:1987 – 1990 M.A. (Hons) Natural Sciences, University of Cambridge, UK

1979 – 1986 Bishop Heber School, Chester, UK

Additional Information:2014 – Present Member of the Fellowship, The Sutton Trust

2010 – Present Board member, Nyumbani UK Charitable Trust



Marc BaigneresNationality: French

Professional Experience:2015 – Present Head of Western Europe Investment Grade Finance, J.P. Morgan, London

2007 – 2015 Managing Director, Head of Debt Capital Markets for France, Benelux and Switzerland, J.P. Morgan, Paris

2003 – 2007 VP/ED Debt Capital Markets France, J.P. Morgan, London

2000 – 2003 Associate, Debt Capital Markets, Credit Suisse, London

1998 – 2000 Debt Capital Markets, Credit Lyonnais, Paris

1997 – 1998 Equity Capital Markets, Credit Lyonnais, New York

Education:1993 – 1996 Master in Finance EM, Lyon, France



4

Marc TempelmanNationality: French and Dutch

Professional Experience:2014 – Present Co-Head of Debt Capital Markets & Corporate Banking (EMEA), Bank of America Merrill Lynch, London

2012 – 2014 Co-Head of Financial Institutions Group, Investment Banking (EMEA), Bank of America Merrill Lynch, London

2009 – 2012 Head of Financial Institutions Group, DCM & Corporate Banking (EMEA), Bank of America Merrill Lynch, London

2007 – 2009 Co-Head of Financial Institutions Group, Debt & Equity Capital Markets (Americas), Bank of America Merrill Lynch, New York

1997 – 2007 Associate to Managing Director, Debt Capital Markets, Financial Institutions, Merrill Lynch, London

1994 – 1996 Associate, Debt Capital Markets, Société Générale, Paris

1993 French military service, officer training, ended service as a Lieutenant 2nd class

Education:1992 Graduated from the Ecole Supérieure de Commerce de Paris

Additional Information: Fluent English, French and Dutch, basic GermanMarried, father of three


Auditor’s Report (ICMA Consolidated 2015 Financial Statements)

5

28Auditor’s Report (ICMA Consolidated 2015 Financial Statements)


Report of the Independent Auditor on the ICMA Consolidated 2015 Financial Statements to the General Meeting of the Members

International Capital Market Association, Zurich

As independent auditor, we have been engaged to audit the accompanying consolidated financial statements of the International Capital Market Association, which comprise the balance sheet, income statement and notes for the year ended December 31, 2015.

Responsibility of the Association’s Board

The board of the Association is responsible for the preparation of the consolidated financial statements in accordance with the consolidation and valuation principles as set out in the notes. This responsibility includes designing, implementing and maintaining an internal control system relevant to the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. The board of the Association is further responsible for selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances.

Auditor’s Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with Swiss Auditing Standards. These standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making these risk assessments, the auditor considers the internal control system relevant to the entity’s preparation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the existence and effectiveness of the entity’s internal control system.

5

29 Auditor’s Report (ICMA Consolidated 2015 Financial Statements)

An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the consolidated financial statements for the year ended December 31, 2015 comply with the consolidation and valuation principles as set out in the notes.

Report on Other Requirements

We confirm that we meet the legal requirements on licensing according to the Swiss Auditor Oversight Act (AOA) and independence (article 728 of the Swiss Code of Obligations (CO)) and that there are no circumstances incompatible with our independence.

We recommend that the consolidated financial statements submitted to you be approved.

Zurich, February 29, 2016

KPMG AG

Michael Schneebeli Lucas NistorLicensed Audit Expert Licensed Audit Expert Auditor in Charge


ICMA Corporate Governance

6

31ICMA Corporate Governance


Name, Duration, Domicile and Objectives

The International Capital Market Association (ICMA) is an association (Verein) pursuant to articles 60 to 79 of the Swiss Civil Code. It is an independent legal entity with legal capacity. It is governed by Swiss law. Its duration is unlimited. The Association is domiciled in Zurich (Switzerland) and registered in the Zurich Commercial Register.

The objectives of the Association are:

(1) to promote good relations among its members and to provide a basis for joint examination and discussion of questions relating to the international capital and securities markets and to issue rules and make recommendations governing their operations; and

(2) to provide services and assistance to participants in the international capital and securities markets.

Membership

Organisations which are banks, members of recognised stock exchanges, licensed dealers in securities, members of recognised security dealers’ associations, asset and fund managers, insurance companies or organisations which are affiliated to either a bank or a member of a recognised stock exchange may become members of the Association.

Organisations which do not qualify as members pursuant to the preceding paragraph but which have an important role in the international capital markets and which maintain close relations with the Association may become associate members of the Association.

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32 ICMA Corporate Governance

The General Meeting

The general meeting of the members is the supreme agency of the Association and it has, inter alia, the exclusive power:

(a) to amend the statutes by a majority of two-thirds of the votes present;

(b) to elect the board members and terminate their mandate;

(c) to elect the auditors;

(d) to approve the annual accounts;

(e) to determine the annual subscriptions to be paid by members; and

(f) to decide on the termination of the Association.

The quorum for the transaction of business at a general meeting is the presence of one half of the total number of votes (unless otherwise provided in the statutes). Each member (excluding associate members) has one vote. The general meeting shall carry resolutions by simple majority of the votes present (unless otherwise provided in the statutes).



2015 20141) incl. regional chapter of Greece, Turkey, Cyprus and the Balkan States 9 92) incl. regional chapter of Latin America 5 4

The Regions

ICMA has a regional structure, comprising the fifteen regions (incl. two regional chapters) listed below.

Number of membersRegion 2015 2014

Africa 9 6

Asia Pacific 33 28

Austria, Eastern and South Eastern Europe1) 29 26

Belgium 12 12

France and Monaco 30 32

Germany 34 34

Iberia 12 12

Italy 16 16

Luxembourg 25 25

Middle East and North Africa 14 12

Netherlands 21 22

Nordic 32 30

Russia and other CIS countries 17 19

Switzerland and Liechtenstein 43 47

United Kingdom, Ireland and the Americas2) 156 147

483 468

Each region has its own regional committee which deals with specific regional matters.

The committee of regional representatives (comprised of the chairpersons of the regional committees) reports directly to the board of ICMA.


6


The Board

The board performs a supervisory role and is not involved with the day-to-day management of the Association. Pursuant to ICMA’s statutes, the board consists of sixteen members, one of which is the Chief Executive. Board members do notreceive compensation from the Association (other than the Chief Executive). The overall attendance rate at board meetings for 2015 was 84% compared to 79% in 2014 and expenses incurred were CHF 63,202, compared to CHF 59,017 in 2014.

The board has established the following committees assisting the board in performing its supervisory role:

(a) the audit, compliance and governance committee which oversees compliance by the Association with all laws, rules and regulations applicable to it in order to enable the board to conduct appropriate supervision of the Association’s regulatory affairs and for overseeing, controlling and reporting on the budgetary process and financial control of the Association;

(b) the oversight committee which supervises the executive committee and any committee established by the executive committee; and

(c) the compensation committee which reviews and recommends the compensation of the Association’s senior executives to the board.

The Chief Executive

The Chief Executive is ICMA’s senior executive officer and its public representative carrying out the Executive President’s function pursuant to article 23 of the statutes. The Chief Executive, who is an ex-officio member of the board and chairs the executive committee, has overall responsibility for the Association’s executive management. The Chief Executive is appointed by, and reports to the board.



