Current Issues
Trustee sub-committee (Chairman, Deutsche Bank AG London)
Focusing on issues specific to Trustees. currently working with The Association of Corporate Trustees ('TACT'), in response to the consultation paper on Trustee Exemption Clauses as published by the Law Commission in early 2003. Analysing the feasibility of devising market standard notice periods and meeting provision clauses for English law governed Trust Deeds in the context of capital markets transactions.
Paying Agency sub-committee (Chairman, The Bank of New York)
Focusing on issues specific to Paying Agents including Money Market Instruments. Currently addressing risk issues facing ICMSA members, deferred credit policy of ICSDs, finality of funds.
Tax sub-committee (Chairman, Deutsche Bank AG London)
Implementation of procedures for use by Paying Agents, ICSDs and Common Depositaries to support International Debt issues that are primarily cleared through the ICSDs but which are requried to meet certain certification and / or withholding and reporting to the tax authorities in the country of the issuer or guarantor. These procedures will also be included for the benefit of investors in the operational / procedural section of the respective Offering Circular or Prospectus.
Money Markets sub-committee (Chairman, Euroclear Bank S.A./N.V.)
Implementation of EPIM and STEP in conjunction with Clearstream, Euroclear and IPMA ECP Working Group.