66

The Executive Committee

The executive committee has responsibility for the executive management and administration of the Association. The executive committee reports to the board through the Chief Executive.

Effective August 1, 2009, the board appointed Martin Scheck as Chief Executive.

The Chief Executive who chairs the executive committee appointed the following persons:

as members of the executive committee:Messrs. Leland Goss, General Counsel Mario Kessler, Head of Finance and Administration Allan Malvar, Head of Corporate Communications and Membership Paul Richards, Head of Market Practice and Regulatory Policy

as ICMA’s company secretary:Mr. Thomas Hunziker.

The executive committee has established a number of committees to assist it in the discharge of the Association’s functions. These are the membership committee, the market practices committee, the regulatory policy committee, the education committee, the asset management and investors committee, the SVT market committee, the financial institution issuer forum, the corporate issuer forum and the public sector issuer forum. The activities of these committees are subject to supervisory oversight by the board’s oversight committee and ultimately the board.



The European Repo and Collateral Council

ICMA’s European repo and collateral council (ERCC) which operates under the board’s ultimate oversight is the industry representative body responsible for promoting best market practice for the European repo market and providing education and information for the benefit of market participants. For many years, ICMA and the ERCC have sponsored the Global Master Repurchase Agreement (GMRA), the most predominantly used standard master agreement for repo transactions in the cross-border market. The ERCC has been conducting a semi-annual survey of the European repo market for the last 15 years and it is now regarded as the authoritative indicator of market size, structure and dominant trends.

The governing board of the ERCC is the European repo and collateral committee consisting of 19 individuals drawn from council member firms and elected by the ERCC on an annual basis.

The Auditors

The auditors are elected by the general meeting for a term of office of one year. After expiry of their term, they may be re-elected. Auditors may only be professional auditing firms. The auditors shall audit the accounts and examine the books of the Association. They are entitled to require such evidence as they deem appropriate. The auditors’ report shall be submitted by the board to the general meeting for approval.

KPMG AG were re-elected as auditors of the Association for 2015. The fees paid to KPMG AG for auditing the financial year 2015 of the Association and its London based subsidiary amounted to CHF 89,141, compared to CHF 91,178 for the financial year 2014.


ICMA Consolidated2015 Balance Sheet

7

38ICMA Consolidated 2015 Balance Sheet

7

Balance Sheetas at December 31

Notes 2015CHF

2014CHF

AssetsCurrent assets- Petty cash / cash at banks- Short-term receivables- Prepaid expenses / accrued income

89

9,454,125274,394369,709

6,243,583169,231308,291

Long-term assets- Financial assets- Tangible fixed assets

1011

14,715,611107,387

18,340,629168,750

Total Assets 24,921,226 25,230,484

LiabilitiesCurrent liabilities- Trade payables- Short-term liabilities- Accrued expenses / deferred income 12

233,479106,403

2,007,484

616,936114,823

1,413,633

Long-term liabilities- General long-term provisions 13 2,820,060 3,333,060

Total Liabilities 5,167,426 5,478,452

CapitalSurplus for the year 33,257 275,758

Translation difference (193,889) 30,509

Retained surplus at January 1 incl. translation difference from previous years

19,914,432 19,445,765

Total Capital 19,753,800 19,752,032

Total Liabilities and Capital 24,921,226 25,230,484

ICMA Consolidated 2015 Balance Sheet

ICMA Consolidated2015 Income Statement

8

40ICMA Consolidated 2015 Income Statement

Income Statementfor the year ended December 31

Notes 2015CHF

2014CHF

Income

Membership fees and services 14,15 11,825,194 11,222,805

Total income 11,825,194 11,222,805

Expenditure

Personnel expenses 16 (8,491,217) (8,397,235)

Other expenses 19 (3,078,975) (2,823,687)

Total operating expenses (11,570,192) (11,220,922)

EBITDA 255,002 1,883

Depreciation 11 (60,335) (73,517)

EBIT 194,667 (71,634)

Financial result 20 (122,812) 322,512

Extraordinary result 21 5,973 24,036

Surplus before taxes 77,828 274,914

Direct taxes (44,571) 844

Surplus for the year 33,257 275,758

8

ICMA Consolidated 2015 Income Statement

9

Notes to the ICMA Consolidated 2015 Financial Statements

42Notes to the ICMA Consolidated 2015 Financial Statements

1 Basis of preparation

The consolidated financial statements of the International Capital Market Association group (“ICMA Group”) have been prepared in accordance with the provisions of the Swiss Code of Obligations.

2 Company name, legal form, domicile

The International Capital Market Association (ICMA) is an association (Verein) pursuant to articles 60 to 79 of the Swiss Civil Code. It is an independent legal entity with legal capacity. It is governed by Swiss law. Its duration is unlimited. ICMA is domiciled in Zurich (Switzerland) and registered in the Zurich Commercial Register.

3 Basis of consolidation

The consolidated financial statements consolidate all group companies in accordance with the following basis of consolidation:

A subsidiary is a company which ICMA controls, directly or indirectly, with more than 50% of the voting rights. Companies in which the Association has an equity holding of between 20% and 50% (associated companies) which are held for the long-term are included using the equity method. Holdings of less than 20% are shown at purchase price less any value adjustments required.

Investments

Material investments of ICMA during 2015 and 2014 and the consolidation treatment applied are as follows:

Company Share capital(local currency)

Share premium(local currency)

Proportion capital held

of Share

Accounting treatment

GBP GBP Full

ICMA Ltd. 250,000 0 100% consolidation

Dormant wholly owned subsidiaries are not listed.


43 Notes to the ICMA Consolidated 2015 Financial Statements

4 Method of consolidation

The financial statements of subsidiaries are fully consolidated. Assets and liabilities, revenue and expenditure are incorporated in full. Capital consolidation is effected using the purchase method of accounting.

Intragroup transactions and balances are eliminated in the course of the consolidation.

5 Foreign currency translation

The reporting currency of the consolidated financial accounts is the Swiss Franc. Financial statements in other currencies are translated to Swiss Francs as follows: current assets, fixed assets and liabilities at the rate prevailing on the balance sheet date, capital and reserves at the historic rate. All income and expenditure items and the net annual result are translated applying the average rate for the year. Any differences arising from such translations are taken straight to group reserves in the form of translation differences with no impact on the income and expenditure account for the year.

Foreign currency positions in the accounts of consolidated group companies are translated as follows: foreign currency transactions at the rate on the date of the transaction; foreign currency balances at the rate prevailing on the balance sheet date. The resulting differences are disclosed as gain/(loss) from FX differences in the income and expenditure account.

Key exchange rates used are as follows:

GBP/CHF

Average rate 2015 1.470626

2014 1.506823

2013 1.449806

Rate at year-end 2015 1.475340

2014 1.549320

2013 1.472956

Historical rate 2.232100



9

6 Provisions

A provision is made when there is a reasonable probability that based on current circumstances there will be a diminution in the resources of the ICMA Group.

7 Revenue recognition

Sales are recognised upon delivery of products or performance of services, net of sales taxes and after eliminating sales within the group. To the extent that payments are received in advance of service performance, or delivery of products, these are recorded as deferred income and released in line with the principle outlined above.


2015CHF

2014CHF

8 Short-term receivablesAccounts due from members 483,845 433,395

Provision for doubtful debts (300,000) (355,000)

Sundry debtors 90,549 90,836

Short-term receivables 274,394 169,231

9 Prepaid expenses / accrued incomePrepaid expenses 225,386 117,303

Accrued income 144,323 190,988

Prepaid expenses / accrued income 369,709 308,291



10 Financial assetsMaturing in 2015

Barclays Bank Plc FRN GTD, 2.023% mature 20.01.2015; nominal GBP 100,000; covered 0 155,002

Nationwide Building Society FR MTN, 2.13% mature 23.01.2015; nominal GBP 100,000; covered 0 155,028

Caisse Francaise de Financement Local, 2.375% mature 11.03.2015; nominal CHF 1,000,000; covered 0 1,004,700

National Australia Bank FRN BDS, 1.98% mature 27.01.2015; nominal GBP 100,000; covered 0 155.056

Euro medium-term notes Rabobank Nederland NV, 2.75% mature 16.03.2015; nominal CHF 500,000; senior unsecured 0 502,650

BNP Paribas SA, 1.875% mature 25.03.2015; nominal CHF 1,000,000; senior unsecured 0 1,003,900

Pfandbriefbank, 1.125% mature 03.12.2015; nominal CHF 500,000; covered 0 505,100

Maturing in 2016

Euro medium-term notes Nordea Hypotek AB, 1.875% mature 07.06.2016; nominal CHF 1,000,000; covered 1,010,600 1,026,500

Euro medium-term notes Danske Bank AS, 1.625% mature 09.06.2016; nominal CHF 500,000; covered 504,900 511,500

2015CHF

2014CHF



Euro medium-term notes DNB Boligkreditt AS, 3.375% mature 13.07.2016; nominal CHF 500,000; covered 510,500 525,750

Euro medium-term notes HSBC Bank Plc, 1.875% mature 01.09.2016; nominal CHF 1,000,000; senior unsecured 999,400 999,400

Maturing in 2017

Kommunalbanken A/S, 2.875% mature 09.05.2017; nominal CHF 500,000; senior unsecured 523,000 534,775

Mortgage Pfandbriefe Erste Group, 3.25% mature 10.7.2017; nominal CHF 500,000; covered 520,500 540,750

Euro medium-term notes Credit Agricole Home Loan SFH, 1.75% mature 27.07.2017; nominal CHF 500,000; covered 517,750 523,000

Caisse Francaise de Financement Local, 3.5% mature 09.08.2017; nominal CHF 500,000; covered 531,000 546,125

Kassa-Obligationen Schwyzer Kantonalbank, 0.5% mature 23.08.2017; nominal CHF 500,000; 504,116 505,068

Caisse de Refinancement de l’Habitat, 1.125% mature 21.09.2017; nominal CHF 500,000; covered 512,750 513,750

Raiffeisen Schweizerische Genossenschaft, 1.75% mature 21.09.2017; nominal CHF 500,000; senior unsecured 514,250 517,000

Eurofima European Railroadmaterial Financing Company, 2.125% mature 10.11.2017; nominal CHF 500,000; senior unsecured 522,500 530,000

2015CHF

2014CHF


Maturing in 2018

Euro medium-term notes AB Svensk Exportkredit, 3% mature 27.02.2018, nominal CHF 500,000; senior unsecured 537,750 546,750

Landwirtschaftliche Rentenbank, 2.5% mature 05.03.2018; nominal CHF 500,000; government guaranteed 534,000 540,000

ING Bank NV, 1.875% mature 29.08.2018; nominal CHF 500,000; covered 529,000 533,500

Euro medium-term notes HSBC SFH (France), 2.375% mature 07.09.2018, nominal CHF 500,000; covered 538,000 542,400

Euro medium-term notes Landshypotek Bank AB, 1.5% mature 24.10.2018; nominal CHF 500,000; covered 524,000 524,000

Euro medium-term notes Nederlandse Waterschapsbank N.V., 2.5% mature 27.12.2018; nominal CHF 500,000; senior unsecured 546,250 550,200

Maturing in 2019

Australia & New Zealand Banking Group Ltd., 1.5% mature 13.02.19; nominal CHF 500,000; covered 526,875 526,875

Euro Medium Term notes State of North Rhine-Westphalia, 2.25% mature 01.03.19; nominal CHF 500,000; government guaranteed 543,500 547,500

2015CHF

2014CHF




Euro medium-term notes Bundesimmobilien Gesellschaft m.b.H., 3.25% mature 16.07.2019; nominal CHF 500,000; senior unsecured 562,250 570,250

Euro medium-term notes Ste Nationale des Chemins de Fer Francais SNCF, 2.375% mature 24.07.19, nominal CHF 500,000; senior unsecured 545,250 546,650

Svenska Handelsbanken AB, 1.25% mature 20.12.2019; nominal CHF 500,000; senior unsecured 510,500 510,500

Maturing in 2020

Oesterreichische Kontrollbank AG, OEKB, 2.75% mature 28.01.2020; nominal CHF 500,000; government guaranteed 561,000 561,000

Euro medium-term notes Deutsche Bahn Finance B.V., 1.75% mature 03.06.2020, nominal CHF 500,000; senior unsecured 531,000 531,000

Kreditanstalt fuer Wiederaufbau KFW, 2.25% mature 12.08.2020, nominal CHF 500,000; government guaranteed 554,950 554,950

Financial assets 14,715,591 18,340,629

2015CHF

2014CHF



2015CHF

2014CHF

11 Tangible fixed assetsOffice

equipment, fixtures

Computer equipment

Total Total

Net book value: Jan 1 157,689 4,459 162,148 72,251

Additions 1,096 4,478 5,574 170,016

158,785 8,937 167,722 242,267

Depreciation (52,734) (7,601) (60,335) (73,517)

Net book value: Dec 31 106,051 1,336 107,387 168,750

Net book value Jan 1, 2015 converted with 2015 year-end rate



12 Accrued expenses / deferred incomeAccrued expenses - Legal and consultancy - Other accruals (incl. foreseeable 2016 AGM costs)

800,149

889,019

486,357

618,263

Deferred income - Membership fees and services - Other deferred income

266,02552,291

182,900126,113

Accrued expenses / deferred income 2,007,484 1,413,633

13 General long-term provisionGeneral long-term provisions 2,820,060 3,333,060

General long-term provisions 2,820,060 3,333,060

A total of CHF 513,000 has been charged against General long-term provisions relating to the legal and other costs of inserting resolution stays into securities financing transactions documented under the Global Master Repurchase Agreement (GMRA).

2015CHF

2014CHF



14 Membership structureTier Type of member Annual fee1) No. of

membersNo. of

members

1 Global GBP 140,000 20 20

2a Large regional CHF 100,000 7 6

2b Domestic CHF 50,000 19 16

3 Ordinary CHF 17,500 321 314

Other members2) CHF 0 20 19

Group company members3) CHF 0 96 93

483 468

Branch entries CHF 2,500 8 8

SVT market committee (formerly known as Euro debt market AMTE Council)

Domestic EUR 10,000 19 19

Global EUR 5,000 0 0

19 19

2015 2014

1) basic fee plus additional contribution where applicable2) other members: associations of which ICMA is a member and where membership fees are mutually waived3) group company members: members which are part of a group of companies where one of the companies is either a tier 1, tier 2a or tier 2b member



15 Membership fees and servicesMembership fees 11,725,974 11,265,947

Subscriptions for ICMA products 82,780 93,407

Membership fees 11,808,754 11,359,354

AGM and Conference Income 659,536 542,780Expenditure (855,346) (714,961)

AGM and Conference (195,810) (172,181)

Education services Income 869,358 815,716Expenditure (557,453) (424,073)

Education services 311,905 391,643

Events and regional Income 94,225 100,637activities Expenditure (161,380) (214,295)

Events and regional activities (67,155) (113,658)

Debts written off and change in provision for doubtful debts (32,500) (242,353)

Other income (32,500) (242,353)

Total income 11,825,194 11,222,805

2015CHF

2014CHF



16 Personnel informationICMA and its subsidiary ICMA Ltd. had at year end 42 employees (previous year 40 employees) equivalent to 39.5 FTE’s (previous year 37.1 FTE’s) located in Zurich, London, Paris and Hong Kong.

17 Liabilities due to pension schemePension scheme liabilities 97,490 85,550

18 Compensation of ICMA’s executive committeeCompensation of ICMA’s executive committee 1,991,628 2,031,689

2015CHF

2014CHF



19 Other expensesOffice accommodation, maintenance, other expenses 920,051 889,672

Legal fees 488,835 422,959

Consultancy fees 349,978 352,336

Board expenses 63,195 59,017

Committee expenses 43,673 40,147

Audit fees 89,141 91,178

Communication and mail 172,256 164,245

IT/Website 178,953 123,351

Supplies, printing and other secretariat expenses 299,281 286,817

General promotion 421,281 348,441

Other taxes 52,331 45,524

Other expenses 3,078,975 2,823,687

20 Financial income and expensesInterest 321,498 395,481

FX (240,262) 74,655

Financial income 81,236 470,136

Interest expenses and bank charges (43,821) (59,878)Revaluation of securities (160,227) (87,746)

Financial expenses (204,048) (147,624)

Financial result (122,812) 322,512

2015CHF

2014CHF



21 Extraordinary income and expensesExtraordinary income 5,973 25,905Extraordinary expenses 0 (1,869)

Extraordinary result 5,973 24,036

22 Tangible fixed assetsTangible fixed assets are carried at purchase price less depreciation.

23 Financial assetsSecurities are valued at lower of cost or market value (LOCOM).

24 Significant post balance sheet eventsThere are no significant post balance sheets events.

25 Contingencies and commitmentsThere is committed expenditure in 2015 of CHF 2,207,802 non-cancellable lease contracts for premises occupied by ICMA: Zurich until 2020; London until 2020; Paris until 2017; Hong Kong until 2016.

Cash on deposit totalling CHF 97,902 in respect of the aforementioned lease contracts is lodged as a deposit at the relevant banks.

2015CHF

2014CHF

Auditors’ Report (ICMA Zurich 2015 Financial Statements)

10

57Auditors’ Report (ICMA Zurich 2015 Financial Statements)

Report of the Statutory Auditor on the ICMA Zurich 2015 Financial Statements to the General Meeting of the Members

International Capital Market Association, Zurich

As statutory auditor, we have audited the accompanying financial statements of the International Capital Market Association, which comprise the balance sheet, income statement and notes for the year ended December 31, 2015.

Responsibility of the Association’s Board

The board of the Association is responsible for the preparation of the financial statements in accordance with the requirements of Swiss law and the Association’s statutes. This responsibility includes designing, implementing and maintaining an internal control system relevant to the preparation of financial statements that are free from material misstatement, whether due to fraud or error. The board of the Association is further responsible for selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Swiss law and Swiss Auditing Standards. These standards require that we plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making these risk assessments, the auditor considers the internal control system relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control system.

10Auditors’ Report (ICMA Zurich 2015 Financial Statements)

58 Auditors’ Report (ICMA Zurich 2015 Financial Statements)

An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements for the year ended December 31, 2015 comply with Swiss law and the Association’s statutes.

Report on Other Legal Requirements

We confirm that we meet the legal requirements on licensing according to the Swiss Auditor Oversight Act (AOA) and independence (article 728 of the Swiss Code of Obligations (CO)) and that there are no circumstances incompatible with our independence.

In accordance with article 728a paragraph 1 item 3 CO and Swiss Auditing Standard 890, we confirm that an internal control system exists, which has been designed for the preparation of financial statements according to the instructions of the board of association.

We recommend that the financial statements submitted to you be approved.

Zurich, February 29, 2016

KPMG AG

Michael Schneebeli Lucas NistorLicensed Audit Expert Licensed Audit Expert Auditor in Charge

Auditors’ Report (ICMA Zurich 2015 Financial Statements)

ICMA Zurich 2015 Balance Sheet

11

60ICMA Zurich 2015 Balance Sheet

11

ICMA Zurich 2015 Balance Sheet

Balance Sheetas at December 31 Notes

2015 CHF

2014 CHF

AssetsCurrent assets - Petty cash / cash at banks - Short-term receivables - Prepaid expenses / accrued income

45

8,839,240228,955369,709

5,855,462110,947306,283

Long-term assets - Financial assets - Investments in subsidiaries - Tangible fixed assets

678

14,715,591381,00522,200

17,875,543381,00530,490

Total Assets 24,556,700 24,559,730

LiabilitiesCurrent liabilities - Trade payables - Short-term liabilities - Accrued expenses / deferred income

910

222,563312,686

1,810,849

223,856236,634

1,299,945

Long-term liabilities - General long-term provisions 11 2,820,060 3,333,060

Total Liabilities 5,166,158 5,093,495

CapitalSurplus for the yearRetained surplus at January 1

(75,693)19,466,235

170,97019,295,265

Total Capital 19,390,542 19,466,235

Total Liabilities and Capital 24,556,700 24,559,730

12

ICMA Zurich 2015 Income Statement

12

62ICMA Zurich 2015 Income Statement

12

ICMA Zurich 2015 Income Statement

Income Statementfor the year ended December 31 Notes

2015 CHF

2014 CHF

IncomeMembership fees and services 12,13 11,825,194 11,222,805

Total Income 11,825,194 11,222,805

ExpenditurePersonnel expensesOther expenses

1416

(3,865,853)(7,971,044)

(3,902,356)(7,494,942)

Total operating expenses (11,782,897) (11,397,298)

EBITDA 42,297 (174,493)

Depreciation on assets 8 (9,548) (3,570)

EBIT 32,749 (178,063)

Financial resultExtraordinary result

1718

(69,844)5,973

324,15424,036

Surplus before taxes (31,122) 170,127

Direct taxes (44,571) 843

Surplus for the year (75,693) 170,970

13

Notes to the ICMA Zurich 2015 Financial Statements

64Notes to the ICMA Zurich 2015 Financial Statements

1 Basis of preparationThe financial statements of the International Capital Market Association (ICMA) have been prepared in accordance with the provisions of the Swiss Code of Obligations.

2 Company name, legal form, domicileThe International Capital Market Association (ICMA) is an association (Verein) pursuant to articles 60 to 79 of the Swiss Civil Code. It is an independent legal entity with legal capacity. It is governed by Swiss law. Its duration is unlimited. ICMA is domiciled in Zurich (Switzerland) and registered in the Zurich Commercial Register.

3 ProvisionsA provision is made when there is a reasonable probability that based on current circumstances there will be a diminution in the resources of ICMA.


13

65 Notes to the ICMA Zurich 2015 Financial Statements


4 Short-term receivablesAccounts due from membersProvision for doubtful debtsSundry debtors

483,845(300,000)

45,110

433,395(355,000)

32,552

Short-term receivables 228,955 110,947

5 Prepaid expenses / accrued incomePrepaid expensesAccrued interest on securities

225, 386144,323

117,303188,980

Prepaid expenses / accrued income 369,709 306,283

2015CHF

2014CHF



13

6 Financial assetsMaturing in 2015

Caisse Francaise de Financement Local, 2.375% mature 11.03.2015; nominal CHF 1,000,000; covered 0 1,004,700

Euro medium-term notes Rabobank Nederland NV, 2.75% mature 16.03.2015; nominal CHF 500,000; senior unsecured 0 502,650

BNP Paribas SA, 1.875% mature 25.03.2015; nominal CHF 1,000,000; senior unsecured 0 1,003,900

Pfandbriefbank, 1.125% mature 03.12.2015; nominal CHF 500,000; covered 0 505,100

Maturing in 2016

Euro medium-term notes Nordea Hypotek AB, 1.875% mature 07.06.2016; nominal CHF 1,000,000; covered 1,010,600 1,026,500

Euro medium-term notes Danske Bank AS, 1.625% mature 09.06.2016; nominal CHF 500,000; covered 504,900 511,500

Euro medium-term notes DNB Boligkreditt AS, 3.375% mature 13.07.2016; nominal CHF 500,000; covered 510,500 525,750

Euro medium-term notes HSBC Bank Plc, 1.875% mature 01.09.2016; nominal CHF 1,000,000; senior unsecured 999,400 999,400

2015CHF

2014CHF



Maturing in 2017

Kommunalbanken A/S, 2.875% mature 09.05.2017; nominal CHF 500,000; senior unsecured 523,000 534,775

Mortgage Pfandbriefe Erste Group, 3.25% mature 10.7.2017; nominal CHF 500,000; covered 520,500 540,750

Euro medium-term notes Credit Agricole Home Loan SFH, 1.75% mature 27.07.2017; nominal CHF 500,000; covered 517,750 523,000

Caisse Francaise de Financement Local, 3.5% mature 09.08.2017; nominal CHF 500,000; covered 531,000 546,125

Kassa-Obligationen Schwyzer Kantonalbank, 0.5% mature 23.08.2017; nominal CHF 500,000;

504,116 505,068

Caisse de Refinancement de l’Habitat, 1.125% mature 21.09.2017; nominal CHF 500,000; covered 512,750 513,750

Raiffeisen Schweizerische Genossenschaft, 1.75% mature 21.09.2017; nominal CHF 500,000; senior unsecured 514,250 517,000

Eurofima European Railroadmaterial Financing Company, 2.125% mature 10.11.2017; nominal CHF 500,000; senior unsecured 522,500 530,000

2015CHF

2014CHF



13

Maturing in 2018

Euro medium-term notes AB Svensk Exportkredit, 3% mature 27.02.2018, nominal CHF 500,000; senior unsecured 537,750 546,750

Landwirtschaftliche Rentenbank, 2.5% mature 05.03.2018; nominal CHF 500,000; government guaranteed 534,000 540,000

ING Bank NV, 1.875% mature 29.08.2018; nominal CHF 500,000; covered 529,000 533,500

Euro medium-term notes HSBC SFH (France), 2.375% mature 07.09.2018, nominal CHF 500,000; covered 538,000 542,400

Euro medium-term notes Landshypotek Bank AB, 1.5% mature 24.10.2018; nominal CHF 500,000; covered 524,000 524,000

Euro medium-term notes Nederlandse Waterschapsbank N.V., 2.5% mature 27.12.2018; nominal CHF 500,000; senior unsecured 546,250 550,200

Maturing in 2019

Australia & New Zealand Banking Group Ltd., 1.5% mature 13.02.19; nominal CHF 500,000; covered 526,875 526,875

Euro Medium Term notes State of North Rhine-Westphalia, 2.25% mature 01.03.19; nominal CHF 500,000; government guaranteed 543,500 547,500

2015CHF

2014CHF



Euro medium-term notes Bundesimmobilien Gesellschaft m.b.H., 3.25% mature 16.07.2019; nominal CHF 500,000; senior unsecured 562,250 570,250

Euro medium-term notes Ste Nationale des Chemins de Fer Francais SNCF, 2.375% mature 24.07.19, nominal CHF 500,000; senior unsecured 545,250 546,650

Svenska Handelsbanken AB, 1.25% mature 20.12.2019; nominal CHF 500,000; senior unsecured 510,500 510,500

Maturing in 2020

Oesterreichische Kontrollbank AG, OEKB, 2.75% mature 28.01.2020; nominal CHF 500,000; government guaranteed 561,000 561,000

Euro medium-term notes Deutsche Bahn Finance B.V., 1.75% mature 03.06.2020, nominal CHF 500,000; senior unsecured 531,000 531,000

Kreditanstalt fuer Wiederaufbau KFW, 2.25% mature 12.08.2020, nominal CHF 500,000; government guaranteed 554,950 554,950

Financial assets 14,715,591 17,875,543

2015CHF

2014CHF



13

7 Investments in subsidiariesWholly-owned subsidiaries with 100% voting rights:

International Capital Market Association Limited (ICMA Ltd.), London

381,005 381,005

Investments in subsidiaries 381,005 381,005

8 Tangible fixed assetsOffice

equipment, fixtures

Computer equipment

Total Total

Net book value: Jan 1 26,583 3,907 30,490 1,410

Additions 1,259 0 1,259 32,650

27,842 3,907 31,749 34.060

Depreciation (5,642) (3,907) (9,549) (3,570)

Net book value: Dec 31 22,200 0 22,200 30,490

9 Short-term liabilitiesOther payablesIntercompany payable (ICMA Ltd.)

12,977299,709

7,190229,444

Short-term liabilities 312,686 236,634

2015CHF

2014CHF



10 Accrued expenses / deferred incomeAccrued expenses - Legal and consultancy - Other accruals (incl. foreseeable 2016 costs)

778,019714,514

486,357504,575

Deferred income - Membership fees and services - Other deferred income

108,525209,791

182,900126,113

Accrued expenses / deferred income 1,810,849 1,299,945

11 General long-term provisionGeneral long-term provisions 2,820,060 3,333,060

General long-term provisions 2,820,060 3,333,060

A total of CHF 513,000 has been charged against General long-term provisions relating to the legal and other costs of inserting resolution stays into securities financing transactions documented under the Global Master Repurchase Agreement (GMRA).

2015CHF

2014CHF



13

12 Membership structureTier Type of member Annual fee1) No. of

membersNo. of

members

1 Global GBP 140,000 20 20

2a Large regional CHF 100,000 7 6

2b Domestic CHF 50,000 19 16

3 Ordinary CHF 17,500 321 314

Other members2) CHF 0 20 19

Group company members3) CHF 0 96 93

483 468

Branch entries CHF 2,500 8 8

SVT market committee (formerly known as Euro debt market AMTE Council)

Domestic EUR 10,000 19 19

Global EUR 5,000 0 0

19 19

2015 2014

1) basic fee plus additional contribution where applicable2) other members: associations of which ICMA is a member and where membership fees are mutually waived3) group company members: members which are part of a group of companies where one of the companies is either a tier 1, tier 2a or tier 2b member



13 Membership fees and servicesMembership fees 11,725,974 11,265,947

Subscriptions for ICMA products 82,780 93,407

Membership fees 11,808,754 11,359,354

AGM and Conference Income 659,536 542,780

Expenditure (855,346) (714,961)

AGM and Conference (195,810) (172,181)

Education services Income 869,358 815,716

Expenditure (557,453) (424,073)

Education services 311,905 391,643

Events and regional activities Income 94,225 100,637

Expenditure (161,380) (214,295)

Events and regional activities (67,155) (113,658)

Debts written off and change in provision for doubtful debts (32,500) (242,353)

Other income (32,500) (242,353)

Total income 11,825,194 11,222,805

2015CHF

2014CHF

14 Personnel informationAt year end ICMA had 15 employees (previous year 15) equivalent to 14.3 FTE’s (previous year 13.8) based in Zurich and ICMA’s representative offices in Paris and Hong Kong.

15 Liabilities due to pension schemeNo liabilities



13

2015CHF

2014CHF

16 Other expensesOffice accommodation, maintenance, other expenses 434,336 438,086

Legal fees 488,835 418,019

Consultancy fees 333,226 354,243

Board expenses 63,195 59,017

Committee expenses 43,673 40,147

Audit fees 71,493 76,110

Communication and mail 54,946 47,894

IT/Website 136,968 78,229

Supplies, printing and other secretariat expenses 81,296 83,958

General promotion 378,981 314,547

Membership fees 170,825 156,874

Intercompany service agreement with ICMA Ltd. 5,659,270 5,427,818

Other expenses 7,917,044 7,494,942

17 Financial income and expensesInterest 320,812 385,546

FX variation (188,533) 77,742

Financial income 132,279 463,288

Interest expenses and bank charges (42,171) (58,646)

Revaluation of securities (159,952) (80,488)

Financial expenses (202,123) (139,134)

Financial result (69,844) 324,154



18 Extraordinary income and expensesExtraordinary income 5,973 25,906Extraordinary expenses 0 (1,870)

Extraordinary result 5,973 24,036

19 Tangible fixed assetsTangible fixed assets are carried at purchase price less depreciation.

20 Financial assetsSecurities are valued at lower of cost or market value (LOCOM).

21 Significant post balance sheet eventsThere are no significant post balance sheets events.

22 Contingencies and commitmentsThere is committed expenditure in 2015 of CHF 870,596 non-cancellable lease contracts for premises occupied by ICMA. Zurich until 2020; Paris until 2017; Hong Kong until 2016.

Cash on deposit totalling CHF 97,902 in respect of the aforementioned lease contracts is lodged as a deposit at the relevant banks.

2015CHF

2014CHF

14

Proposals from the Board for amendments to ICMA’s statutes (and related appointments of additional board members by the nomination committee)

77Proposals from the Board for amendments to ICMA’s statutes

Proposals from the board for resolution by the general meeting

concerning

an amendment to ICMA’s statutes required to be made as a result of an increase of the number of board members from 16 to 22 (and related appointments of additional board members by the nomination committee)

Considering that:

1. Pursuant to ICMA’s current statutes

(i) the board consists of 16 members, 15 of which are normally elected by the general meeting1) and one of which, the chief executive, is appointed by the board (article 14 (1) and 23 (1) of the statutes);

(ii) the term of office of the 15 elected board members is three years. At each ordinary general meeting one-third of the 15 elected board members (i.e. five) must retire. Retiring board members may be re-elected for one additional consecutive term of office of three years (article 14 (2), para. 1 of the statutes);

(iii) the chief executive is an “ex-officio” board member during his tenure as chief executive (article 14 (2), para. 2 of the statutes).

2. The statutes stipulate that when considering the nomination of candidates for the board elections at the ordinary general meeting (AGM), the nomination committee’s selection of the candidates “must reflect a balanced representation in the board of:

- the geographical composition of the Association and the current importance in the international capital markets of particular regions or areas; and

- the various functions in the markets” (article 15 (1) c) of the statutes).

14Proposals from the Board for amendments to ICMA’s statutes (and related appointments of additional board members by the nomination committee)

1) except in the case when a board member leaves the board prior to the expiry of his term of office and the nomination committee appoints a successor to the board who completes the predecessor’s term of office (article 14 (3) of the statutes)

78 Proposals from the Board for amendments to ICMA’s statutes

3. In recent years, ICMA has been broadening its scope in terms of constituencies, products and geographical areas. This development is reflected by the following:

- full members now also include issuers and investors;

- the range of products covered by ICMA is continuously expanding; and

- membership is growing beyond the traditional centers in Western Europe, notably in the Middle East and Africa, Russia and Asia Pacific.

4. In light of this development it is proving increasingly difficult to secure, as foreseen by the statutes, a balanced representation of all areas and functions of current relevance within ICMA by a board of 15 elected members only.

5. Following discussion, and taking into account the committee of regional representatives’ unequivocal endorsement, the board therefore unanimously concluded at its meeting on September 25, 2015 that the number of elected board members be increased from 15 to 21 and that the AGM be requested to approve the necessary amendment to article 14 (1) of the statutes with immediate effect.2) In the board’s view, the proposed increase of the number of elected board members by six will lead to a board composed again fully in line with the parameters defined by the statutes, enabling the representation of all current areas and functions of relevance within ICMA on the board. The proposed new total of 21 elected board members also permits to uphold the principle of the staggered board elections in the statutes (pursuant to which at each AGM one-third of the number of elected board members shall retire).

6. On page 81 of the programme and agenda for the AGM and Conference is the proposed amended version of article 14 (1) of the statutes stipulating that the board shall henceforth consist of 22 members (i.e. 21 board members elected by the AGM and the chief executive as an “ex-officio” board member).

7. On February 15, 2016 the secretariat notified the membership of the five candidates proposed by the nomination committee for the board elections at the AGM 2016 to fill the five vacancies occurring on the board as a result of one-third of the total number of elected board members fixed in the current statutes retiring on such date.


2) requiring a two-thirds majority of full members present at the AGM (article 11 (1) and 12 (1) of the statutes)


14

At the same time, the secretariat also notified the membership that, subject to the AGM’s approval of the board’s proposal to increase the number of elected board members by six, the nomination committee proposed four additional candidates for the board elections at the AGM 2016.

Prior to the secretariat’s notice mailed to the membership on February 15, 2016, fewer than six candidates had been proposed for the nomination committee’s consideration. Accordingly, subject to the AGM’s approval of the board’s proposal to increase the number of elected board members by six referred to above, and as members were informed on February 15, 2016, the board also proposes to the AGM to grant the nomination committee the authority to appoint two persons as additional board members, both for a first term of office until the AGM 2017, in due course.

As members were notified on February 15, 2016, in order to uphold the principle in the statutes, pursuant to which one-third of the number of elected board members shall retire at each AGM

- the first two of the four additional candidates listed on page 17 of the programme and agenda for the AGM and Conference both stand for the board elections on May 19, 2016 for a first term of office until the AGM 2019;

- the second two of the four additional candidates listed on page 17 of the programme and agenda for the AGM and Conference both stand for the board elections on May 19, 2016 for a first term of office until the AGM 2018 (it being understood that both persons so elected shall be eligible to be nominated as candidates for the board elections at the AGM 2018 for one additional consecutive term of office of three years until the AGM 2021);

- the two persons to be appointed as additional board members by the nomination committee in due course (subject to the AGM granting the committee the respective authority referred to above) shall both be appointed for a first term of office until the AGM 2017 (it being understood that both persons so appointed shall be eligible to be nominated as candidates for the board elections at the AGM 2017 for one additional consecutive term of office of three years until the AGM 2020).



The board proposes that the general meeting resolve

(i) to approve, in accordance with article 12 (1) of ICMA’s statutes, the proposed amendment to ICMA’s statutes in the form as worded on page 81 of the programme and agenda for the AGM and Conference with immediate effect (for convenience, the amendment proposed to be made is highlighted);

for the purposes of registration with the Commercial Registry Office of the Canton of Zurich to adopt the above resolution in its original German version as follows:

“Die Generalversammlung beschliesst gestützt auf Artikel 12 (1) der Statuten, den Wortlaut von Artikel 14 (1) der Statuten der International Capital Market Association in Zürich mit sofortiger Wirkung in der auf Seite 81 der vorliegenden Broschüre enthaltend Programm und Traktandenliste der 48. ordentlichen Generalversammlung und Konferenz des Vereins wiedergegebenen Wortlaut zu ändern. Es gilt die deutsche Fassung als Original. Bei der englischen Fassung handelt es sich lediglich um eine Übersetzung (mit markierten Änderungen).“

(ii) subject to its approval of the resolution proposed under (i) above, to grant the nomination committee the authority to appoint two persons as additional board members, both for a first term of office until the AGM 2017, in due course (it being understood that both persons so appointed shall be eligible to be nominated as candidates for the board elections at the AGM 2017 for one additional consecutive term of office of three years until the AGM 2020).



14

INTERNATIONAL CAPITAL MARKET ASSOCIATION

STATUTES

…

III. Organization

…

B) The board

Article 14Composition of the board; term of office

(1) The board shall consist of sixteen 22 members, one of which shall be the executive president.

…


STATUTEN

…

III. Organisation

…

B) Der Vorstand

Artikel 14 Zusammensetzung des Vorstands; Amtsdauer

(1) Der Vorstand besteht aus sechzehn 22 Mitgliedern, von denen eines der geschäftsleitende Direktor ist.

…



Proposal from the board for resolution by the general meeting

concerning

an amendment to ICMA’s statutes required to be made as a result of the addition of new categories of full member

Considering that:

1. Taking into account the increasing importance of recognized trading venues (such as stock exchanges and multilateral trading facilities), central counterparties, clearing and/or settlement systems in the international capital market and following discussion with the regions, the board concluded on March 18, 2016 that these types of participant in the international capital market shall be eligible to become full members and that a proposal for a respective amendment to article 3 (1) of the statutes therefore be submitted to the AGM for approval on May 19, 2016 with immediate effect.x)

2. On page 84 of the programme and agenda for the AGM and Conference is the proposed amended version of article 3 (1) of the statutes which lists the additional categories of full member, i.e. recognized trading venues (such as stock exchanges and multilateral trading facilities), central counterparties and clearing and/or settlement systems.

3. Subject to the AGM’s approval of the proposed amendment to article 3 (1) on May 19, 2016, effective the same date, the board recently approved amended by-laws concerning application for membership, organization and procedures of the membership committee and consideration of applications by the membership committee, adopted by the executive committee in order to reflect the additional new categories of full member in the statutes.


X) requiring a two-thirds majority of full members present at the AGM (article 11 (1) and 12 (1) of the statutes)


14

The board proposes that the general meeting resolve

(i) to approve, in accordance with article 12 (1) of ICMA’s statutes, the proposed amendment to ICMA’s statutes in the form as worded on page 84 of the programme and agenda for the AGM and Conference with immediate effect (for convenience, the amendment proposed to be made is highlighted);

(ii) for the purposes of registration with the Commercial Registry Office of the Canton of Zurich to adopt the above resolution in its original German version as follows:

“Die Generalversammlung beschliesst gestützt auf Artikel 12 (1) der Statuten, den Wortlaut von Artikel 3 (1) der Statuten der International Capital Market Association in Zürich mit sofortiger Wirkung in den auf Seite 84 der Broschüre enthaltend Programm und Traktandenliste der 48. ordentlichen Generalversammlung und Konferenz des Vereins wiedergegebenen Wortlaut zu ändern. Es gilt die deutsche Fassung als Original. Bei der englischen Fassung handelt es sich lediglich um eine Übersetzung (mit markierten Änderungen).“





STATUTES

…

II. Membership

Article 3(1) May become members of the Association: organizations which are banks,

members of recognized stock exchanges, licensed dealers in securities, members of recognized security dealers’ associations, asset and fund managers, insurance companies, recognized trading venues (such as recognized stock exchanges and multilateral trading facilities), central counterparties, clearing and/or settlement systems or organizations which are affiliated to either a bank or a member of a recognized stock exchange.

…


STATUTEN

…

II. Mitgliedschaft

Artikel 3 (1) Dem Verein können als Mitglieder beitreten: Organisationen, welche Banken,

Mitglieder von anerkannten Aktienbörsen, zugelassene Wertschriftenhändler, Mitglieder von anerkannten Vereinigungen von Wertschriftenhändlern, Vermögens- und Anlagefondsverwalter, Versicherungsgesellschaften, anerkannte Handelsplätze (wie anerkannte Aktienbörsen und multilaterale Handelssysteme), zentrale Gegenparteien, Abrechnungs- und/oder Abwicklungssysteme sind oder Organisationen, welche entweder einer Bank oder einem Mitglied einer anerkannten Aktienbörse angeschlossen sind.

…

15

The Board’s Composition and the Candidates nominated for the Elections to the Board (as of April 14, 2016)

86The Board’s Composition and the Candidates nominated for the Elections to the Board

1 Marc Pierre Thierry Baigneres1), born on February 20, 1974, French, resident in London, Great Britain

nominated for election at the ordinary general meeting on May 19, 2016 for a term of office until the ordinary general meeting in 20184)

2 Joanna Helen Aubrey Cound1), born on July 15, 1961, British, resident in London, Great Britain


3 Mandy Jennifer DeFilippo, member of the board1), born on December 5, 1975, British and American, resident in London, Great Britain

appointed by the nomination committee on January 29, 2016 for a term of office until the ordinary general meeting in 20172)

4 Godfried Joannes Antonius Berlindis De Vidts, member of the board1), born on March 14, 1953, Belgian, resident in Brussels, Belgium

elected at the ordinary general meeting on May 23, 2013 for a term of office until the ordinary general meeting in 20162)


5 Werner Eetezonne, member of the board1), born on October 25, 1968, Belgian, resident in Duffel, Belgium

appointed by the nomination committee on January 29, 2016 for a term of office until the ordinary general meeting in 20172)

6 Martin Thomas Egan, vice chairman of the board1), born on February 16, 1964, British, resident in Kent, Great Britain

elected at the ordinary general meeting on June 4, 2015 for a term of office until the ordinary general meeting in 20182)

7 Nannette Hechler-Fayd’Herbe de Maudave, member of the board1), born on December 17, 1969, German and Swiss, resident in Herrliberg, Switzerland


15The Board’s Composition and the Candidates nominated for the Elections to the Board (as of April 14, 2016)

87 The Board’s Composition and the Candidates nominated for the Elections to the Board

8 Deborah Sian Hurrell1), born on June 2, 1969, British, resident in London, Great Britain


9 Spencer George Lake, chairman of the board1), born on April 6, 1960, Canadian and British, resident in London, Great Britain


10 John Evan Langley1), born on June 20, 1968, British, resident in Cheshire, Great Britain


11 Fabio Lisanti, member of the board1), born on April 1, 1972, Italian, resident in London, Great Britain


12 Bertrand Paul Christian Philippe de Mazières, member of the board1), born on July 3, 1957, French, resident in Luxembourg, Luxembourg


13 Massimo Mocio, member of the board1), born on July 8, 1961, Italian, resident in Milan, Italy

elected at the ordinary general meeting on May 23, 2013 for a term of office until the ordinary general meeting in 20162), 5)

14 Jens Peter Leschly Neergaard, deputy chairman of the board1), born on January 10, 1964, Danish, resident in London, Great Britain


15 Maxim Safonov, member of the board1), born on August 8, 1973, Russian, resident

in Moscow, Russia

elected at the ordinary general meeting on May 23, 2013 for a term of office until the ordinary general meeting in 20162), 5)

The Board’s Composition and the Candidates nominated for the Elections to the Board (as of April 14, 2016)

88The Board’s Composition and the Candidates nominated for the Elections to the Board

16 Martin Nicholas Scheck, chief executive6), born on March 25, 1957, British and Swiss, resident in Horgen, Switzerland

appointed as chief executive (executive president) / board member pursuant to article 14 (2) of the statutes effective August 1, 20092)

17 Roman Schmidt, member of the board1), born on August 8, 1962, German, resident in Frankfurt am Main, Germany

appointed by the nomination committee on September 4, 2015 for a term of office until the ordinary general meeting in 20162)


18 Johannes Willem Frederik Stoter, member of the board1), born on July 21, 1967, Dutch, resident in Sassenheim, The Netherlands


19 Marc Richard Tempelman1), born on December 11, 1970, French and Dutch,

resident in Paris, France


20 Camilla Tinari1), born on July 28, 1964, Italian, resident in Milano, Italy


21 Yu Sun, member of the board1), born on February 25, 1973, Chinese, resident in London, Great Britain

appointed by the nomination committee on September 4, 2015 for a term of office until the ordinary general meeting in 20162)


15The Board’s Composition and the Candidates nominated for the Elections to the Board (as of April 14, 2016)

1) no authority to sign for ICMA2) declared acceptance of election or appointment3) declared acceptance of election subject to being elected at the AGM on May 19, 20164) declared acceptance of election subject to the AGM’s approval of the proposed increase of the

number of elected board members by six in the statutes on May 19, 2016 and being elected at the AGM on the same date

5) resigning from the board following the AGM on May 19, 2016 6) authority to sign jointly by two for ICMA

16

Conference Programme Thursday, May 19, 2016

90Conference Programme Thursday, May 19, 2016

16


The Convention Centre Dublin

13:00 Opening Remarks Spencer Lake, Chairman of the Board, ICMA

13:05 Opening Keynote address Representative of the Government of Ireland

13:20 Keynote address Representative of the Ministry of Finance, Ireland

13:35 Panel: Global capital markets – past performance and future development How have markets adapted to the economic and geopolitical volatility of the

past year? Are they resilient enough to deal with future shocks and sufficiently developed to play their role in financing economic growth in the face of changing investment behaviour and borrowing techniques?

Introductory presentation on global capital markets followed by panel discussion:

Arunma Oteh, Treasurer, The World Bank

Moderator: Spencer Lake, Chairman of the Board, ICMA and Vice Chairman of Global Banking and Markets, HSBC Bank plc

Panellists: Dr. Frank Engels, Managing Director, CIO Fixed Income,

Union Investment Privatfonds GmbH Arunma Oteh, Treasurer, The World Bank Jean-Michel Six, Chief Economist, EMEA, Standard & Poor’s Ratings Services

Yu Sun, General Manager, Bank of China

Marc Tempelman, Co-Head of Debt Capital Markets & Corporate Banking (EMEA), Bank of America Merrill Lynch

14:35 Coffee break

91 Conference Programme Thursday, May 19, 2016


15:05 Conversation Robert Gray, Former Chair, ICMA Regulatory Policy Committee, ICMA Steven Maijoor, Chairman, European Securities and Markets Authority

15:35 Panel: The role of debt and its legacy High levels of debt may be our legacy to future generations but what is the

alternative?

Introductory presentation followed by panel discussion: Dr. Nariman Behravesh, Chief Economist, IHS

Moderator: Keith Mullin, Editor-at-Large, International Financing Review (IFR)

Panellists: Dr. Nariman Behravesh, Chief Economist, IHS

Brian Coulton, Chief Economist, Fitch Ratings

Donal Galvin, Head of Treasury, Allied Irish Banks

Charles Goodhart, Emeritus Professor of Banking & Finance, London School of Economics

16:35 Keynote address Neil Sorahan, Chief Financial Officer, Ryanair Holdings plc

16:50 Closing remarks Martin Scheck, Chief Executive, ICMA

16:55 Close Conference continues on Friday, May 20, 2016

Please note that this programme is subject to change.

Gala Reception

17

93Gala Reception

Gala Reception

Thursday, May 19, 201619:45 to 01:00

GUINNESS StorehouseSt. James GateDublin 8 Ireland

You are invited to join ICMA at the world famous Guinness Storehouse for this year’s Gala Reception, co-sponsored by the Irish Stock Exchange and Matheson.

Coaches will depart from the front of the Clayton Hotel, the Gibson Hotel, the Spencer Hotel and the Marker Hotel at 19:15 and 19:30.

Coaches will return to the Clayton Hotel, the Gibson Hotel, the Spencer Hotel and the Marker Hotel, departing every 30 minutes from 22:30 until 01:00.

Dress code: smart casual

For security purposes, please ensure that you wear your name badge at all times.

17

18

Conference Programme Friday, May 20, 2016

95Conference Programme Friday, May 20, 2016

18


The Convention Centre Dublin

08:00 Exhibition area open

09:00 Opening Remarks Martin Scheck, Chief Executive, ICMA

09:05 Keynote address Professor Philip Lane, Governor, Central Bank of Ireland

09:20 Panel: Global trends in the asset management industry What are the challenges and where should the industry look for opportunities? Moderator: Robert Parker, Senior Advisor - Investment, Strategy and

Research, Credit Suisse

Panellists: Elizabeth Corley, Vice Chair, Allianz Global Investors

Nannette Hechler-Fayd’Herbe, Head of Investment Strategy, Credit Suisse Asset Management

Isabelle Mateos y Lago, Senior Advisor, BlackRock Hans Stoter, Chief Investment Officer, NN Investment Partners

10:20 Coffee break

96 Conference Programme Friday, May 20, 2016


10:50 Keynote address Professor Myles Allen, Geosystem Science, University of Oxford 11:05 Panel: Green bonds: Can they make a real difference?

Moderator: Suzanne Buchta, Managing Director, Global Head of Green Bonds, Bank of America Merrill Lynch

Panellists: Bertrand de Mazières, Director General, Finance, European Investment Bank

Manuel Lewin, Head of Responsible Investment, Zurich Insurance Group

Philippe Zaouati, Chief Executive Officer, Mirova 12:05 Panel: How are fixed income markets evolving? Will developments such as increasing electronification result in a more liquid and

effective capital market to better service the needs of the economy?

Moderator: Sonali Das Theisen, Global Credit Trading, Head of Market Structure & Data Science, Citi

Panellists: Nicholas Bean, Head of Product, Fixed Income Trading, Bloomberg LP

Yann Couellan, Head of Trade Execution, Fixed Income, AXA Investment Managers

Pauli Mortensen, Global Head of Trading, Norges Bank

Deirdre Somers, Chief Executive, The Irish Stock Exchange

97Conference Programme Friday, May 20, 2016

18


13:05 Closing keynote speech Lucy Kellaway, The Financial Times

13:20 Closing remarks Martin Scheck, Chief Executive, ICMA

13:30 Lunch and close of event

Please note that this programme is subject to change.

Conference Contact Details

19

99Conference Contact Details

Conference Contact Details

The ICMA event management team can be contacted on the mobile numbers or via email at to assist with any urgent matters:

Allan Malvar [email protected] +44 7738 696 451

Shannelle Rose [email protected] +44 7788 392 922

Gemma Fisher [email protected] +44 7880 201 910

Leigh Anne Cooke [email protected] +44 7551 173 903

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